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Separated
at Berth
Partition
has resulted in squabbles over sharing of people and resources.
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The
Provisions And The Oppositions
THE BILL
COMMITS TO...
- Eliminate
revenue deficit, which was Rs 73,532 crore last year, by March 31, 2006.
- Cut fiscal
deficit to 2% of GDP by March 31, 2006. Last year it was 5.6% of GDP,
or Rs 10,88,898 crore.
- Stop
borrowing from the Reserve Bank of India in three years, except occasional
short-term advances.
- Ensure
that from 2007 current income exceeds current spending, thus generating
a revenue surplus.
...CRITICS
ARE SCEPTICAL
- Deficit
reduction targets have never been met in the past 10 years.
- The bill's
provisions are not binding and there are escape routes in case of defaults.
- Political
parties may oppose a law that imposes fiscal discipline on them.
- The bill
targets quantity of spending and not the quality of spending.
VIEWS
 "I
will follow the targets even if the bill takes time to clear."
YASHWANT SINHA
Union Finance Minister
 "It's
an anaemic bill that lacks binding objectives."
P. CHIDAMBARAM
Former Finance Minister
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Exclusives |
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COLUMNS |
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 Among
the major spin-offs of developing the LCA is the mountain of confidence
that India's aeronautical engineers have gained. But there's still plenty
to do, writes INDIA TODAY Deputy Editor Raj Chengappa in
21 Up.
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DESPATCHES |
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The
80th birthday do of a social reformer shows how the lives of entire communites
in coastal Gujarat have changed for the better. INDIA TODAY Principal
Correspondent Uday Mahurkar reports in Despatches.
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