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Each one owes Rs 7,175 debt

LUCKNOW, FEB. 23 The financial burden in Uttar Pradesh has reached an alarming level with each individual in the State owing a debt of over Rs 7,175.

Announcing the budgetary proposals for 2005-06 in assembly today, the Chief Minister admitted the UP debt trap was unsustainable as it had crossed 50 per cent of the Gross State Domestic product (GSDP).

He maintained the loan burden was highest in the country and it would be hard to revive the economy from the debt trap.

The debt of borrowings on the State, especially through market loans, is expected to touch Rs 1,29,154 crore by the end of the year 2005-2006.

With the State population touching around 180 million, the debt on each individual works out to be over Rs 7,175.

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