ADB discusses progress of poverty reduction strategy
New Delhi: An Asian Development Bank (ADB) team, headed by special advisor to the Bank president Geert van der Linden, held discussions with the officials of the Indian finance ministry and the Planning Commission about the progress of the poverty reduction strategy of ADB adopted in 1999. The ADB team also met representatives of government and voluntary agencies, which are implementing ADB projects, the academia and international agencies.

Van der Linden stressed the vital need to obtain the views of developing countries in the course of the overall review and noted that consultations are accordingly being held in six developing country members of the Bank — India, China, Sri Lanka, Kyrgyz Republic, Papua New Guinea and Viet Nam. ADB India chief economist Sudipto Mundle said the government and other partners support the bank’s poverty reduction strategy, which is based on the three pillars of pro-poor sustainable economic growth, inclusive social development and good governance.
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Fiscal Bill tabled in Rajya Sabha
New Delhi: The Fiscal Responsibility and Budget Management Bill was tabled in Rajya Sabha on Monday. Finance Minister Jaswant Singh, on that occasion, said the central government's total liability has reached Rs 18 lakh crore entailing interest outgo of Rs 1.23 lakh crore. “This is neither tenable nor sustainable. We must work towards a regime of surplus. Fiscal management continues to be a matter of concern for the government. The Bill aims to reduce fiscal deficit and revenue deficit so as to eliminate revenue deficit by 31 March 2008.

The Lok Sabha has already passed the Bill after the government incorporated various suggestions made by the Standing Committee which scrutinised the fiscal responsibility legislation. Participating in the debate on the Bill in Rajya Sabha, members expressed concern over rising market borrowings by the centre and state governments. They favoured fiscal prudence to cut non-plan expenditure and curtail fiscal deficit. The members, nevertheless, wanted the government to increase public spending in capital asset creation and infrastructure sector to create jobs.
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