The gains on the tax side are perceptible. ![]() This suggests an exchequer that is trying to squeeze gains on both the revenue and expenditure sides to manage its fiscal deficit. On 30 June, the Centre directed ministries, with some exceptions, to limit their spending in the second quarter to 20% of the full-year amount, while pressing on capital spending. It has done well in receipts, but not on capital spending. So, it projected a 26% increase in its capital expenditure. The second pillar was the centre contributing to growth by creating new assets. ![]() Thus, it projected a 17% increase in gross tax revenues, which would give it room to spend. ![]() Budget 2021-22 rested on two broad pillars.
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