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This story is from May 9, 2006
'Broke' Bengal sitting on RBI cash mountain
This is one statistic that will make Union finance minister P Chidambaram sit up and take notice.
The trend is said to have been maintained by the state for the past couple of months.
For, top Reserve Bank of India sources told TOI that it was primarily due to "increased revenue earnings as well as better expenditure management (fiscal prudence)".
It may be recalled that last year, Chidambaram had urged the state to "exercise greater fiscal discipline", pointing out it was one of India's "most debt-stressed states".
Sources disclosed that the state's revenue earnings had improved primarily due to value-added tax. West Bengal was among the first few states to implement VAT and finance minister Asim Dasgupta was the convener of the VAT committee.
The 30% rise in revenue, on account of VAT, is primarily responsible for the cash surplus position of the state government.
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