Rising geopolitical uncertainty, a falling dollar and the growing speculative interest in commodities trading will keep crude prices volatile.
With the recent issues of ill-treatment of Indian workers in US and Middle East, Indian govt is also faced with the crisis of unorganised labour in India. There are 400 million workers in the unorganised sector in India that are living in subhuman conditions, are being exploited and do not get any financial benefits either. And, they fall beyond India's stringent labour laws. Unorganised Sector Worker's Social Security Bill is riddled with loopholes and yet remains undecided.
To be fair, with the increasing terrorist threats, India's concern may not be unique. The United States, for instance, has always had the reputation of not allowing any email service provider to operate without it being able to break the encrypted code.
Budget has made provisions for increase in the discretionary powers of the taxmen. It remains to be seen whether this move will affect the taxpayers or help them better.
In recent years, as the number of government economic reports coming out in the weeks and months before the Survey has increased, its utility has diminished as a source of data and as the ministry's assessment of the state of the economy.
Apart from signalling the shape of things to come, the stock markets are seen as an important source of funds for investment - so their health can be critical.
The new Sebi chairman will have to work hard in institution building. This involves attracting high-quality people (who might often be young by government standards), putting them in a meritocratic workplace with open discussion, and establishing transparency and accountability structures so that Sebi becomes not a one-man shop but a genuine institution that will be a key player in India's GDP growth.
The Central Statistical Organisation, the government agency responsible for keeping track of how the economy is performing, goes through five phases of estimating how much India's GDP amounts to each year.
Given how Participatory Notes are essentially an OTC market for Indian equity derivatives, moving them onshore should be an important objective.
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