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Rajya Sabha
The Revenue Deficit in 2003-04 was Rs.98,262 crore and it was reduced to Rs.79, 558 crore in 2004-05. Revenue Deficit is sought to be eliminated over a five year period ending 2008-09, as contemplated in the Fiscal Responsibility and Budget Management Act, 2003 and the National Common Minimum Programme. Government’s plans to achieve this goal have been spelt out in the Medium Term Fiscal Policy Statement, Fiscal Policy Strategy Statement and the Finance Minister’s Statement under Section 7 of the FRBM Act, presented to both the Houses of Parliament alongwith the General Budget 2005-06. The plans, inter-alia, include measures for simplification of tax system and rationalization of expenditure management as part of the Government’s strategy to achieve the goal of elimination of revenue deficit by 2008-09.
This information was given by Shri S.S. Palanimanickam, Minister of State for Finance in reply to a question raised by Shri Vijay J. Darda in Rajya Sabha today.
BSC/BY/GN-303/05
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