Banking service chronicle

 Banking service chronicle

Banking service chronicle published this article page no 4 Subnational BankruptcySubnational Bankruptcy also known as subnational insolvency refers to fiscal crises where the state/local government loses market access or faces rising financing costs that undermine its capacity to deliver essential services.In last few years due to various reasons or combination of them some states are moving at risk of subnational bankruptcy such as: ○ Willful unwillingness from the state to make tough budgetary choices. ○ Erosion of autonomous fiscal space due to GST ○ Loss of revenue due to Covid19 pandemic and economic shutdowns.If not uncontrolled it can lead to high taxes on people woefully inadequate services from state and at worse threat to national unity banking service chronicle monthly magazine subscription. 




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