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As spending soars, Centre will need to revise budget
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Covid-19 is set to hit the Indian economy hard during 2020-21. Rating agency Fitch has cut India’s economic growth forecast for the current fiscal to 2%.
This slowdown in economic growth will have a huge impact on the government’s revenue collection.Mint takes a look. How will government revenues be affected? In the months ahead, economic activity is bound to take a beating as people conserve cash.
Also, as was the case with demonetization, the informal sector will be more badly hit than the formal one. In this scenario, as consumer spending falls, the government will end up collecting less excise duty and goods and services tax.
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COVID-19
United States
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Cases: 46 252 513
Deaths: 750 423
Recovered: 0
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India
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Cases: 34 321 025
Deaths: 459 652
Recovered: 0
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Brazil
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Cases: 21 835 785
Deaths: 608 235
Recovered: 0
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United Kingdom
|
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
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Russia
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Cases: 8 494 589
Deaths: 237 619
Recovered: 0
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