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States' freebies crowd out resources needed for development: RBI report

Business Standard LogoBusiness Standard5h ago

States' freebies crowd out resources needed for development: RBI report - Business Standard

Quick Summary:

A Reserve Bank report on Thursday sounded a note of caution saying sops like farm loan waiver, free power and transport, by states could crowd out their critical resources for social and economic infrastructure.

The RBI's 'State Finances: A Study of Budgets of 2024-25', however, said state governments have made commendable progress towards fiscal consolidation by containing their aggregate gross fiscal deficit within 3 per cent of GDP for three consecutive years (2021-22 to 2023-24), while restricting revenue deficit at 0.2 per cent of the GDP in 2022-23 and 2023-24.

"This has allowed states to scale up their capital spending and improve the quality of expenditure," the report said.


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Category: BusinessFinance

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Article Type: News Report

Published On: 2024-12-19 @ 21:22:10 (5 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 533 words

Reading Time: 3 minutes read

Sentences: 15 lines

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Copyright Owner: © Business Standard

News ID: 24552951

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