Financial Daily from THE HINDU group of publications
Monday, Jun 27, 2005
Financial Daily from THE HINDU group of publications Monday, Jun 27, 2005 |
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Industry & Economy
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Economy `AP to eliminate revenue deficit' Our Bureau
Hyderabad , June 26 THE Chief Minister, Dr Y.S. Rajasekhara Reddy, has said that the State will eliminate revenue deficit in the next few years. The fiscal deficit was brought down to Rs 1,400 crore during 2004-05 as against Rs 3,000 crore in 2003-04. "Gains made by the Government convinced the Planning Commission to approve a Plan size of Rs 15,650 crore for 2005-06, an increase of Rs 3,000 crore over last year's figure," he told a delegation from Press Trust of India here on Saturday. The Chief Minister said the Gross State Domestic Production (GSDP) slipped to 5.01 per cent during 1994-2002 as against a national average of 5.89 per cent. The average annual growth in agriculture sector during that period was as low as one per cent. He said the fiscal position of the State was in a precarious condition when the Congress took over the reins in May 2004. "The total outstanding debt was pegged at Rs 50,000 crore, with annual interest payments hovering around Rs 9,000 crore," a Government press release quoting the Chief Minister said.
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