INDIA UNVEILS RESCUE PACKAGE TO STABILISE UNRELIABLE ELECTRICITY SUPPLY

India approved a rescue package for its loss-making power utilities on Thursday, unveiled as a major reform that Prime Minister Narendra Modi hopes will end electricity blackouts and spur economic growth.

Power Minister Piyush Goyal said states would over the next two years be allowed to take on 75 percent of the debts of their utility companies, which have grown to $65.3 billion after years of undercharging customers for electricity.

By clearing past debts and putting them on a better financial footing, Goyal said the utilities would be returned to profitability before 2019.

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