Page 78 - economic_survey_2021-2022

52 Economic Survey 2021-22

Figure 7: Buoyant GST collections Figure 8: Rising year-average of monthly
during 2021-22 Gross GST collections
Second
1.6 Nationwide COVID 1.3
1.4 lockdown wave 1.2
1.2 1.1 1.19
lakh crore 0.8 1 lakh crore 1.0 0.98 1.01 1.08

0.9

₹ 0.6 ₹ 0.8 0.90
0.4
0.2 0.7
0 0.6 2017-18 2018-19 2019-20 2020-21 2021-22
Dec-19 Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 (upto
Dec)

Source: Department of Revenue

2.14 The non-tax revenue collections up to November 2021 registered an YoY increase of
79.5 per cent. This increase was driven by dividends and profits, which stood at `1.28 lakh crore
against BE of `1.04 lakh crore. The key component of dividends and profits during this period
was ` 0.99 lakh crore surplus transfer from RBI to the Central Government.

2.15 The non-debt capital receipts include recovery of loans and disinvestment receipts. The
Budget 2021-22 had envisaged to mobilise ` 1.75 lakh crore from disinvestment proceeds
this year. So far, the government has been able to raise ` 9330 crore (as on 24 January 2022)
from disinvestment. The recently introduced New Public Sector Enterprise Policy and Asset
Monetisation Strategy by the Government reaffirm its commitment towards privatization and
strategic disinvestment of Public Sector Enterprises. The privatisation of Air India has been
particularly important, not only in terms of garnering disinvestment proceeds but also for
boosting the privatisation drive. The details of disinvestment during 2021-22 and new initiatives
being undertaken by Department of Investment and Public Asset Management (DIPAM) are
given in Box 2.

Expenditure

2.16 The expenditure policy of the government during 2021-22 has been characterized by
restructuring and prioritization of spending in sectors which have a long-term impact on output.
The total expenditure of the Government increased by 8.8 per cent during April to November
2021 and stood at 59.6 per cent of Budget Estimate. While the revenue expenditure has grown
by 8.2 per cent during the first eight months of 2021-22 over the same period in 2020-21, the
non- interest revenue expenditure grew by 4.6 per cent over April to November 2020 (Figure 9).