The Indian fiscal landscape has been transforming over the last decade. The state governments are now responsible for a considerable share of total government spending and borrowings. Therefore, policymakers and the bond markets have increased their focus on whether the states can improve the quality of their expenditure, maintain prudent fiscal deficits and reduce their debt levels. The surge in planned state government market borrowings in the first quarter of 2018-19 has dampened the cheer that was wrought by the budgeted decline in the states’ fiscal deficit and improvement in the quality of their expenditure in 2018-19.
The aggregate
The aggregate
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