The Congress government has restored the fiscal discipline mainly by minimizing the revenue deficit and by strictly disciplining capital expenditure. For this, revenue realization has increased and government is aiming at raising the tax GDP ratio at the centre to at least 12% consistent with its records of early 1980s. The productivity of capital expenditure is being improved by encouraging private-public partnership and also by establishing strict monitoring mechanism to identify responsibilities of the officials who should be accountable for them to grassroots institutions such as Panchayts, Gram Sabhas and local associations. For raising the rate of growth to 10% of a year, the rate of investment has been raised with rejuvenation in the capital markets. The financial sector, consisting of banking, insurance, debt and equity markets are being greatly strengthened to create an environment conducive to the growth of savings in the form of financial assets.
This article is posted by pressbrief.in
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