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bdkbZ—19% O;; ?kVkus okyh ,oa O;; cnykodkjh uhfr;k¡
oqQy ekax esa deh vkrh gSA oqQy ekax esa deh vkUrfjd BP uksV
LM 1
dher Lrj esa Hkh deh yk nsrh gS ftlls fons'kh oLrqvksa
osQ LFkku ij ns'kh oLrqvksa dh ekax dh vksj >qdko c<+rk LM
gS iQyLo:i ns'k esa vk;kr de gks tkrs gSa vkSj fu;kZr E 1
R 1
C;kt nj R
c<+ tkrs gSaA blls pkyw O;kikj ?kkVk de gks tkrk gSA E
lkFk gh vk;kr esa deh ls vYidkyhu iwath dk cká
izokg (out flow) ?kV tkrk gS tks Hkqxrku 'ks"k ?kkVs dks
IS
de djrk gSA iqu% vkUrfjd C;kt&njksa esa o`f¼ ls iwath
dk vUr% izokg c<+rk gS ftlls Hkqxrku 'ks"k ?kkVk lekIr
O Y Y
gks tkrk gSA blosQ foijhr] tc ekSfnzd izkf/dj.k Hkqxrku 1
vk;
'ks"k vfrjsd dks Bhd djus osQ fy, foLrkjd ekSfnzd
fp=k 19-1
uhfr viukrk gS rks lek;kstu izfozQ;k mijksDr o.kZu osQ
foijhr pyrh gSA
O;; ?kVkus okyh ekSfnzd uhfr rFkk blosQ Hkqxrku 'ks"k ij iM+us okys izHkkoksa dks fp=k&19.1 esa iznf'kZr fd;k x;k
gSA fp=k esa {kSfrt v{k ij vk; osQ Lrj dks rFkk vuqyEc v{k ij C;kt dh nj dks n'kkZ;k x;k gSA mijksDr
ekU;rkvksa osQ fn, gksus ij ge vius fo'ys"k.k dks ,slh fLFkfr ls izkjEHk djrs gSa tgka OR C;kt&nj rFkk OY
vk; Lrj ij IS-LM-BP oozQksa osQ dVku fcUnq E ij vFkZO;oLFkk iw.kZ lUrqyu esa gSA vc eku yhft, ekSfnzd
izkf/dj.k }kjk vkUrfjd eqnzk iwfrZ ?kVk nh tkrh gSA blls LM oozQ ckb± rjiQ mQij dh vksj ljd dj LM 1
ij vk tkrk gSA blls u;k lUrqyu fcUnq E ij LFkkfir gksrk gSA pwafd fcUnq E oozQ BP osQ ckb± rjiQ mQij
1 1
dh vksj fLFkr gS vr% Hkqxrku 'ks"k esa vfrjsd gSA u, lUrqyu fcUnq osQ vuq:i C;kt dh nj c<+dj OR ls
OR gks tkrh gSA blls iwath dk vUr% izokg gksxk vkSj iwath ys[kk esa vfrjsd gksxkA nwljh vksj vk; OY ls
1
?kVkdj OY gks tkrh gSA blls vk;kr esa deh gksxh vkSj pkyw js[kk vkf/D; mRiUu gksxkA bl rjg] laoqQpudkjh
1
ekSfnzd uhfr ls Hkqxrku 'ks"k esa vfrjsd mRiUu gksrk gS] ijUrq E ,d LFkk;h lUrqyu dks izLrqr ugha djrkA
1
Hkqxrku 'ks"k vfrjsd vkUrfjd eqnzk iwfrZ dks c<+kok nsxk rFkk /hjs&/hj LM oozQ dks ljdkdj nkb± vksj LM
1
oozQ ij ys tk,xk rkfd E fcUnq IS oozQ osQ lkFk&lkFk pydj uhps dh vksj E fcUnq ij igqap tk, vkSj
1
vFkZO;oLFkk iqu%Hkqxrku 'ks"k lUrqyu ij vk tk,A
O;; cnkyodkjh uhfr;ka ,d ns'k dh eqnzk osQ voewY;u (Devaluation) vFkok iquewZY;u
(Revaluation) ls lEcfU/r gSa rkfd og vius O;; dks fons'kh ls ?kjsyw oLrqvksa dh vksj vFkok
blosQ foijhr eksM+ lossaQA
O;; uhfr (Expenditure Reducing Fiscal Policy)
Hkqxrku 'ks"k ?kkVs dks Bhd djus osQ fy, O;; ?kVkus okyh foÙkh; uhfr osQ izHkkoksa dks fp=k&19.2 esa iznf'kZr
fd;k x;k gSA
mijksDr ekU;rkvksa osQ fn, gksus ij ge fo'ys"k.k dks lUrqyu fLFkfr E ls izkjEHk djrs gSa tks oozQ IS-LM-BP
dk dVku&fcUnq gSA bl lUrqyu fcUnq osQ vuq:i C;kt dh nj OR rFkk vk;&Lrj OY gSA eku yhft, ljdkj
laoqQpudkjh foÙkh; uhfr viukrh gS ftlls og viuk O;; ?kVkrh gS vkSj@vFkok djksa esa o`f¼ djrh gSA blls
IS oozQ uhps ckb± vksj ljddj IS ij vk tkrk gSA ;g IS oozQ LM oozQ dks fcUnq E ij dkVrk gSA blls
1
1
1
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