NDLI: Fiscal Policy Issues

Please wait, while we are loading the content...

Fiscal Policy Issues

Content Provider	OECD iLibrary
Organization	OECD
Abstract	A sustained consolidation of public finances is one of the most important challenges facing the authorities. During the latter part of the high growth period, between 1997 and 2000, the pace of fiscal consolidation slowed significantly from previous years, in the face of activity levels that would have permitted an acceleration of the process. The resources derived from the increase in receipts and the fall in interest payments on the public debt were used to increase primary current expenditure instead of reducing the deficit (Figure 12). After 1997, the general government deficit remained virtually unchanged during the following two years on a cyclically adjusted basis (Figure 13). The deficit was then reduced in 2000, though mainly via a temporary freeze on investment expenditure during the year17 and by exceptional proceeds from the sale of mobile phone licences (UMTS) that year. In 2001, the budget forecasts envisaged a slight reduction in the government deficit as a proportion of GDP. In fact, however, growth of primary expenditure was not curbed, while the weakness of economic activity resulted in substantial revenue losses. The general government deficit widened, overshooting the 3 per cent of GDP limit by more than 1 percentage point. The new government formed in April 2002 presented a set of emergency measures designed to bring the deficit back down under this limit. Past experience suggests that it is the fast growth of public spending that explains the lack of progress made. Therefore, if the government deficit is to be steadily reduced on a sustainable basis and brought back to equilibrium, reforms aimed primarily at restraining this buoyancy will have to be implemented. The question of public spending and the attendant recommendations are discussed in detail in Chapter III.
Page Count	46
Starting Page	45
Ending Page	61
Language	English
Publisher	OECD Publishing
Publisher Date	2003-01-16
Access Restriction	Open
Subject Keyword	Economics
Content Type	Text
Resource Type	Chapter

Central Library (ISO-9001:2015 Certified)
Indian Institute of Technology Kharagpur
Kharagpur, West Bengal, India | PIN - 721302

See location in the Map
03222 282435
Mail: support@ndl.gov.in

Sl.	Authority	Responsibilities	Communication Details
1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
5	Website/Portal (Helpdesk)	Queries regarding NDLI and its services	support@ndl.gov.in
6	Contents and Copyright Issues	Queries related to content curation and copyright issues	content@ndl.gov.in
7	National Digital Library of India Club (NDLI Club)	Queries related to NDLI Club formation, support, user awareness program, seminar/symposium, collaboration, social media, promotion, and outreach	clubsupport@ndl.gov.in
8	Digital Preservation Centre (DPC)	Assistance with digitizing and archiving copyright-free printed books	dpc@ndl.gov.in
9	IDR Setup or Support	Queries related to establishment and support of Institutional Digital Repository (IDR) and IDR workshops	idr@ndl.gov.in