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12th Finance Commission to promote fiscal prudence
By siliconindia
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Tuesday, 05 November 2002, 20:30 IST
The Twelfth Finance Commission will ensure equity, efficiency and fiscal prudence while working out the formula for resource allocations to center and states between 2005-10, C.Rangarajan, the newly appointed Commission chairman said in New Delhi today.
New Delhi: "In a federal structure, what is important is to ensure that resources available should be allocated to states and centre in a way that will ensure equity, efficiency and fiscal prudence," Rangarajan said.
Although his name had been approved by President A.P.J. Abdul Kalam last week, Rangarajan said he would be able to assume office only next month after his term as Andhra Pradesh Governor ends on November 23.
Rangarajan, who has also been RBI governor, outlined the need to seriously look at the debt burden of states. "By giving a relief to states immediately, the debt burden of states will become moderate in future," he said.