Reeling under debt of over 3 lakh crore rupees, the Maharashtra government is mulling over to take loans at 4 per cent interest from foreign nations for developmental purposes. State Finance Minister Sudhir Mungantiwar said the state government has had discussions with the Singapore government over the issue, but a final decision is yet to be taken. The minister said if the government manages to get loans at 4 per cent interest per annum, it will be able to save around Rs. 30,000 to Rs. 35,000 crore over the next four years that can be utilised for infrastructure projects.The total debt increased to Rs 3.18 lakh crore in March 2015, from Rs 1.24 lakh crore in March 2005. The debt burden has made Maharashtra one of the highest interest paying states in the country totalling around Rs 27,000 crore annually in 2015 from Rs 10,000 crore paid in 2005.The State Finance Minister also said the government is in the process of restructuring Rs 35,000 crore loan of state undertakings like MahaVitaran, Maharashtra State Power Generation Company (MahaGenco) and Maharashtra State Electricity Transmission Company (MahaTransco).The minister said the LIC of India is ready to give the state Rs 35,000 crore at an interest rate of 8 per cent. He added that even if the government agrees to this, it would save 4 per cent on interest that will amount to Rs 1,800 crore a year.He cautioned that the government needs to increase revenue and cut down on expenses or else the financial condition will worsen.