Finance Minister Arun Jaitley has said that the states were free to announce farm loan waivers if they had the fiscal space and that there would be no shortfall this year in divestment and non-tax revenues.
'The BJP leadership and its agriculture minister must make up their mind on what kind of corrective measures will be needed for Indian agriculture at this point in time.' 'The sooner Mr Singh provides policy clarity on this vital issue, the better are the chances of India's agriculture and farmers emerging out of their current mess,' says A K Bhattacharya.
'It is likely the government may opt for an IAS officer.' 'For the government, an IAS officer will be more easy to deal with,' notes A K Bhattacharya.
A K Bhattacharya lists three reasons why Finance Minister Arun Jaitley will most likely present a full Budget on February 1, 2019.
The use of Section 7 is fraught with risks to the autonomy of the central bank, the credibility of the government and the smooth functioning of the financial markets, says A K Bhattacharya.
There is as yet no clarity on how the process of consulting with the RBI Governor, initiated under Section 7 of the RBI Act, would unfold in the coming days. The government is keen that its suggestions made in the public interest should be heeded by the central bank, says A K Bhattacharya.
The Indian economy's election-year syndrome cannot be ignored, says A K Bhattacharya.
The persistence with Aadhaar, to the exclusion of all other identity systems, is a dangerous path and should be avoided if the risks of digital vulnerability are to be eliminated. Till such time that the ownership of the Aadhaar system is transferred to an independent body, concerns over Aadhaar's digital vulnerability will persist, says A K Bhattacharya.
About 45 per cent of those who are part of the workforce, or about 207 million, are estimated to be engaged in agriculture and many of them will be outside the income-tax net and hence may not need a PAN. So, what does allotting PAN to 369 million individuals actually mean, wonders A K Bhattacharya.
'On as many as two occasions, Sita is called upon to take a test to establish her integrity and loyalty to Rama and on both the occasions she opts for a course of action on her own terms,' points out A K Bhattacharya, reviewing Bibek Debroy's translation of the Ramayana.
Singapore's single-rate GST structure cannot be India's model. But its practice of early announcement of rates much before their implementation should be emulated by India, says A K Bhattacharya.
A road map could be laid out for a gradual reduction in the tax rates from the current incidence of about 62-94 per cent without causing a major blow to the revenues of the Centre and the states. The opportunity arising out of higher GST collections should not be squandered, says A K Bhattacharya.
The lack of an informal communication channel is what should bother the government and the RBI, if they want to eliminate the undesirable outcomes of the current tension between the two, says A K Bhattacharya.
Let there be a rule that if the Budget is not passed and funds cannot be drawn from the Consolidated Fund of India, there will be a government shutdown as it happens in the United States, says A K Bhattacharya.
Backloading the government's borrowing programme suggests the finance ministry's confidence in better revenue numbers, says A K Bhattacharya.
How sustainable and prudent is the policy of boosting services without commensurate growth in infrastructure in the relevant sectors, asksA K Bhattacharya.
It would be a good idea to create independent oversight committees for each regulatory institution and indeed, even for their appellate bodies, says A K Bhattacharya.
It appears that the BJP government has succeeded in managing the communication of the PNB scam in a manner that its adverse impact on its electoral fortunes is largely contained
Reduce the government stake in public sector banks to 33 per cent, recommends A K Bhattacharya
Without the handsome receipts from the sale of government equity in PSUs and sharp increases in excise revenues from oil, Mr Jaitley's fiscal consolidation drive would have become even more arduous, says A K Bhattacharya.
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