State Finances: A Study of Budgets of 2011-12
The budgetary data for 2011-12 indicates the commitment of States to carry forward fiscal correction, as evident from the emergence of revenue surplus after a gap of two years and consequent reduction in fiscal deficit-GDP ratio. Notwithstanding the improvement in the revenue account, the budgeted fiscal deficit-GDP ratio for 2011-12 is higher than the recommended benchmark by the Thirteenth Finance Commission (ThFC), mainly on account of higher capital outlay during 2011-12. [RBI Report]. URL:[http://rbidocs.rbi.org.in/rdocs/Publications/PDFs/STF30032012.pdf].
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