New Delhi: The 28th lecture of the “Lecture Series” organized by the Central Vigilance Commission (CVC) was delivered by Dr. Rathin Roy, Director, National Institute of Public Finance and Policy here today on the topic “Why Fiscal Rectitude Matters ”.
The speaker dealt with the structural roots of India’s fiscal and revenue deficits, explaining their historical roots and outlined governmental constraints in the budget making aspect of Indian public finance. The propensity to fund revenue expenditure from borrowing was explained and some unique features of India’s taxation system as well as its relationship with the practice of deficit financing of the economy was explained in detail. The speaker also identified a gap in the analytical and policy making system in the public financial sector, and he felt that the institution of a Fiscal Council on the lines of those set up in many other countries is a long term solution to this problem, in order to enable better economic decision making. The lecture was followed by a lively question and answer session.
The Central Vigilance Commissioner, Shri K.V. Chowdary, Vigilance Commissioner Dr. T.M. Bhasin and Secretary, CVC Smt. Nilam Sawhney were present on the occasion. Full time and part time Chief Vigilance Officers (CVOs) based in Delhi/NCR attended the lecture along with CMDs, Board of Directors and other officers of the vigilance administration. The lecture may be viewed online as it is webcast live through NIC. The web page link is available on www.cvc.nic.in.
