‘Karnataka’s fiscal position weak due to COVID-19 pandemic, but recovery has begun’
The Hindu
Government tables report of Mid Year Review of State Finances
The Mid Year Review of State Finances has termed the fiscal position of Karnataka as ‘weak’ due to a drop in revenue collection on account of the second wave of COVID-19. At the same time, it has observed that Karnataka has shown signs of economic recovery and has been moving towards normalcy from the second quarter of this financial year due to the efforts to combat the spread of the pandemic through vaccination coverage.
The review report was tabled in the Assembly on December 17. It points out a shortfall in collection of tax revenue due to the impact of the pandemic in the first quarter of financial year 2021-22. The State had collected revenue receipts of ₹83,031 crore till September 2021 as against the budgetary target of ₹86,136 crore.
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