PM summons PC, Montek on GBS | india | Hindustan Times
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PM summons PC, Montek on GBS

Prime Minister Manmohan Singh has summoned both Finance Minister P. Chidambaram and Planning Commission Deputy Chairman Montek Singh Ahluwalia on Wednesday to bring about a truce and finalise the gross budgetary support (GBS) for next fiscal.

india Updated: Feb 01, 2006 01:35 IST

PCPrime Minister Manmohan Singh has summoned both Finance Minister P. Chidambaram and Planning Commission Deputy Chairman Montek Singh Ahluwalia on Wednesday to bring about a truce and finalise the gross budgetary support (GBS) for next fiscal.

Sources divulged that the Prime Minister's intervention was necessitated as there was no meeting between the Planning Commission's demand of Rs 179,000 crore and the finance ministry's projection of Rs 157,000 crore.

The huge gap of Rs 22,000 crore in the GBS figures mooted by the Planning Commission and what the finance ministry has projected has necessitated the Prime Minister's intervention.

Sources divulged that following an adverse comment from the PMO, the Planning Commission scaled down its initial projections of Rs 223,000 crore.

The finance ministry is not willing to agree to even the scaled down projection of Rs 179,000 crore.

Only after finalising the GBS, the Centre will zero in on the populist schemes that will be doled out in the next fiscal with the assembly elections in W Bengal, Tripura, Kerala and Pondicherry slated for mid-2006.