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Prof K Nageshwar: Financing the vaccine: three questions (Video)

 ,  ? || Financing the vaccine : three questions||

Covid-induced disruption in economic activity has had a significant impact on revenue collection. Consequently, the Union government has increased its borrowing target by about 50 per cent to Rs 12 trillion in the current year.

While an improvement in economic activity with a reduction in restriction on movement has helped improve tax collection, the government is expected to borrow the additional amount to push expenditure, which will aid the revival process. Revenue will improve significantly in the next fiscal year, though from a much lower base, and the government would be expected to consolidate its finances, among other things, it will need to provide for the cost of vaccination, which is being estimated at about Rs 65,000 crore.

The government is reportedly considering imposing a cess or surcharge on taxes to at least part-finance the vaccination expenditure in the upcoming Budget. Given the state of the economy, most economic agents would not be in favour of higher tax liability. However, it's also true that in the given situation, with a significant increase in the deficit and public debt, the government will want to mobilise additional resources to minimise the wider macroeconomic implications of its finances.
https://www.business-standard.com/article/opinion/financing-the-vaccine-121011301631_1.html

 

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Prof K Nageshwar:  Financing the vaccine: three questions (Video)

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Prof K Nageshwar:  Financing the vaccine: three questions (Video)
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Prof K Nageshwar: Financing the vaccine: three questions (Video)
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, ? || Financing the vaccine : three questions|| Covid-induced disruption in economic activity has had a significant impact on revenue collection. Consequently, the Union government has increased its borrowing target by about 50 per cent to Rs 12 trillion in the current year. While an improvement in economic activity with a reduction in restriction on movement has helped improve tax collection, the government is expected to borrow the additional amount to push expenditure, which will aid the revival process. Revenue will improve significantly in the next fiscal year, though from a much lower base, and the government would be expected to consolidate its finances, among other things, it will need to provide for the cost of vaccination, which is being estimated at about Rs 65,000 crore. The government is reportedly considering imposing a cess or surcharge on taxes to at least part-finance the vaccination expenditure in the upcoming Budget. Given the state of the economy, most economic agents would not be in favour of higher tax liability. However, it's also true that in the given situation, with a significant increase in the deficit and public debt, the government will want to mobilise additional resources to minimise the wider macroeconomic implications of its finances. https://www.business-standard.com/article/opinion/financing-the-vaccine-121011301631_1.html

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