Tripura gets 2.58 Billion reward for financial discipline

Agartala: The central government has awarded 2.58 billion to Tripura for being the best state in terms of financial management, officials said here Thursday.

"As per the guidelines of the 12th Finance Commission, the state government had introduced a fiscal responsibility and budget management (FRBM) system and maintained a strict financial discipline among all departments," said state Finance Minister Badal Chowdhury.

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"Of the 2.58 billion, the government has already received 680 million and the centre reduced the interest of central loan from 16 percent to 7.5 percent," he told reporters.

A report of the FRBM would be tabled in the winter session of the Tripura assembly, beginning Friday.

The 12th Finance Commission was constituted to make recommendations for distribution between the union and the state governments of net proceeds of shareable taxes and other revenues besides consolidated funds of states. It submitted its report to the central government in November 2004, making recommendations for the period 2005-10.

"The Tripura government has no revenue deficit since 2000, and we are holding meetings every three months to review the financial management," Chowdhury said.
Source: IANS