In its essence, GST is a national level system of value added taxation of goods and services, says Shankar Acharya.
India's primary deficit (Centre and states) for FY21 is assumed to be 6.8 per cent of GDP, according to the Economic Survey tabled in Parliament on Friday. It said the Covid-19 pandemic has created a significant negative shock to demand. Active fiscal policy -- one that recognises that fiscal multipliers are disproportionately higher during economic crises than during economic booms -- can ensure that the full benefit of seminal economic reforms is reaped by limiting potential damage to productive capacity.
The fewer the number of central ministries that matter, the better the efficacy of India's reforms.
It's time India re-visited its Western alliances for the attitude and approach that the West reserves for the nation when it comes to security cooperation of the kind that they might not have visualised outside of China, India's bug-bear, asserts N Sathiya Moorthy.
Nirmala Sitharaman on Wednesday assumed charge as the Finance and Corporate Affairs Minister for the second consecutive term and is slated to soon present the final Budget for FY '25 that is going to set the tone for the Modi 3.0 government's priorities and direction for Viksit Bharat. Upon her reaching the North Block office, Sitharaman was greeted by Finance Secretary T V Somanathan and other top officials. Minister of State for Finance Pankaj Chaudhary was also present. Chaudhary assumed charge on Tuesday evening.
The employment situation remains dire. Whatever can be done to promote greater low-skill employment should be pursued aggressively, advises former chief economic adviser Shankar Acharya.
Given the many policy areas where the Centre and the states have not been seeing eye to eye in the last few years, it is time the Modi government convenes a meeting of the Inter-State Council, recommends A K Bhattacharya.
Subramanian, a senior fellow at the Peterson Institute for International Economics in Washington, attended a news conference in New Delhi at which his appointment was announced.
India's economic growth is expected to improve to 6.3 per cent in 2016 with the country leading economic recovery in South Asia, according to a United Nations report.
The gross tax revenues have touched 65 per cent of the Budget estimates at Rs 17.81 lakh crore during the first eight months of the current fiscal till November, propelled by corporate and personal income tax mop-up, according to the Economic Survey 2022-23 presented in Parliament on Tuesday. The survey, authored by Chief Economic Advisor V Anantha Nageswaran, said the 'substantial reforms' in India's taxation ecosystem post-2014 and policy reforms have removed the distortionary incentives from the economy. Reforms like GST, reduction in corporate taxes, exemption of sovereign wealth funds and pension funds from taxes, and removing Dividend Distribution tax have reduced the tax burden on individuals and businesses.
Principal economic advisor, Ila Patnaik, is coordinating the work on Economic Survey 2013-14.
Few finance ministers announce any taxation measure that could upset the stock market. Ms Sitharaman decided to take that risk, observes A K Bhattacharya.
Monetary policy easing in India puts it out of step with the United States, the world's largest economy, where interest rates are expected to rise later this year
It is time for Mr Modi to be a little more reasonable and rational.
'A rigid or overly broad interpretation could lead to a chilling effect on investments and growth in sectors traditionally driven by private initiative.' 'Entrepreneurs may fear that their assets could be arbitrarily appropriated by the State under the guise of serving the 'common good' without sufficient legal safeguards.' 'The judgment thus supports a more nuanced view, one that balances individual property rights with public welfare objectives.'
Chaudhary Charan Singh, who on Friday was conferred with India's highest civilian award Bharat Ratna, is popularly known as a champion of farmers.
This is the lowest investment grade rating.
Finance Minister Nirmala Sitharaman on Thursday announced a Rs 11.11 lakh crore spending on infrastructure and vowed to continue reforms as she resisted resorting to populist measures in Modi government's last Budget before general elections, instead choosing to stay on the path of cutting deficit while bolstering measures for focus groups.
The issue of increasing inequality on the consequences of the economic policy trajectory has featured prominently in the public debate since the early 1990s. It came to a head during the general elections of 2004.
'Over the next two quarters, markets will be guided by observing the earnings resilience of corporates during the second lockdown, progress of the monsoon and the damage, if any, to rural spending power due to the second wave.'
The outcome may determine whether Macron's centrist coalition retains power or if France faces a period of political cohabitation with the far-right National Rally, led by Marine Le Pen.
He was most recently credited as one of the brains behind labour law reforms in Rajasthan
IT and interest rate-sensitive bank, realty, and auto stocks ended with sharp gains.
Today even those who support Prime Minister Modi feel there is a certain sense of listlessness in this government. What is it intending to achieve? This is not easy to say, notes Aakar Patel.
'India represents one of the top opportunities with robust growth, solid fundamentals, and openness to foreign investment.'
Pledging to alter the policy environment to accelerate economic growth, Prime Minister Manmohan Singh on Saturday promised to address concerns on GAAR and taxation of the IT sector along with giving high priority to finalisation of the Direct Taxes Code and Goods and Services Tax.
Among the 30 Sensex companies, Larsen & Toubro, Power Grid, NTPC, State Bank of India, Reliance Industries and HDFC Bank were the biggest laggards. Sun Pharma and Nestle were the only gainers.
As per a PMO statement, Modi told the investors that "he believes in a fair, predictable and consistent tax system
Highlights of Economic Survey 2020-21, tabled in Parliament by Finance Minister Nirmala Sitharaman on Friday.
The external affairs minister also recalled how Pandit Nehru was hesitant in taking assistance from the United States following the 1962 war with China as he was unsure how it would be seen.
Shastri took the first big step to transform India's agriculture, the benefits of which his successors reaped in plenty, says A K Bhattacharya.
'While criticising India's high tariffs, Mr Trump stated he would impose reciprocal taxes on Indian products if re-elected.' 'However, since India's tariffs follow WTO rules, Mr Trump's actions would violate these rules,' Ajay Srivastava points out.
'Is the Agniveer scheme or their post-retirement re-employment in paramilitary forces or in the state governments the BJP's answer to the crying need on the job front?' 'Or, even Finance Minister Sitharaman's one-year internship scheme in the public and private sector, is it a permanent solution, either?', asks N Sathiya Moorthy.
P V Narasimha Rao strongly felt that the reforms would have to be mindful of Indian concerns and would have to protect the interests of our poor and our working people, he said.
The Congress president also announced that a compact task force will be set up to drive the process of internal reforms that are essential.
The National Democratic Alliance won 64 seats.
The prime minister's August 15 address was undoubtedly inspirational and outlined important economic and social objectives, such as making India a global hub for manufacturing, ensuring bank accounts for all poor families, major thrusts in sanitation and cleanliness, and a radical restructuring of the Planning Commission.
Prime Minister Narendra Modi on Thursday said his government is using all channels including diplomatic to bring back high-profile economic offenders, leaving them with no option but to return to the country. Speaking at a symposium on credit flow and economic growth, he asked banks to support wealth and job creators with proactive lending while promising to stand by any loans given in right earnest. "In our attempt to bring back fugitive (economic offenders), we relied on policies and law and also used diplomatic channels.
Finance minister tries to put house in order before reforms are unveiled in February.
In the first phase of the Lok Sabha polls, there were 135 women candidates while in the second phase, there were 100 women candidates, bringing the combined total for the first two phases to 235 women candidates.
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