“WE HAVE done it. We have done exceptionally well in exceeding all the key targets. And we are the first state to reach an understanding with the Allahabad Bank to pay salaries in view of the State Bank of India’s strike,” said a beaming Principal Secretary, Finance, Shekhar Agarwal here today.

Agarwal’s ecstatic mood was obvious. Uttar Pradesh is known generally for lagging behind in different spheres.

“Now the state has been able to restore its credibility once again. Besides giving statistics of achievements made on the revenue realisation and expenditure front the State Government has also been able to restore its credibility in the market,” said Agarwal.

“We have been able to borrow Rs 3000 crore from the market as targeted,” he said adding the targets of small savings had also been achieved. A sum of Rs 7778 crore had been mobilised against a target of Rs 7750 crore, he said.

This is also for the first time in recent years that the State Government has exceeded targets of annual plan expenditure with a sum of Rs 14190 crore being spent against plan outlay of Rs 13500 crore.

So, has the ‘Ulta Pradesh’ begun moving in reverse (read right) direction. Probably yes, say financial experts.

The State Government is already moving towards achieving the target of eliminating its revenue deficit two years in advance.

As per the provisions of the Finance Responsibilities and Budget Management Act, the State Government had to bring down the revenue deficit to zero level by 2008-2009. The State Government, however, proposes to have a revenue surplus of Rs 1123.17 crore within the current financial year after a gap of over 20 years now.

Asked about the situation on payment of salary front in view of the SBI strike, Agarwal said an arrangement with the Allahabad Bank has already been made.

As employees did not have accounts with the Allahabad Bank the State Government was working a way out to pay salaries soon. A sum of Rs 2000 crore was being paid as salary every month, he said adding paying cash was not a workable solution. So other options too were being considered, he said.