India's Covid-19 pandemic fiscal cost lowest among major nations: Report



The actual fiscal cost of the Centre’s Rs 21-trillion ‘Atmanirbhar Bharat’ Covid-19 package was lowest among 20 major nations, said a recent research report by Motilal Oswal.

“The true fiscal stimulus in FY21 (fiscal year 2020-21), as per our estimates, amounted to only around Rs 2.5 trillion or 1.3 per cent of gross domestic product (GDP). The bulk of the fiscal support constituted loan guarantees and non-budgetary measures,” the report said.

Business Standard’s own calculations suggest that the Centre’s fiscal impact amounts to around Rs 2.28 trillion, or around 1.2 per cent of GDP. This includes tax revenue foregone, outlay towards free food distribution and cash handouts, increase in NREGA, interest subvention, increase in viability gap funding for social infrastructure, and initial support from the centre’s coffers to kickstart some of the liquidity and credit measures announced by Finance Minister Nirmala Sitharaman.

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