Financial Daily from THE HINDU group of publications
Thursday, May 06, 2004
Financial Daily from THE HINDU group of publications Thursday, May 06, 2004 |
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Opinion
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Letters Managing budget deficits
This is with reference to "Maharashtra's debt burden may be three times its revenue" (Business Line, May 4). When the Centre enacted the Fiscal Responsibility and Budget Management Act, 2003, the World Bank rightly said that the FRBM Act by itself is no guarantee for fiscal discipline though it would reinforce the fiscal consolidation efforts. Fiscal discipline should be a well-coordinated and joint responsibility of the Centre and the States. Given that the forex reserves have crossed $117 billion and the fiscal position of the Centre is satisfactory, the Centre may propose viable debt-swap proposals for high-cost debts payable by the States. The States should also realise their individual responsibility to keep the budget deficits within manageable limits. C. Ramesh, Keeramangalam (TN)
Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in
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