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Interest-Free Long-Term Loans for Empowering Development in India

Author

Listed:
  • Manoj Kumar Agarwal

    (Professor, Department of Economics, University of Lucknow, India)

  • Samia Ansari

    (Research Scholar, Department of Economics, University of Lucknow, India)

Abstract

Interest-free long-term loans for capex to the Subnational Governments of India, under the Special Assistance to States for Capital Investment (SASCI) Scheme, would facilitate the effective implementation of the present developmental schemes and infrastructure projects across all the States in unison, thereby empowering development. The Central Government of India’s expedited release of capex loans to states is accelerating development spending and contributing to an increase in overall public capex. Consequently, this boost in public capex is also crowding in private capex. Given the reduction in GST compensation grants and borrowing limits, it would be more advantageous for the State Governments to fully utilize the additional borrowing as interest-free loans for capital expenditures.

Suggested Citation

Handle: RePEc:epw:develo:v:3:y:2023:i:6:id:15319
DOI: 10.24018/ejdevelop.2023.3.6.319
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