SHILLONG, NOV 14: The state cabinet on Friday gave its approval to amend the Meghalaya Fiscal Responsibility and Budget Management (FRBM) Act, 2006.
The amendment aligns the state’s fiscal framework with the Government of India’s decision to permit states to raise their fiscal deficit ceiling from 3 % to 3.5 % of Gross State Domestic Product (GSDP) for borrowing purposes.
Addressing the media after the meeting, Cabinet Minister Wailadmiki Shylla said, “As you know it is a normal thing where the Government of India has allowed us to increase our fiscal deficit from 3 % to 3.5 % to take loan. We have done it last year but we have to do it every year.”
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