Off-budget state borrowing: India must treat the illness rather than the symptom
Policymakers should reform the rule that caps states' fiscal deficit at 3% of GDP. Trying to bring the hidden debts of states onto the books is laudable but…
Attributed summary
Policymakers should reform the rule that caps states' fiscal deficit at 3% of GDP. Trying to bring the hidden debts of states onto the books is laudable but does not suffice. A fiscal architecture designed for a 2003 crisis cannot finance India's ambitions for 2047.
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