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Erschienen in:

2023 | OriginalPaper | Buchkapitel

4. Post-covid Fiscal Recovery in India: Uncertainty, Growth, and Fiscal Prudence

verfasst von : Pinaki Chakraborty

Erschienen in: India’s Contemporary Macroeconomic Themes

Verlag: Springer Nature Singapore

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Abstract

India needs to sustain post-Covid fiscal improvements reflected in buoyant revenue growth, reduced pressure on expenditure and a reduction in public debt and deficits. However, the debt ratio of the general government (Union and States) remains at an elevated level. A targeted reduction in debt and deficit, a compositional shift of the Union government’s capital expenditure, and a state specific rebalancing of the FRBM framework may help fasten the process of fiscal recovery and growth.

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Vorheriges Kapitel India’s Economy in the Twenty-First Century: Role of State-Differentiated Demographic Dividend

Nächstes Kapitel The Relationship Between Government Revenue, Government Expenditure and Economic Growth in India: An Empirical Investigation at the Sub-national Level

It is important to note that small economies of the World “had more prolonged mobility restrictions than other EMDEs” (The World Bank, 2023). In India, the mobility increased significantly in 2022–23.

Note: Mobility numbers refer to change in the number of visitors in retail and recreation areas or in time spent there relative to the baseline: the median day in the 5 weeks from 3 January to 6 February 2020 (Asian Development Bank, 2022).

https://www.pib.gov.in/PressReleasePage.aspx?PRID=1889192#:~:text=Real%20GDP%20or%20GDP%20at,on%2031st%20May%2C%202022.

For details see Chakraborty, Jha and Jaluka (2021).

Effective Revenue Deficit = Revenue deficit- Grants in aid for creation of capital assets. The Union gives GIA to states and other agencies to create capital assets, but as the ownership of these assets don’t lie with the Union, they form a part of revenue expenditure, and hence revenue deficit. ERD is hence, meant to depict that part of RD which is spent only on consumptive items.

Karnataka was the first state to enact its FRBM Act in September 2002 followed by Kerala (2003), Tamil Nadu (2003) and Punjab (2004). Sikkim and West Bengal were the last states to enact their FRBM Acts in 2010.

Economic Survey, 2016–17.

This was an entry level condition.

The CAG had the discretionary authority to review implementation of any Act dealing with financial matters. But the amendment allowed it to be made a mandatory review.

Asian Development Bank. (2022). Asian Development Bank Outlook-Global Gloom Dims Asian Prospects. Retrieved from https://www.adb.org/sites/default/files/publication/844296/ado-supplement-december-2022.pdf

Chakraborty, P. (2017). Federalism, fiscal space and public investment speeding. In N. Yoshino, & P.J. Morgan (Eds.), Central and local government relations in Asia, Asian development bank institute, Tokyo, Japan. Edward Elgar Publishing. Retrieved from https://www.e-elgar.com/shop/gbp/central-and-local-government-relations-in-asia-9781786436863.html

Chakraborty, P., Ajay, N. J., & Yash, J. (2021) Post COVID fiscal framework: Issues and options. Retrieved from https://nipfp.org.in/media/medialibrary/2023/04/Paper_on_The_FRBM_Report.pdf

Fifteenth Finance Commission. (2020). The report of the fifteenth finance commission, department of economic affairs, Government of India, New Delhi.

Francesca, C., Vitor, G., Gee, H. H., Paulo, M. (2023). Fiscal policy can promote economic stability and address risks to public finances, fiscal policy can promote economic stability and address risks to public finances (imf.org)

Government of India. (2022). First advance estimates of national income, 2022–23. Retrieved from https://www.pib.gov.in/PressReleasePage.aspx?PRID=1889192#:~:text=Real%20GDP%20or%20GDP%20at,on%2031st%20May%2C%202022

IMF. (2023). World economic outlook update—inflation peaking amidst low growth, international monetary fund, Washington D.C., January 2023. Retrieved from https://www.imf.org/en/Publications/WEO/Issues/2023/01/31/world-economic-outlook-update-january-2023

The World Bank. (2023). Global economic prospects. Retrieved from https://openknowledge.worldbank.org/bitstream/handle/10986/38030/GEP-January-2023.pdf

Twelfth Finance Commission. (2004). The report of the twelfth finance commission, department of economic affairs, Government of India, New Delhi

Titel: Post-covid Fiscal Recovery in India: Uncertainty, Growth, and Fiscal Prudence
verfasst von: Pinaki Chakraborty
Verlag: Springer Nature Singapore
Buch: India’s Contemporary Macroeconomic Themes
Print ISBN: 978-981-9957-27-9

Electronic ISBN: 978-981-9957-28-6

Copyright-Jahr: 2023
DOI: https://doi.org/10.1007/978-981-99-5728-6_4