Managing State Debt and Ensuring Solvency : The Indian Experience / C. Rangarajan
Contributor(s): Resource type: Ressourcentyp: Buch (Online)Book (Online)Language: English Publisher: Washington, D.C : The World Bank, 2012Description: Online-Ressource (37 p)Additional physical formats: C. Rangarajan: Managing State Debt and Ensuring Solvency DOI: DOI: 10.1596/1813-9450-6039Online resources: Summary: The paper presents the policymakers' perspective on the reforms undertaken to manage states' debt and ensure solvency. While the sustained high growth rates of the Indian economy played a part in alleviating the interest burden on debt and ensuring that the debt does not grow in an explosive trajectory, major reforms were implemented to reverse the fiscal decline, develop fiscal responsibility rules to ensure sustained adjustment, and move toward a market-based financing of state deficits. The serious efforts at fiscal consolidation and institutional reforms have enabled states to set on the path toward fiscal correction. Nonetheless, weak global growth prospects and the risk of a further rise in global commodity and fuel prices could generate the dilemma of needing to compress expenditures for ensuring fiscal sustainability while simultaneously needing counter-cyclical spending to boost growth, and challenge the fiscal adjustment processPPN: PPN: 834974177Package identifier: Produktsigel: ZDB-1-WBA | ZDB-110-WBLNo physical items for this record
2012. (World Bank eLibrary) |2012||||||||||