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States need more financial support from the Modi govt as covid scars refuse to recede
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Narendra Modi’s government is on course to borrow about $22 billion this year to pay states for their loss of income due to a shortfall in a nationwide consumption tax collection.
Still, in the next two years Indian states will struggle to consolidate their deficits, which will will run at more than 25% of revenue, according to the analysts, who expect a meaningful consolidation in the year ending March 2024.
That could affect the pricing and eventual cost of bonds sold by states, the S&P analysts wrote. “Covid-19 will create some permanent scars on states’ balance sheets," Phua and Malhotra said in the report. “As the central government’s revenues stabilize further and gains from tax reforms start to materialize, we expect it to pass on
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COVID-19
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