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The Kerala Model at the crossroads Updated: Updated: April 04, 2021 23:45 IST The role of planning and social oversight in the economic development of the State needs to expand further Share Article AAA The role of planning and social oversight in the economic development of the State needs to expand further Will the CPI(M)-led Left Democratic Front (LDF) be re-elected in the upcoming polls in Kerala, or will the Congress-led United Democratic Front (UDF) return to lead the government? The election results will have a major bearing on the path of development that the State would take in the coming years. ....
April 01, 2021 As in other States, the Covid-19 pandemic had a disastrous effect on Karnataka’s fiscal health. The lockdown and closure of economic activities had its effect leaving the State’s own tax revenues in 2020-21 lower than the budget estimate by ₹17,049 crore, and the tax devolution lower by ₹8,538 crore, partly due to lower central tax collections and partly due to the lower tax devolution resulting from the Fifteenth Finance Commission’s award. M Govinda Rao, Chief Economic Advisor, Brickwork Ratings in his report on Karnataka Budget 2021-22, said “The shortfall in the total revenue receipts in the revised estimate was ₹20,211 crore. As a ratio of the GSDP, the revised estimate of revenue receipts at 5.3 percent was lower than the budgeted by almost one percentage point, and it was lower than the previous year’s actual collection by 0.8 percentage point.” ....
Pandemic leads to Maharashtra plunging into debt trap; fiscal deficit highest since FY06: Report SECTIONS Last Updated: Apr 01, 2021, 06:34 PM IST Share Synopsis In line with higher-than-budgeted deficit ratios, the state s debt-to-GSDP ratio has jumped to 20.2 per cent in 2020-21, up from 16 per cent in 2019-20, and the 2020-21 Budget Estimate of 16.2 per cent, India Ratings said in the report quoting revised budget estimates for FY21. Agencies The fiscal slippage originated entirely from the revenue side. Revenue receipts were lower by Rs 57,960 crore of the shortfall in state s own tax revenue. Maharashtra, which has the single largest share in national GDP with close to 16 per cent and the worst hit with the pandemic, has fallen into the worst debt trap with fiscal deficit hitting the highest since 2005-06 at 3.3 per cent, up over 175 per cent, according to a report. ....
States may face Rs 3 lakh crore GST compensation shortfall in FY22: Report SECTIONS Last Updated: Mar 15, 2021, 07:42 PM IST Share Synopsis In FY21, the states were facing a shortfall of Rs 1.1 lakh crore in GST compensation from the Centre but over 90 per cent of that amount has been cleared now. Agencies Out of that amount, the shortfall from cess collections will be at Rs 1.6-2 lakh crore, according to an Icra report released on Monday. States may face a GST compensation shortfall of Rs 3 lakh crore in the next financial year, a situation that will force them to borrow more from the markets, says a report. The states may face a shortfall of Rs 2.7-3 lakh crore as Goods and Services Tax (GST) compensation from the Centre next fiscal. Out of that amount, the shortfall from cess collections will be at Rs 1.6-2 lakh crore, according to an Icra report released on Monday. ....
17 states operationalise one nation-one ration card system Top Searches 17 states operationalise one nation-one ration card system PTI / Updated: Mar 11, 2021, 18:02 IST FacebookTwitterLinkedinEMail Representational Image NEW DELHI: Seventeen states have operationalised one nation-one ration card system with Uttarakhand being the latest to complete the reform, the finance ministry said on Thursday. States completing the one nation-one ration card system reform are eligible for additional borrowing of 0.25% of gross state domestic product (GSDP). Accordingly, these states have been granted additional borrowing permission of Rs 37,600 crore by the Department of Expenditure, the ministry said in a statement. Implementation of the one nation-one ration card system ensures availability of ration to beneficiaries under the National Food Security Act (NFSA) and other welfare schemes, especially the migrant workers and their families, at any fa ....