Discretionary budget expenditure in the system of state regulation of the country’s socioeconomic development

Significant gap in investment resources for financing Sustainable Development Goals can be overcome with the revitalization of the corporate social responsibility mechanism of the financial sector institutions, for example banks and stock exchanges as the largest players in the global financial sector. The most relevant for them are Goals 1, 5, 8, 10, 13, 17. Incorporating these goals into activities of the financial sector institutions requires not only the activation of their CSR mechanism in the directions indicated by the targets, but also the radical restructuring of all business processes and the reorientation of their overall sustainability strategy. Analysis of current sustainability reporting disclosure by financial sector institutions in global and regional aspects was conducted. Based on the analysis, the authors define the role of CSRs of banks and stock exchanges in SDG financing as follows: banks – ensuring their own sustainability and efficiency through CSR mechanisms, formation of new tools, methods and technologies of financial support of SDG; stock exchanges – minimization of information asymmetry in investor decision making, taking into consideration ESG criteria, formation of exemplary disclosure practices and new markets and market benchmarks by listing companies.

In Ukraine, there is a steady increase in the mortality rate of the population, which is due to the low quality of medical provision. The main advantages and the efficiency factor of the health care system in the Western European countries are analyzed; the key factors regulating medical provision in Ukraine are systematized; the effectiveness of modern health care reform in Ukraine is evaluated; practical recommendations to improve the administrative and legal regulation of the system are developed. The analysis showed that the effectiveness of health care reform in Ukraine is currently about 30%, and the high mortality rate of the population in Ukraine is primarily due to the low quality of medical care and inadequate investment in the industry. The main health problems in Ukraine are failure to comply with legislation on the amount of funding and remuneration in the public health system, high levels of corruption and lack of control over the competence of doctors, inaccessibility of medical products for consumers due to the pharmaceutical market monopolization.

Maharashtra is highly urbanized and economically developed state in India. But now the growth rate is declining, and debt burden has increased in the state. CAGR has been used to examine the impact of FRBM act on fiscal deficit in the state. The RBI data from 1991 to 2016 show that the primary and fiscal deficit is increasing fast. The revenue and capital expenditure are increasing after 2003 FRBM act. The debt burden has increased in the state due to interest payment, pension liabilities, seventh pay commission to state employees, farm loan waiver scheme and infrastructure projects. State government took loans from different sources to finance its capital expenditure. The least square regression result shows that development expenditure in the state has declined very fast. The expenditure on health, education and social welfare of scheduled caste and tribe has declined in the state over the period of time. Government must improve revenue and capital receipts within the short period. Efforts must be made to reduce the debt burden on the state. Therefore, a number of alternative policies are required to improve revenue and capital receipts. State government must increase taxes on electronic and tobacco-related products. Taxes must be increased on commercial vehicles, luxury hotels, entry tax at hill stations, malls and purchase of diamonds and gold, petrol and diesel. Such sources will increase tax revenue to state government and fiscal deficit can be reduced to some extent.