Dehradun, September 12
The Fiscal Responsibility Budget Management (FRBM) Act will be implemented in Uttarakhand. Under this Act, it will be tried to bring down fiscal deficit below 3.5 per cent and revenue loss to zero.
Chief Secretary Alok Kumar Jain said this while reviewing the execution of the FRBM Act at the Secretariat here yesterday.
He said it was necessary for the state to achieve the target set under the FRBM. The Chief Secretary said the 13th Finance Commission had approved Rs 700 crore for special plans and failure in achieving the FRBM target would lead to the restrain of this amount.
He said in 2010-11, the FRBM target was not achieved, but it was brought under control in 2011-12. In the current fiscal year, the target had been set as per the main budget. He laid emphasis on achieving revenue targets and looking for the new resources besides budget provisions of 2012-13.
Principal Secretary, Planning, S Ramaswami, Secretary, Finance, Radha Raturi, Additional Secretary, Finance, MC Joshi and other senior officials attended the meeting.

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