Ahead of the upcoming budget, eminent economists during a meeting with Prime Minister Narendra Modi on Thursday urged the government to take steps to accelerate economic growth and improve infrastructure, sources said. The meeting was organised by the NITI Aayog on Thursday to elicit views and suggestions of economists for the first budget of the Modi 3.0 government. "Earlier today, interacted with eminent economists and heard their insightful views on issues pertaining to furthering growth," Modi said in a post on X.
Surjit Bhalla believes that RBI is the only central bank in the world that formed its monetary policy on the basis of the current account deficit. He also feels that the Chidambaram proposed women's bank in Budget to impress Sonia Gandhi.
Headed by NITI Aayog member Bibek Debroy, the EAC includes NITI Aayog's Principal Advisor Ratan Watal as its member and economists Surjit Bhalla, Rathin Roy and Ashima Goyal as part-time members.
He says a Budget is supposed to be about tax and expenditure. "I think he (Finance Minister Pranab Mukherjee) has outlined significant tax reforms, which will be implemented over the next three to six months."
A book revolving around Prime Minister Narendra Modi's work and political and governance model with various chapters written by domain experts, his Cabinet colleagues and leading faces in different walks of life, is set to hit the bookstores next month.
Former prime minister Rajiv Gandhi had said that well-meaning programmes meant for the poor did not reach them: the same is true of the NREGA, says Surjit Bhalla.
A ban on futures would lower liquidity and make the markets more volatile. In any case, the recent US experience shows such bans don't stop markets from falling.
The latest NCAER annual household survey, to use other data, points out that around 33 per cent of the bottom 40 per cent of households had a television set and another 12 per cent a two-wheeler in 2005 -- how they can all be poor is anyone's guess, says Sunil Jain.
If instead of appreciating the nominal exchange rate it is devalued, the price level will rise
The government move on wheat and cement is irrelevant
Surjit Bhalla of Oxus Investments says that he is worried about the equity markets as despite good earnings, stocks are refusing to go up and investors are using rallies to sell.
The rising pitch of road shows and long rallies with hectoring pitches seem to have exhausted and numbed the audiences, rather than motivating them to vote for the party, observes Shreekant Sambrani.
Among possible new members, former chief economic advisor Arvind Virmani's name is doing the rounds.
'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.'
Under the new Monetary Policy Framework, the central bank aims to contain inflation at 4 per cent with a band of (+/-) 2 per cent.
The 14-member task-force will develop a working definition of poverty.
Economic Advisory Council to the Prime Minister has identified ten themes, including economic growth and job creations that need attention.
The council wants the government to stick to its fiscal consolidation road map.
The 'BluFin Business Cycle Indicator', which reflects various macroeconomic trends on a monthly basis, stood at 166.3 points in May, 5.8 per cent higher compared to the same month last year, suggesting that the Indian economy is growing at a faster rate than the previous year.
At a pre-Budget meeting, the FM was asked to ensure that NBFCs come out of the liquidity crisis they are facing with the help of RBI. They also spoke about the futility of trying to achieve a 3 per cent fiscal deficit target over the medium term.
The report by the High Level Advisory Group said India stands to benefit even more when the US and China are locked in a global trade war.
'RCEP may be in India's long-term interest, but it is certainly not in India's short-term and medium-term interest.'
Most economists were of the view that the NSSO should release the data, as any move to withhold it will dent the image of country's statistical system.
New body to replace Plan panel might retain 40% of existing staff
In a paper, EAC-PM accused Subramanian of "cherry-picking high-frequency indicators" to express his skepticism about the growth rates after 2011-12.
Concerned by GDP slowdown and unrealistic tax targets, the economists urged Finance Minister Nirmala Sitharaman to implement long-term structural steps like land and labour reforms. Warning against any off-Budget financing the economists said the government should prepare a statement of intent for its social, rural and welfare sector expenditure.
Reserve Bank of India Deputy Governor Viral Acharya is the eighth economist to quit since the Modi government took office.
The danger to India's democracy is coming from recourse to mobocracy encouraged by the anti-Modi gang, argues Vivek Gumaste.
Why do hundreds, and in some cases, thousands, turn up for a single vacancy at the lowest rungs of government jobs? The answer is simple: It offers a stable, assured income, which overcomes all other objections, says Shreekant Sambrani.
ADB's calculations imply almost half of India's population (47.7 per cent) was below the line in 2010. Both these estimates are based on the year 2005's purchasing power parity rates.
The event will be significant for the Congress and Trinamool Congress leaderships, cementing the proximity during the winter session of Parliament.
Two years is when the honeymoon surely starts to sour, so what should Prime Minister Narendra Modi focus on ahead of 2019? Devanik Saha offers some ideas.
A reversal of policy at this juncture could jeopardise the recent gains on inflation
Manish Sabharwal tackles 5 criticisms of demonetisation.
In cutting interest rates and giving a boost to the government's efforts to revive growth, RBI governor Raghuram Rajan displayed the pragmatism and flexibility familiar to those who work with him.
Senior bureaucrats say the government has planned a 'feel-good' Budget after the 'pain' of demonetisation.
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