Ojaank IAS Academy

OJAANK IAS ACADEMY

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OJAANK IAS ACADEMY

The increasing fiscal deficit due to the politics of freelancing and the long-term crisis arising out of it

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Imagine that you are studying in a school in a country where your exam is not being taken just because that country does not have the paperwork to conduct the exam. Not only this, in that country you have to stand in long queues to eat bread for one time and the whole country has come out on the streets. how did you feel

You were not shaken all of a sudden!

The situation in Sri Lanka at this time is exactly like this. There have been problems in wholesale prices in the lives of the people there. Why all this happened and who is responsible behind it?

It has many answers. One is that due to the Kovid crisis, the tourism industry there has been completely destroyed. Since the tourism industry contributes a great deal to the GDP there. In such a situation, due to the unemployment of the people associated with this industry and the government not getting the revenue generated from this sector, there was a severe economic crisis.

Second, the economic policies of the government there are also responsible for this. The government there adopted the path of freebies to come to power. Made big promises to the people that we will reduce the rates of taxes you pay as soon as we come to power. The government did this too.

Now the result of this was that the treasury of Sri Lanka gradually started emptying. The government had to borrow from the market to meet its financial needs. Then he had to borrow more to pay the interest on this loan. As a result, the economy of Sri Lanka, already in disrepair, was headed for permanent disrepair.

In such a situation, the case study of Sri Lanka is like a lesson for those countries and their political parties, where big promises are made by the parties and their leaders to get power. Think of it this way that the Aam Aadmi Party, which formed the government in Punjab, promised before the elections that as soon as the government is formed, they will give 300 units of electricity free of cost and will give one thousand rupees each to the women.

But when his government came to power, he raised his hands. The reason is that Punjab already has a huge debt of 3 lakh crores and the CAG said in its report that it is likely to be 3 lakh 37 thousand crores in the coming time.

It’s not just about one party. If the Congress government waived the loans of the farmers, the BJP also gave the PM Kisan Samman Nidhi. In South Indian states, promises are made even after winning TV sets.

In India too, various economic experts have warned that if freebies and populist politics are not curbed, then a situation like Sri Lanka can arise here too. Now the question is, what people in a country with the concept of a welfare state like India Shouldn’t get some essential services of subsidies and freebies?

The answer is that it should be given. But the need of the society for the free service provided for this should also be well taken care of. For example, the need of food is a basic kind of need and it is the moral and constitutional responsibility of the government to make it available to every Indian.

The government has also made a provision for this, including the Food Security Act, PM Annadata Income Protection Campaign and PM Garib Kalyan Yojana etc. But giving subsidies in areas of lesser need will put additional burden on the exchequer and will also disturb the fiscal balance.

Therefore, the political parties of India should talk about reducing the politics of freebies by discussing this issue on the basis of mutual consent. First of all, only a law should come in this regard that the same political promises should be made so that when the country maintains a balance between economic condition and public welfare. Because governments will come and go, but this democracy and country will live forever. And for this country and democracy to survive, it is necessary for the people to survive and the people will survive only when the economic conditions of the country are right.


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