MCM Holds Webinar on Fiscal Self Reliance in India

By 121 News

Chandigarh June 25, 2021:- The Postgraduate Department of Economics organised a webinar titled 'Fiscal Self Reliance in India: Issues and Challenges'. Dr Smita Sharma, Assistant Professor, Department of Economics, Panjab University was the resource person. The webinar witnessed enthusiastic participation of students, research scholars and faculty members from various institutions. In her informative talk, Dr. Sharma elaborated upon the existence of twin deficits in India –Current Account deficit and Budget deficit that had led to acute crisis of confidence reflected by credit rating agencies. She explained the Fiscal Responsibility Strategy in terms of requirements of Fiscal Responsibility and Budget Management Act along with amendments. Dr. Sharma stressed upon the need for India to derive lessons on Fiscal Self Reliance from international experiences of European Union, Greece, Japan and U.S.A. At the end of the webinar, the expert took up the queries of the audience.
Principal Dr. Nisha Bhargava pointed out that the COVID pandemic has adversely affected Indian economy and pushed it into a recession. She highlighted that in order to achieve the objectives of Fiscal policy, there is a need for increasing public investment in education, human capital formation and infrastructure development. She quoted the famous economist J.M. Keynes on the significance of increasing public expenditure for increasing aggregate demand.