Page 184 - DECO404_PUBLIC_FINANCE_HINDI

yksd foÙk

uksV yksd Í.k osQ Hkkj dk vuqeku (Estimation of the Burden on Public Debt)

yksd Í.kksa osQ rqyukRed Hkkj dk vuqeku yxkus dh vusd jhfr;k¡ gSaA fdUrq bl lEcUèk esa fu"d"kZ ;g gS fd
;fn lHkh ckrksa ij fopkj fd;k tk, rks] fdlh ,d gh jhfr dks u viukdj fofHkUu jhfr;ksa dk lfEefyr :i
ls iz;ksx fd;k tkuk pkfg,A bl lEcUèk esa lokZfèkd mi;ksxh jhfr;k¡ (methods) ;s gSaµ

(1) jk"Vªh; èku rFkk vk; ij jk"Vªh; Í.k dk vuqikr Kkr djuk] vkSj (2) oqQy lkekU; O;; ij Í.k&Hkkj
(debt services) osQ O;; dk izfr'kr Kkr djukA yksd Í.k osQ lkisf{kd Hkkj dk vuqeku yxkus osQ fy, bu
nksuksa gh jhfr;ksa osQ feJ.k dks mi;ksxh ekuk tkrk gSA
vkUrfjd Í.k dk Hkkj (Burden on Internal Debt)

tgk¡ rd vkUrfjd Í.k osQ Hkkj dk lEcUèk gS] gks ldrk gS fd lekt ij] lEiw.kZ :i esa] dksbZ izR;{k nzO;
Hkkj (direct money burden) u iM+s] D;ksafd C;kt vkSj Í.k dh vnk;fx;k¡ rFkk mudh iw£r osQ fy, gqvk
djkèkku ,d oxZ osQ O;fDr;ksa dh vksj ls nwljs oxZ osQ O;fDr;ksa dh vksj dks Ø;&'kfDr dk osQoy LFkkukUrj.k
ek=k gh rks gksrk gSA ;fn Í.knkrk (vFkkZr~ ckW.M&èkkjd) rFkk djnkrk ,d gh gSa rks gks ldrk gS fd lekt ij
drbZ Hkh dksbZ fucy Hkkj u iM+sA ijUrq ;fn Í.knkrk (vFkkZr ckW.M&èkkjd) vkSj djnkrk fofHkUu vk; okys oxks±
ls lEcUèk j[krs gSa] rks ml fLFkfr esa lekt osQ fofHkUu oxks± osQ chp vk; osQ forj.k esa vo'; ifjorZu gksaxsA
fdUrq yksd Í.k osQ Hkkj dk vuqeku yxkrs le;] Í.k osQ mís';ksa dks Hkh vo'; n`f"Vxr j[kk tkuk pkfg,A
;fn fdlh Í.k dk mi;ksx mRiknu dk;ks± (productive purposes) osQ fy, fd;k tkrk gS] rc rks mldh
vnk;xh fuos'k (investment) osQ ykHkksa esa ls dh tk ldrh gSA ijUrq ;q¼ dh foÙkh; O;oLFkk osQ fy,] fy,
tkus okys Í.k iQyghu Í.k (dead weight debt) dgykrs gSa vkSj mudk Hkqxrku djkèkku esa o`f¼ djosQ
fd;k tkrk gSA Li"V gS fd Åij osQ izFke mnkgj.k esa dksbZ Hkkj ugha iM+rkA mnkgj.k dh fLFkfr esa Hkh] ;g
dgk tkrk gS fd djnkrkvksa ij djkèkku osQ }kjk tks Hkkj iM+rk gS og mu ykHkksa ls lekIr gks tkrk gS tksfd
djnkrkvkas dks ckW.Mksa osQ C;kt osQ :i esa izkIr gksrs gSaA ijUrq ;gk¡ ;g ckr Hkh è;ku j[kuh pkfg, fd ;fn èkuh
yksx djksa osQ :i esa vkuqikfrd n`f"V (proportionately) ls mlls de vnk djrs gSa] ftl vuqikr esa fd
mu ij yksd izfrHkwfr;k¡ fo|eku gksrh gSa rks mldk lekt ij izR;{k okLrfod izHkko iM+rk gSA bl izdkj] MkYVu
dk fu"d"kZ gS fd vkUrfjd Í.k dk lnk gh izR;{k okLrfod Hkkj (direct real burden) iM+rk gS D;ksafd
ljdkjh izfrHkwfr;k¡ eq[;r% èkuh yksxksa }kjk yh tkrh gSa vkSj ¶vkjksgh djkèkku (progressive taxation) izk;%
bruk rhoz vkjksgh ;k ØeorhZ ugha gksrk fd tks èkuh yksxksa }kjk ljdkjh izfrHkwfr;ksa ls izkIr vk; dks izfr lUrqfyr
(counter balance) dj losQA¸ Li"V gS fd bl izdkj lekt osQ Hkkj esa fucy o`f¼ (net increase) gksrh
gS vkSj bl er ls gesa Hkh lgefr O;Dr djuh gh gksxhA

lekt }kjk ljdkjh Í.k dk Hkkj ,d vU; izdkj ls Hkh vuqHko fd;k tkrk gS vkSj og gS bl izdkj dh ljdkj
Í.k dh vnk;xh osQ fy, lkglh] m|eh] ns'kHkDr] lfØ; (active) rFkk ;qok yksxksa ij dj yxkrh gS] ijUrq
bl c<+s gq, djkèkku dk ykHk mBkrs gSa èkuh] fuf"Ø;] cw<+s rFkk vkjkeryc fdLe osQ yksx tks ljdkj dks fn;s
x;s vius Í.kksa dk C;kt izkIr djrs gSaA
vUr esa] Í.kksa rFkk muosQ C;kt osQ Hkqxrku osQ fy, c<+k;k x;k djkèkku dke djus rFkk cpr djus dh bPNk
rFkk {kerk dks Hkh izHkkfor dj ldrk gSA vr% ckr cM+h egÙoiw.kZ gS fd Í.k okfilh dh O;oLFkk ,slh jhfr
ls dh tkuh pkfg, fd mRiknu rFkk forj.k ij mldk dksbZ izfrowQy izHkko u iM+sA
vr% fu"d"kZ :i esa dgk tk ldrk gS fd vkUrfjd Í.k lEiw.kZ :i esa (as a whole) lekt ij Hkkj
vo'; Mkyrs gSa vkSj ;g fo'okl fd vkUrfjd Í.k lekt ij dksbZ Hkkj ugha Mkyrs] lS¼kfUrd :i
ls xyr rFkk O;kogkfjd :i esa vokLrfod (unrealistic) gSA

LOVELY PROFESSIONAL UNIVERSITY
LOVELY PROFESSIONAL UNIVERSITY
LOVELY PROFESSIONAL UNIVERSITY
178 LOVELY PROFESSIONAL UNIVERSITY
LOVELY PROFESSIONAL UNIVERSITY