It was observed that there is a flat relationship between the 8  spread and the indebtedness of states therefore states are neither rewarded nor penalized for their debt performance.”  ii)  The FRBM Review Committee Report titled “Responsible Growth: A Debt and Fiscal Framework for 21st Century India” published in January 2017 stated that Despite SDL borrowing rates being market determined, it is felt that risk asymmetries across states are not adequately reflected in the cost of borrowings.
I I consider it a great honour to be invited to speak at the Conference of the Governors of South-East Asian Central Banks. Professor Tietmeyer was glad to receive your invitation and took it up with pleasure. He regrets very much that he is unable to be here.