Skip to content
Hindi News, हिंदी समाचार, Samachar, Breaking News, Latest Khabar – Pratirodh

Hindi News, हिंदी समाचार, Samachar, Breaking News, Latest Khabar – Pratirodh

Primary Menu Hindi News, हिंदी समाचार, Samachar, Breaking News, Latest Khabar – Pratirodh

Hindi News, हिंदी समाचार, Samachar, Breaking News, Latest Khabar – Pratirodh

  • Home
  • Newswires
  • Politics & Society
  • The New Feudals
  • World View
  • Arts And Aesthetics
  • For The Record
  • About Us
  • Featured

India Posts Record Fiscal Deficit As Covid-19 Hits Economy

Jul 31, 2020 | Pratirodh Bureau

India’s fiscal deficit touched a record $88.5 billion in the April-June quarter, 83.2% of the target for the whole of the current fiscal year, reflecting the impact of the coronavirus pandemic on tax collections and as the government front-loaded its spending.

The deficit is predicted by private economists to cross 7.5% of GDP in the 2020/21 fiscal year beginning April, from initial government estimates of 3.5%, due to a sharp economic contraction caused by the COVID-19 outbreak.

The economy is forecast to shrink 5.1% in the current fiscal year, and 9.1% under a worst-case scenario, according to analysts in a Reuters poll, its weakest performance since 1979.

Government data released on Friday showed total net federal tax receipts in three months through June declined more than 46% year-on-year to Rs 1.35 trillion ($18.05 billion), compared with Rs 2.51 trillion a year ago, even though taxes on fuel products have been increased.

The number of COVID-19 cases jumped to 1.64 million in India on Friday, while the death toll rose to 35,747.

Over three months, total expenditure rose 13% year-on-year to Rs 8.16 trillion, compared with Rs 7.22 trillion a year ago, as the government increased spending on free foodgrains and rural jobs programmes for millions of migrant workers.

Economists said a more than two months-long lockdown since late March has hurt economic activity in Asia’s third largest economy, impacting tax collections and the government’s plans to raise revenue through privatisations of state-run companies.

New Delhi has increased its market borrowings target to Rs 12 trillion for the current fiscal year, from earlier estimates of Rs 7.8 trillion, to fund the budgeted spending.

Tags: coronavirus, coronavirus pandemic, COVID-19, COVID-19 outbreak, fiscal deficit, lockdown, Pratirodh

Continue Reading

Previous India’s Covid-19 Cases Rise By A Daily Record Of 55,078
Next “Covid-19 Virus Has Been Circulating In Bats For Decades”

More Stories

  • Featured

BJP Wants To Weaken Tribal Society, Grab Land To Benefit Industrialists: Rahul

6 hours ago Pratirodh Bureau
  • Featured

What Makes ‘Great Powers’ Great?

12 hours ago Pratirodh Bureau
  • Featured

The Long Road Towards Regulating Earth Use For Highways And Railways

14 hours ago Shalini

Recent Posts

  • BJP Wants To Weaken Tribal Society, Grab Land To Benefit Industrialists: Rahul
  • What Makes ‘Great Powers’ Great?
  • The Long Road Towards Regulating Earth Use For Highways And Railways
  • ‘Operational Problems’ In MGNREGA App: Cong Hits Out At Centre
  • Shocker: Emission Norms Relaxed For Thermal Power Plants!
  • Jalandhar’s Waterbodies: From Restoration To Stewardship
  • Cong Slams Govt Over ‘Indifference’ To Gaza, Calls PM’s Silence ‘Shameful’
  • All That Zohran Mamdani’s Last Name Reflects
  • Urban Green Spaces Can Help Save More Lives If Placed Right
  • “EAM Running ‘Full-Blown Circus’ To Destroy India’s Foreign Policy”
  • Tiger Deaths Reveal Conservation Challenges
  • Is There Any Hope For The Internet?
  • Cong Flags Concerns As India & US Negotiate Trade Deal
  • Climate Conversations Need To Embrace India’s LGBTQ+ Communities
  • Why Wetlands Hold Carbon & Climate Hope
  • ‘BJP Attempting To Omit Secularism, Socialism From Constitution’
  • Redevelopment Plan In Dharavi Sparks Fear Of Displacement, Toxic Relocation
  • Why Uncertain Years Lie Ahead For Tibet
  • ‘PM Can Now Review Why Pahalgam Terrorists Not Brought To Justice’
  • India’s Forest Communities Hold The Climate Solutions We Overlook

Search

Main Links

  • Home
  • Newswires
  • Politics & Society
  • The New Feudals
  • World View
  • Arts And Aesthetics
  • For The Record
  • About Us

Related Stroy

  • Featured

BJP Wants To Weaken Tribal Society, Grab Land To Benefit Industrialists: Rahul

6 hours ago Pratirodh Bureau
  • Featured

What Makes ‘Great Powers’ Great?

12 hours ago Pratirodh Bureau
  • Featured

The Long Road Towards Regulating Earth Use For Highways And Railways

14 hours ago Shalini
  • Featured

‘Operational Problems’ In MGNREGA App: Cong Hits Out At Centre

1 day ago Pratirodh Bureau
  • Featured

Shocker: Emission Norms Relaxed For Thermal Power Plants!

1 day ago Pratirodh Bureau

Recent Posts

  • BJP Wants To Weaken Tribal Society, Grab Land To Benefit Industrialists: Rahul
  • What Makes ‘Great Powers’ Great?
  • The Long Road Towards Regulating Earth Use For Highways And Railways
  • ‘Operational Problems’ In MGNREGA App: Cong Hits Out At Centre
  • Shocker: Emission Norms Relaxed For Thermal Power Plants!
Copyright © All rights reserved. | CoverNews by AF themes.