In terms of MLA salaries, Odisha is followed by Telangana (about Rs 2.7 lakh), Maharashtra (Rs 2.6 lakh), Manipur (Rs 2.5 lakh), and Uttar Pradesh (Rs 2.4 lakh).
The services sector employs 188 million people but remains highly informal, trapping most workers in low-wage jobs without social protection.
The government on Friday appointed noted economist Arvind Virmani as the new chief economic advisor in finance ministry.
Former chief economic advisor on life in government and the reform years.
These changes certainly bring India's GST a lot closer to what an ideal GST would look like, points out Karan Bhasin.
The Indian economy will grow at around 6.5 per cent in the current fiscal, notwithstanding high crude oil prices and increased uncertainty due climate changes, NITI Aayog member Arvind Virmani said on Thursday. Virmani also asserted that the gross household savings ratio in India has consistently gone up. In an interview with PTI, he said: "My growth projection (of India's GDP growth) is 6.5 per cent plus minus 0.5 per cent... because my experience is that the fluctuations in global GDP more or less has balanced out for us, assuming normal changes."
NITI Aayog member Arvind Virmani on Monday said India is set to become the fourth largest economy in the world by the end of 2025, an assertion which came days after NITI CEO BVR Subrahmanyam claimed India has already overtaken Japan to reach that spot. The International Monetary Fund (IMF), in its World Economic Outlook (WEO) report released in April had said that India is expected to be the fourth largest economy in the world with a GDP of $4.19 trillion in 2025, ahead of Japan.
Budget has several small steps which will boost growth
Principal economic advisor, Ila Patnaik, is coordinating the work on Economic Survey 2013-14.
Former Prime Minister Manmohan Singh's 1991 budget unshackled India's economy, significantly enhancing the economic prospects for hundreds of millions of Indians, first deputy managing director of the International Monetary Fund (IMF) Gita Gopinath said on Friday.
Three years after India declared its goal to become a net-zero economy by 2070, the policy design for achieving the target has begun, with the NITI Aayog forming dedicated multi-sectoral committees to prepare a transition plan. In 2021, India joined a select group of nations that set a target year for becoming net-zero carbon economy. At COP26 in Glasgow, Prime Minister Narendra Modi outlined a five-pronged 'Panchamitra' climate action target for India and committed to a net-zero target by 2070, joining nations like the US, the UK, and China.
Among possible new members, former chief economic advisor Arvind Virmani's name is doing the rounds.
The government had, in the budget, targeted fiscal deficit to come down to 2.5 per cent of GDP this fiscal, although it was 3 per cent under the Fiscal Responsibility and Budget Management Act.
Dr Mohan will be representing India along with Bangladesh, Bhutan and Sri Lanka on the 24-member Executive Board of the IMF.
Besides French Finance Minister Lagarde, seen as a strong candidate, there are four to five other aspirants in the race for the post vacated by Dominique Strauss-Kahn.
Ground reality suggests that someone from the developing world does not stand a chance to emerge victorious.
A day before taking charge, Finance Minister Pranab Mukherjee on Sunday met senior officials of the ministry to discuss issues related to the economy.
Monetary policies worldwide has to deal with issues like controlling inflation, promoting growth and financial stability.
The government today extended the tenure of Chief Economic Adviser Arvind Virmani by three months on a temporary basis, said a finance ministry spokesperson. His current two-year term came to an end on Tuesday.
Finance Minister P Chidambaram held informal consultations on Wednesday on possible candidates for the Reserve Bank deputy governor's post.
India's wholesale price index, the inflation measure most widely followed by policy-makers and investors, does not need another revision after the release of the final number eight weeks after the provisional numbers, as more than three-fourths data are collected by then, Pronab Sen, chief statistician, Ministry of Statistics has said.
Given the monetary steps taken, I am hopeful we will be back to normal inflation, that is 5-6 per cent, within 12 months.
The second phase of reforms was expected to address areas like extending 'national treatment' to foreign banks, which means that foreign banks would be treated on a par with Indian ones under the World Trade Organisation agreement. Other items that are to be considered include permitting listing foreign banks' wholly-owned subsidiaries in India and the acquisition of sound Indian banks by foreign banks.
Kaushik Basu, the C Marks Professor of International Studies, professor of economics, and director of the Center for Analytic Economics at Cornell, has been asked informally if he would consider becoming Chief Economic Advisor (CEA), a post that will fall vacant after Arvind Virmani ends his tenure and leaves to join the International Monetary Fund at the end of the month.
The country's economy is expected to grow by around 6 per cent in the current fiscal, even in the worst-case scenario of global recession prevailing till March 2010, according to Arvind Virmani, chief economic adviser in the Ministry of Finance.
Putting forward the government's view on the high level of fiscal deficit, Arvind Virmani, chief economic adviser in the finance ministry, claims the 6 per cent deficit is reversible.
'The decision to supply free food grains is not an economically sound decision because the government will find it very difficult in future to charge anything for food grains.'
As far as the overall investment in the economy is concerned, there does not seem to be much difficulty this year but concerns are there that new projects may not be started from the next fiscal. The Reserve Bank is expected to signal cut in interest rates by banks on Saturday. It is expected to slash both short term rates, repo and reverse repo, at which it gives and borrows money from banks in exchange of government securities.
The inflation which hit a high of 13 per cent in August following spike in prices of petroleum products in the international market, has been on the decline since the outbreak of the global financial crisis in mid-September last year.
India should continue with the pending reforms in many sectors to get the economy back on track and take it to a high growth rate, says Arvind Virmani, chief economic advisor to the government, in an interview with Business Standard
in some sense, it is much worse as the current rise was preceded by an increase in commodity prices
Inflation in India drastically fell to a new 20-year low of 0.27 per cent for the week ended March 14, from 0.44 per cent in the previous week, as food and fuel items turned cheaper, prompting analysts to say that rate of price rise would soon turn negative.
FM P Chidambaram is expected to address the IMF-WB's spring meeting on April 12 & 13 that is likely to be dominated by the impact of US recession, global inflation & consequent credit crunch leading to global economic slowdown. He is expected to take up India's concerns of rising global food & commodity prices, besides spiraling crude oil prices in the backdrop of domestic inflation, which has touched a 3-year high of 75%. India will take up hike in assistance issue with WB.
According to the GDP data, the Indian economy recorded a growth rate of 7.8 per cent during the first half of 2008-09, down from 9.3 per cent during the corresponding period last fiscal.
India and China will become an integral part of the global power structure by 2015 and will remain in that growth trajectory till 2020 before they leap frog to become a part of the tri-polar world along with the US by 2035, said a reputed economist.
Chief economic adviser to the finance ministry Arvind Virmani on Wednesday said the retail price-based inflation, which is ruling above the wholesale price index, will come down with a lag but would not fall as much as the rate of rise in wholesale prices is falling.
Economic think-tank Indian Council for Research on International Economic Relations has warned that higher economic growth of 7-7.5 per cent annually cannot be achieved in the next five years unless the government accelerates reforms.
India is slated to become the third largest economy with a share of 14.3 per cent of global economy by 2015 and graduate to become the 'third pole' and growth driver by 2035.
The MPC headed by RBI Governor Shaktikanta Das will announce the resolution of the meeting at around noon on Thursday.
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