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CABINET APPROVES AMENDMENT TO THE MEGHALAYA FISCAL RESPONSIBILITY AND BUDGET MANAGEMENT,2006

HEADLINES

SHILLONG, December 21: After the Finance Commission increased the normal borrowing ceiling to 4% for states, in the event of a deficit in the state budget, the Meghalaya Government today approved the amendment to the Meghalaya Fiscal Responsibility and Budget Management Act, 2006.

The Chief Minister who is also the Minister of Finance in the state, Conrad Kongkal Sangma said that the Cabinet Ministers, today, approved the amendment to the Meghalaya Fiscal Responsibility and Budget Management Act,2006, as has been done by other states after the recommendation of the Finance Commission allowing an increased in the normal borrowing ceiling from 3% to 4% of GSDP.

Responding to a query, the Chief Minister stated that with this increase, the State can now borrow another ₹400 crores in a year, if it there is a deficit.

 

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