The Economic Times

Indias shrinking budget: Fiscal discipline prevails amid stagnant revenues and limited reforms

Government expenditure as a percentage of GDP has remained largely stagnant, hovering around 2016 levels despite a pandemic surge. This is driven by flat revenue receipts, with individuals now bearing a higher tax burden than corporations. While there are efforts to simplify taxation and offer tax holidays, the budget lacks a coherent strategy for growth, employment, and productivity.