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(Eds: Minor edit in headline) Mumbai, Jun 29 () The gross state domestic product (GSDP) of all states is likely to contract up to 14.3 per cent in the current financial year due to the impact of COVID-19-induced lockdown on economic activities, says a report. States such as Assam, Goa, Gujarat and Sikkim are likely to witness a double-digit contraction in FY2021, India Ratings and Research said in a report on Monday. "We expect the gross state domestic product (GSDP) of all states in India to contract in FY21. The contraction will be in the range of 1.4 per cent-14.3 per cent," the report said. The top five major states where the impact of lockdown was the most pronounced are Karnataka, Jharkhand, Tamil Nadu, Kerala and Odisha. The five major states where the impact of lockdown was the least pronounced are Madhya Pradesh, Punjab, Bihar, Andhra Pradesh and Uttar Pradesh, the report said. Despite the nation-wide lockdown enforced on March 25, 2020, several economic activities defined as essentials remained operational. The impact of the lockdown on sectors namely agriculture, industry and services was differently, it said. "Since agricultural activities were less impacted, the states having a higher share of agriculture are expected to have suffered less compared to the one where the share of agriculture is low," the report said. Some sub-sectors especially in the services such as banking and financial services, IT and IT-enabled services were less impacted, because they were able to readjust their operations remotely owing to the high penetration of digital platform in their business operations, the report said. The states in which the share of these services is high are expected to have suffered less during the lockdown compared to the one where share of these services is low, the agency said. It said in FY2019, the proportion of agriculture in gross value added was 14.6 per cent for Haryana and 25 per cent for Punjab. The proportion of industry and services was 31.1 per cent and 54.3 per cent respectively in Haryana and 25.2 per cent and 49.8 per cent in Punjab during the year. "This means the overall growth performance of Haryana is more susceptible to the performance of the industrial and services sectors. Our estimate suggests that the proportion of Haryana economy that became dysfunctional during the lockdown is 64.3 per cent, higher than 47.9 per cent of Punjab," the rating agency said. The report further said state's own tax revenue (SOTR) is a function of the nominal GSDP of the state. Although the lockdown is going to adversely impact the revenue performance of all the states, the states that are likely to be impacted more in FY2021 are the states whose share of SOTR in the total revenue is higher and are also expected to witness a higher deviation in their nominal GSDP from the budgeted GSDP, the report said. "The most vulnerable states in this respect are Maharashtra, Gujarat, Tamil Nadu, Kerala, Telangana and Haryana," it said. The share of SOTR in the total revenue of these states has been budgeted in the range of 57 per cent-64 per cent in FY2021 and their FY2021 nominal GSDP is expected to deviate from the budged nominal GSDP in the range of 15 per cent-24 per cent, it said. HV BKS MR

States GDP to contract 1.4-14.3 per cent in FY21: Report

Patna, Feb 24 () Bihar clocked a growth rate of10.53 per cent in 2018-19 as against the national average of6.8 per cent, according to the state's Economic Survey for2019-20."Bihar recorded an average growth rate of above 10 percent in the past three consecutive years," Deputy ChiefMinister Sushil Kumar Modi said, while tabling the 14thEconomic Survey in the assembly.The main drivers of the economy which have helped thestate register a double-digit growth include air transport (36per cent), other services (20 per cent), trader and repairservices (17.6 per cent) and road transport (14 per cent), hesaid.Sushil Modi said the fiscal deficit was 2.68 per centof GSDP, revenue surplus 1.34 per cent and outstanding publicdebt liability of the state government 32.34 per cent of theGSDP during 2018-19.The total revenue receipt of Bihar was Rs 1,31,793crore and capital receipt Rs 20,494 crore, he said, adding,revenue expenditure and total expenditure were Rs 1,24,897crore and Rs 1,54,655 crore, respectively.Gross State Domestic Product (GSDP) stood at Rs5,57,490 crore at current prices and Rs 3,94,350 crore atconstant (2011-12) prices in 2018-19, he added. ARRBT RBT

Bihar registered 10.5pc growth rate in FY19: Economic Survey

Bhubaneswar, Feb 18 () Odisha Finance MinisterNiranjan Pujari on Tuesday presented the annual budget for2020-21 with an outlay of Rs 1,50,000 crore, a rise of 11.1 incomparison to the previous fiscal.While Rs 65,655 crore has been allocated asadministrative expenditure, Rs 74,000 crore is meant forprogramme expenditure, Rs 3,200 crore for disaster responsefund and Rs 7,145 crore towards transfers from the state,Pujari said in the assembly, describing it as a revenuesurplus budget.The minister had presented a Rs 1.39 lakh-crore budgetfor 2019-20.Pujari said the outlay is proposed to be financedthrough revenue receipt of Rs 1,24,300 crore and borrowing andother receipt of Rs 25,700 crore. "The fiscal deficit isestimated to be 3 per cent of GSDP for the year 2020-21," hesaid.The total revenue receipt include the state's own taxof Rs 38,350 crore and non-tax revenue of Rs 17,650 crore, itsshare in central taxes for Rs 36,300 crore and grants from theCentre for Rs 32,000 crore.The capital outlay in 2020-21 is Rs 26,513 crore,which is about 4.5 per cent of the GSDP.Additionally, loans and advances, grants for creationof capital assets and other expenditure for capital formationtogether account for Rs 10,000 crore, accounting for 1.7 percent of the GSDP.For the first time, the Odisha government has switchedto a digital method of budget presentation to reduce printingof papers for the exercise, Pujari said, adding, the e-budgetformat has saved about "1,000 large trees from being felled".Pujari read out his budget speech from a tabletcomputer, while all MLAs, including Chief Minister NaveenPatnaik, were provided with similar devices containing thebudget document.The finance minister said nutrition budget, strategicbudget and a climate code budget have been introduced thisyear.By separating specific sectors, focus has been givento environment, child and women and infrastructuredevelopment, he said.Pujari, like other years, presented the budget in twoparts - agriculture and general.For agriculture, he collocated Rs 19,408 crore for2020-21 and said another Rs 12,000 crore is to be investedthrough extra budgetary resources.To increase income of farmers, the finance ministerproposed a 'Samruddha Krishi Niti-2020' in the budget. Heproposed an allocation of Rs 3,195 crore for the KALIA scheme.Pujari added that construction of in-stream storagestructure in all major rivers with an investment of Rs 12,000crore over five years is a step towards transformation. AAMRBT RBT

Odisha govt presents Rs 1.5 lakh crore budget for FY21

Aizawl, Feb 19 () Mizoram Chief MinisterZoramthanga on Thursday presented a Rs 10,081 crore budgetfor the ficsal 2020-21 in the state Assembly, focusing on theimplementation of the government's socio-economic developmentprogrammes.He said the state budget for the next fiscal is "freefrom deficit and estimated to have a revenue surplus of Rs763.11 crore in spite of limited resources".This is the second full budget of the Mizo NationalFront (MNF) government after it came to power in December2018.He said the state government laid emphasis on theimplementation of Socio-Economic Development Policy (SEDP)with an allocation of Rs 513 crore for FY21.According to the chief minister, the northeasternstate has witnessed "significance progress" in terms ofeconomic and social parameters.Presenting the annual budget and supplementary demandsin the House, he said the government gives priority to healthcare and has set aside Rs 20 crore under SEDP for the purpose,adding that Rs 50 crore has been earmarked for the ongoingprojects under the flagship scheme.He said Rs 451 crore has been allocated for threeautonomous district councils in the state and Rs 785.83 lakhfor Sinlung Hills Council (SHC) and Sialkal Range DevelopmentCouncil.Zoramthanga, who also holds the finance portfolio,said Mizoram's share of the grants from the central governmenthas been reduced considerably after devolution of taxes fromthe Centre to states.The total revenue, realised till December of the 2019-20 fiscal, was Rs 836.39 core, which was 83.16 per cent ofthe total projection for the financial year.The Gross State Domestic Product(GSDP) for the fiscal2020-21 is projected at Rs 31,240.56 crore at current priceand total estimated liabilities are at Rs 8,701.26 crore whichis 27.85 per cent of the estimated GSDP.State's own revenue is estimated at 12.72 per cent ofthe total revenue receipt and 3.9 per cent of GSDP.The aggregate of the estimated amount of state's owntax and non-tax revenue for FY21 is Rs 1,244 crore with agrowth of 20.5 per cent compared to the last fiscal.Speaking to reporters after presenting the annualbudget, Zoramthanga said the state government will makedetailed project reports to avail financial assistance fromthe Centre under the SEDP.The state government will take austerity measure tocut unnecessary expenditures at various levels andhas already implemented vehicles outsourcing policy to reduceexpenses towards purchase and maintenance of vehicles, hesaid.The government will focus on privatisation,mechanisation and large-scale production to boost the state'seconomy, he added. CORBDC BDC

Mizoram CM presents Rs 10,081 crore budget for FY21

New Delhi, Aug 17 (IANS) India's FY21 GDP contraction has already crossed the (-) 6.8 per cent mark for 2020-21, SBI Ecowrap report said on Monday. An earlier Ecowrap report had estimated GDP for FY21 was 2.6 per cent when India had first imposed lockdown. Since then, the GDP forecast has been progressively reduced to a negative 6. 8 per cent in FY21. "Now the situation has changed drastically and India has climbed to 3rd position in overall Covid-19 cases in the world with more than 26 lakh total cases (12 per cent of global tally)," the report said. "During Unlock-1 since June 1 the spread of pandemic has increased significantly and almost 93 per cent of total cases have come post June 1. Owing to this, various states have again imposed partial lockdown (like West Bengal, Bihar, Maharashtra, Rajasthan, etc.) in staggered manner." Accordingly, using the bottom-up approach the report estimated total GSDP loss due to Covid-19 is at 16.8 per cent of GSDP. "State-wise analysis indicates that top 10 states accounted for 73.8 per cent of total GDP loss with Maharashtra contributing 14.2 per cent of total loss followed by Tamil Nadu (9.2 per cent) and Uttar Pradesh (8.2 per cent)," the report said. "Subsequently, the per capita loss for all India is around Rs 27,000 with states like Tamil Nadu, Gujarat, Telangana, Delhi, Haryana, Goa, etc. exhibiting loss of more than Rs 40,000 per person in FY21." --IANS rv/sn/rs/

FY21 GDP contraction already crosses 6.8%: SBI Ecowrap

The <keyword id="19897865" type="General" weightage="20" keywordseo="telangana-government" source="keywords">Telangana Government</keyword> on Tuesday requested the 16th <keyword id="20015455" type="General" weightage="20" keywordseo="finance-commission" source="keywords">Finance Commission</keyword> to increase the share of states in <keyword id="386992" type="General" weightage="100" keywordseo="central-taxes" source="Orion">Central taxes</keyword> from the existing 41 per cent to 50 per cent as over the years cesses and surcharges that are not shared with states have increased. Deputy Chief Minister in-charge of Finance <keyword id="21396591" type="General" weightage="20" keywordseo="bhatti" source="keywords">Bhatti</keyword> Vikramarka in his speech at the meeting with Finance <keyword id="19933395" type="General" weightage="20" keywordseo="commission" source="keywords">Commission</keyword> Chairman <keyword id="20016026" type="General" weightage="20" keywordseo="arvind-panagariya" source="keywords">Arvind Panagariya</keyword> and members also urged the finance panel to ensure that states are given the necessary autonomy to tailor <keyword id="20109166" type="General" weightage="20" keywordseo="css" source="keywords">CSS</keyword> (centrally-sponsored scheme) programmes to their specific development needs. "In addition, we propose increasing the share of states in Central taxes from 41 per cent to 50 per cent. Over the years, cesses and surcharges that are not shared with states have increased, leaving states with a smaller share of total gross tax revenue," he said. Increasing the vertical devolution will give states the fiscal space they need to strengthen welfare programmes, address infrastructure gaps and prioritise local development, he further said. He, however, said it is not just a demand for <keyword id="19909031" type="General" weightage="20" keywordseo="telangana" source="keywords">Telangana</keyword> but for all states, ensuring a more cooperative federal structure that will benefit the nation as a whole. Bhatti further said the state government urges the Finance Commission to reconsider the use of per capita income distance as the primary indicator in determining horizontal devolution as measuring prosperity and well-being solely by per capita income would deny Telangana the resources needed to address the inequities that exist within the state. The state government is suggesting that the formula for horizontal devolution be modified to add at least a 50 per cent weightage to <keyword id="20149362" type="General" weightage="20" keywordseo="gsdp" source="keywords">GSDP</keyword> (gross state domestic production) contribution. "A greater weight on GSDP would incentivise states to adopt reforms that improve productivity, attract investment and create jobs, ultimately contributing to the national economy. This approach would not only make states more competitive but also help reduce regional disparities, encouraging more balanced growth across the country," he opined. Pointing out that certain expenditures for schemes such as Rythu Bharosa, farm loan waivers and food subsidies are often mislabelled as "freebies," he urged the Commission to recognise these programmes as necessary investments in the welfare of our people. He mentioned that a large part of the state's resources is now being diverted toward debt servicing and hence requested the Finance Commission's support in either restructuring this debt or providing additional assistance to help free up resources for further development. The 16th Finance Commission, led by its chairman Arvind Panagariya, held meetings with several political parties, representatives of local bodies and industry chambers here on Monday as part of its visit to Telangana.

Telangana urges 16th Finance Commission to increase states' share in Central taxes to 50%

Mumbai, May 4 () Maharahstra, which has the most number of COVID-19 infections, has a room to borrow an additional Rs 42,235 crore to fight the pandemic, a report said on Monday. The western state has budgeted for a sizeable revenue deficit along with others such as Andhra Pradesh, Rajasthan, Kerala and Tamil Nadu in its budget announced before the lockdown, but has its fiscal deficit within the 3 per cent of GSDP, which will allow for the additional borrowings, domestic rating agency Care Ratings said. Maharashtra has over 12,974 confirmed cases in the national tally of 43,000 cases as of Monday and also the highest number of those dead. Its key economic centres, including capital Mumbai, Pune and Nagpur are classified as "red zones" having many containment zones, which limit economic activity. Among the states that have budgeted for a revenue deficit, Maharashtra has the highest headroom for additional borrowing, the report by the agency said. "Maharashtra can increase borrowing by Rs 42,235 crore, Tamil Nadu by Rs 3,347 crore, Haryana by Rs 2,537 crore, Punjab by Rs 516 crore and Rajasthan by Rs 113 crore," it said. The agency, however, warned that because of loss of revenues due to the ongoing lockdowns, states are under "considerable financial stress" and have been forced to delay expenditures including salaries, like in the case of Maharashtra. The state has, however, not resorted to increasing taxes on fuels to shore up its revenues like Assam, Meghalaya, Nagaland and Haryana have done in the recent days, it said. As a result of the stress, many states have resorted to additional borrowing already often at costs higher than the average ones, the report said, pointing out that borrowings in April stood at Rs 59,255 crore, which is double the size of money raised in April 2019. Maharashtra, with Rs 7,000 crore of borrowings accepted in April at a weighted average yield of 7.76 per cent, is second behind Rs 8,000 crore done by Tamil Nadu, the report said. It acknowledged that the COVID-19 relief measures entail higher expenditure to be incurred by the state governments even as they are faced with a significant loss of income/revenues from the halting of economic activity. Arunachal Pradesh, Assam, Bihar, Gujarat, Jharkhand, Karnataka, Mizoram, Uttar Pradesh, Uttrakhand and union territory of Jammu &amp; Kashmir, which have budgeted for a revenue surplus and a fiscal deficit lesser than the 3 per cent of GSDP cap under the fiscal responsibility and budget management rules, are in the best position because they have the fiscal space to borrow more, it said. AA MKJMKJ

Maharashtra has room to borrow additional Rs 42,235 cr to fight COVID-19: Report

Mumbai, Mar 5 () Maharashtra's economy is expectedto grow at 5.7 per cent during 2019-20, marginally down fromthe last fiscal's projection of six per cent, the EconomicSurvey presented in the state Legislature on Thursday said.The agriculture and allied activities are expected togrow at 3.1 per cent in 2019-20, it said.The survey said the industry and services sectors areexpected to grow at 3.3 per cent and 7.6 per cent in 2019-20,slower than the previous fiscal's 5.5 per cent and 8.1 percent respectively.The average share of the state's contribution is 14.3per cent among all the states in the All India nominal GDP, itsaid.Nominal GSDP is expected to increase by Rs 2,45,791crore in 2019-20 as compared to 2018-19.The per capita state income in 2019-20 is expected tobe Rs 2,07,727.The GSDP in 2019-20 is expected to be Rs 28,78,583crore, it added.The growth rate of the agriculture and allied sectorin 2018-19 was negative (-2.2) per cent. In 2017-18, thegrowth rate was -0.7 per cent.The revenue deficit in 2019-20 is Rs 20,293 crore,fiscaldeficit Rs 61,670 crore and the debt stock was Rs4,71,642 crore, the report said.The percentage of fiscal deficit to GSDPis 2.1 percent and debt stock to GSDP is 16.4 per cent.Both the indicators are within the fiscal limitsprescribed by the 14th Finance Commission.The state witnessed average rainfall of 73.6 per centof the average during 2018-19, less by 10.7 per cent in 2017-18.In2018-19,the production of food grains and fruits,and vegetables decreased by 27.3 per cent and 10.1 per centrespectively, whereas sugarcane, oilseeds and cottonincreased by 8 per cent, 16.1 per cent and 8.2 per centrespectively over the previous year.The survey said the unemploymentratein January toMarch 2019 was 8.3 per cent as compared to 9.6 per centinOctober to December 2018.Total 37,567 offences were reported in the state in2019, in which women were victims, as compared to 35,497 in2018 and 31,997 in 2017, the report noted.FDI inflows in 2019-20 was Rs 25,316 crore, which isless as compared to Rs 80,013 crore in 2018-19 and Rs 86,244crore in 2017-18.Maharashtra was second in the country after Karnatakain terms of FDI in 2019-20, it said.The state received 112.6 per cent rainfall during themonsoon of 2019.Of the 355 talukas, excluding Mumbai city and suburbs,152 talukas received excess rainfall, 182 got normal rainfalland 21 received deficient rainfall, the survey report said.During the kharif season of 2019-20, sowing wascompleted on 149.61 lakh hectare area.Production of cereals, pulses, oilseeds and cotton isexpected to increase by nine per cent, three per cent, one percent and 24 per cent respectively, while the production ofsugarcane is expected to go down by 36 per cent as compared tothe previous fiscal.During 2019-20, the area under rabi crops is 50.87lakh hectares, which is 5.6 per cent more as compared toprevious year.Theproduction of cereals and pulses is expected to goup by 43 per cent and 23 per cent respectively, while theproduction of oilseeds is expected to decrease by 24 per cent.The survey said that Mahatma Jyotirao Phule FarmWaiver Scheme 2019 has been approved (by the MVA government)to waive overdue loans borrowed between April 1, 2015 andMarch 31, 2019 up to Rs two lakh, including the principalamount and the interest, as on September 30, 2019.The state government has provided Rs 15,000 croreduring 2019-20 for its implementation.Irrigationpotential created as one June 30, 2019 bymajor, medium and minor irrigation (state projects) was 51.23lakh hectares and the actual irrigated area was 35.97 lakhhectares (70.2 per cent) during 2018-19, it said.The irrigation potential created as on June 30, 2019by minor irrigation (local sector) projects was 18.96 lakhhectares and the potential utilised was 8.49 lakh hectares(44.8 per cent) during 2018-19.Unseasonal rains during October-November 2019 due tocyclones Kyarr and Maha, affected agriculture and horticulturecrops from 349 talukas in 34 districts, the report said.Compensation for Rs 8,000 per hectare for agriculturecrops and Rs 18,000 per hectare for horticulture crops wassanctioned, the report said. MRNP NP

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States GDP to contract 1.4-14.3 per cent in FY21: Report

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Bihar registered 10.5pc growth rate in FY19: Economic Survey

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Odisha govt presents Rs 1.5 lakh crore budget for FY21

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Mizoram CM presents Rs 10,081 crore budget for FY21

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FY21 GDP contraction already crosses 6.8%: SBI Ecowrap

IANS

Telangana urges 16th Finance Commission to increase states' share in Central taxes to 50%

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Maharashtra has room to borrow additional Rs 42,235 cr to fight COVID-19: Report

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Maha's economy to grow at 5.7% in 2019-20: Economic Survey

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