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Austerity Measures

Himachal Pradesh Government Rationalises Subsidies for Financial Prudence

The Himachal Pradesh government, led by Chief Minister Sukhvinder Singh Sukhu, is taking steps to rationalise subsidies and freebies to address the State’s financial challenges. With the total debt soaring from ₹47,906 crore in 2018 to ₹76,651 crore in 2023, Sukhu has criticized the previous BJP regime for its wasteful expenditures and financial mismanagement. Sukhu’s government aims to improve revenue by curbing subsidies given to affluent sections of society. “We are working towards fiscal prudence, and rationalising various subsidies is one among them,” said the Chief Minister. Subsidy cuts include stopping the electricity subsidy for hotels and large commercial establishments, and imposing charges for water on rural households earning above ₹50,000 annually, while weaker sections continue to receive it for free. The government has also introduced water cess on power projects, though its implementation faces legal hurdles. Other austerity measures include deferring the salaries of top government officials for two months to symbolize the State’s commitment to financial discipline. The opposition BJP has targeted the Congress government, blaming it for the rising debt, now approaching ₹90,000 crore. Sukhu argues that his government inherited this financial burden and is taking steps to correct it, such as adopting an open tender policy for auctioning retail liquor vends, generating significant revenue compared to the previous government’s approach. Sukhu also criticized the BJP for not adequately presenting the State’s case before the 15th Finance Commission, resulting in a reduction of the revenue deficit grant and restrictions on borrowing for external projects. Sukhu’s government continues to push for reforms to stabilize the State’s finances and curb further debt accumulation. Source: The Hindu  

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Massive Protests in Argentina Condemn Milei’s Education Cuts

President Milei’s radical austerity measures spark widespread outrage as massive protests erupt across Argentina, denouncing severe education spending cuts. In a sweeping demonstration of dissent, students, university professors, trade unions, and opposition parties unite in condemnation of President Javier Milei’s aggressive austerity policies, particularly their detrimental impact on public universities. Tuesday witnessed one of Argentina’s largest protests since Milei’s ascent to power in December, with hundreds of thousands rallying nationwide against the government’s assault on education funding. Aerial footage depicts throngs of protesters flooding the streets of Buenos Aires, amplifying calls to reverse budget reductions that threaten the very existence of universities. The University of Buenos Aires reports over 500,000 participants in the capital alone, underscoring the magnitude of public discontent. Milei’s election campaign, symbolized by a chainsaw, vowed to slash public spending and dismantle government structures amidst economic turmoil. His administration has executed drastic measures, including ministry closures, cultural center defunding, layoffs, and subsidy cuts, purportedly to revive the economy. Defending his unorthodox approach, Milei touts the country’s first quarterly fiscal surplus since 2008 as evidence of progress, despite widespread opposition from political, union, and media spheres. Argentina’s renowned public education system, a beacon in Latin America, faces unprecedented jeopardy as Milei slashes university budgets by 71%. Amidst soaring inflation rates nearing 290%, universities warn of imminent closure, jeopardizing the education of millions. Ricardo Gelpi, rector at the University of Buenos Aires, warns of imminent shutdowns, threatening the country’s legacy of free and quality higher education. Nobel laureate Adolfo Perez Esquivel underscores the gravity of the situation, rallying for the preservation of public education as a fundamental right. In the face of relentless protests and mounting criticism, Milei’s administration grapples with escalating discontent, challenging its vision for economic reform amidst societal upheaval.  

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