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Our Bureau

Bangalore , Dec. 7

MR John B. Taylor, Under Secretary for International Affairs, US Department of Treasury, on Tuesday visited the Indian Institute of Management, Bangalore.

He was here to participate in a discussion with the faculty of the Institute on `From Karnataka to California: The Challenges of State Fiscal Reform in a Federated System.'

He talked about the important role that state governments play in the fiscal policy of a country.

"This is similar to my own country where states also exercise substantial control over budgetary matter," he pointed out.

He stressed that bringing budgets into balance required policies to stimulate growth and reduce poverty. According to him, policies should not necessarily include subsidies.

"Rather, the key is to implement measures that generate productivity growth and provide opportunities to those who have been left behind."

He called Bangalore's story a "first-rate example of the impact that economic freedom can have on economic growth."

More Stories on : Economy | Karnataka

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