India Fiscal - FY21 Delivers Some Headroom To FY22: IDFC Research
A customer holds a bundle of Indian rupee banknotes in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

India Fiscal - FY21 Delivers Some Headroom To FY22: IDFC Research

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IDFC Research Report

India’s fiscal numbers for March 2021, and thus for the whole of FY21, were reported yesterday.

It confirmed to the expectations of a much higher outflow towards food subsidy and higher tax collections in Q4 than that envisaged in the budget presented on February 01.

This opens up some space as the year-on-year budgeted revenue growth numbers for FY22 now turn out to be lower versus FY21 actuals.

In this note, we look at the details of the food-subsidy cleanup, the extent of the space that has opened up for FY22 and thus the scope for any fiscal policy response to the pandemic in the year ahead.

Click on the attachment to read the full report:

IDFC Research India fiscal - FY21 delivers some headroom to FY22.pdf


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