Public Debt (Government Securities (G-Sec))
Public debt is the total loans of the government of a country. Since this government is national, at times, this is also called ‘national debt’. But in broader sense the concept of national debt includes the non-government debt also.
Constitution on Public Debt
- While the Union Government of India is mandated to borrow inside and outside the country the amount specified by the Parliament (Article 292), States are mandated (Article 293) to borrow only inside the country.
- However, on the recommendations of the 12th Finance Commission, States were given access to external loans also for which sovereign guarantee is given by ....
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