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yksd foÙk

uksV (1) vkUrfjd rFkk cká Í.k (Internal and External Debt)

vkUrfjd Í.k mu yksd Í.kksa dks dgrs gSa tks ns'k osQ vUnj ls gh fy, tkrs gSa] tcfd cká Í.k fons'kh
ljdkjksa] fons'kh O;fDr;ksa] vUrjkZ"Vªh; laLFkkvksa osQ izfr ns'k dh nsunkfj;ksa dk izrhd gksrk gSA MkYVu osQ 'kCnksa
esa] ¶dksbZ Í.k vkUrfjd gS ;fn mu O;fDr;ksa vFkok laLFkkvksa }kjk fn;k tkrk gS tks ml {ks=k esa jgrs gSa tks Í.k
ysus okys lkoZtfud vfèkdkjh }kjk fu;fU=kr fd;k tkrk gS] Í.k cká gS] ;fn mu O;fDr;ksa ;k laLFkkvksa }kjk
fn;k tkrk gS tks ml {ks=k ls ckgj jgrs gSaA¸ fons'kh Í.k ij C;kt dh vnk;xh ls Í.kh ns'k (debtor
1
country) dh fucy vk; de gks tkrh gS D;kasfd mldh vk; dk ,d Hkkx fons'kkas dks pyk tkrk gS] fdUrq
vkUrfjd Í.kksa osQ C;kt dh vnk;xh djus ls ,slk dksbZ izHkko ugha iM+rkA vkUrfjd Í.kksa ij C;kt pkgs
djnkrkvksa ij NksM+ fn;k tk, vFkok muls ys fy;k tk, vkSj ;q¼&dtks± osQ C;kt osQ :i esa vnk dj fn;k tk,]
ns'k dh jk"Vªh; vk; ij mldk dksbZ izHkko ugha iM+rk] og rks iwoZor~ gh cuh jgrh gSA ;g rks ,d ,slk xksy
eky rjhdk gS ftlosQ }kjk djnkrk dh ,d tsc ls èku ysdj mlh dh nwljh tsc esa j[k fn;k tkrk gSA vr%
,sls C;kt dh vnk;xh dk lEiw.kZ :i esa ns'k dh mRiknu&{kerk ij dksbZ izHkko ugha iM+rk] gk¡] ;g vo'; gks
ldrk gS fd mRiknu ij mlosQ oqQN ijks{k izHkko iM+sa] rFkkfi] fons'kh dtks± dk mi;ksx ;fn mRikndh; dk;ks±
(productive purposes) osQ fy, fd;k tk, vkSj ;gk¡ rd fd pkgs ;q¼ dk;ks± osQ fy, gh D;ksa u fd;k
tk,] rks mUgsa cqjk ugha ekuk tk ldrkA igyh fLFkfr esa rks mldh vnk;xh ogha ls dh tk ldrh gS tgk¡ fd
mudk fuos'k fd;k tk;sxk vkSj nwljh fLFkfr esa os ns'k dh izfr"Bk dks cpkus esa lgk;d fl¼ gksaxs ftlosQ fy,
fd fdlh Hkh R;kx ;k cfynku dks cM+k ugha dgk tk ldrkA
(2) mRiknd rFkk vuqRiknd Í.k (Productive and Unproductive Debt)

;g oxhZdj.k lkoZtfud Í.kksa osQ mi;ksx ij vkèkkfjr gSA Í.kksa dk mi;ksx mRiknd dk;ks± osQ fy, Hkh fd;k
tk ldrk gS vkSj vuqRiknd dk;ks± osQ fy, HkhA mRiknd Í.k mu Í.kksa dks dgrs gSa ftudk mi;ksx ,slh
ifj;kstukvksa esa fd;k tkrk gS ftuls vk; izkIr gksrh gS] tSls fd jsyos] fctyh dh ;kstuk;sa rFkk ¯lpkbZ dh
;kstuk;saA bu ifj;kstukvksa ls gksus okyh vk; dk mi;ksx ok£"kd C;kt dks vnk djus esa vkSj vUrr% ewyèku dk
Hkqxrku djus esa fd;k tk ldrk gSA vr% mRiknd vFkok iqu#Riknd (productive or reproductive) Í.k
mu Í.kksa dks dgrs gSa ftuosQ ihNs mrus gh ewY; dh vFkok vfèkd ewY; dh ifjlEifÙk;k¡ (assets) j[kh tkrh
gSaA bl izdkj] mRiknd Í.k ljdkj rFkk djnkrk ij dksbZ Hkkj ugha MkyrsA
nwljh vksj] vuqRiknd Í.k mu Í.kksa dks dgrs gSa tks ,slh ifj;kstukvksa esa yxk;s tkrs gSa ftuls dksbZ vk; izkIr
ugha gksrh] mnkgj.k osQ fy,] ;q¼ (war)A vr% iQyghu ;k vuqRiknd Í.k (debt weight of unproduc-
tive debt) os Í.k gksrs gSa ftuosQ ihNs dksbZ ifjlEifÙk;k¡ ugha gksrhaA vuqRiknd Í.k dk eq[; dkj.k ;q¼ gh
ugha gksrk fdUrq oqQN lhek rd ctV osQ ?kkVs Hkh bldk dkj.k gksrs gSaA
(3) 'kksè; rFkk v'kksè; Í.k (Redeemable and Irredeemable Debt)

'kksè; Í.k rFkk v'kksè; Í.k mu Í.kksa dks dgrs gSa ftuosQ ckjs esa ljdkj ;g ok;nk djrh gS fd og mUgsa ,d
fuf'pr Hkkoh frfFk ij vnk dj nsxhA bu Í.kksa dks fe;knh Í.k (terminable debt) Hkh dgk tkrk gS vkSj
ftu Í.kksa osQ ckjs esa ,slk dksbZ ok;nk ugha fd;k tkrk] mUgsa v'kksè; ;k csfe;knh (irredeemable or
perpetual debt) dgk tkrk gSA tc Í.k izfrns; gksrk gS rks ljdkj dks mldh vnk;xh dh oqQN u oqQN
O;oLFkk djuh gksrh gSA ;fn ljdkj ;g fuf'pr djrh gS fd ,sls Í.kksa dk Hkqxrku dj&vk; esa ls fd;k tkuk
gS] tks fd vfèkdka'k fLFkfr;ksa esa Hkqxrku dk loksZÙke mik; ekuk tkrk gS] rks bl dk;Z osQ fy, u;s dj yxkus
gksrs gSaA vr% 'kksè; ;k fe;knh Í.kksa dh fLFkfr esa ljdkj dks C;kt rFkk ewy/u nksuksa dh gh vnk;xh fdlh

1. H. Dalton, Principles of Public Finance; page 176.

LOVELY PROFESSIONAL UNIVERSITY
LOVELY PROFESSIONAL UNIVERSITY
LOVELY PROFESSIONAL UNIVERSITY
LOVELY PROFESSIONAL UNIVERSITY
168 LOVELY PROFESSIONAL UNIVERSITY