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Status paper on the Government Debt released
Since 2010 the Central Government has been bringing out an annual Status Paper on public debt. Annual Status Paper on government debt provides a detailed analysis of the overall debt situation of the country, including state government debt and enhances transparency by providing a detailed account of debt operations and providing an assessment of the health of the public debt portfolio.
Main Features of the government debt are as follows:
• Central Government Debt at 47.1% of GDP at end-March 2015 has stabilised as ratio to GDP, after witnessing a consistent decline from 61.4% in 2001-02.
• General Government debt (GGD)-GDP ratio worked out to 66.1% at end-March 2014, significantly lower than historical high at 83.3% in 2003-04 owing to fiscal consolidation process at Centre and State level.
• 93.8% of total Central government debt at end-March 2015 is denominated in India’s currency. As percentage of GDP, external debt constituted a low 2.9% at end-March 2015, implying low currency risk to the government debt portfolio and impact on balance of payments remains insignificant. T
• Share of marketable securities in total internal liabilities increased from 43% in 2000-01 to 78.5% at end-March 2015. The Government is also moving toward alignment of administered interest rates with the market rates, such as interest rates on small savings.
• Most of the public debt in India is at fixed interest rates, with only around 1% floating rate debt at end-March 2015, insulating debt portfolio from interest rate volatility and providing stability to budget in terms of interest payment.
• The Government is continuing its efforts to elongate the maturity profile of its debt portfolio for lower rollover risk. Weighted average residual maturity of outstanding government securities at end-March 2015 was 10.23 years which is high compared to international standards. The tenor of dated securities goes up to 30 years as at end-March 2015, which is extended further to 40 years now after successful issuance of 40 year bond in October 2015. At end-March 2015, about 28.2% of outstanding stock had a residual maturity of up to 5 years, indicating a relatively lower roll-over risk in medium-term, which is further supported by the government active debt management in terms of switches and buy backs.
• The largely domestic and institutional investor profile contributes to stable demand for government securities. Ownership pattern of dated securities indicates a gradual broadening of market over time. The share of commercial banks dropped from 61% in end-March 2001 to 43.3% in end-March 2015. With announcement of Medium Term Framework for a more predictable regime for investment by the foreign portfolio investors, the FPI share is expected to increase further to 5 % by end- March 2018.
• Debt Sustainable- IP/ RR ratio (interest payments to revenue receipts) of Centre has decreased to 36.5 % in 2014-15 from about 52 % in the beginning of 2000s. Centre’s Average Interest Cost (AIC) has declined to 6.7 % in 2014-15 from 8.1 % in 2000-01. The AIC is stable and well below nominal GDP growth rate, which indicates that India is comfortably placed in terms of sustainability parameters of public debt.
A summary of statistics present in the paper is tabulated as under:
Summary of key statistics
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INCB calls on countries to ensure worldwide medical access to narcotic drugs and psychotropic substances
Enough pain relief substances and raw materials are produced to fully cover global demand, yet three out of four people in the world have only limited or no access to pain relief. This is due to various obstacles such as the lack of training and awareness of health care professionals, fear of drug dependence and limited financial resources, according to the Availability Report of the International Narcotics Control Board (INCB) that was published in Vienna on 3 February. In its Report, the Board publishes the findings of a study on the availability of narcotic drugs and psychotropic substances under international control based on global consumption data and information on impediments and barriers at country level. The Availability Report is a supplement to the 2015 INCB Annual Report, which is due to be published on 2 March 2016.
Around 92 per cent of morphine used worldwide is consumed by only 17 per cent of the world population
Just one day ahead of World Cancer Day, the Board highlights that pain relief medications like morphine are indispensable for the treatment of pain caused by cancer, HIV/AIDS, heart disease, diabetes or surgery, among other conditions, as well as childbirth. Despite UN Conventions stipulating that certain essential pain-relief medicines must be made available, 5.5 billion people (75 per cent of the world population) still have limited or no access to essential painkillers, such as codeine or morphine. What is more, around 92 per cent of morphine used worldwide is consumed by only 17 per cent of the world population – primarily in the United States, Canada, Western Europe, Australia and New Zealand, where consumption has increased significantly since the early 1990s and where there is growing concern about prescription drug abuse.
Ahead of the Special Session of the UN General Assembly on the World Drug Problem (UNGASS), which will take place in New York in April 2016, INCB emphasizes that inadequate access contradicts the notion of article 25 of the Universal Declaration of Human Rights, including the right to medical care, which also encompasses palliative care. The Report states that the international community made a solemn commitment with the Single Convention on Narcotic Drugs of 1961 and the Convention on Psychotropic Substances of 1971 to make adequate provision to ensure, and not to unduly restrict, the availability of drugs that were considered indispensable for medical and scientific purposes.
Ensuring adequate access to psychotropic substances
Psychotropic substances such as sedatives, hypnotics, anxiolytics, stimulants and antiepileptics are essential for the treatment of several mental health conditions including anxiety, insomnia, epilepsy and attention deficit and hyperactivity disorder (ADHD). However, more than 75 per cent of the population in many low and middle-income countries have no access to such treatment. INCB remains alert about the disparities for consumption of psychotropic medicines, as levels of their use vary greatly between regions and among countries. Excessive availability of psychotropic substances, as a result of unregulated supply and inappropriate or non-medical use of controlled drugs, is as much of a concern to the Board as inadequate supply.
Barriers and impediments to availability
Compared to the last survey by the Board in 2010 on narcotic drugs, the obstacles to availability of pain relief medications cited by responding countries have shifted in emphasis. In 2015, countries saw the lack of training and awareness among health professionals as the major obstacle to availability of opioid analgesics. The same was true for psychotropic substances. In the case of opioid analgesics, fear of drug dependence was the second most important reason for a lack of availability, whereas problems in sourcing from industry was seen as the second largest obstacle to availability of psychotropic medicines. Fear of drug dependence is related to lack of awareness and training, but also to cultural attitudes, whereas lack of sourcing can be the result of pharmaceutical companies not being interested in producing certain medicines because of insufficient market demand in the country. Imports, on the other hand, can often be hindered due to burdensome regulations, causing delays in the supply chain.
INCB therefore calls on countries to close the global pain divide and ensure worldwide access to pain relief medications and to ensure balanced availability of psychotropic substances. The Board recommends that countries review their laws and regulations to ensure they are not overly restrictive, and improve access by, for example, allowing a larger base of health care professionals to prescribe, in particular, substances under international control. Better training and increased awareness for health care professionals can reduce fears, stigmas and prejudices hindering access to pain relief medications and psychotropic substances.
A study based on the Availability Report was published by The Lancet and is availableonline., More information is available athttp://www.unis.unvienna.org/unis/en/events/2016/incb_2016.html
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RAJIV CHANDRAN
National Information Officer
United Nations Information Centre
for India and Bhutan
55, Lodi Estate, New Delhi 110003
Tel: 91 11 2462 3439
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