Fiscal discipline crucial for growth; states to prioritise quality spending: RBI governor

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<h2>Fiscal</h2> <p> discipline crucial for growth; states to prioritise quality spending: RBI governor” decoding=”async” fetchpriority=”high”/></p></div> </div> </div> </section> </div></div> </div> <p>Emphasising the role of fiscal discipline in fostering economic growth and prosperity, RBI Governor Sanjay Malhotra on Thursday urged states to focus on the quality of expenditure and exercise prudence in off-budget borrowings.<span class=Speaking at the 35th Conference of State Finance Secretaries, themed ‘Journey towards Economic Prosperity through the Path of Fiscal Consolidation’, Malhotra highlighted the importance of active coordination between states and the Reserve Bank for implementing initiatives in currency management, financial inclusion, and the Unified Lending Interface, PTI reported.The meeting also reviewed cash management, market borrowings, and other fiscal consolidation issues.

It was attended by the Secretary, Department of Expenditure (Ministry of Finance), finance secretaries of 28 states and two Union Territories, along with officials from the Ministry of Finance, Controller General of Accounts, and the Comptroller and Auditor General of India.

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