Establishing a debt management office would consolidate all debt management functions in a single agency, and be the catalyst for wider institutional reform and transparency about public debt. It is internationally accepted best practice that debt management should be disaggregated from monetary...

Public Finance

The bulletin shows what are the process in presenting budget and the terms used in the budget.

This paper assesses recent theorising and empirical evidence on the impact of fiscal policy—taxes, public expenditures and budget deficits—on long-run growth. It considers the relevance of recent advances in growth theory for low-income countries and compares the evidence for...

The States, relative to the Centre, have taken the centre-stage in the reform process since the areas of highest national priority now fall essentially within the purview of the States. The unique and productive partnership between the RBI and the State Governments in securing the progress of...

This paper evaluates the President’s Budget (PB) or the National Expenditure Program (NEP) for 2013. The assessment is composed of four parts: (i) an evaluation of the overall fiscal picture as projected in the 2013 Budget of Expenditures and Sources of Financing; (ii) an examination of...

The challenge to the tax system to expand both the revenue base and progressively bring into the net larger number of taxpayers remains as daunting as ever. The object is not to ignore the generally beneficial impact of deregulation and tax friendly measures in providing a more conducive...

Theoretical literature identifies two variants of crowding out in an economy–real and financial. The real (direct) crowding out occurs when the increase in public investment displaces private capital formation broadly on a dollar-for-dollar basis, irrespective of the mode of financing the...

Economic Review of Developments in 2005 and Prospects for 2006. Presented before the Budget for 2006.