Govt likely to face shortfall of Rs 10 trn due to coronavirus: Subhash Garg

Elaborating on the fiscal situation, the former finance secretary said that indirect taxes, GST, excise duty on petroleum products and customs will under-perform

Former finance secretary Subhash Chandra Garg on Thursday said the government is likely to face a shortfall of around Rs 10 trillion in 2020-21 due to the Covid-19 pandemic.

In a blog, Garg said the government's tax and non-tax revenues are likely to decline by around Rs 5 trillion, while on the expenditure side additional financing of about Rs 6 trillion would be required.

"There is likely to be an additional shortfall of not less than Rs 10 trillion in the financial year 2020-21.

"...The only feasible and the least disruptive measure is to monetise this additional deficit and the RBI to meet