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Purpose: This article examines the preliminary impact of the Sars-CoV-2 pandemic on India\'s economic and budgetary landscape – the most affected developing country from the first wave of the pandemic It also includes a discussion of the monetary and fiscal responses adopted and the challenges faced in formulating the response to the pandemic Design/methodology/approach: Using high-frequency economic and fiscal indicators, this article evaluates the economic impact of the pandemic on the Indian economy Further, it uses data from government sources and news to highlight the measures adopted at the national and subnational level in response to the pandemic Findings: The difficult economic conditions prior to the pandemic limited the fiscal space available to the government As a result, the national and subnational governments have been cautious of accumulating excessive debt and have primarily responded with liquidity-enhancing measures, in addition to some fiscal measures for the most vulnerable Overdependence on consumption taxes has led to unprecedented revenue shortfalls prompting the exploration of new avenues for revenue generation and implementation of austerity measures – some of which may be counterproductive in the long run Originality/value: The paper highlights the policy response of the largest democracy that has been hit hard by the pandemic It also highlights various institutional and resource constraints that influenced the policies adopted India\'s experience in responding to the virus could provide lessons for other developing countries © 2020, Emerald Publishing Limited
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Journal_of_Public_Budgeting,_Accounting_and_Financial_Management
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Fiscal and monetary response to the COVID-19 pandemic in India
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