‘Fiscal collapse’ looming over JK, 2 states
PRESS TRUST OF INDIA
Chandigarh, Dec 28: J&K is among three states including Punjab and Himachal Pradesh, which are facing distressing fiscal situation in the wake of ballooning high cost debt incurred to meet rising expenditure, says a study.
The study conducted by Centre for Research in Rural and Industrial Development (CRRID) on ''Finances and their management in North-Western states'' suggested states to shore up their revenue with better tax compliance, shedding populist approach and debt management in order to avoid "fiscal collapse" looming large over Punjab, HP and J&K.
"All the states except Haryana are facing serious crises and are unable to keep within limits their expenditure requirement from all sources of revenue receipts," observed SS Gill, Director General, CRRID.
During the study of government borrowings and debt, it was found that Haryana was only state out of North-Western states whose debt remained within a limit of 30.8 per cent of Gross State Domestic Product of 2009-10, fixed by Twelfth Finance Commission.
Lastupdate on : Tue, 28 Dec 2010 21:30:00 Makkah time
Lastupdate on : Tue, 28 Dec 2010 18:30:00 GMT
Lastupdate on : Wed, 29 Dec 2010 00:00:00 IST
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