'The current budgetary practice of shifting expenditures off-balance sheet in order to be seen to be meeting fiscal targets should be discontinued; additional fiscal stimulus would be imprudent; individual income tax rates should not be cut; GST rates should not be raised now,' advise Arvind Subramanian and Josh Felman.
India's exports shrank in January for the 14th straight month on continued weak demand from Europe
For India, struggling for competitiveness, the current rupee overvaluation in terms of real effective exchange rate is a genuine constraint.
The FRBM report, to be submitted on Tuesday, is likely to have 'excuse clauses', absolving the government of meeting its fiscal commitments under certain conditions such as war or conflict, global economic meltdowns or natural disasters.
The council wants the government to stick to its fiscal consolidation road map.
India's credit and banking are neither too big nor too small.
'We are looking at the Budget with the hope that it will address all issues even at the cost of exceeding the fiscal deficit target.'
Experts will give their inputs for Budget.
The government is scrambling to contain the fiscal deficit at 4.1 per cent of GDP in the fiscal year ending March
The RBI Governor brought down retail inflation to 3.8% in July.
Claims of a spike in poverty and inequality in India during the Covid-19 pandemic are patently false as such claims are based on uncomparable different surveys, according to a paper co-authored by eminent economist Arvind Panagariya. The paper also noted that inequality fell in the country during Covid years, both in rural and urban areas as well as nationally. Panagariya, Columbia University Professor and former vice chairman of NITI Aayog and Vishal More of Intelink Advisors, New Delhi have co-authored a detailed paper 'Poverty and Inequality in India: Before and After Covid-19'.
Reserve Bank Governor Raghuram Rajan on Friday said banking sector will see major changes in the coming years.
'It is likely the government may opt for an IAS officer.' 'For the government, an IAS officer will be more easy to deal with,' notes A K Bhattacharya.
Lagarde had said an Indian could head IMF.
RBI rate cut is a welcome step for all citizens of India as everyone is looking for near-term boost in economy.
The use of RBI capital to strengthen public sector banks will have many positive implications for the economy -- and a few manageable downsides, points out R Jagannathan.
This is because the bond market has factored in the Rs 4.88-trillion gross borrowing for April-September 2020.
Govt sees little Fed hike impact on 'fortressed' Indian markets.
Select committees of the House have already submitted their reports
The committee had eminent people on it and making any allegations like this is 'outlandish', Sitharaman said.
Most families had high value currency notes and they used it for making payments during the pre-demonetisation era.
Relations between the Mint Road and North Block have often been frosty, with the former's calls for lowering rates being the biggest point of difference
'Unemployment barely figures in the Budget except as a derived demand from the industry and infrastructure.' 'There is no effort at direct attack on unemployment.'
The revision was announced before Indian markets opened on Thursday.
'The term 'pro-growth' must be qualified somewhat because, while a rising tide will lift all boats, it will not necessarily do so equally.'
A panel will draft direct tax legislation, keeping in mind the system in other countries, international best practices and economic needs of the country
Finance Minister Arun Jaitley, along with other senior ministers, on Tuesday pitched India growth story before 21 large global investors
Economists have cautioned that any deferment of the government's fiscal goals would prove counter-productive and raise the interest payment burden.
The FM said an announcement with regard to the additional steps will be made after consulting Prime Minister Narendra Modi.
The cost of paying the subsidy in cash has increased the money spent by the government.
Prime Minister Narendra Modi on Monday reviewed the situation and favoured pushing ahead with the reforms agenda and taking more steps to strengthen the economy.
In another somersault, the BJP MP claims Arun Jaitley looks smart in a suit.
'If deaths had been properly reported, it would have helped contain the pandemic.'
the GDP estimates incorporate new source data and modified compilation techniques
India's official COVID-19 tally on Wednesday was 4,18,480 (4.18 lakh), the third highest in the world after the US and Brazil.
Assocham said even if an investment revival were to happen, it would be a time lag of at least 18 months before it reflects in the manufacturing sector.
The panel suggested inclusion of alcohol and petroleum products in GST, as is being demanded by the Congress.
'There are two pre-conditions for big reforms. One, a sense of crisis and second, fairly concentrated levers of power.' 'India is growing at 7.5 per cent or something close to that.' 'Our levers of power are decentralised, not just between the Centre and states. Power is dispersed and there is no sense of crisis.'
Public investment is very crucial for GDP growth, says finance ministry.
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