The COVID-19 pandemic has changed the public finance architecture and has posited both challenges and opportunities. The decline in revenues caused by the lockdown due to the pandemic and increased expenditures incurred to save lives and livelihoods have led to sharp increase in deficits and debt. The pandemic has rendered the fiscal targets of the FRBM Act irrelevant. With little fiscal space available due to elevated levels of deficits and debt, calibrating countercyclical fiscal policy has posed serious challenges. As the economy was slowing down even before the pandemic struck, there are structural problems as well. However, the crisis provides an opportunity to fast-track structural reforms to take it back to higher growth trajectory. Some reforms in labour and land markets have been initiated. The recent budget also posits several reforms in disinvestment, creation of development finance institution and asset restructuring company. The challenge is to implement them.<\/p>","DOI":"10.1093\/oso\/9780192849601.003.0009","type":"book-chapter","created":{"date-parts":[[2022,5,19]],"date-time":"2022-05-19T09:49:40Z","timestamp":1652953780000},"page":"221-236","source":"Crossref","is-referenced-by-count":0,"title":["Indian Public Finance in Pandemic Times"],"prefix":"10.1093","author":[{"given":"M. Govinda","family":"Rao","sequence":"first","affiliation":[]}],"member":"286","published-online":{"date-parts":[[2022,5,19]]},"container-title":["Studies in Indian Public Finance"],"original-title":["Indian Public Finance in Pandemic Times"],"language":"en","deposited":{"date-parts":[[2022,8,2]],"date-time":"2022-08-02T21:38:09Z","timestamp":1659476289000},"score":18.745262,"resource":{"primary":{"URL":"https:\/\/academic.oup.com\/book\/41884\/chapter\/354720739"}},"issued":{"date-parts":[[2022,3,2]]},"ISBN":["9780192849601","9780191944710"],"references-count":0,"URL":"https:\/\/doi.org\/10.1093\/oso\/9780192849601.003.0009","published":{"date-parts":[[2022,3,2]]}},{"institution":[{"name":"Reserve Bank of Australia"}],"indexed":{"date-parts":[[2022,4,3]],"date-time":"2022-04-03T12:28:57Z","timestamp":1648988937904},"reference-count":0,"publisher":"Reserve Bank of Australia","content-domain":{"domain":[],"crossmark-restriction":false},"DOI":"10.47688\/rba_archives_2006\/17036","type":"report","created":{"date-parts":[[2022,3,9]],"date-time":"2022-03-09T23:24:54Z","timestamp":1646868294000},"source":"Crossref","is-referenced-by-count":0,"title":["Research Department - Government Finance - Commonwealth Government - Public Finance File - Miscellaneous Public Finance - 1942 - 1946"],"prefix":"10.47688","member":"27154","published-online":{"date-parts":[[2022,3,24]]},"deposited":{"date-parts":[[2022,3,9]],"date-time":"2022-03-09T23:25:37Z","timestamp":1646868337000},"score":18.628635,"resource":{"primary":{"URL":"https:\/\/unreserved.rba.gov.au\/nodes\/view\/84496"}},"issued":{"date-parts":[[2022,3,24]]},"references-count":0,"URL":"https:\/\/doi.org\/10.47688\/rba_archives_2006\/17036","published":{"date-parts":[[2022,3,24]]}},{"indexed":{"date-parts":[[2024,5,13]],"date-time":"2024-05-13T15:38:09Z","timestamp":1715614689123},"reference-count":0,"publisher":"Oxford University Press","isbn-type":[{"value":"9780192849601","type":"print"},{"value":"9780191944710","type":"electronic"}],"content-domain":{"domain":[],"crossmark-restriction":false},"published-print":{"date-parts":[[2022,3,2]]},"abstract":"
The nature of public finance in the country depends on the role of the State it chooses to adopt. While the benevolent view of the State considers it a social guardian maximizing people\u2019s welfare, the public choice view regards it to be impinging on people\u2019s freedom and, therefore, its role should be restricted to providing basic public goods. In some ways, the two views represent the normative and positive views on of State activity. In actual practice, in a democratic polity, the role of public finance depends on the mandate of the people. However, it is important to note that the intervention through public financing involves opportunity cost in terms of resources forgone and, therefore, public finance intervention can be justified only when it results in higher social return than its corresponding private use. 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The introductory chapter outlines the plan of the book and summarizes its key messages. The important messages are that the government should intervene only when the markets fail and its interventions should be complementary to the functioning and development of the market economy. Public expenditures are required to resolve externalities and redistribution. Tax policy should focus on raising revenues. Borrowing to finance public spending would have to be repaid by the taxpayers tomorrow and, therefore, rule-based fiscal policy is important. Calibrating countercyclical policy has been rendered difficult due to persistence of elevated levels of deficits and debt. Ensuring efficiency and equity in implementing public expenditure policy in a large country involves dealing with multilevel finance and intergovernmental transfers. 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Elevated levels of deficits and debt in India raise serious questions of stability and sustainability from to time. The resulting interest payments crowd out allocations for the much needed social and physical infrastructures. Pre-emption of disproportionate share of household sector\u2019s financial savings for government borrowing financially crowds out private investments. The attempts to keep government securities\u2019 yield at low levels though financial repression and direct or indirect monetization of deficits to facilitate government borrowing compromises monetary policy objectives. The rule-based fiscal policy to limit fiscal deficits and limit the debt has not met with the desired success. The government has been changing the targets, resorting to creative accounting, and showing adherence through various obfuscations. This is an opportune time for the Parliament to appoint an Independent Fiscal Council to review the forecasts, cost the programmes announced from time to time, and monitor the compliance with fiscal rules.<\/p>","DOI":"10.1093\/oso\/9780192849601.003.0006","type":"book-chapter","created":{"date-parts":[[2022,5,19]],"date-time":"2022-05-19T09:43:34Z","timestamp":1652953414000},"page":"119-150","source":"Crossref","is-referenced-by-count":0,"title":["Macroeconomics of Indian Public Finance"],"prefix":"10.1093","author":[{"given":"M. Govinda","family":"Rao","sequence":"first","affiliation":[]}],"member":"286","published-online":{"date-parts":[[2022,5,19]]},"container-title":["Studies in Indian Public Finance"],"original-title":["Macroeconomics of Indian Public Finance"],"language":"en","deposited":{"date-parts":[[2022,8,2]],"date-time":"2022-08-02T21:38:08Z","timestamp":1659476288000},"score":18.360027,"resource":{"primary":{"URL":"https:\/\/academic.oup.com\/book\/41884\/chapter\/354720385"}},"subtitle":["Deficits and Debt"],"issued":{"date-parts":[[2022,3,2]]},"ISBN":["9780192849601","9780191944710"],"references-count":0,"URL":"https:\/\/doi.org\/10.1093\/oso\/9780192849601.003.0006","published":{"date-parts":[[2022,3,2]]}}],"items-per-page":20,"query":{"start-index":0,"search-terms":"Public+finance"}}}