Saturday, May 29, 2004

Finance: Maharashtra presents deficit budget

News from The Economic Times and Mid Day. Budget details at Government of Maharashtra.

Maharashtra had passed an interim vote on account earlier (Details) - in the words of Maharashtra Finance Minister Jayant Patil: "the country was about to go to the polls to elect a new Lok Sabha. The Government of India had also gone in for a vote on account and is yet to present a full budget before the Houses of Parliament."

The revenue deficit is expected to be Rs 9,037 crores. The total revenue receipts are estimated to Rs 40,393.08 crores (compared to Rs 37,158.92 crores in FY-04). The total revenue expenditure in the current fiscal is pegged at Rs 50,144.88 crores (compared to Rs 46,195.49 crores in FY-04).

In his budget speech, Jayant Patil pretty much cried out to Dr. Manmohan Singh, the Prime Minister for help:
A new Government has recently taken power at the Centre under the leadership of Dr. Man Mohan Singh (sic). The Hon. Members of this House are aware that Dr. Man Mohan Singh (sic) is a successful economist of international repute. I am confident that the present Democratic Front Government will receive excellent guidance and cooperation from the Centre in its financial management. The Government will endeavour to suitably resolve the financial difficulties of the State through consultation with the Centre and under the guidance and cooperation of Prime Minister Dr. Man Mohan Singh. (sic)
It seems the Prime Minister has to bail out quite a few states, as well as the whole country.

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