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Fiscal imbalance refers to a situation where a government’s expenditure consistently exceeds its revenue, leading to a budget deficit and unsustainable levels of public debt. In the context of India, fiscal imbalance arises due to high levels of government spending on subsidies, social welfare schemes, defense, and interest payments on past debt, while revenue generation through taxes and non-tax sources remains insufficient. This imbalance can lead to macroeconomic problems such as inflation, crowding out of private investment, higher borrowing costs, and pressure on the central bank to finance deficits through monetization. Persistent fiscal imbalances also affect the credibility of fiscal policy ______ __________ _____ ________ ____ _____ _________ __________ _________ ________.
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