Saturday, July 19, 2025
spot_img

Measures for fiscal management in place

Date:

Share post:

spot_imgspot_img

SHILLONG: The state cabinet on Friday approved an amendment to the Meghalaya Fiscal Responsibility and Management Act (FRBM) through an ordinance.
MDA spokesperson, James Sangma said the ministry of finance had given a letter to the state after receiving request from states for relaxation of FRBM in net borrowing ceiling from 3 percent of GSDP due to the hardships all the states were facing in managing finances.
The union government agreed to provide additional borrowing to respective states as one time special dispensation for current financial year to help the state in managing the finances subject to the amendment of the FRBM Act.
In line with other states which are relaxing the limit of 3 percent, Meghalaya government amended the act to maintain fiscal deficit at an annual limit of 4.1 percent of the GSDP as special dispensation during the current fiscal year 2019-2020 and the ordinance will be regularised in the Assembly.

spot_imgspot_img

Related articles

Druze-Bedouin clashes erupt after Syrian troop withdrawal

19Syrian government forces prepared to return to Sweida province Friday after renewed clashes between Druze militias and Sunni...

POT POURRI

Nagasaki cathedral replaces atomic bomb-destroyed bell Tokyo, July 18: A Nagasaki cathedral has blessed the final piece to complete...

World Watch

Pakistan forces nab five Afghan teen bombers at border PESHAWAR, July 18: Five Afghan suicide bombers aged 15-18 have...

PM Modi sounds poll bugle in Bihar, warns against ‘evil intentions’ of Opp

In Bengal, Modi says BJP only protector of Bengali ‘ashmita’; slams TMC’s infiltration politics PATNA/KOLKATA, July 18: Prime Minister...