The wait for India to become a $5-trillion economic powerhouse by 2024-25 (FY25) is going to take longer than what the finance ministry had originally intended, according to the International Monetary Fund (IMF). The vision will instead be achieved in 2028-29 (FY29), reveals the IMF data, illustrating a four-year delay. Chief Economic Advisor (CEA) V Anantha Nageswaran had in February said India would become a $5-trillion economy by 2025-26 or the following year, on the back of 8-9 per cent sustained growth rate in real gross domestic product (GDP). However, the IMF data conveys that the economy will be $4.92 trillion in FY28, clearly alluding to the fact that the target will be realised in FY29.
'We have to stop thinking about GDP and look at the impact on output and unemployment.' 'And that is not going to be insignificant.'
The government hopes the latest action will lead to banks also lowering the cost of borrowing for corporate and individual borrowers.
'There are deliberations on whether there can be lowering of income taxes and other sops to keep more money in the hands of taxpayers, enabling them to spend more and boost demand.'
Economic Affairs Secretary Subhash Garg is the finance ministry's primary liaison with the RBI.
Although the first woman to hold the position of chief economist at IMF, it would be wrong to see her appointment through the lens of gender
The issue dates back many years when the actor and others proposed bringing Sony TV channel to India.
Currently, confiscation can be done through multiple laws, but it is a complicated process.
Lower interest rates needed to boost manufacturing, officials say.
In simple terms, it refers to a deduction allowed in income tax, irrespective of expenses incurred or investment made by assessees.
Rs 14.5 lakh crore of Rs 500 and Rs 1,000 notes have been deposited as of 30/12.
Sops for middle class, poor and farmers on cards.
Whether or not such an overhaul will be carried out depends on the government's comfort level.
Such a move will help bring clarity to the Centre's estimates of the demonetised amount
The event will be significant for the Congress and Trinamool Congress leaderships, cementing the proximity during the winter session of Parliament.
Exemption limits, standard deduction on radar.
Increase of 10% to 12% likely in a bid to improve citizens' mood after demonetisation.
Senior bureaucrats say the government has planned a 'feel-good' Budget after the 'pain' of demonetisation.
IDS-2 and raids to uncover black money stash keep receipts flowing
'While collections under the Income Disclosure Scheme explain it partly, indirect tax numbers not showing any effect of the withdrawal of high denomination currency notes was puzzling.'
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