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17 OCT,2022 | MEDC
A member of the Economic Advisory Council to the Prime Minister (EAC-PM) said that 'open-ended' freebies should be avoided as the same amount can be better utilized for infrastructure development or investing in the healthcare sector. Doing so will help unlock much more value for society as a whole. There is, though, a need for targeted subsidies, as it assists the poor in their hour of need. This was clearly demonstrated during Covid. Targeting absolute poverty is necessary, but open-ended subsidies are best avoided, as political compulsions make it difficult (if not impossible) to end them subsequently, with dire consequences for fiscal deficits. There will eventually be a price to pay for open-ended subsidies, and, more often than not, it will be the hapless taxpayers who will need to bear it for no fault of theirs. Unless a subsidy is properly targeted, it could end up doing the exchequer more harm than good.
*Picture Credit: Google
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