Revamping fiscal architecture

February 1, 2019
Revamping fiscal architecture

This refers to the article “Time to improve the fiscal architecture” (BS, February 1). The three suggestions by A Prasanna relating to creation of Fiscal Council, adoption of ‘deficit neutral’ rule by government and advance annual ceiling for market borrowing make sense in the context of government’s search for external remedies for internal debilities.
Government’s efforts to camouflage fiscal deficit using surreptitious methods like deferring payments due and pressurizing government-owned bodies to divert funds or pay extra or advance dividends are already inviting adverse observations by analysts. There is one school of thought which considers explaining a higher deficit with more prudent and transparent accounting system a better and desirable alternative than the present tight rope walking which brings embarrassment to several organizations.
Long term solution lies in mapping nation’s wealth remaining unaccounted and considering a realistic taxation policy which should cover high income groups and agricultural income.
M G Warrier

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