Public Debt — Chapter Summary
ICSE · Class 10 · Economics
Summary of Public Debt for ICSE Class 10 Economics. Part of the ICSE Class 10 Economics syllabus. Public debt is the money borrowed by a government from.
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Public debt is the money borrowed by a government from within the country or from outside it. It is used when government expenditure becomes greater than revenue. Unlike taxes or fees, public debt must be repaid with interest, and the principal amount must also be returned. It is an important source
Key Concepts
Public debt refers to loans raised
Public debt refers to loans raised by a government within or outside the country. Findlay Shirras defined public debt as: "National debt is a debt whi
The government can compel people
The government can compel people or institutions to lend, can borrow for long periods, can borrow from abroad, and can sometimes reduce interest rates
Internal debt is borrowed from people
Internal debt is borrowed from people and institutions within the country. It is mainly used for development expenditure inside the country.
External debt is borrowed from foreign
External debt is borrowed from foreign persons, institutions, or governments such as IMF and World Bank. It is used for development purposes and also
Productive debt is used for projects
Productive debt is used for projects that generate income, such as railways, irrigation, power projects, iron and steel, cement, and fertilisers. The
Learning Objectives
- To understand the meaning of public debt
- To distinguish between public debt and private debt
- To classify public debt into different types
- To understand the effects of internal and external debt
- To identify productive and unproductive debts
Frequently Asked Questions
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Sources & Official References
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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