TN tables bill to amend Fiscal Responsibility Act
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The Bill seeks to lengthen the time restrict set out to get rid of the income deficit and cut back fiscal deficits to 3% of the GSDP by March 31, 2024
The State authorities on Tuesday tabled a Bill within the State Legislative Assembly searching for to amend the Tamil Nadu Fiscal Responsibility Act, 2003 to lengthen the time restrict set out to get rid of the income deficit and cut back fiscal deficits to 3% of the Gross State Domestic Product by March 31, 2024.
According to the Statement of Objects and Reasons within the Bill launched within the House by Minister for Finance and Human Resources Management Palanivel Thiaga Rajan, the fifteenth Finance Commission, in its report for 2021-26, has really useful an additional annual borrowing area for the States, of the magnitude of 0.50% of their Gross State Domestic Product for every of the primary 4 years of the award overlaying the interval 2021-22 and 2024-25, primarily based on sure efficiency standards within the energy sector.
Further, the Finance Commission has additionally really useful fixing the online borrowing restrict to the Gross State Domestic Product at 4%, 3.5% and three% for the years 2021-22, 2022-23, 2023-24 to 2025-26 respectively, it added. The Bill is anticipated to be taken up for consideration throughout this ongoing session.
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