The Centre has asked the States to follow the path of fiscal discipline. Addressing the second meeting of the State Finance Secretaries in New Delhi yesterday, Finance Minister Arun Jaitley asked the states to spend more on development of infrastructure, social and rural sectors. Saying that public expenditure is the main driver of the growth in view of challenging global situation, Mr Jaitley said, the state governments should ensure optimum utilisation of resources without leakages. He said states' share in Union taxes has substantially gone up after the implementation of the 14th Finance Commission report that prescribed a record ten per cent increase in their share to 42 per cent. Speaking on the occasion, Minister of State for Finance Jayant Sinha said, the Centre and the States have to work in complete cooperation to achieve the goal of common good and ensure that benefits of various schemes reach to the last man. Finance Secretary Ratan P Watal said despite the sluggish external scenario, the Indian economy has shown steady improvements in recent period. Rating agencies across world have also estimated that India would the engine of global growth.
News On AIR | April 12, 2016 12:06 PM
FM Jaitley asks States to follow the path of fiscal discipline