Recalibrate growth, reprioritise expenditures(GS-3, The Hindu, Economy)

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24 May Recalibrate growth, reprioritise expenditures(GS-3, The Hindu, Economy)

Posted at 24 May 2021 in Current Affairs, Economy, GS Paper III by
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Context:- COVID-19 second wave has devastated indian society and particularly the economy by successive lockdown and economic activity restrictions. This led to erosion of central government capacity and it’s income from tax and non-tax revenue.

  • Government if more optimistic than it has to recalibrate tax revenue once again.
  • There will be a shortfall of GDP  which will be around 8% according to rangarajan
  • There will be a shortfall in the non-tax revenue

How we can move forward:-

  • Ramping up health infrastructure to tackle second wave
  • Construction activity in particular health sector will have multiplier effect
  • Mass vaccination programme
  • Central government would have floated a global tender rather than an individual state because it will increase the total coast of vaccination programme.
  • We have to manage the total expenditure.

 

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