Chandigarh, Feb 14 (UNI) The Haryana Government headed by Chief Minister Bhupinder Singh Hooda has achieved all the parameters fixed by the 12th Finance Commission well ahead of the prescribed time schedule.
The State Chief Secretary, Ms Promilla Issar today said this while reviewing the Fiscal Correction Path of the state, in view of the recommendations of Twelfth Finance Commission.
Ms Issar said the Haryana Finance Department has achieved all the parameters and hoped that this trend would continue in future too, which is essential for the growth and allround development of the state.
The Chief Seceretary said the Fiscal Responsibility and Budget Management Act was enacted by the state government in July, 2005 and as per this Act, the state is required to eliminate the revenue deficit and contain fiscal deficit within three per cent of Gross State Domestic Product (GSDP) by 2008-09.
She said the Debt and GSDP ratio which should be 28 per cent by 2009-10, is 25.81 per cent as per revised estimate of 2006-07 and 23.35 per cent as per Budget estimate of 2007-08.
The Interest Payment to Total Revenue Receipts (TRR) ratio, which should be 15 per cent, was at 14.31 per cent in 2006-07 and 13.96 per cent during this fiscal year.
Ms Issar said the ratio of salary to Total Revenue Expenditures (TRE) net of interest payments and pensions was required to be up to 35 per cent. She apprised that it was 31.79 per cent in 2006-07 and is expected to remain below 35 per cent by the end of this current financial year.
Similarly, the revenue deficit is required to be eliminated by 2008-09. She expressed happiness that the state is already a revenue surplus state since 2005-06.
In case of fiscal deficit, which is required to be contained below three per cent of the GSDP by 2008-09, the state has already achieved this parameters since 2005-06, she added. Financial Commissioner and Principal Secretaries of Revenue, Finance, Excise and Taxation and Transport and other senior officials were also present in the meeting.
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