In addition, prudent fiscal management through expenditure prioritization and revenue augmentation is also essential. Thus, the recent initiatives by the State Governments to enact FRL is a welcome move. As I have been emphasizing in many of my writings and speeches, widespread and bold imposition of user charges on all non-merit goods is very important for revenue augmentation of the States.
In October, as money market conditions relaxed after successfully passing the September-end, the half-year book closing, the outstanding balance has declined from its peak but still stays at far above six trillion yen, the level before the terrorist attacks.