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A Fiscal Perspective on Policy Responses to COVID-19: Evidence from the Emerging Economy of India
Asr Chiang Mai University Journal of Social Sciences and Humanities ; 10(1), 2023.
Article in English | Web of Science | ID: covidwho-2217637
ABSTRACT
The COVID-19 health crisis became a global economic crisis with mitigation measures leading to a steep decline in economic activity, disrupting demand and supply. To attenuate the economic impact of the pandemic, monetary and fiscal policies were used by governments, central banks and supranational institutions. This article analyzes the implications of fiscal and monetary policies used in India in response to the COVID-19 pandemic on the country's public debt. India's adoption of a unique calibrated expenditure strategy through fiscal stimulus provided a cushion to mounting expenditure requirements in a scenario of falling government revenue. Widening fiscal deficits due to the increased need for fiscal spending on the one hand, and a decline in revenue generation owing to fall in economic activities on the other, saw a surge in India's public debt. Coordinated efforts by monetary and fiscal authorities through conventional and non-conventional measures added new dimensions to India's debt management strategy. The unprecedented magnitude of the crisis pushed the Government of India to relax its debt and deficit indicators until the economy can move back to normalcy.
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Full text: Available Collection: Databases of international organizations Database: Web of Science Language: English Journal: Asr Chiang Mai University Journal of Social Sciences and Humanities Year: 2023 Document Type: Article

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Full text: Available Collection: Databases of international organizations Database: Web of Science Language: English Journal: Asr Chiang Mai University Journal of Social Sciences and Humanities Year: 2023 Document Type: Article