The increase in annual borrowings to Rs 12 lakh crore from Rs 7.8 lakh crore has been necessitated by steep fall in revenue collections & unscheduled spending.
Cost of borrowing will go up if foreign lenders mistrust India’s budget estimates, off-budget borrowing or fear payment could be delayed to achieve annual targets.
World Bank assistance to India peaked in fiscal year 2010 at $9.3 billion, and help has been provided across sectors like road and power infrastructure, agriculture, health etc.
FM adds that AI-assisted technologies should be adopted in all districts to bring development & highlights importance of collaborative ecosystems in tech innovation.
To be truly functional and durable, even eternal, a state doesn’t just need a leader, a party or an ideology. It needs functional and robust institutions.
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