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Finance Ministers meet Chidambaram

Special Correspondent

NEW DELHI: With the Union Budget for 2008-09 to be presented in a week from now, Finance Ministers of various States on Thursday had a meeting with the Finance Minister P. Chidambaram for discussions on the final package for the revival of the ‘Long-term cooperative credit structure’ (LTCCS) based on recommendations of the Vaidyanathan Committee.

The State finance ministers’ delegation included West Bengal Finance Minister Asim Dasgupta who is also Chairman of the Empowered Committee of State Finance Ministers on Value-Added Tax.

Mr. Chidambaram had said earlier that the final package for LTCCS’ revival would be sent to the States by March 15 for their acceptance while hoping that the recommendations of the committee report would be approved by them as there was a consensus on 95 per cent of the package. He had also pointed out that although the size of the revival package was pegged at Rs. 4,850 crore to begin with, it could undergo changes to accommodate the suggestions of the State governments.

While the suggested sharing pattern of the financial package was in the ratio of 74:11:15 among the Centre, State government and cooperatives, the States now want the Central government to bear a higher burden.

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