{"id":2761,"date":"2016-08-31T09:22:45","date_gmt":"2016-08-30T23:22:45","guid":{"rendered":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/?p=2761"},"modified":"2023-08-08T10:42:48","modified_gmt":"2023-08-08T00:42:48","slug":"fiscal-consolidation-does-it-work","status":"publish","type":"post","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/fiscal-consolidation-does-it-work\/","title":{"rendered":"Fiscal consolidation: Does it work?"},"content":{"rendered":"

YAN ISLAM<\/a> |<\/p>\n

Presentation given by Yan Islam (Adjunct Professor, Griffith Asia Institute and\u00a0<\/em>former Chief, Employment and Labour Market Policies Branch, ILO, Geneva)<\/em>\u00a0<\/em>to the Fiscal Responsibility and Budget Management Review Committee (FRBM Committee), 23 August, 2016, New Delhi, on behalf of ILO, New Delhi and Geneva.<\/strong><\/p>\n

This FRBM Committee was set up in May 2016 by the Indian government to review the country\u2019s fiscal framework that has been shaped by the Fiscal Responsibility and Budget Management Act of 2003. The Committee is chaired by Mr. N.K Singh, former Revenue Secretary, former MP and a prominent figure in the ruling party under the Prime Ministership of Narendra Modi. The members of the Committee include Arvind Subramanium, current Chief Economic Adviser to the Indian government, and Urjit Patel who has very recently been appointed as Governor of the Reserve Bank of India. The Committee is expected to report to the government of India in October 2016 with a series of recommendations. One of the key issues that is currently under consideration is whether the revised fiscal framework should inject a greater degree of fiscal flexibility by allowing for a range of targets pertaining to the fiscal deficit as a proportion of GDP rather than a point estimate (3 per cent of GDP) as it currently exists.<\/p>\n

Mr Singh wrote to the Director General of ILO, Geneva in June 2016 requesting that ILO share its international experiences on how middle income economies in different parts of the world have managed the trade-off between fiscal consolidation, growth and employment. The ILO, Geneva as well as the ILO, New Delhi in turn requested that I \u2013 given my expertise on the topic and experience of dealing with Ministry of Finance officials in developing countries \u2013 prepare a suitable presentation to the Chair of the Committee and an invited audience of experts. This presentation duly occurred on August 23, 2016 at the New Delhi premises of the Ministry of Finance.<\/p>\n

I argued forcefully that the overwhelming weight of evidence is that fiscal consolidation imposes short run output losses and might impose long run risks in the form of higher inequality and higher long-term unemployment. For low and middle income economies, one should avoid an uncritical embrace of fiscal consolidation and adopt a sustainable resource mobilization strategy that enables governments to invest in health, education, infrastructure, social protection and active labour market policies. Fiscal flexibility that encourages both growth and stability is a highly desirable policy approach. I\u00a0also urged a circumspect approach to structural reforms, especially in terms of labour market deregulation, that entails high short-run costs that may not be offset by ex-ante long-term gains.<\/p>\n

The presentation was followed a by a wide ranging and robust discussion on the extent to which the lessons of international experience apply to India. The Chair thanked me and the ILO for the diligence and dedication that went into the preparation of the presentation and for engaging in a free and forthright discussion of fiscal policy from a growth and employment perspective.<\/p>\n

The briefing note that was prepared for the presentation is available to download – Fiscal consolidation, growth and employment: international evidence and implications<\/strong><\/a> (in PDF).<\/p>\n

Article by Yan Islam, Adjunct Professor, Griffith Asia Institute and former Chief, Employment and Labour Market Policies Branch, ILO, Geneva.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

YAN ISLAM | Presentation given by Yan Islam (Adjunct Professor, Griffith Asia Institute and\u00a0former Chief, Employment and Labour Market Policies Branch, ILO, Geneva)\u00a0to the Fiscal Responsibility and Budget Management Review Committee (FRBM Committee), 23 August, 2016, New Delhi, on behalf of ILO, New Delhi and Geneva. This FRBM Committee was set up in May 2016 […]<\/p>\n","protected":false},"author":14,"featured_media":2765,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[246],"tags":[512,1320],"class_list":["post-2761","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-india-and-south-asia","tag-india","tag-yan-islam"],"acf":[],"modified_by":"Christine Kowalski","yoast_head":"\nFiscal consolidation: Does it work? | Griffith Asia Insights<\/title>\n<meta name=\"description\" content=\"YAN ISLAM | Presentation given by Yan Islam (Adjunct Professor, Griffith Asia Institute and\u00a0former Chief, Employment and Labour Market Policies Branch,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/fiscal-consolidation-does-it-work\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fiscal consolidation: Does it work? 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One of the most important, and yet subtle developments this fortnight was a shift in Australia\u2019s position on the ongoing border tensions between India and China.","rel":"","context":"In "Commentary"","block_context":{"text":"Commentary","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/category\/publication\/commentary\/"},"img":{"alt_text":"Griffith Asia Institute - Regional Wrap 54","src":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2018\/02\/REGIONAL-WRAP-900.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2018\/02\/REGIONAL-WRAP-900.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2018\/02\/REGIONAL-WRAP-900.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2018\/02\/REGIONAL-WRAP-900.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":10959,"url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/department-of-foreign-affairs-and-trade-development-finance-review-implications-for-the-pacific\/","url_meta":{"origin":2761,"position":1},"title":"Department of Foreign Affairs and Trade Development Finance Review: Implications for the Pacific","author":"Griffith Asia Institute","date":"24 April 2024","format":false,"excerpt":"SAKIUSA NABOU |\u00a0\u00a0\u00a0 Download Development Finance Review PDF The Australian Government is committed to deepening its engagement with the Indo-Pacific. A peaceful, stable and prosperous Indo-Pacific is in Australia\u2019s long-term interest, but poverty, vulnerability to natural disasters and inequality threaten stability. With this in mind, the Government recently commissioned DFAT\u2026","rel":"","context":"In "Commentary"","block_context":{"text":"Commentary","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/category\/publication\/commentary\/"},"img":{"alt_text":"The Pacific depends on remittances, through labour mobility programs.","src":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/04\/7-DFAT-development-finance-review.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/04\/7-DFAT-development-finance-review.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/04\/7-DFAT-development-finance-review.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/04\/7-DFAT-development-finance-review.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":10002,"url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/what-might-australia-learn-from-the-nijjar-affair-and-the-breakdown-in-canada-india-relations\/","url_meta":{"origin":2761,"position":2},"title":"What might Australia learn from the Nijjar affair and the breakdown in Canada\u2013India relations?","author":"Griffith Asia Institute","date":"25 September 2023","format":false,"excerpt":"IAN HALL | Justin Trudeau\u2019s\u00a0announcement\u00a0that Canadian authorities suspect India had some role in the killing of Sikh separatist leader\u00a0Hardeep Singh Nijjar\u00a0outside a temple in Surrey, British Columbia on 18 June was dramatic, but hardly unexpected. The Canadian media began speculating about India\u2019s possible involvement soon after Nijjar\u2019s murder, prompted by\u00a0leaks\u2026","rel":"","context":"In "Region | India and South Asia"","block_context":{"text":"Region | India and South Asia","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/category\/india-and-south-asia\/"},"img":{"alt_text":"Activists from the United Hindu Front shout slogans during a protest against Canadian PM Justin Trudeau in New Delhi, India","src":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2023\/09\/india-canada.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2023\/09\/india-canada.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2023\/09\/india-canada.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2023\/09\/india-canada.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":10376,"url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/perspectivesasia-australias-pivot-to-india\/","url_meta":{"origin":2761,"position":3},"title":"Perspectives:Asia | Australia\u2019s pivot to India","author":"Griffith Asia Institute","date":"9 November 2023","format":false,"excerpt":"PERSPECTIVES:ASIA\u00a0|\u00a0ANDREW CHARLTON \u00a0| https:\/\/www.youtube.com\/watch?v=wyZ57trQKAc India is on the rise to become the next global superpower, with a population expected to be larger than the United States and China combined by 2050. For Australia, India has emerged as a new partner offering hope for a more secure and balanced region. The\u2026","rel":"","context":"In "Event - Perspectives:Asia"","block_context":{"text":"Event - Perspectives:Asia","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/category\/events\/perspectives-asia\/"},"img":{"alt_text":"(L-R) Simon Elliot, Deputy Director, Collection and Exhibitions at QAGOMA, Dr Andrew Charlton, Member of Parliament for Parramatta and Professor Christoph Nedopil Wang, Director, Griffith Asia Institute, Griffith University. 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Meanshile US, Japan, Australia and the Philippines conduct joint naval drills, highlighting the importance of maintaining strong alliances and fostering regional\u2026","rel":"","context":"In "Region | Indonesia and Southeast Asia"","block_context":{"text":"Region | Indonesia and Southeast Asia","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/category\/indonesia-and-southeast-asia\/"},"img":{"alt_text":"Southeast Asia snapshot banner showing a map of Asia Pacific with lines of networks as an overlay.","src":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2023\/06\/sea-snapshot-900x500-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2023\/06\/sea-snapshot-900x500-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2023\/06\/sea-snapshot-900x500-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2023\/06\/sea-snapshot-900x500-1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":10652,"url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/griffith-asia-pacific-strategic-outlook-2024\/","url_meta":{"origin":2761,"position":5},"title":"Griffith Asia-Pacific Strategic Outlook 2024","author":"Griffith Asia Institute","date":"21 March 2024","format":false,"excerpt":"Discover the region's challenges and opportunities for sustainable development in the Griffith Asia-Pacific Strategic Outlook 2024!","rel":"","context":"In "GAPSO"","block_context":{"text":"GAPSO","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/category\/publication\/feature-series\/gapso\/"},"img":{"alt_text":"Griffith Asia-Pacific Strategic Outlook 2024","src":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/03\/banner-GAPSO-blog.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/03\/banner-GAPSO-blog.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/03\/banner-GAPSO-blog.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/03\/banner-GAPSO-blog.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"jetpack_likes_enabled":true,"featured_image_thumbnail_url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2016\/08\/Fiscal-consolidation-India.jpg","_links":{"self":[{"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/posts\/2761","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/comments?post=2761"}],"version-history":[{"count":0,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/posts\/2761\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/media\/2765"}],"wp:attachment":[{"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/media?parent=2761"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/categories?post=2761"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/tags?post=2761"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}