Strategy for Fiscal Stability and Revitalizing the Economy of Punjab

Upinder Sahwney ()
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Upinder Sahwney: Panjab University

Chapter Chapter 19 in Economic Transformation of a Developing Economy, 2016, pp 411-433 from Springer

Abstract: Abstract The economy of Punjab has experienced a definite deceleration in the past two decades, which became evident in its falling rank in terms of per capita income amongst Indian states since the beginning of this century. Also, fiscal imbalances have afflicted the State in the past three decades and fiscal reform measures taken up after the enactment of Fiscal Responsibility Legislation did not have a lasting effect. In fact, debt sustainability is a major challenge before the Government of Punjab. The situation is not irretrievable, only the government has to put its act together. A multi-pronged strategy is required to rejuvenate the State economy as also to restore its lost glory. On the one hand, fiscal reform measures are required to be implemented in order to enforce discipline in the management of state finances in Punjab, on the other, overall economic development has to be taken up in all sectors of the economy.

Keywords: Punjab economy; Fiscal consolidation; Indian states; Debt sustainability; Fiscal responsibility legislation (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:spr:isbchp:978-981-10-0197-0_19

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DOI: 10.1007/978-981-10-0197-0_19

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