Draft 12th Five Year Plan (2012-17) and Annual Plan 2012-2013 Government of Mizoram

Abstract

The Thirteenth Finance Commission (2010-2015) introduced many important fiscal reforms features which, inter alia, include reduction of Revenue Deficit to zero and Fiscal deficit to 3 percent of GSDP by 2014-15. Besides, the State Government is required to ensure its total outstanding debt, excluding Public Account and Risk weighed outstanding guarantees in a year shall not exceed twice of the estimated receipt in the Consolidated Fund of the State at the close of the financial year. All these recommendations of successive Finance Commissions were made compulsory for all the State Governments by way of interlinking with the chance of debt write off and availing of various Awards as a result of which many State Governments complied with and carried out legislation and enactment of these recommendations.