CRISIL States indebtedness may soar 36% to ₹68 lakh crore this year | UPSC CURRENT AFFAIRS
CRISIL States indebtedness may soar 36% to ₹68 lakh crore this year
Why in News?
The pandemic-hit states are staring at a record 36% jump in their indebtedness to ₹68 lakh crore, which will be a decadal high this fiscal year as their revenue is seen plunging 15%, according to a report by CRISIL.
The report is based on the state of finances of the top-18 states, including Goa and excluding Delhi, which account for 90% of the aggregate gross state domestic product (GSDP).
As per the report, states’ overall revenues are estimated to decline almost 15 per cent on-year this fiscal in line with a shrinking economy.
All the revenue sources of the states will take a hit, with almost 65 per cent of the decline attributable to a fall in state GST collections, GST compensation payments, and tax devolutions to the states from the Centre’s own tax pool, which together forms nearly 50 per cent of states’ revenue receipts.
- This full-service rating agency is the major credit rating agency in India, with a market share of more than 60%.
- It is offering its services in financial, manufacturing, service, and SME sectors.
- The headquarter of CRISIL is in Mumbai
- The majority stake of CRISIL was held by the world’s largest rating agency Standard & Poor’s.
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