Which of the following measures can be adopted by the government to reduce revenue deficit?
Tax reforms
To reduce revenue deficit, a government can employ several strategies. Revenue deficit occurs when a government's actual revenue is less than its projected revenue. Here are the measures in the given options:
- Offering freebies: This increases expenditure and can worsen the revenue deficit. It is not a viable solution.
- Increasing subsidies: Similar to freebies, this adds to government spending and does not reduce the deficit.
- Tax reforms: This involves restructuring the tax system to improve efficiency and boost revenue without raising rates excessively. Implementing effective tax reforms can increase government revenue and help reduce the deficit.
- Increasing money supply: This generally leads to inflation if not managed carefully and is not a direct method for reducing revenue deficit.
The most effective measure among the given options for reducing revenue deficit is tax reforms, as it focuses on optimizing the revenue collection process.
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