Patna: N K Singh, the chairperson of the 15th Finance Commission, speaking at a seminar on 'Addressing the Problem of Inter-state and Inter-district Disparity of India' at Hotel Maurya in Patna on Monday said that he was fully aware of the economic condition of Bihar and was hopeful he would be able to do something so it does get the special financial assistance that it needs in order to become a developed state.
"The Center is aware of the economic and financial situation of Bihar that is in dire need of special assistance. The Finance Commission also recognizes the seriousness of the situation and is committed to provide aid to Bihar that it truly deserves," Singh said.
Calling Bihar a prime candidate for special aid, Singh said that states where the government is doing a great job but continues to remain stagnant in terms of development due to regional imbalance, it falls on the Center and the Finance Commission to do the right thing and give the state a little push so it once again starts moving in the right direction.
He, however, quickly added that even the Finance Commission has its limitations and it has to manage among many things with its limited funding.
"We cannot make funding unlimited. We have our hands tied as well and we have to make sure all various central and state plans are covered as allocated. Moreover, we have to continually review ongoing projects to monitor their usability and if they are not performing as well as expected, then pull the funding from it and allocate it elsewhere where it is needed," Singh said.