New Delhi: Jharkhand Finance Minister Radha Krishna Kishore sought restoration of the State Governments’ power to levy cess on mining products, compensation for revenue losses linked to GST and restoration of the 90:10 Centre-State funding ratio under the G-RAM-G scheme. He raised the demands at a two days conference organised by the Union Finance Ministry in New Delhi on financing the journey towards a developed India.
State Flagged Potential of Rs. 22,000 Crore Impact
Minister Kishore said Jharkhand could face a potential economic loss of Rs 20,000 crore to Rs 22,000 crore because of changes in the mining sector and tax policies. He also referred to the state’s financial performance, saying Jharkhand has been placed in the ‘Achiever’ category by NITI Aayog. The figure was presented by the minister as a potential impact of policy changes, rather than as an already realised loss.
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The finance minister said India’s development target should not be measured only through GDP, per capita income or manufacturing output. He argued that the economic and social condition of people must also be taken into account. Kishore said financially weaker states required adequate resources and support if the country was to achieve its long-term development goals.
Agriculture and Rural Economy Also in Focus
Minister Kishore called for greater financing for irrigation, dairy, fisheries and animal husbandry, pointing to the large dependence of rural households on agriculture and allied activities. He also called for more effective implementation of poverty eradication programmes at the ground level, along with greater investment in health and education. His broader argument was that stronger State finances were necessary to fund development needs at the local level.
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