New "Financial Roadmap" for the state's economic management........!

Mumbai, 28 (Anant Nalavde)- The state government is now going to reorganize the entire financial system for fundraising, accounting and efficient allocation of available resources by removing the anomalies in the financial system of the state. Meanwhile, the state government has to borrow from the market at an interest rate of 8 to 9 percent while the funds of around 6 to 7 thousand crores are invested in the various institutions of the state at an interest rate of 4 percent. Chief Minister Devendra Fadnavis gave it here.

The Chief Minister also directed to prepare a concrete reform plan within six months to make necessary changes in the financial system of the state. Speaking at the meeting of the Maharashtra Sustainable Public Finance Committee at the Sahyadri guest house, he explained that the committee was formed with the aim of suggesting measures to increase the tax and non-tax revenue of the state.

Four percent money, eight-nine percent loan......!

The issue of utilization of funds lying with various state agencies also became important in today's meeting. While about 6 to 7 thousand crore rupees are invested at 4 percent interest rate, the government has to raise loans from the market at 8 to 9 percent interest rate for its needs. Therefore, Chief Minister Fadnavis also explained that there is a need to set up a new financial system to make more effective use of the available resources. He also directed the committee to find innovative financial tools so that the financial freedom of the concerned organizations remains intact and their funds are also secured due to these systems.

The traditional share of revenue growth is insufficient….

The Chief Minister mainly expressed the need to find new ways to finance the entire development plan of the state by going beyond the traditional methods of revenue collection. Along with increasing tax and non-tax revenue, the committee should also emphasize on more efficient use of available funds.

Check the cost, time and results of the projects......!

Since there is a need for radical improvement in the cost management of the state, if various projects are not completed on time, the investment cannot achieve the expected multiplier effect on the economy. As a result of the errors in the fund planning affecting the effectiveness of the development works, Chief Minister Fadnavis also gave instructions to increase the effectiveness of the expenditure by re-examining the entire administrative affairs.

In today's meeting, Minister of State for Finance Ashish Jaiswal, Chief Secretary Rajesh Agarwal, Chairman of the Committee Vijay Kelkar, Members Karthik Muralidharan, Ravi Shankar, Former Chief Secretary Dr. Nitin Karir, Additional Chief Secretary of Revenue and Forest Department Vikas Kharge, Principal Secretary of Energy Department Abha Shukla, Additional Chief Secretary of Finance Department Vikas Chandra Rastogi, Secretary to Chief Minister Dr. Shrikar Pardeshi, Principal Secretary of Finance Department Vijay Waghmare and others were present.

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A "Six Month" Agenda for Economic Reforms.....

1. New ways to increase tax and non-tax revenue

2. More efficient allocation of available funds

3. Bridging the disparity between investments at 4 percent versus loans at 8-9 percent

4. Making cost management more effective

5. Improving funding planning for timely completion of projects

6. Necessary changes in existing financial and administrative systems
....,........................(concluded).......... …