Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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        LATEST NEWS UPDATES | Using RBI reserves to fund government expenditure: A misleading debate -Prabhat Patnaik    </title>
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                            <div align="justify">-The Telegraph<br /><br /><em>Our public discourse should be informed by economic theory that is free of obfuscations<br /></em><br />For some time now there has been a debate in the country that is as esoteric as it is misleading, namely whether the Reserve Bank of India&rsquo;s reserves should be drawn down by the government to finance its expenditure.<br /><br />On the one side, the argument is that if the government has to undertake extra expenditure, then, other things remaining unchanged, it would increase the fiscal deficit, while financing expenditure by running down the RBI&rsquo;s reserves entails no such increase in fiscal deficit; since an increase in fiscal deficit is supposed to be bad for the economy, it follows that financing larger expenditure by running down the RBI&rsquo;s reserves, which are in any case very high relative to its assets, higher than in many other countries, is socially desirable.<br /><br />The argument advanced against this does not question this proposition at a theoretical level. It asserts instead that the government should not be undermining the autonomy of the RBI, using it as a tool for appeasing the electorate through larger spending in an election year.<br /><br />In fact, however, the argument for running down the RBI&rsquo;s reserves is theoretically erroneous for two reasons: one, there is no difference whatsoever in terms of macroeconomic impact between increasing the fiscal deficit and running down the RBI&rsquo;s reserves; a proper definition of the fiscal deficit should actually include the running down of the RBI&rsquo;s reserves as well. Two, an increase in government expenditure financed by a larger fiscal deficit is not always a bad thing; indeed, in many situations, like India today, a deficit-financed increase in expenditure is better than no increase in expenditure, though of course it is worse than a tax-financed increase in government expenditure.<br /><br />Please <a href="https://www.telegraphindia.com/opinion/using-rbi-reserves-to-fund-government-expenditure-a-misleading-debate/cid/1681194?fbclid=IwAR0t5-oUgn04wpM76DMYs7zugkCICBSnbkNrqr3c_5L6zqlqyCvm2Bf7Epw" title="https://www.telegraphindia.com/opinion/using-rbi-reserves-to-fund-government-expenditure-a-misleading-debate/cid/1681194?fbclid=IwAR0t5-oUgn04wpM76DMYs7zugkCICBSnbkNrqr3c_5L6zqlqyCvm2Bf7Epw">click here</a> to read more. <br /></div>                                                           
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    <br><a href="https://www.telegraphindia.com/opinion/using-rbi-reserves-to-fund-government-expenditure-a-misleading-debate/cid/1681194?fbclid=IwAR0t5-oUgn04wpM76DMYs7zugkCICBSnbkNrqr" class="re" target="_blank">The Telegraph, 9 January, 2019, https://www.telegraphindia.com/opinion/using-rbi-reserves-to-fund-government-expenditure-a-misleading-debate/cid/1681194?fbclid=IwAR0t5-oUgn04wpM76DMYs7zugkCICBSnbkNrqr</a><div class="clear"></div>
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    <h1 class="cat-box-title">Using RBI reserves to fund government expenditure: A misleading debate -Prabhat Patnaik</h1>
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                            <div align="justify">-The Telegraph<br /><br /><em>Our public discourse should be informed by economic theory that is free of obfuscations<br /></em><br />For some time now there has been a debate in the country that is as esoteric as it is misleading, namely whether the Reserve Bank of India&rsquo;s reserves should be drawn down by the government to finance its expenditure.<br /><br />On the one side, the argument is that if the government has to undertake extra expenditure, then, other things remaining unchanged, it would increase the fiscal deficit, while financing expenditure by running down the RBI&rsquo;s reserves entails no such increase in fiscal deficit; since an increase in fiscal deficit is supposed to be bad for the economy, it follows that financing larger expenditure by running down the RBI&rsquo;s reserves, which are in any case very high relative to its assets, higher than in many other countries, is socially desirable.<br /><br />The argument advanced against this does not question this proposition at a theoretical level. It asserts instead that the government should not be undermining the autonomy of the RBI, using it as a tool for appeasing the electorate through larger spending in an election year.<br /><br />In fact, however, the argument for running down the RBI&rsquo;s reserves is theoretically erroneous for two reasons: one, there is no difference whatsoever in terms of macroeconomic impact between increasing the fiscal deficit and running down the RBI&rsquo;s reserves; a proper definition of the fiscal deficit should actually include the running down of the RBI&rsquo;s reserves as well. Two, an increase in government expenditure financed by a larger fiscal deficit is not always a bad thing; indeed, in many situations, like India today, a deficit-financed increase in expenditure is better than no increase in expenditure, though of course it is worse than a tax-financed increase in government expenditure.<br /><br />Please <a href="https://www.telegraphindia.com/opinion/using-rbi-reserves-to-fund-government-expenditure-a-misleading-debate/cid/1681194?fbclid=IwAR0t5-oUgn04wpM76DMYs7zugkCICBSnbkNrqr3c_5L6zqlqyCvm2Bf7Epw" title="https://www.telegraphindia.com/opinion/using-rbi-reserves-to-fund-government-expenditure-a-misleading-debate/cid/1681194?fbclid=IwAR0t5-oUgn04wpM76DMYs7zugkCICBSnbkNrqr3c_5L6zqlqyCvm2Bf7Epw">click here</a> to read more. <br /></div>                                                           
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    <br><a href="https://www.telegraphindia.com/opinion/using-rbi-reserves-to-fund-government-expenditure-a-misleading-debate/cid/1681194?fbclid=IwAR0t5-oUgn04wpM76DMYs7zugkCICBSnbkNrqr" class="re" target="_blank">The Telegraph, 9 January, 2019, https://www.telegraphindia.com/opinion/using-rbi-reserves-to-fund-government-expenditure-a-misleading-debate/cid/1681194?fbclid=IwAR0t5-oUgn04wpM76DMYs7zugkCICBSnbkNrqr</a><div class="clear"></div>
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    <h1 class="cat-box-title">Using RBI reserves to fund government expenditure: A misleading debate -Prabhat Patnaik</h1>
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                            <div align="justify">-The Telegraph<br /><br /><em>Our public discourse should be informed by economic theory that is free of obfuscations<br /></em><br />For some time now there has been a debate in the country that is as esoteric as it is misleading, namely whether the Reserve Bank of India&rsquo;s reserves should be drawn down by the government to finance its expenditure.<br /><br />On the one side, the argument is that if the government has to undertake extra expenditure, then, other things remaining unchanged, it would increase the fiscal deficit, while financing expenditure by running down the RBI&rsquo;s reserves entails no such increase in fiscal deficit; since an increase in fiscal deficit is supposed to be bad for the economy, it follows that financing larger expenditure by running down the RBI&rsquo;s reserves, which are in any case very high relative to its assets, higher than in many other countries, is socially desirable.<br /><br />The argument advanced against this does not question this proposition at a theoretical level. It asserts instead that the government should not be undermining the autonomy of the RBI, using it as a tool for appeasing the electorate through larger spending in an election year.<br /><br />In fact, however, the argument for running down the RBI&rsquo;s reserves is theoretically erroneous for two reasons: one, there is no difference whatsoever in terms of macroeconomic impact between increasing the fiscal deficit and running down the RBI&rsquo;s reserves; a proper definition of the fiscal deficit should actually include the running down of the RBI&rsquo;s reserves as well. Two, an increase in government expenditure financed by a larger fiscal deficit is not always a bad thing; indeed, in many situations, like India today, a deficit-financed increase in expenditure is better than no increase in expenditure, though of course it is worse than a tax-financed increase in government expenditure.<br /><br />Please <a href="https://www.telegraphindia.com/opinion/using-rbi-reserves-to-fund-government-expenditure-a-misleading-debate/cid/1681194?fbclid=IwAR0t5-oUgn04wpM76DMYs7zugkCICBSnbkNrqr3c_5L6zqlqyCvm2Bf7Epw" title="https://www.telegraphindia.com/opinion/using-rbi-reserves-to-fund-government-expenditure-a-misleading-debate/cid/1681194?fbclid=IwAR0t5-oUgn04wpM76DMYs7zugkCICBSnbkNrqr3c_5L6zqlqyCvm2Bf7Epw">click here</a> to read more. <br /></div>                                                           
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    <br><a href="https://www.telegraphindia.com/opinion/using-rbi-reserves-to-fund-government-expenditure-a-misleading-debate/cid/1681194?fbclid=IwAR0t5-oUgn04wpM76DMYs7zugkCICBSnbkNrqr" class="re" target="_blank">The Telegraph, 9 January, 2019, https://www.telegraphindia.com/opinion/using-rbi-reserves-to-fund-government-expenditure-a-misleading-debate/cid/1681194?fbclid=IwAR0t5-oUgn04wpM76DMYs7zugkCICBSnbkNrqr</a><div class="clear"></div>
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Using RBI reserves to fund government expenditure: A misleading debate -Prabhat Patnaik

Published on Jan 13, 2019   Modified on Jan 13, 2019

-The Telegraph Our public discourse should be informed by economic theory that is free of obfuscations For some time now there has been a debate in the country that is as esoteric as it is misleading, namely whether the Reserve Bank of India’s reserves should be drawn down by the government to finance its expenditure. On the one side, the argument is that if the government has to undertake extra expenditure, then, other things remaining unchanged, it would increase the fiscal deficit, while financing expenditure by running down the RBI’s reserves entails no such increase in fiscal deficit; since an increase in fiscal deficit is supposed to be bad for the economy, it follows that financing larger expenditure by running down the RBI’s reserves, which are in any case very high relative to its assets, higher than in many other countries, is socially desirable. The argument advanced against this does not question this proposition at a theoretical level. It asserts instead that the government should not be undermining the autonomy of the RBI, using it as a tool for appeasing the electorate through larger spending in an election year. In fact, however, the argument for running down the RBI’s reserves is theoretically erroneous for two reasons: one, there is no difference whatsoever in terms of macroeconomic impact between increasing the fiscal deficit and running down the RBI’s reserves; a proper definition of the fiscal deficit should actually include the running down of the RBI’s reserves as well. Two, an increase in government expenditure financed by a larger fiscal deficit is not always a bad thing; indeed, in many situations, like India today, a deficit-financed increase in expenditure is better than no increase in expenditure, though of course it is worse than a tax-financed increase in government expenditure. Please click here to read more.

The Telegraph, 9 January, 2019, https://www.telegraphindia.com/opinion/using-rbi-reserves-to-fund-government-expenditure-a-misleading-debate/cid/1681194?fbclid=IwAR0t5-oUgn04wpM76DMYs7zugkCICBSnbkNrqr

Tagged with: Reserve Bank of India Reserve Bank of India (RBI) fiscal deficit

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