Economics
India’s Budget Under Strain on Day One of New Fiscal Year
- Even before virus outbreak, tax revenues were under pressure
- Fiscal deficit could widen to 4.5% of GDP, some economists say
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India kicks off its fiscal year with revenues under severe strain.
A prolonged slowdown in the economy depressed tax collections in the financial year that ended Tuesday, latest official data show. As India now conducts the world’s biggest lockdown, budget pressures are set to worsen.