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Datta for prudent fiscal management

Written by: Staff
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Kohima, Mar 17 (UNI) Nagaland Governor Shyamal Datta has urged upon the government departments on maintaining utmost discipline in the management of all financial transactions to ensure a prudent and efficient fiscal system in the state.

Addressing the opening day of the budget session of the 10th Nagaland Legislative Assembly here yesterday, Mr Datta said finances of the state during the current year were stable and the flow of funds to the executing departments had seen made more systematic and regular.

He said this has improved utilisation of funds and execution of schemes, reducing the tendency of clubbing of plan expenditure at the end of the financial year adding this was also appreciated by the RBI Governor during his visit to the state last year in November.

He, however, cautioned the government against complacency in maintaining utmost discipline in financial management.

The governor also informed the house that the credit-deposit ratio was enhanced from 15 per cent in the year 2002-2003 to 27 per cent during the year 2005-2006.

On the introduction of VAT in the state, he said introduction of VAT regime was expedited to reduce leakage of revenue and enhance resource mobilisation and efforts were being made to streamline the tax gathering system to attain efficiency and transparency.

He said the state government has revised pension and family pension to 50 per cent and 30 per cent respectively of the minimum of revised scale under the Nagaland revision of pay rules, 1999, for all state pensioners and family pensioners irrespective of the date of retirement.

Mr Datta said the state government had also implemented the recommendation of the 5th Pay Commission for merger of dearness allowance or Dearness Relief equal to 50 per cent of existing pay from April 1, 2004.

UNI AS BA SB VC1300

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