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Fifth Of Municipal Corporations Saw Revenue Halve Amid Covid-19 Second Wave: RBI State Finances Report

The third-tier of government urban local bodies and municipal corporations have seen their finances deteriorate materially due to the Covid-19 crisis, which could impact their ability to provide services to local communities amid a continuing pandemic. A earlier World Bank study had estimated that local authorities globally would lose around 15-25% of revenues in 2021. This would make the maintenance of the current level of service delivery difficult to sustain, that study said.

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