Weak Revenue Flow Combined with High Expenditure on Essential Relief
The Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman drew the attention of the Parliament on the fact that the pandemic’s impact on the economy has resulted in a weak revenue inflow.
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This was combined with high expenditure to provide essential relief to vulnerable sections of the society especially the poor, women, SCs and STs.
Fiscal deficit in RE 2020-21 is pegged at 9.5% of GDP. It has been funded through Government borrowings, multilateral borrowings, Small Saving Funds and short term borrowings.
Another Rs 80,000 crore would be needed for which Government would be approaching the markets in these 2 months.
The fiscal deficit in BE 2021-2022 is estimated to be 6.8% of GDP. The gross borrowing from the market for the next year would be around 12 lakh crore.
Finance minister will be proposing an amendment to the FRBM Act towards achieving Central Government fiscal deficit along the broad path indicated above.
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