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In the Context of governance, consider the following: 1. Encouraging Foreign Direct Investment inflows 2. Privatization of higher educational Institutions 3. Down-sizing of bureaucracy 4. Selling/offloading the shares of Public Sector Undertakings Which of the above can be used as measures to control the fiscal deficit in India?
Explanation
Privatisation and disinvestment are explicit fiscal consolidation tools because they raise non-debt capital receipts and improve stable capital inflows, directly helping reduce the fiscal deficit and government borrowing [1]. Proceeds from sale/offloading of PSU shares are treated as non-debt creating capital receipts and can be used to cover revenue shortfalls or reduce borrowing needs [2]. Downsizing bureaucracy reduces recurring revenue expenditure, thereby lowering the government’s fiscal outgo and easing the deficit burden. FDI inflows, while beneficial for growth and the tax base, do not directly provide non-debt receipts to the government in the same immediate way and thus are not a primary fiscal-deficit control instrument here. Hence 2, 3 and 4 are correct.
Sources
- [1] Indian Economy, Nitin Singhania .(ed 2nd 2021-22) > Chapter 5: Indian Tax Structure and Public Finance > FISCAL CONSOLIDATION > p. 114
- [2] Macroeconomics (NCERT class XII 2025 ed.) > Chapter 5: Government Budget and the Economy > 5.2.1 Measures of Government Deficit > p. 72