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State economy back on track during the post Corona-induced lockdown

The State economy is back on track during the post Corona-induced lockdown.

economy

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  15 Nov 2020 1:13 AM GMT

STAFF REPORTER

GUWAHATI: The State economy is back on track during the post Corona-induced lockdown. The resumption of business activities on a fast pace after the onset of the unlock process is essentially an indication of a reviving economy. The reviving trend of its economy has let the State government announce various new schemes.

This statement is backed by some tangible proofs. In post-lockdown this year, GST (Goods and Services Tax) collection in the State in September was Rs 912 crore. In October, it was Rs 1,020 crore. On the contrary, GST collection in April this year was just Rs 150 crore as against Rs 932 crore in April last year.

The State Finance department hopes that GST collection in the remaining months of this fiscal will also maintain a rising trend.

An study of revenue shows that the State gets 34 per cent of its revenue from its own resources, and 66 per cent from the Centre – 35 per cent as share of Central tax and 31 per cent as grants-in-aid. The State's own revenue collection of 34 per cent is not even enough to meet the expenditure of salary, wage and pension of the State government employees that need around Rs 32,000 crore annually.

Apart from this, the Centre owes Assam GST compensation of Rs 2,200 crore. If that amount comes, the economic condition of the State will get a further boost.

Though GST collection is maintaining an upward trend, industrial activities are yet to pick up momentum in the State. Agricultural income across the State is at the minimal. On the other hand during the COVID-19 pandemic, the State government had to spend a huge amount for social security.

The Subhash Das-led 'Economic Advisory Committee' suggested a few short-term measures for giving the lockdown-affected poor people some forms of succour. Taking those suggestions in view, the State government accommodated some sections of the lockdown-affected poor in schemes like 'Arunodoi', 'Jibondinga', 'SVAYEM' (Swami Vivekananda Assam Youth Empowerment) among others, so as to let them get benefits in one scheme or the other, said sources.

Also Read: Assam GST collection in Sep 2020 rose 13.49% from the same month last year: Himanta Biswa Sarma

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