The country is going through an environment of economic lethargy. Amidst this lull, the central government can ask for 45 thousand crore help from the Reserve Bank of India. This claim has been made by news agency Reuters.
According to Reuters news, the government is going to take these steps to increase revenue. If this happens then there can be differences between the RBI and the government once again. Explain that the Reserve Bank had asked to give Rs 1.76 lakh crore as dividend to the Center. Of this amount, Rs 1.48 lakh crore was given for the current financial year (2019-20).
According to the report, the RBI makes profits largely by trading currency and government bonds. The RBI maintains a portion of these earnings as its operating and emergency fund. After this, the remaining amount goes to the government as dividend.
An official told Reuters that the current financial year is very difficult. This year, due to economic slowdown, the growth rate can remain at the lowest level of five years (five percent). In such a situation, the government can get relief with financial help from RBI. The source said, "We do not want to make the help from RBI a regular thing, but this year can be considered an exception." The source said that the government needs help from 35,000 crore to 45,000 crore rupees.
Need help for Third Consecutive Year
If the RBI accepts the central government's demand, it will be the third consecutive year when the government will get an interim dividend. There is also a possibility that there may be differences between the RBI and the government again. Let me tell you that during the tenure of former Governor Urjit Patel, there was a dispute about fund transfer. The dispute ended with Urjit Patel's resignation.
Government is Facing Revenue Shortage
In the current financial year, the government is facing a revenue deficit of about Rs 19.6 lakh crore. The main reason for this crisis is the relief given in corporate tax besides economic slowdown. Apart from this, GST and tax collection has not been done according to the expectation.
