Public Debt

Public debt* This refers to the report "CEA defends growth in government's debt" (The Hindu Business Line, June 16). Let's be clear about basics. World over, debt is not a bad word, so long as the borrower's financial status is sound. The so called developed countries also raise resources using debt instruments. In limited way, the Chief Economic Advisor has explained that all is fine with India's economic growth trajectory and there's no reason to worry about the rising public debt figures. We can trust him. Still, there are certain areas craving for CEA's attention. Both central and state governments are overdependent on RBI and the banks for their market borrowings. The situation adversely impacts the healthy growth of a financial market. Here, time is opportune for recasting the components of Statutory Liquidity Reserve of banks, reducing the share of US dollar in forex reserves, moving to market rates of interest for government borrowings which will incentivise retail market for government securities and generally to professionalise government's resources management. M G Warrier Mumbai *Published on June 17, 2023

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