States Urged To Move To Vat Regime
RBI ANNUAL REPORT FOR 2002-03
Financing the growth of infrastructure remains a major concern for the Reserve Bank of India (RBI).
Its annual report has said that the composition of expenditure of states as well as the stock of infrastructure assets have deteriorated substantially due to neglect of cost recovery.
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The RBI observed that the ability of the states to improve physical and social infrastructure is severely limited due to the deterioration in the state finances. This has led to compression of social and economic overheads.
Another important factor constraining the states