WB paying for not having fiscal discipline law: CAG
Press Trust of India / Kolkata Jul 17, 2009, 13:34 IST
West Bengal lost Rs 546.68 crore in 2007-08 for not having its own fiscal responsibilty law, which mandates fiscal discipline, according to the Comptroller and Auditor General (CAG).
The March 2008 CAG report noted that the state could not take debt relief of Rs 546.68 crore (Rs 237.50 crore on account of annual instalment and Rs 309.18 crore interest) in 2007-08.
These benefits are offered by the Centre against timely repayment of loans and for achieving fiscal targets. The state has been missing such benefits since 2005.
The report also stated that overall fiscal liabilities of the state increased 50 per cent from Rs 89,388 crore in 2003-04 to Rs 1,34,402 crore in 2007-08.
The state's revenue deficit has reached 2.91 per cent and 4.07 per cent fiscal deficit.
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