Revenue buoyancy of GST will be key to improve the resource position of both central and state governments.
The Survey adopts an unfettered approach in thinking about the appropriate economic model for India. This endeavour is reflected in the sky blue cover of the Survey, Chief Economic Adviser Krishnamurthy V Subramanian said.
India's economy recovered faster than expected in the September quarter as a pick-up in manufacturing helped GDP clock a lower contraction of 7.5 per cent and held out hopes for further improvement on better consumer demand. The gross domestic product (GDP) had contracted by a record 23.9 per cent in the first quarter of the 2020-21 fiscal (April 2020 to March 2021) as the coronavirus lockdown pummelled economic activity.
In an interview with Shobha Warrier/Rediff.com, he talks about the economic policies of the Narendra Modi government and whether achche din is really coming.
It is time the government cast its net wide for seeking expert advice on managing the Indian economy and formed a group to help it navigate the difficult days ahead, advises A K Bhattacharya.
ISB professor Krishnamurthy Subramanian tells Shobha Warrier/Rediff.com that Modi government's continuation of tax terrorism is driving away investors.
It is time he stood up and assured the middle class that they can count on him as one of their own, says Dr Sudhir Bisht.
'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.'
Of the seven surveys presented under Modi govt, predictions of three were quite close to the actual GDP growth rate, one saw the base year change in between, but the last three were way off the mark.
'Rather than cutting and pasting from advanced economies, we should use basic economic principles to think about what is right for India at the stage of development at which we are,' says Chief Economic Advisor Krishnamurthy Subramanian.
'The corporate tax cuts will obviously result in lower tax payments by companies,' says Central Board of Direct Taxes member Akhilesh Ranjan who retires after 37 years in government service.
'The world is going to be more insular.' 'What India needs to do is develop the domestic market for domestic consumption.' 'The emphasis has to be on Bharat as against India.'
'Hopefully, the new majority government will give the country a fool-proof electoral system,' says Saisuresh Sivaswamy.
'India's biggest loss is that we will not have anyone as principled and as courageous as Rajan.'
Hopefully, the grey world of central banking in a nation hit by demonetisation, will lighten up with some of his notes soon.
'It is not simply demonetisation or GST, it is this government's failure to manage the financial sector crisis.'
'The cash part is the lower hanging fruit compared to the other sources.' 'To attack the cash part of black money, I can't think of anything else but demonetisation.'
The 21st meeting of FSDC comes against the backdrop of the economy hitting a six-year low growth rate of 5 per cent in the first quarter of 2019-20. Even some of the macroeconomic data for the second quarter does not portray an encouraging picture of the economy.
Over 5,000 volunteers from 120 corporates, NGOs, schools, colleges, running groups, social organisations and individuals participated in the massive Chennai Coastal Cleanup drive held on June 7 morning. S Saraswathi reports.
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