Indian states are slashing salaries, demanding an increase in borrowing limits and asking for fund transfers from New Delhi as coronavirus takes toll on coffers via SwatiBhat22 Live updates:
MUMBAI - A three-week nationwide lockdown is testing the resilience of India’s state governments, with analysts warning that essential public services and health care for millions of Indians will be in jeopardy without further federal and central bank support.
The Reserve Bank of India has already raised short-term borrowing limits to help tide over the funding crunch, but more outright support from the central bank is going to be critical, analysts said. The finances of Indian states have historically been in disarray barring a few well-managed ones, but the lockdown of people and goods across Asia’s third-largest economy has hit tax revenues from fuel to stamp duties.Former RBI Governor Raghuram Rajan in a blogpost on Saturday called the current crisis, India’s greatest emergency since Independence.
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