Government initiates various measures to provide relief to various sectors of Covid-19 hit economy: Finance Ministry
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The Finance Ministry in its report said that the government has initiated various measures to provide relief and financial support to various sectors of the Covid-19 hit economy, at the same time, fiscal consolidation is also under focus. It stated that increasing the buoyancy of tax revenue through improved compliance, mobilisation of resources through monetisation of assets, improving efficiency and effectiveness of public expenditure etc.
According to it on half yearly review of the trends in receipts and expenditure in relation to the budget at the end of the first half of the financial year 2021-22, Gross Tax Revenue (GTR) at the end of September 2021 was Rs 11,83,808 crore. This was 53.4 per cent of BE 2021-22 of Rs 22,17,059 crore and reflects an increase of Rs 4,62,912 crore (64.21 per cent) over GTR for Rs 7,20,896 crore in the corresponding period of previous year.
The Budget has projected fiscal deficit of 6.8 per cent of gross domestic product (GDP) for the current fiscal ending in March 2022. Besides, it mentioned Fiscal deficit has been estimated at Rs 15,06,812 crore which is 6.8 per cent of projected GDP (Rs 2,22,87,379 crore). The fiscal deficit of Rs 5,26,851 crore in H1, 2021-22 was about 35 per cent of BE.
