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1960CAG pulls up HP Govt

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    Apr 8, 2006
      Failure to achieve target set by 11th Finance Commission
      The latest report of the CAG presented in the House today revealed that the fiscal liabilities almost doubled from Rs 8,621 crore in 2000-01 to Rs 16,533 in 2004-05 and the annual interest liability shot up from Rs 597 crore to Rs 1,641 crore over the period.
      The average growth rate of interest payment came to 21.08 per cent. In addition, the state had given guarantees, which stood at Rs 4,751 crore. The government could not maintain the minimum cash balance with the Reserve Bank of India and obtained ways and means advances of Rs 1,579 crore on 93 days and overdraft of Rs 320 crore on 27 days.

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