Forum for Good Governance in Telangana CM – The New Indian Express

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By Express press service

HYDERABAD: The Forum for Good Governance (FGG) has submitted a petition to Chief Minister K Chandrasekhar Rao, asking for cuts in spending on hyper-populist social programs. In its representation, the FGG pointed out that heavy borrowing to support hyper-populist social welfare measures can cost the economy dearly and can lead to long-term disaster.

FGG Secretary M Padmanabha Reddy said many countries that had gone down the path of heavy populist welfare policies had then found themselves in deep economic trouble. The establishment of social protection schemes, undemocratic governance, corruption, mismanagement of the economy, the socialist, populist or hyper populist nature of government policies to maintain political power are the causes of the collapse of the country’s economy, said the FGG.

Citing Venezuela, Greece and Sri Lanka as examples, Padmanabha Reddy mentioned that excessive social protection measures and bad government policies have led to the collapse of the economy. This despite Venezuela being one of the world’s leading oil exporters, he said.

Greece, which is a democratic parliamentary republic and a developed country with an advanced high-income economy and high-quality life, has faced serious financial problems over the past 20 years due to exorbitant spending on social measures.

The recent crisis in Sri Lanka is a stark reminder of how mismanagement of the economy leads to serious conditions and unrest in the country, he said. The FGG called on the Chief Minister to stop borrowing to fund hyper-populist agendas and to increase allocations to health, education and infrastructure development and systematically manage the state economy.

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