| 000 -LEADER |
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| fixed length control field |
02009pab a2200217 454500 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
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180718b2014 xxu||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME |
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| Personal name |
Mathur, B.P. |
| 245 ## - TITLE STATEMENT |
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| Title |
India's financial crisis and mounting public debt - Need to restore fiscal balance |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. |
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| Date of publication, distribution, etc. |
2014 |
| 300 ## - PHYSICAL DESCRIPTION |
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| Extent |
p.755-775. |
| 362 ## - DATES OF PUBLICATION AND/OR SEQUENTIAL DESIGNATION |
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| Dates of publication and/or sequential designation |
Oct-Dec |
| 520 ## - SUMMARY, ETC. |
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| Summary, etc. |
Government has been financing its burgeoning public expenditure through fiscal deficits, which makes it vulnerable to economic and financial crisis. On an average, 35 per cent of public expenditure is met out of borrowed funds, bulk of which is on current consumption, as only one-third are used for income generating capital assets. This results in huge debt liability, with interest payments consuming more than one-third of revenue earned by the government. Government lacks the 'will' to raise taxes by taking hard and unpopular decisions. Tax revenue is financing only about 50 per cent of expenditure. There is no serious effort on the part of government to restrict public expenditure which is growing exponentially. Government's expenditure on salary and allowances of its employees has steeply increased as a result of Sixth Pay Commission award, which jumped from around 16 per cent to more than 25 per cent of its revenue earnings. There is also poor outcome of public expenditure due to outdated budgetary practices followed by government. Budgets should be approved for a three-year cycle and all unspent money should be allowed to be carried forward to the next year and the rule of lapse should be discarded. To put the economy on the path of prosperity, Government's foremost agenda should be freedom from crippling debt and restoring fiscal balance. - Reproduced. |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM |
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| Topical term or geographic name entry element |
Fiscal policy - India |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM |
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| Topical term or geographic name entry element |
Public expenditure - India |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM |
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| Topical term or geographic name entry element |
Debt - India |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM |
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| Topical term or geographic name entry element |
Public debt - India |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM |
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| Topical term or geographic name entry element |
Economic recession - India |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM |
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| Topical term or geographic name entry element |
Economic recession |
| 773 ## - HOST ITEM ENTRY |
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| Main entry heading |
Indian Journal of Public Administration |
| 909 ## - |
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| -- |
115516 |
