Debt and the welfare state

25 JUL,2022 | MEDC


The central government has controlled its debt at 56.29% of GDP at the end of 2021-22, compared to 59.9% as projected in the Revised Estimates of the Budget. The Economic Affairs Secretary added that the government is committed to meeting its fiscal deficit targets for FY23. Considering the fragile global economic scenario, this is commendable. In the face of an increasingly likely global recession, fiscal rectitude is the key to managing India's economy. In this context, the politically-motivated distribution of freebies and subsidies has its limits, and a pragmatic model of strategic welfare needs to enter the picture today. All economic models of redistribution should focus on promoting healthcare and education, and especially that of women and children. It is also important for such endeavours to be complemented with accountable and transparent governance. That will help to build a more resilient India and strengthen our economy's fiscal fundamentals.

 

* Picture Credit : Google 

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