AMID THE INTERNATIONAL Monetary Fund's warning that India's general government debt could exceed 100% of Gross Domestic Product (GDP) in the mediumterm, a Reserve Bank of India paper said the ratio could fall to 73.4% by 2030-31. The debt reduction would happen if supported by the spending on social and physical infrastructure, climate mitigation, digitalisation and skilling of the labour force, the authors of the paper, led by deputy governor Michael Debabrata Patra argued.
"... we reject the IMF's contention that if historical shocks materialise, India's general government debt would exceed 100% of GDP in the medium-term and hence further fiscal tightening is needed," the authors wrote in the article.
"Empirical findings show that medium-term complementarities between judicious fiscal consolidation and growth outweigh the short-run costs," they added.
Diese Geschichte stammt aus der February 21, 2024-Ausgabe von Financial Express Mumbai.
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Diese Geschichte stammt aus der February 21, 2024-Ausgabe von Financial Express Mumbai.
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