India plans spending boost as govt tries to revive Covid-19 hit economy

Curbs imposed by the finance ministry on more than 80 government departments and ministries earlier in the year to preserve cash were relaxed this quarter

India is set to swing from being a cautious spender in 2020 to opening the fiscal floodgates as Prime Minister Narendra Modi seeks to pull Asia’s third-biggest economy bank from the worst of the pandemic. Curbs imposed by the finance ministry on more than 80 government departments and ministries earlier in the year to preserve cash were relaxed this quarter. In addition, this year’s budget will be increased from its current 30 trillion rupees ($407 billion) when new spending plans are announced Feb. 1, according to people familiar with discussions, who asked not to be identified as the information isn’t public and subject to change.

The developments will give a boost to much-needed spending to help weather the hit from the coronavirus pandemic. Government expenditures have barely hit the half way mark seven months into the fiscal year, which started April. Government spending is key to staving off a prolonged crisis in the nation that’s home to the world’s second-largest coronavirus outbreak. The economy entered an unprecedented recession last quarter after lockdowns brought economic activity to a near standstill in the April-June period…Read More

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