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India Must Account for Public Assets & Liabilities

INDIA MUST ACCOUNT FOR PUBLIC ASSETS AND FUTURE LIABILITIES Syllabus: GS-2: Statutory Bodies, Quasi Judicial Bodies WHY IN THE NEWS ? Fiscal Transparency: India’s public accounting system remains largely cash-based, recording transactions when payments occur rather than when obligations arise or assets lose value. Hidden Liabilities: Deferred subsidy payments, government guarantees, pension commitments and unpaid …