absolutely. Otherwise where is the accountability and ultimately who bears the burden and what for? pl read this article – India’s palaces of the untouchables

Then there are other numbers to consider – losses of public sector undertakings, which are run, at least nominally, with a for-profit motive. Don’t these also count here. Losses made by a PSU steel plant say in Andhra Pradesh, amounts to transfer of wealth to the state. Here apportioning the blame may be a more contentious matter. But generating ballpark numbers will be important to size up the problem more accurately.

Now lets consider the fallouts of this trend. Do we agree on the principle of rights and responsibilities go hand in hand i.e. right of self-governance comes with taking fiscal responsibility for oneself. Pursuing that logic further, a bankrupt state government hands over its financial ministry to whoever is bankrolling it i.e. the Central Government or more specifically by the states making positive contributions to the central kitty. Just to provoke, just like in business, financial mismanagement could be grounds for dismissal of state governments.