West Bengal finance minister Asim Dasgupta will present West Bengal Budget 2010-2011 on Monday with a debt burden of Rs 1.62 lakh crore on the state. Dasgupta will also find it difficult in West Bengal Budget 2010-2011 to contain fiscal deficit for the financial year ahead as the country is struggling to come out of the clutches of recession.
According to the 13th Finance Commission report, West Bengal’s fiscal deficit till 2007-08 exceeded 3% of gross state domestic product (GSDP). In fact, while the state has been able to increase its revenue receipt through an increase in collection under a few heads like sales tax, it continued to pay almost 30% of its earnings towards the interest payment. via
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According to the 13th Finance Commission report, West Bengal’s fiscal deficit till 2007-08 exceeded 3% of gross state domestic product (GSDP). In fact, while the state has been able to increase its revenue receipt through an increase in collection under a few heads like sales tax, it continued to pay almost 30% of its earnings towards the interest payment. via
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