Appropriation Bill passed in Council

Patna, Mar 27 (UNI) The Bihar State Legislative Council today passed the Bihar Appropriation Bill by voice vote.

Replying to the general debate on budget in the House, Deputy Chief Minister Sushil Kumar Modi said the state government had for the first time presented outcome budget on the pattern of the Central government.

He said next year the state government would present Performance Budget, which would also incorporate the achievements of the government. He informed that the entire fund had been placed with all departments and now the fund could be spent from April one itself.

Mr Modi said target had been fixed to reduce revenue deficit to zero per cent by 2008-09, while the fiscal deficit to three by the said period. He informed that the state government would save Rs 4,000 crore after the Centre brought uniformity in the interest rate fixing it at 7.5 per cent for loans received by the former.

The Deputy Chief Minister said all the departments had been authorised to approve project of Rs ten crore without any sanction of the state Cabinet. He informed that during the next five years Bihar would receive Rs 67,000 crore from the Centre.

The amount was double the amount received during the past five years.

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