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Patna,(BiharTimes): Bihar Deputy Chief Minister Sushil Kumar Modi on Thursday sought thorough review of the Financial Responsibility and Budgetary Management Act so that states get more loans for development works. |
Speaking at a workshop on Parliamentary Budgetary System he said the Act, enacted in 2005, was not in tune with the needs of the present situation and for that it was a major obstacle in getting loans.
Stating that if the States are in a position to clear loans, they should get more for development he said it is not a proper formula to get loans not more than three per cent of the GSDP.
Modi, who also holds the finance portfolio, said that even the Madan Mohan Punchchi Commission had suggested that FRBM Act need to be reviewed and the limits of loans should be raised.
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