Forex freebie system
With the inflation rate already ranging at 7. The share of subsidies and freebies as a percentage of GDP is alarmingly high for almost all the states. The farm loan waivers further deteriorated the fiscal health of the states. It was also found that inflation spiked after the implementation of the scheme and on the other hand market borrowing was on a constant rise.
As per the budgetary data available for various states through their recent budget speeches, it is concluded that the expenditure on education and health declined for almost all the states while their interest payments and liabilities rose indicating the shift of budget allocation from the sectors of prime importance towards these non-merit goods. The chairman of Fifteen Finance Commission, N.
Singh mentioned that the states need to understand the line between merit and non-merit goods and should spend on the resources which promote overall welfare of the economy. Hence, it does not matter how cheap the freebie is if it does not promote to social cohesion and life quality. As depicted in the figure below, out of the total expenditure the states incur, a major proportion is spent on the freebies.
The borrowing mechanism of states from the Centre has also increased several folds thereby impacting the economy as a whole on the macro level. Source- Handbook of Statistics of Indian States, RBI Apart from the economic-political implications, the societal impact of these provisions on the society as a whole is even more troublesome and spiking. The race of winning elections and distributing freebies for the same is given evenly in the society. For instance, if we consider free transportation for women or Free electricity up to decided units, the entire section of the society avails the benefits.
The NABARD Study also mentioned about the consequence of farmers relying upon these farm waivers in any and every situation, keeping aside the factor that whether they can pay or not. This impetus is acting as a force for our economy moving towards the trap and economists are concerned. Since three fourth of rural, and half of urban population is covered, would not FSA lead to disincentive to produce? These cabinet ministers pointed out the huge cost involved in running FSA which was estimated to be more than Rs 2 lakh crore then.
During Covid, rice, wheat and other cereals were made completely free. Other items like pulses and oil were added. And the scheme for free food was extended all the way till March , well past the third wave. And it was extended to all the population. It will cost around Rs 2. The free food distribution and the implicit large dose of welfarism are supposed to have influenced the voters in the recent state elections. The political parties went much further. There were promises of free electricity and water, highly subsidised fertilisers, and also cash transfer to farm households as well as a targeted cash transfer scheme to women.
Does this amount to bribing the voter? This was in response to a petition which contended that freebies amounted to bribing the voter, and vitiated the purity of the election process. Just before the national elections of , there was a petition by a contestant in Andhra Pradesh who alleged that he had witnessed first-hand misuse of public money to bribe voters under the guise of welfare schemes.
In particular he said that distribution of Rs 6, as part of Pradhan Mantri Kisan Sanman Nidhi to farmers, just four days before the date of polling amounted to undue influence on voters. Similar cash transfer schemes were also announced by six state governments just before their respective polling dates. How can then we have free and fair elections, the petitioner asked.
Such actions go back further to , in a case filed in the Madras high court, against freebies being offered or distributed during the elections in Tamil Nadu. The case of colour television sets is well known.
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