Elara Capital (India) Private Limited provides investment banking services has come up with an analysis of CAG data about the impact of Economic Crisis on India. The analysis revealed that Seventeen India states have seen a fall in state tax revenue growth.
A shocking finding of this analysis is that Andhra Pradesh where the capital works are stalled has seen the biggest fall in growth of tax revenue. In between April and July, Andhra Pradesh has reported a whopping -42.7 States’ Tax Revenue Growth. During the same time last year, the Tax Revenue Growth in AP is at a healthy 5.9%.
To gauge the seriousness of this fall, Punjab has registered a fall of 12.5% Tax Revenue Growth but is still a lot better than Andhra Pradesh. This will be a massive concern for Jagan Reddy’s Government which is gearing up to begin various populist schemes in the coming months.
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