“Central and state governments should be careful about what freebies should be given out of borrowed money. Otherwise the future generations will be exposed to unnecessary debt burden problems,” said former RBI Governor Subbarao.
Recently participating in a trade and industry related event, he said: According to Prime Minister Modi, the Indian economy will become worth 5 trillion US dollars before the financial year 2028. To achieve this target, the GDP needs to grow at a steady rate of 9 percent for the next 5 years. India has eight key challenges to achieve its dream of becoming a $5 trillion economy.
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They will be the challenges of increasing investment, improving productivity, improving education and health services, creating employment, raising agricultural productivity, maintaining macroeconomic stability, managing global megatrends and improving governance.
Modi has sparked a debate on state subsidies. All parties are responsible for this situation. The country has no surplus budget. So Central and State Governments must realize that some safety nets are definitely needed. There should be choice and care in what kind of freebies you can give out of borrowed money. Future generations should not be saddled with current unnecessary debts. Said thus.
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