Lack of fiscal discipline and heavy borrowings affecting growth
By: Agarwal, U.C.
Material type:
ArticlePublisher: 2004Description: p.549-564.Subject(s): Economic growth
In:
Indian Journal of Public AdministrationSummary: The growing fiscal and revenue deficit have been a matter of concern for successive finance ministers. High debt servicing costs, escalating level of borrowings to finance government expenditure and paucity of resources for development purposes call for some strict and urgent steps to enforce discipline in handling of the economy. The condition of states' finances is still more pathetic. This article takes a systematic stock of the prevailing ills in our fiscal management at the Central as well as state government level. The fiscal Responsibility and Budget Management Act has laid down deadlines for reducing fiscal and revenue deficit. One hopes that this task will be taken up in all earnestness before things go further out of control and call for some harsh measures to sustain the national economy. - Reproduced.
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Articles
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Indian Institute of Public Administration | Volume no: 50, Issue no: 3 | Available | AR63517 |
The growing fiscal and revenue deficit have been a matter of concern for successive finance ministers. High debt servicing costs, escalating level of borrowings to finance government expenditure and paucity of resources for development purposes call for some strict and urgent steps to enforce discipline in handling of the economy. The condition of states' finances is still more pathetic. This article takes a systematic stock of the prevailing ills in our fiscal management at the Central as well as state government level. The fiscal Responsibility and Budget Management Act has laid down deadlines for reducing fiscal and revenue deficit. One hopes that this task will be taken up in all earnestness before things go further out of control and call for some harsh measures to sustain the national economy. - Reproduced.
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