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.
Govt says digital payments also uplift under-served communities by providing them financial footprint that can be used to assess credit worthiness in absence of traditional documents.
As Narendra Modi becomes India’s second-longest consecutively serving Prime Minister, we look at how he compares with Indira Gandhi across four key dimensions.
COMMENTS