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.
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