The commission in its recent assessment of the economy also expects economic growth to go up to nine per cent in 2011-12, and further to 10 per cent in 2014-15.
In an interview with Business Standard's Sapna Dogra Singh and John Samuel Raja D, C Rangarajan says there are some encouraging signs in the economy, but the real recovery will come only in 2010-11.
Out of the GST of 12 per cent, states should receive seven per cent while the rest five per cent should go to the Centre's kitty, said the task force.
Competition watchdog CCI needs to scrutinise the practices of the state-owned companies as they are not above the law of competition, the Chairman of the 13th Finance Commission, Vijay Kelkar said on Friday.
Revenue buoyancy of GST will be key to improve the resource position of both central and state governments.
Experts say the party is undoing what it achieved through MNREGA by targeting beneficiaries
A panel will examine the merits and demerits of various dates for the commencement of the financial year.
The special package assistance would be used to augment irrigation structures in drought-prone areas to address the agrarian distress and drinking water crisis.
The BJP government in the state violated the Indian Government Accounting Standard.
On the sidelines of the NITI Aayog governing council meeting, CMs of West Bengal, Andhra Pradesh, Karnataka and Kerala met PM Modi.
The trio could play a significant role in the global economy, which is facing a slowdown, Finance Commission chairman Vijay Kelkar said at a conference on Russia, India and China in New Delhi. The conference was held to throw light on common policy issues characterising each of the society, said Suman Berry, National Council of Applied Economic Research director general.
RBI is likely to continue with its tough stance on monetary policy to maintain price and financial stability.
The Goods and Services Tax, proposed to be introduced from April 2010, would benefit the economy by at least $15 billion
'There is merit in keeping the central bank's balance sheet strong if the government's fiscal balance sheet is weak.'
The proceedings were washed out over various issues including the Citizenship (Amendment) Bill and roster system for reservation in educational institutions.
The government on Thursday decided to ask the 13th Finance Commission to map the road for achieving fiscal deficit targets by including off-budget subsidies like oil, food and fertiliser bonds estimated at over Rs 100,000 crore (Rs 1,000 billion) in the Budget.
Bihar expects transfers from the Centre to grow 28 per cent in 2016-17.
After the 2019 election, one thing is sure: GST will see a number of changes, explains Indivjal Dhasmana.
The commerce ministry will approach the 13th Finance Commission next month suggesting measures to reduce the incidence of local taxes on exports. With the state levies accounting for 6 per cent of the cost of exporters' consignments, the ministry wants to ensure that these taxes are rebated on the lines of refund of Central levies through different schemes.
Rajasthan Chief Minister Ashok Gehlot and some of his cabinet colleagues, including Shanti Dhariwal, figure in the list of 63 Congress candidates for the forthcoming assembly polls, announced by the All India Congress Committee.
Among the states due for election next year are AP, Haryana and Odisha, which have a fair share of agri credit. If these states individually announced debt relief, the combined waiver would be at least around Rs 600 bn to Rs 700 bn. Clearly, this will be a frightening challenge for Indian banks.
'This country today is demonstrating to the world the true meaning of federalism, the true meaning of working in partnership between the central government and the state governments.'
'... the government provides adequate cash and kind support for the poorest of the poor for survival... ...conditional cash and skilling support for the economically poor to raise their incomes to adequate levels... ...and make functional arrangements for providing unemployment allowance to the vulnerable poor during disasters like the present one.'
Data on the new series given by a panel on real sector statistics shows that GDP grew by 10.23 per cent in 2007-08 and 10.78 per cent in 2010-11. There are some years for which the new figures show a deceleration in growth as well. The new series has 2011-12 as the base year while the earlier series had 2004-05 and 1993-94.
From defending the shock announcement of demonetisation to spearheading the remonetisation drive that included the cumbersome process of printing and supplying new Rs 500 and Rs 2,000 notes, his calm composure brought a sense of serenity to an otherwise chaotic situation.
'At this stage, you should distribute money and food.' 'Like you queue up to vote, let people queue up to collect this.' 'This will arrest the decline in demand which will have a multiplier effect on the demand side for the economy as a whole.' 'The government should earmark about 2% of the GDP for this.' 'And this should be the first step to revive the economy.'
'We are going to have a recession this year, maybe next year too...'
No-trust motion battle was between BJP's majority and our morality, says TDP chief.
'The debate, by being mostly in Hindi, lost much of its educative relevance to the southern states.' 'All the prime minister's debating skills and oratorical prowess went over the heads of the South Indian audience,' points out B S Raghavan, the distinguished civil servant.
'Persisting with the inequalities, indeed seeing them get worse, is no one's prescription for national unity,' notes T N Ninan.
The Congress will only survive if it can transform into something more like the BJP used to be: A coalition of strong state leaders held together by shared ideology or personal loyalty, suggests Mihir S Sharma.
'Event management can distract from, but not permanently mask, execution failures,' points out Rathin Roy, director, National Institute of Public Finance and Policy.
Finance Minister Arun Jaitley to discuss key issues with state finance ministers.
While the farmers are not getting remunerative prices for their produce, at the same time they are forced to pay high prices for items they consume.
Law Minister H R Bhardwaj told delegates that the Centre also plans to introduce a bill in Parliament to set up mobile rural courts known as 'Gram Nyayalayas' to make justice available at doorsteps to people in villages.
Terming India's fiscal decentralisation as 'flawed', the World Bank has mooted six broad strategies, including strengthening the state finance commissions, broadening tax base and greater devolution of power to Panchayati Raj institutions.
