ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Limited Options

 Resources Transferred to States and Union Territories (Rs crores) Development Expenditure of the Central Government (Rs cores) Limited Options THE interim Budget presented to Lok Sabha on Wednesday reveals an overall deficit of Rs 240 cores for 1971-72 as against the revised estimate of Rs 230 cores in the current fiscal year. The revised estimates for 1970-71 show .some improvement over budget expectations in respect of revenue receipts, specially under income tax and corporate lax. Tin's has been, however, offset by shortfalls under market loans and external assistance. On the expenditure side, there has been a substantial increase in non-Plan expenditure owing to the revision of the bureaucracy's pay and allowances. Plan expenditure, on the other hand, shows a shortfall over the Budget estimate, as had happened in 1969-70 also. That the revised estimate of the overall deficit in 1970-71 remains close to the budget anticipation is thus more due to shortfall in expenditure, particularly Plan expenditure, than to sound management of the economy.

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