India paid Rs 81,000 crore (US$18 billion) in fuel subsidies for year 2010-11, with the majority made up of under-recovery of revenues from government and upstream oil companies. In 2011-12, the combined level of subsidies to fuel, fertilizer and food increased by nearly 27%. India must reduce its fiscal deficit by cutting the hugely inefficient fuel subsidies.
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Creating and implementing a standard social impact measurement framework is something that many socially-minded organisations and enterprises are pursuing right now in the UK. Creating such a standardised framework is important as it provides an objective view of the social impact created, and provides an easier way for funders to evaluate where the funding pool goes. However, consensus on the exact framework has not been reached yet, which leads one to ask – have there been any successful examples of such a universal framework being created elsewhere? One does not need to look any further than westward across the Atlantic Ocean to find the answer to that question.
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The country is living beyond its means. There are persistent twin deficits. Real terms interest rates are negative and have been been for an extended period of time, as inflation remains stubbornly high. A leading rating agency has voiced concerns about the country’s fiscal outlook and the Finance Minister has publicly said “there is no need to panic”. And yet there is policy gridlock. This could be Britain. Or the US. Or France. Or one of several other G20 countries. But it is true in India also – and has been for a long time. But I think India is different.
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