By Dr. Bankim Debbarma
January 21, 2024
As we embark on a deeper exploration of Tripura’s economic landscape, our previous instalment revealed a disconcerting trend of excessive market borrowing, laying bare the intricacies that underline the state’s precarious financial health. In Part 2, our journey continues, delving into the consequences of these fiscal challenges and advocating for a comprehensive reform agenda. We propose viable pathways to steer Tripura towards a stable and sustainable economic future, unravelling complexities and urging a paradigm shift in the state’s economic approach.
Tripura’s overreliance on market borrowing extends beyond immediate fiscal concerns, triggering a crisis with multi-faceted consequences. Chief among these is the diversion of a significant budget portion towards debt servicing, especially interest payments. This diversion impedes the execution of crucial development projects, initiating a detrimental ripple effect on economic growth and perpetuating a cycle of escalating debt.
Critical sectors like infrastructure, education, and healthcare bear the brunt of fiscal mismanagement. Untimely fund allocations result in project delays, cost overruns, and, in extreme cases, project abandonment. This not only compromises the quality of public services but also undermines the government’s ability to fulfil the aspirations of its citizens. A strategic shift is imperative to ensure efficient fund allocation and drive sustained development.
Budgetary limitations constrain social welfare programs crucial for uplifting marginalized communities and ensuring social equity. Balancing economic development and social welfare is a challenge faced by many states, and Tripura is no exception. The current fiscal trajectory jeopardizes the state’s capacity to address critical issues such as poverty alleviation, healthcare accessibility, and education for all. A renewed fiscal approach is essential to safeguard the well-being of Tripura’s populace.
The interplay between market borrowing, debt accumulation, and interest payments forms a self-perpetuating cycle that Tripura must break free from to secure its economic future. The increasing reliance on borrowing leads to higher debt liabilities, subsequently resulting in elevated interest payments that strain the budget further. Breaking this cycle demands a strategic approach that addresses both the root causes and the immediate consequences, necessitating a departure from conventional fiscal practices.
Proposed Reforms: A Blueprint for Financial Resilience
- Diversifying Revenue Sources
Tripura’s proactive exploration of alternative revenue sources is paramount to reduce dependence on market borrowing. Encouraging industries, promoting tourism, and enhancing agricultural productivity are avenues for creating a diversified revenue base. Additionally, the successful implementation of the Process for Internal Restructuring of System of Accounting (PIRSA) in various government departments, such as the Food, Civil Supplies and Consumer Affairs (FCS&CA) Department, Department of Higher Education (DHE), and Tripura Tribal Areas Autonomous District Council (TTAADC), stands as a testament to its efficacy in ensuring maximum non-tax revenue for leveraging the cost of debt/market borrowing.
- Enhancing Fiscal Transparency
Addressing the critical issue of a lack of transparent information regarding market borrowing and loans is essential. Establishing a comprehensive, easily accessible database of all financial transactions, including market borrowings, enhances transparency, empowering stakeholders to make informed decisions and holding the government accountable for its financial decisions.
- Prioritizing Capital Expenditure
A careful reassessment of budgetary allocations is imperative. While controlling revenue expenditures is crucial, strategic emphasis should be placed on capital expenditure. Allocating funds to projects that stimulate economic growth and generate long-term benefits can contribute to sustainable development and reduce reliance on debt.
- Effective Debt Management
Tripura needs to adopt a proactive debt management strategy. Negotiating favourable terms with lenders, refinancing high-interest loans, and exploring debt restructuring options can help minimize the burden of interest payments. This requires skilled financial management and a forward-looking approach to mitigate the impact of debt on the state’s finances.
- Strengthening Financial Planning:
A robust and forward-looking financial planning process is essential for Tripura’s economic stability. The government should set clear fiscal goals, align budgetary priorities with development objectives, and continuously monitor and adapt to changing economic conditions. This approach fosters resilience against unforeseen challenges and contributes to sustainable economic growth.
Building Consensus: A Collaborative Effort
Implementing these reforms necessitates a collaborative effort involving the government, policymakers, financial institutions, and the public. Building consensus on the need for reform, communicating the long-term benefits, and garnering support will be crucial. This collaborative approach can foster a sense of shared responsibility for Tripura’s economic well-being.
A Vision for Economic Renewal
In conclusion, Tripura stands at a crossroads, necessitating a paradigm shift in its fiscal approach. The consequences of excessive market borrowing are apparent, and the state must chart a new course towards financial resilience. By diversifying revenue sources, enhancing transparency, prioritizing capital expenditure, managing debt effectively, and incorporating innovative revenue-generating systems like PIRSA, Tripura can pave the way for economic renewal. The journey towards reform requires commitment, strategic vision, and a collective effort to secure a prosperous future for the people of Tripura.
*****
Please note that for a comprehensive understanding of the, it is recommended to visit the Research Gate Public Profile at the following address: https://www.researchgate.net/profile/Bankim-Debbarma.
Dr. Bankim Debbarma is an Assistant Professor of Commerce at the Department of Commerce at Maharaja Bir Bikram College, Agartala.
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