This is literally true. In an article upbeat on meeting the fiscal deficit target of 5.3%, there is a line saying that
"Besides, officials said, hopes are high about huge savings on the Plan expenditure front, where a number of departments and other ministries have not been able to utilize allocations for social and infrastructure sectors"
Not utilizing allocations on social and infrastructure sectors is a good thing? Even the business leaders and respected economic commentators (quoting the RBI) identify infrastructure as a key focus area.
Not to mention that social sectors require a lot of attention in India with spending on health and education among the lowest in the world as a percentage of GDP.
This is a case of deficit-fetishism. Fiscal deficit is not an end in itself. There is nothing good in this story.
"Besides, officials said, hopes are high about huge savings on the Plan expenditure front, where a number of departments and other ministries have not been able to utilize allocations for social and infrastructure sectors"
Not utilizing allocations on social and infrastructure sectors is a good thing? Even the business leaders and respected economic commentators (quoting the RBI) identify infrastructure as a key focus area.
Not to mention that social sectors require a lot of attention in India with spending on health and education among the lowest in the world as a percentage of GDP.
This is a case of deficit-fetishism. Fiscal deficit is not an end in itself. There is nothing good in this story.
2 comments:
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CSUF Portal
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