India's fiscal response to COVID-19 last year prevented severe contraction: IMF official
Gaspar stressed the importance of being ready to provide agile and flexible policy support as appropriate to respond to COVID-19 related developments
Joe C Mathew | April 27, 2021 | Updated 14:28 IST
Director of IMF's Fiscal Affairs Department Vitor Gaspar (Source: IMFBlog)
India's fiscal response to the first wave of COVID-19 infections last year has found a taker in the International Monetary Fund (IMF).
Speaking at a high-level roundtable organised by the IMF in association with the Centre for Social and Economic Progress (CSEP) on "Securing Sustainable Finances and Medium-term Fiscal Frameworks: International Experience and Relevance for India", Vitor Gaspar, Director of IMF's Fiscal Affairs Department, supported India's fiscal response in the face of COVID-19, stating that "fiscal support in India has prevented severe contractions". The online event was organised on April 23.
India's tax revenue below potential by about four percent of GDP, says NK Singh
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Last Updated: Apr 23, 2021, 08:01 PM IST
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Synopsis
Speaking at the CSEP-IMF event on "Securing Sustainable Finances and Medium-term Fiscal Frameworks: International Experience and Relevance for India", Singh said there is a need to redo direct and indirect taxes and bring about deep reforms in the revenue system.
15th Finance Commission Chairman NK Singh on Friday said India's tax revenue potential is lower by 4 per cent of GDP and the country needs to bring in deep reforms in the revenue management system. He also said an incentive mechanism for states needs to be worked out so that their policies are aligned to those of the central government.