Budget leak backward districts get short shrift
The Union budget 2007-08 will very likely slash development funds for the most backward regions of India by more than 48 per cent, say sources at the Union ministry of Panchayati Raj. Government is expected to further slash budgetary support to development schemes to adhere to the Fiscal Responsibility and Budget Management (FRBM) Act, 2003.
The act requires the government to bring down its fiscal deficit to 3 per cent of the country's GDP and to make revenue deficit nil by 2008 (see