 "fiscal deficit, shares, downward ratio")
India Ratings has estimated that the aggregate fiscal deficit of states would touch 3 per cent of the gross domestic product (GDP) in the current fiscal year, against 2.6 pegged in the Budget Estimates. The deficit had stood at 2.9 per cent in FY19.
This fiscal slippage will originate from a decline in tax revenue, a lower nominal GDP and higher expenditure, it said. In aggregate, states have budgeted total revenues to grow by 10.2 per cent to Rs 30.97 trillion in FY20, India Ratings Chief Economist Devendra Pant said. Tax revenue growth was assumed to grow 11.5 per cent to
