Ahluwalia wants to Rewrite FRBM Act
Kamal Nath says time has come to re-think Speaking at a state organised workshop in the state capital of Madhya Pradesh Montek Singh Ahluwalia said the need for considering a rewriting the Fiscal Responsibility and Budget Management Act in the changing contexts in view of the increasing financial needs and fiscal limitations of States is impending Madhya Pradesh chief minister Kamal Nath said the time has come for states in India to rethink about their finances and economy. Speaking at a workshop organised by the state on ‘Alternative Finance for Projects’ Nath said: “Global economies are changing rapidly hence the financial institutions and government must reconsider their economic processes.” He said that it is becoming challenging to mobilize financial resources for the changed and constantly changing India and its States. India has the largest young population and we need funds to fulfill their ambitions. Therefore, banks, state governments, and private sector instituti...