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Rajya Sabha
The Budget for 2004-05 had estimated the fiscal deficit to be Rs.1,37,407 crore, equivalent of 4.5 per cent of GDP. The provisional Union Government Accounts for 2004-05 released by Controller General of Accounts places the fiscal deficit at Rs.1,27,975 crore, equivalent of 4.1 per cent of GDP.
Initiatives taken and proposed for expenditure control, inter alia, include fixing quarterly ceilings and targets for expenditure as a part of move towards better expenditure control and cash management, reviewing Plan schemes for effecting convergence of schemes with similar objectives, evolving a policy framework rationalizing and targeting subsidies to the truly poor, reviewing user charges and evolving an outcome budget to help translate budget outlays into better outcomes. Two Task Forces to develop and implement a multi-pronged strategy for effecting substantial recovery from arrears of direct and indirect taxes were constituted. Special units have been created to monitor, recover and dispose of outstanding cases. Time limits and other instructions have been prescribed for speedy settlement of issues at the Departmental appellate stages. Special efforts have been made to speed up the disputed cases in the tribunals, high courts and Supreme Court.
This information was given by Shri S.S. Palanimanickam, Minister of State for Finance in reply to a question raised by Shri B.J. Panda and Shri Ravi Shankar Prasad in Rajya Sabha today.
BSC/BY/GN-314/05
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