India's fiscal deficit in 2020-21 lower than expected
3 years, 6 months ago

India's fiscal deficit in 2020-21 lower than expected

The Hindu  

India recorded a fiscal deficit of 9.3% of GDP in 2020-21, 0.2% lower than the revised estimate of 9.5% of GDP, according to the Controller General of Accounts. Total revenue receipts turned out to be about ₹88,000 crore higher than estimated, driven largely by higher excise and customs collections, while total expenditure was ₹61,000 crore more than the revised estimate. The slightly better than expected fiscal performance doesn’t necessarily bode well for this year’s fiscal pressures, despite the Reserve Bank of India’s significantly higher than expected dividend of ₹99,000-odd crore. Expenditure control will be important for 2021-22, as pressures will be there on tax revenue due to lockdowns, while non-tax receipts will be higher due to RBI transfer of ₹99,000 crore this year,” he said. ICRA chief economist Aditi Nayar attributed the spurt in revenue spending to the release of food subsidies, but higher than anticipated tax revenues helped curtail the deficit to ₹18.2 lakh crore from the estimated ₹18.5 lakh crore.

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