AP to wipe out revenue deficit by 2009: Governor

Hyderabad, Feb 12 (UNI) Andhra Pradesh will be able to attain the distinction of enjoying zero revenue deficit by March 2009, Governor Rameshwar Thakur said today.

''We are happy that the state could at last contain revenue deficits and the members will be happy to note we will be among very few states in the country that would reduce revenue deficit to zero by March 31, 2009, the date mandated for such reduction under the FRBM Act, 2005,'' he said in his customary address to the State Assembly on the opening day of the Budget Session.

Due to good fiscal management, the government was able to raise finances for the massive irrigation projects that would not only improve the farmers' incomes in the state but also go a long way in providing much-needed food secrity to the country, the Governor said.

While the state had accumulated revenue surplus of Rs 152.74 crore during 1956-94, it suffered huge revenue deficits of Rs 21,778.07 crore during 1994-2004, affecting public expenditure in the state, he noted, adding as loans raised essentially for creation of capital assets were used to meet revenue deficits, the asset liability ratio of the state fell to 50 per cent as on March 31, 2004.

UNI