• Expenditure on healthcare and education needs to be significantly ramped up
• Automation taking jobs of low-skilled workers; reskilling needed for them
• Developed states with better debt to GSDP ratio must step up expenditure
• Quality of expenditure should be good; there should be multiplier effect
• Schemes must have a sunset date, must be closed after the need is over
Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday said fiscally prudent states must step up their quality expenditure in a way that it would have a multiplier effect on the economy and would prompt other states to increase their own capital expenditures.
Das stressed that the quality of expenditure by states was important as they incurred 60 per cent of the general government expenditure (the Centre plus state combined), whereas the global average of sub-national spending was just about 30 per cent.
"The state finances and the expenditures by states do play an important role in the growth of the country's GDP (gross domestic product), and more particularly in current times when India is recovering from one of the worst challenges to its economies," Das said while speaking at an event organised by the London School of Economics (LSE).
Continue reading your story on the app
Continue reading your story in the newspaper
Offtake in metros lifts credit growth in H1FY22
Credit in metros grew 4.6% in 12 months to Sept, from 1.7% in FY21
Falling steel prices a short-term blip: Firms
After an increase in the beginning of the month, steel prices in the trade segment have weakened on the back of a correction in international steel prices and key input materials. But companies believe it's more a short term blip and sentiments will pick up going forward.
Salarpuria growth mantra: Earn in realty, invest in new-age biz
Reportedly taking over consumer electronics biz of Cloudtail India, largest seller on Amazon
Tata in talks with 3 states for $300-mn semiconductor unit
Tata group is in talks with three states to invest up to $300 million to set up a semi source familiar with the matter said, as part of the conglomerate's push into high-tech manufacturing.
Biden's wise Fed choice
By choosing continuity, Mr Biden accomplished several things at once
ITC kicks off trials of nasal spray for Covid prevention
Diversified conglomerate ITC has started clinical trials of a nasal spray for Covid19 prevention.
RIL recasts Jamnagar unit to grow in hydrogen space
Reliance Industries' (RIL) hiving off its Jamnagar gasification project into a wholly-owned subsidiary is a step towards its plans to grow in the hydrogen space.
Import duty cut to fast-track new tech: BMW
To launch three EVs in next 180 days
Govt may hold 26% in privatised PSBs
To move amendments to provide for reducing shareholding
E-bike Corbett creates a boom with 30K pre-orders in 14 days
At a time when Ola is stealing the show in the electric two-wheeler space, Tamil Nadu based Boom Motors is creating waves in tier 2 and 3 markets by getting 30,000 pre-orders worth ₹330 crore within a fortnight since bookings started for its bike brand Corbett.
Password management made easy
At CheLi in the East Village, soup dumplings only scratch the surface of a menu that is traditional and innovative at once.
Your Brilliant Smartphone
Unlock your device's most helpful tricks and secrets with these 25 tips
The Girl in the Dream
Was this a church? The high, vaulted ceilings made it seem like one—almost but not exactly.
Schlock to Remember
If you can’t wait to relive last year, Netflix has a special for you.
Christian Drosten – A Virologist Whose Government Trusts Him
In Germany, Christian Drosten has the ear of Chancellor Angela Merkel—and of millions of his countrymen via his wildly popular podcast
Historias a bordo de un submarino
StarzPlay estrenó recientemente la segunda temporada de Das Boot, basada en la historia de la tripulación de U-boats alemanes que sobrevivió a una secreta y peligrosa misión. Platicamos con Tom Wlaschiha, uno de sus protagonistas.
A Conversation with Isabel Fargo Cole
Ex–Bad Boy Pastoral
Dan Colen is still painting. But instead of raising hell, he’s raising pigs and sheep.
The PI Series based on Robert Galbraith’s Cormoran Strike Novels Bring the Luster Back to TV ’Tecs