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An insight into the deteriorating quality of budget balancing in India

Officials say off-budget borrowings will be reduced eventually, but not any time soon

Arup Roychoudhury  |  New Delhi 

Even before the Covid-19-induced shutdown, India was already witnessing a demand and consumption slowdown across sectors. This had an impact on the tax and divestment revenues, while non-tax revenues were saved by the Reserve Bank of India’s record transfer of reserves to the centre.

While presenting the 2020-21 Union Budget, Finance Minister Nirmala Sitharaman revised gross tax revenue estimates downwards for 2019-20 by a staggering Rs 2.97 trillion to Rs 21.63 trillion. Divestment targets were cut to Rs 65,000 crore from Rs 1.05 trillion. However, total expenditure was cut by ...

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First Published: Wed, March 25 2020. 17:58 IST
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