State Finance Secretaries Discuss Gross Market Borrowings At General And Government Level

The 31st Conference of State Finance Secretaries was held in Mumbai on March 18th 2019. The Conference was attended by officials from the Ministry of Finance, Government of India, Controller General of Accounts, Comptroller and Auditor General of India and Finance Secretaries of 25 states and Puducherry. Governor, Reserve Bank of India inaugurated the Conference.

The meeting discussed inter alia various issues like gross market borrowings at the general and Government level, the need for greater information dissemination by the State Governments, measures for widening the investor base and deepening the secondary market in SDL and the issue of appropriate reflection of risk asymmetry of various State Governments in their cost of borrowing. It also decided to form a Committee to recommend parameters of a rule-based approach in fixing new WMA limits for the State Governments. Further, the States agreed to work towards complete integration of their receipts and payment systems with RBI's integrated accounting system (e-Kuber) for greater system efficiency.

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