Business Standard

Fiscal response to the Covid crisis

Tax deferrals by extending filing deadlines and reduction in interest for late payments provide minor relief


Hitesh D Gajaria
A recent International Monetary Fund (IMF) blog, Fiscal Policies for a Transformed World, by Vitor Gaspar, director fiscal affairs department, and Gita Gopinath, chief economist, reiterated that while countries will need to keep public health response at the top of their priority list, they will also need to retain supportive and flexible fiscal policies.

Globally fiscal support policies encompass: (1) above-the-line measures directly affecting revenue and expenditure — for example, deferral of taxes and cash transfers, and (2) below-the-line support, including public sector loans, equity injections and government guarantees.
India’s “Atmanirbhar” package being largely focused on providing liquidity had little
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First Published: Jul 28 2020 | 12:35 AM IST

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