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

FILE PHOTO: A cashier checks Indian rupee notes inside a room at a fuel station in Ahmedabad on September 20, 2018

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

Trump Repeats Election Lies, Hints At 2024 Run

5 hours ago Pratirodh Bureau
  • Featured

India Urged To Provide Refuge To Rohingya Adrift At Sea

6 hours ago Pratirodh Bureau
  • Featured

Arrival Of “Sticky Bombs” In Kashmir Sets Off Alarm Bells

12 hours ago Pratirodh Bureau

Recent Posts

  • Trump Repeats Election Lies, Hints At 2024 Run
  • India Urged To Provide Refuge To Rohingya Adrift At Sea
  • Arrival Of “Sticky Bombs” In Kashmir Sets Off Alarm Bells
  • Myanmar Protesters March Again After Bloodiest Post-Coup Unrest
  • Fact Check: No WHO Nod To Herbal Medicine As Covid-19 Treatment
  • Four Major States To Go To The Polls Amid Raging Farmer Protests
  • Existing Emissions Pledges Barely Scratch Climate Targets
  • Kashmir Villagers Hopeful But Wary After India & Pak Ceasefire
  • Indian Coast Guard Find 81 Rohingya Refugees Adrift At Sea
  • How A Rare Feb Landslide Left More Than 200 Dead
  • Hinterland To Hollywood: How Farmers Galvanised A Protest Movement
  • Saudi Crown Prince Implicated In Khashoggi Murder: Report
  • Traders Across India To Go On Strike Tomorrow
  • Health Workers Balk At Taking Homegrown Covid Vaccine
  • India Slams Pakistan For ‘Baseless’ Propaganda
  • FB Bans Myanmar Military From Its Platforms With Immediate Effect
  • Farmers’ Union Writes To Prez Demanding End To ‘Repression’
  • Govt Says Virus Variants Not Behind Upsurge In Cases
  • ‘Climate Change A Threat To Global Security, I Don’t Envy You’
  • Paris Raps Pak Over Prez Alvi’s Remarks On French Muslims

Search

Main Links

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

Related Stroy

  • Featured

Trump Repeats Election Lies, Hints At 2024 Run

5 hours ago Pratirodh Bureau
  • Featured

India Urged To Provide Refuge To Rohingya Adrift At Sea

6 hours ago Pratirodh Bureau
  • Featured

Arrival Of “Sticky Bombs” In Kashmir Sets Off Alarm Bells

12 hours ago Pratirodh Bureau
  • Featured

Myanmar Protesters March Again After Bloodiest Post-Coup Unrest

14 hours ago Pratirodh Bureau
  • Featured

Fact Check: No WHO Nod To Herbal Medicine As Covid-19 Treatment

2 days ago Pratirodh Bureau

Recent Posts

  • Trump Repeats Election Lies, Hints At 2024 Run
  • India Urged To Provide Refuge To Rohingya Adrift At Sea
  • Arrival Of “Sticky Bombs” In Kashmir Sets Off Alarm Bells
  • Myanmar Protesters March Again After Bloodiest Post-Coup Unrest
  • Fact Check: No WHO Nod To Herbal Medicine As Covid-19 Treatment
Copyright © All rights reserved. | CoverNews by AF themes.