Page 190 - DECO404_PUBLIC_FINANCE_HINDI

yksd foÙk

uksV yksd Í.k dh lqpk# :i ls O;oLFkk djuk blfy, vr;Ur egÙoiw.kZ gksrk gS D;ksafd vFkZO;oLFkk osQ lapkyu
ij yksd Í.kksa osQ vkdkj esa gksus okys ifjorZuksa osQ egÙoiw.kZ vk£Fkd izHkko iM+rs gaSA ;s ifjorZu ljdkj dh
ekSfnzd ,oa jktdks"kh; uhfr;ksa (monetary and fiscal policies) esa tku Hkh Mkyrs gSa vkSj mUgsa vLr&O;Lr
Hkh dj ldrs gSaA

uksV~l yksd Í.k uhfr] jktdks"kh; uhfr rFkk ekSfnzd uhfr ,d nwljs ls ?kfu"B :i ls lEcfUèkr gksrh gSa vkSj
;s lc feydj gh vk£Fkd uhfr dk fuèkkZj.k djrh gSaA vr% bu lHkh dks ,d nwljs osQ lkFk rky&esy
cuk;s j[krs gq, dk;Z'khy gksuk pkfg,A

16-6 yksd Í.k dh O;oLFkk osQ fl¼kUr
(Principles of Public Debt Management)

yksd Í.k dh O;oLFkk osQ vusd fl¼kUr izpfyr gSa ftuesa ls izeq[k fuEufyf[kr gSaµ
(1) yksd Í.k dh C;kt&ykxr U;wure gksuh pkfg,
(The Interest Cost of Servicing Public Debts must be Minimised)
bl fl¼kUr osQ vuqlkj] ljdkj bl fLFkfr esa gksuh pkfg, fd lkoZtfud Í.k ys losQ rFkk mUgsa okfil dj
losQ ijUrq ;g lc dk;Z U;wure C;kt&ykxr ij gksuk pfg,A ;gh yksd Í.k dh O;oLFkk dk ,d egÙoiw.kZ
y{; gksuk pkfg, D;ksafd C;kt dh vnk;xh osQ fy, ljdkj dks ;k rks vfrfjDr dj yxkus gksrs gSa vFkok pkyw
djksa dh njksa esa o`f¼ djuh gksrh gSA ;fn Í.kksa dh C;kt&ykxr U;wure gksrh gS rks ljdkj dks FkksM+h ek=kk esa
vfrfjDr dj yxkus gksrs gSa vU;Fkk blls mYVk gksrk gS vkSj ;fn FkksM+h ek=kk esa dj yxk;s tkrs gSa rks fofHkUu
vk£Fkd izsj.kkvksa ij vFkkZr~ vfèkd dke djus rFkk vfèkd cpr djus dh bPNk ij muosQ izfrowQy izHkko Hkh
de gh iM+rs gSaA
yksx Í.kksa dh C;kt&ykxr ml fLFkfr esa U;wure j[kh tk ldrh gS tcfd ns'k osQ osQUnzh; cSad dks bl ckr
osQ fy, izsfjr fd;k tk losQ fd og viuh ekSfnzd dk;Zokfg;ksa (monetary operations) osQ }kjk vFkkZr~ cSad
dj uhfr vkfn osQ ekè;e ls C;kt dh nj dks de j[ksA tc cktkj esa C;kt dh njsa uhph gksrh gSa rks ljdkj
vius ckW.M uhph C;kt njksa ij tkjh djus esa leFkZ gks tkrh gS vkSj bl izdkj mls de C;kt&ykxr ij Í.k
fey tkrk gSA
ijUrq ,slh C;kt&nj dh uhfr eas eqnzk&LiQhfr lEcUèkh ncko mRiknu gksus dh lEHkkouk jgrh gS vkSj ,slk rc
rks fo'ks"k :i ls gksrk gS tcfd vFkZO;oLFkk (economy) igys ls gh iw.kZ jkstxkj dh n'kkvksa esa dk;Z dj jgh
gksrh gSA vr% de C;kt okyh Í.k uhfr dks] tksfd eqnzk&LiQhfr lEcUèkh ncko rFkk vk£Fkd vfLFkjrk mRiUu
djrh gS] okaNuh; ugha ekuk tk ldrkA
(2) fuos'kdÙkkZvksa dh vko';drkvksa dh lUrqf"V
(Satisfaction of the Needs of Investors)
oqQN yksxksa dk ;g fopkj gS fd ljdkjh Í.kksa dk izcUèk ,sls <ax ls fd;k tkuk pkfg, fd yksd
Í.k&i=kksa dh fdLe rFkk mudks tkjh djus dh 'krks± vkfn osQ lEcUèk esa fuos'kdÙkkZvksa (investors)
dh bPNkvksa o vko';drkvksa dks lUrq"V fd;k tk losQA

;fn fuos'kdÙkkZvksa dh vko';drkvksa dks lUrq"V u fd;k tk, rks] yksd Í.k dk izcUèk djus esa dfBukb;k¡
mRiUu gks ldrh gSaA mnkgj.k osQ fy,] ;fn ljdkj vius vYidkyhu Í.k dks nh?kZdkyhu Í.k osQ :i j[kuk
pkgrh gS rks nh?kZdkyhu Í.k&i=kksa ;k izfrHkwfr;ksa (long term securities) ij mls ,slh vkd"kZd 'krs± izLrqr

LOVELY PROFESSIONAL UNIVERSITY
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184 LOVELY PROFESSIONAL UNIVERSITY
LOVELY PROFESSIONAL UNIVERSITY