For his first Budget in July 2014, Jaitley inherited a fiscal deficit target of 4.1 per cent of GDP. From 4.1 per cent, the fiscal deficit came down to 3.4 per cent by 2018-19, with two slippages from the budgeted targets, in 2017-18 and 2018-19, the former due to introduction of the GST, says Arup Roychoudhury.
BJP banks on Modi, Congress on its candidate Manvendra Singh in Barmer, India's largest constituency by area after Ladakh.
'It is a package for a new self-reliant India.'
Amendments will be tabled in Parliament for approval by Monday or Tuesday.
'At this point of time, West Bengal is doing better than other states in tackling the crisis. We have a chief minister who herself has hit the streets to do what is to be done, and at the same time ensuring a proper lockdown. She is also trying day and night to set up the requisite infrastructure.'
New Development Bank plans to issue $300-500 mn worth masala bonds in rupee: K V Kamath.
Finance Minister Nirmala Sitharaman will present her second Budget a little more than a month from now. Like any other FM, Sitharaman will depend on her team of bureaucrats and advisors to frame and present the Budget.
Lower interest rates needed to boost manufacturing, officials say.
The disagreement between the Centre and states continued over administrative powers.
The new Chief Economic Advisor Krishnamurthy Subramanian believes that more than unemployment, it is the quality of employment which needs to be focused on. In an interview with Arup Roychoudhury and Indivjal Dhasmana, Subramanian said that controlling inflation was the Modi government's biggest achievement.
While Arun Jaitley remains part of the decision making process, Piyush Goyal, who was given additional charge on May 14, attends cabinet meetings and takes the day-to-day decisions.
The economy could grow at 6-6.5 per cent this fiscal year (2019-20 or FY20), said Chief Economic Advisor Krishnamurthy Subramanian, revising his earlier estimate of 7 per cent in the Economic Survey. In an interaction with Arup Roychoudhury, he said supply-side measures, including corporation tax cuts, will boost consumption and demand, and non-tax revenue may make up for shortfall in tax revenues.
Even if the new body focuses on long-term planning, it is unlikely to do so through five-year Plans.
he government is examining a plan of bank recapitalisation and considering an urban version of MNREGS.
Reports from Ludhiana, Coimbatore, Moradabad, Tirupur, Indore, Surat, Delhi, Mumbai, Kolkata, Chennai and Hyderabad, suggest the impact of demonetisation is worsening.
'If you do quick back-of-the-envelope calculation, someone earning Rs 10 lakh can get a benefit of anywhere between Rs 35,000 and Rs 45,000, even if s/he is availing exemptions.' 'A large proportion of people do not avail full exemptions as they don't have money to invest in those schemes.'
'A bit of foresight would have helped.' 'Isn't it common sense that this is sowing and wedding season?' 'The plan is indeed unquestionably revolutionary, but better preparedness could have avoided such teething troubles.'
Fifty-six months on, the government's record in implementing these schemes and projects has been mixed, report Arup Roychoudhury and Indivjal Dhasmana.
'The CEA suggested that could be as high as 19 per cent.'
'We have to stop thinking about GDP and look at the impact on output and unemployment.' 'And that is not going to be insignificant.'
'We are not able to manufacture even low-end products as cheaply as China.' 'We are not buying Chinese goods today out of any love for China.'
Sops for middle class, poor and farmers on cards.
''Even without major reforms, with a business as usual scenario, and with current inflation trends, we should be clocking around 11 to 12 per cent nominal growth.' 'That is not happening and is a source of worry,' Rathin Roy tells Arup Roychoudhury.
Measures may include tax slab and rate revisions for individuals, companies.
Cash withdrawal limits likely to continue
Make In India and the reduction in barriers of trade will potentially create a growth environment.
With less than five months left for the report of the Fifteenth Finance Commission to be submitted, its chairman N K Singh said the report will have fiscal road map for states, depending on their current situation.
Industrialists affirm their belief that the adverse effects of demonetisation and the goods and services tax are finally over.
IDS-2 and raids to uncover black money stash keep receipts flowing
Finance ministry maintains that all KYC requirements will be followed.
'The rupee falling from 69 to 72 was not normal or justified by the fundamentals.' 'And therefore I treat this as temporary.'
'Look at Mr Modi. He is a part of this new middle class.' 'India has never before seen this kind of social mobility, certainly not since medieval times.' 'As a result, India's entrenched elite, which is a class of people with a strong sense of entitlement, is being tamed,' Sanjeev Sanyal tells Shyamal Majumdar and Arup Roychoudhury.
Finance Minister Arun Jaitley witll spearhead the campaign with BJP President Amit Shah as its chief strategist.
Chief Economic Advisor Arvind Subramanian says that he hopes GDP growth will be at the upper end of the 7-7.5 per cent range.
Modi government has to come up with a robust economic agenda to impress the masses.
Chief economic advisor Arvind Subramanian discusses the Budget, goods and services tax, Centre-state relationship and larger issues facing the economy
I-T lens on current account deposits over Rs 12.5 lakh. All the news and more post demonetisation.
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