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| Rather rebuts PDP, says debt trap speculations mere propaganda | | | EARLY TIMES REPORT
Jammu, Mar 14 : Asserting that theState in moving forward well within the targets of 13th Finance Commission, guidelines of Fiscal Responsibility and Budget Management (FRBM) Act, Minister for Finance Abdul Rahim Rather today dispelled all the apprehensions about state falling into debt trap. "We are marching in right direction and thereis nothing to worry about," said Rather while adding that all the utterances inthis regard are mere speculations and propaganda. Replying to the debate on Budget2012-13 in the J&K Legislative Council today, Rather said that despite gloomy picture of economic scenario at the national level due to globalmeltdown, J&K has done well in the field of internal resource mobilization, percentage of debt to GSDP, containing its fiscal deficit to the desired leveland in its GSDP growth. State has been able to containthe fiscal deficit to the extent of 4.2% as against the target of 5.3% for2010-11 fixed by 13th Finance Commission which, he said, is a matter of great satisfaction. He said that the fiscal deficit would have been better, had the Government not implemented the 6th Pay Commission recommendation and paid thewhopping sum as arrears of pay revision. He said the wage Bill includingpension of the State will touch all time high of Rs. 16,140 crore during2012-13. Rather said, the tax revenue of the State has increased by 38% duringthe current financial year as compared to last fiscal. "As against the revenueof Rs. 3483 crore during 2010-11, the tax revenue during the current year hasbeen of the order of Rs. 4800 crore marking a quantum jump of Rs. 1317 crore,which is highest ever in the history of the State", Rather added.
He said the collection under commercialtaxes alone has gone up by Rs. 1057 crore which is an increase of 42.30% overthe previous year. "The growth rate of tax collection of the J&K Stateis highest in the country which has been acknowledged and appreciated by theEmpowered Committee of the State Finance Ministers," Rather added. |
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