There were reports that some Commission officials were against the Rajan panel's suggestion to replace Gadgil- Mukherjee formula with Rajan Committee's Multi Dimensial Index for allocation funds to states.
Top security czars of India, Russia, Iran and five central Asian countries on Wednesday pledged to work for ensuring that Afghanistan does not become a safe haven for global terrorism and called for the formation of an open and truly inclusive government in Kabul.
India's economy is unlikely to see double-digit growth and may grow between 8 per cent and 9 per cent this fiscal year (2021-22, or FY22), against the estimated 11.5 per cent, according to leading economists and rating agencies. The downward revision of growth projections to as low as 10 per cent is mostly on account of stringency in restrictions by states, relatively slow vaccination pace, and the possibility of a third wave of the pandemic. However, they say the impact will not be as severe as the first wave, and expect the first quarter to see positive growth.
'All of us have believed in decentralisation. You may not like property taxation, neither do I. My solution is that the Centre does the tax collection, but we can give a matching grant instead of redistribution,' says the outgoing CEA, Arvind Subramanian.
The NDA government was initially reticent about fleshing out its economic strategy for the future. But now that it has taken enough bold initiatives on the economic front it must have the confidence to tell us more about its approach going forward, says Abheek Barua.
Two Indian companies - Reliance Industries and Tata Consultancy Services - figure in the financial disclosure report submitted by Lawrence Summers, director of President Barack Obama's National Economic Council.
India has just had one of the worst quarters in export earnings.
There is buzz that the PM, confident of an election victory, will introduce 25 new ministers.
This will violate the time-honoured convention that a government elected for a five-year tenure presents only five full Budgets, but the NDA government will no doubt present it as yet another initiative of Mr Modi.
India has conveyed its concerns to the top security and intelligence officials of the United States, the United Kingdom and Russia over the possible implications of Pakistan's links with the Taliban and various terrorist groups operating in Afghanistan for regional security and stability, people familiar with the development said.
Panagariya has advocated a more liberalised spending, arguing that greater capital expenditure could relax some of the infrastructure bottlenecks facing the country.
His view will be shaped by his perception of US world interests and India's economic performance relative to China.
Consulting Conclave at Faculty of Management Studies, Delhi
"At present, there are two main rate slabs under which sa majority of goods are covered -- five per cent and 12.5 per cent -- which will now increase to three (five per cent, 12 per cent and 18 per cent).Will this result in multiple litigations is anybody's guess."
"Ambassador Mittal raised India's concern that Afghanistan's soil should not be used for anti-Indian activities and terrorism in any manner," it added.
Russia and China are tight-fisted and Iran is broke and none of them has the political will or capacity to bankroll the Afghan economy, which only the US can, points out Ambassador M K Bhadrakumar.
The trio, 'twin shocks' of demonetisation and GST, 'twin balance sheet' problem that has been weakening India's banking system and the 'twin deficit' problem will continue to challenge economic management and performance in the year ahead, says Shankar Acharya.
Managing expectations is a challenge for policymakers.
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The stock market responded to his speech by going up by over two per cent; the rupee also gained in strength, by about 1.45 per cent, against the dollar.
The revenue collection in the same month a year ago stood at Rs 94,442 crore.
India is the second largest buyer of Iranian crude, after China.
'There are a lot of positive things these reforms are bringing about and it is only a matter of some quarters before the growth rate picks up momentum.' 'Until then we need to be a little bit patient.'
Parliament on Thursday cleared the decks for the rollout of the historic Goods and Services Tax from July 1 as it approved four supporting legislations to usher in the one-nation-one-tax regime.
The panel suggested inclusion of alcohol and petroleum products in GST, as is being demanded by the Congress.
Senior Congress leader Oscar Fernandes, who is already cabinet minister, will be without any porfolio.
NITI Aayog had been asking for Rs 7,500 crore for three years to set up an AI framework.
Grains, non-mineral water might be on the list; biscuits, butter and cheese might attract GST
Do you think that the number of rich in India is rising? Or is it that this is true only of big cities? Do you still feel Indians are poor?
'If anyone is able to understand the importance of Modi's endeavours to revive the economy -- even against opposition from sections of his own saffron brotherhood -- it is the former prime minister,' says Amulya Ganguli.
Juster played a key role in the landmark Indo-US civil nuclear deal.
Calling COVID-19 pandemic and vaccines as one of the most important aspects of his discussions with top officials of the Biden administration, External Affairs Minister S Jaishankar has said the endeavour is to expand production of vaccines in India with assistance from the US.
'I hope that the incoming Biden-Harris Administration works with India to address some of the most profound geopolitical transboundary challenges.'
After the 2019 election, one thing is sure: GST will see a number of changes, explains Indivjal Dhasmana.
A strong proponent of the GST, Adi Godrej has been saying for five years or more that it will add one per cent to India's gross domestic product (GDP).
NITI Aayog has a dual role of a monitor and advisor.
Saudi Aramco chairman and head of the Kingdom's cash-rich wealth fund PIF Yasir Othman Al-Rumayyan will join the board of Reliance Industries Ltd as an independent director in a precursor to a $15 billion deal. Reliance chairman and Asia's richest man Mukesh Ambani, who had two years back disclosed the talks to sell a 20 per cent stake in the company's oil-to-chemical unit to Saudi Aramco, announced the appointment of Al-Rumayyan at the company's annual meeting of shareholders. Harvard educated Al-Rumayyan, 51, will replace Yogendra P Trivedi, 92, who has expressed a desire to retire, Ambani said. On the sale of a 20 per cent stake in the O2C business, he said the deal is likely to conclude this year.
The two sides are also expected to explore ways to deepen defence collaboration, including exercises, defence transfers and technologies ahead of the next edition of the 2+2 defence and foreign ministerial dialogue to be held in the US later this year, they said.
He suggested that the new structures will emerge within one year's time.
The Reserve Bank of India is not a free agent. It never has been, nor should it ever be.
It is mind-boggling to find our prime minister putting exports on the back-burner, says Jayanta Roy.
