Principal Secretary, Finance, Dr. Shrikant Baldi, said that in addition to other grants, a special grant of Rs. 350 crore was also being provided by the 13th Finance Commission for the State. The special grant was being given in lieu of achieving the norms fixed. This grant has been fixed for four years. He said that a grant of Rs. 120 crore had been received for the year 2011-12 by the State.
He said that as per the criteria fixed by the commission, the revenue deficit would be weed out to achieve surplus revenue for the year 2011-12 to 2014-15. In addition to this, to maintain three percent of GDP for the year 2011-12 to 2014-15 and overcome the deficit to the State exchequer, the targets had been fixed.
He said that as per the targets, the total outstanding debt would also be maintained to 49.7 percent for the year 2010-11, 47 percent for 2011-12, 44.4 percent for 2012-13, 42.1 percent for 2013-14 and 40.1 percent for the year 2014-15 of the State Gross Domestic Product. He said that the norms fixed by the 13th Finance Commission and Himachal Pradesh Fiscal Responsibility and Budget Management Act have been achieved successfully for the year 2010-11 and 2011-12 and expressed hope that the targets would also be achieved successfully in future.