Budget management bill passed in Bihar Assembly

Patna, Mar 29 (UNI) Bihar Assembly passed the Fiscal Responsibility and Budget Management (FRBM) Bill by voice vote today.

Presenting the bill, Deputy Chief Minister and Finance Minister Sushil Kumar Modi said the FRBM was aimed at bringing fiscal discipline in the state expenditure.

Later talking to mediapersons, Mr Modi said the transparency, stability and predictability would be brought about in the financial trasaction of the state government. He said the bill was needed for putting the state finance on sustainable path, adding that revenue deficit would be reduced to 3 per cent of Gross Domestic Product by the year 2008-09.

UNI XC/DH PC SHB RS2207