What measures can India undertake to address the issue of rising debt as highlighted by the Congress

Discuss the reasons behind the rise in India's debt as highlighted by the Congress and suggest measures that the government can undertake to address this issue.
Reasons behind the rise in India's debt as highlighted by the Congress are primarily due to growing non-performing assets, reduction in tax collections, high public spending, and the adverse impact of global economic conditions. To address this issue, the government can undertake the following measures:
  • Boosting tax collections: By implementing measures such as GST reforms and a more efficient tax collection system, the government can increase its revenue sources.
  • Reducing public spending: The government can cut down on non-essential spending and redirect funds towards priority sectors such as healthcare and education.
  • Strengthening NPA resolution mechanism: By improving asset quality and efficient recovery of non-performing assets, India can reduce its debt burden.
  • Encouraging foreign investment: By creating a more favorable investment climate and attracting foreign direct investment, India can boost its economy and lower debt.
By undertaking these measures, India can address the issue of rising debt and put the country back on the path of sustainable growth and development.
Answered a year ago
Amrita Preparing for Civil Services