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  3. Indian govt needs to become more ‘transparent’ on fiscal numbers: IMF

Indian govt needs to become more ‘transparent’ on fiscal numbers: IMF

07 Nov 2019 Evaluate

Amid concerns over fiscal deficit slippages, the International Monetary Fund (IMF) has said that the Indian government needs to become more ‘transparent’ on the fiscal numbers as it is a ‘laggard’ among the G20 peers on this front. The government has been missing its budgeted fiscal targets for the past few years and there is a need for a ‘credible fiscal consolidation’ which is more ambitious as well, and added that this is more so as government has not addressed how it will make up for the massive Rs 1.45 trillion tax giveaways in the form of corporate tax cuts.

IMF’s deputy director Anne-Mary Gulde said fiscal transparency should be increased. It is fairly difficult for the private sector to get the full picture on fiscal standing. She also said India is somewhat lacking in a programme on G20 data initiative on fiscal transparency where comparative countries have all made greater progress. She said there is also a need for more credible fiscal consolidation as such a move will help reduce the relatively high level of debt and free up financial resources for the private sector. She highlighted that fiscal stimulus is not possible to revive the sagging growth due to the relatively high level of public debt compared to the emerging economy peers.

Welcoming the steep corporate tax cuts to get the levies at par with competition, she rued that so far little has been done to offset the revenue impact of the same. She said ‘we feel that the revenue impact needs to be considered going forward and compensated for...we would urge that fiscal policy be formulated against more realistic background to give a more clear direction to private sector expectations’. She said ‘we see structural challenges and a weak cyclical position; we need to look at policies that address the cyclical weakness which will also address the structural challenges going forward’ and called for urgent reform measures in the labour, land and factor markets to revive and sustain growth.

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