Reforms and low deficit are keys to sustain high growth: PMEAC

29 Oct 2012 Evaluate

Justifying the stance of diesel price hike along with introduction of other reforms, Prime Minister’s Economic Advisory panel said that reining fiscal deficit is a key to sustain high growth in the medium term. PMEAC’s Chairman C Rangarajan underscored that the process of fiscal consolidation was important from the point of view of sustaining high growth over the medium term and that there was immense need of clear programme for containing subsidies. Additionally, he recommended that the government should rationalize the subsidies with a view of preventing wastage and helping needy.

Further, explaining the roadmap for doing so, the chairman said that, “Priorities would have to be laid down by the government in terms of the type of subsidy which is considered to be most important and then accordingly the less important one’s should be trimmed in order to ensure that overall subsidy is within the limits of what is considered to be prudent”.

Moreover, the chairman highlighted the need of loan term plan to bring down the subsidies in proportion of GDP, besides, pointing the requirement of ensuring higher tax-GDP ratio. C Rangarajan, further added that the process of fiscal consolidation should be such as to ensure that over the next 2-3 years, the Indian economy could get back to the fiscal deficit of 3 percent of GDP.

Indian economy, which has been battling worries of high fiscal deficit and declining growth momentum, has the budgeted fiscal deficit for the current fiscal at 5.1 percent of GDP. However, the qualms are that that higher subsidy outgo and lower buoyancy in revenue realization could push the figure higher than 6 percent. Yet, the Finance Ministry believes that the recent reforms initiatives would help limit the fiscal deficit at 5.3 percent in the current fiscal.

Chidambaram, after taking charge of the Finance Ministry in August, has undertaken a aggressive reform drive boost investment flow. Besides, diesel prices hike by over Rs 5 a litre, foreign investment norms were relaxed for retail, insurance, pension, information and broadcasting sectors.

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