A long crisis with a lack of sound short-term, long-term actions can result in sluggish growth in India, similar to that in Japan.
'This is a historical moment in the political history of Sri Lanka.' 'You can see the amount of pressure that is coming from the people because nobody addressed the policy blunders, multiple corruption charges and huge scandals.'
'The Budget numbers presented severely underestimate the magnitude of the unstated fiscal crisis that we went through in 2018-2019, which cannot be conceivably be fully reversed in 2019-2020,' points out Rathin Roy, director, National Institute of Public Finance and Policy.
Since the inception of the code, the threat of insolvency has brought many debtors in line
Without bringing sound governance and technical capabilities into the RBI's work, injecting new money sets the stage for a next wave of bad behaviour by banks, warns Ajay Shah.
Over 15 years, with seven per cent growth, the Indian economy will be three times bigger.
The implementation of their recommendations means that an adequate apparatus to change this is at the disposal of the government.
Any additional effort to assuage the growing worldwide hunger for infrastructure funding is more than welcome, says Barun Roy.
'The Reserve Bank's independence has remained a work in progress, an enduring challenge that the nation has been grappling with on an ongoing basis,' says RBI Deputy Governor Dr Viral Acharya.
The Centre has to bear the maximum burden of borrowing NSSF loans to the tune of Rs 1 lakh crore.
GST reform has been hanging fire since 2006-07.
'Rahul inspired Indian industry with an ethos, an ethos of being more confident, more independent, more thorough, more competitive, more generous, more public-spirited, and more national and more international all at once,' remembers Naushad Forbes.
The Rajya Sabha on Wednesday approved the biggest tax reform since Independence.
'Concerns about India's future are hampering private investment.' 'If the private sector sees strategy, teams and execution on these issues, this will inspire confidence in India.' 'This should be our main strategy for 2017,' says Ajay Shah.
In its essence, GST is a national level system of value added taxation of goods and services, says Shankar Acharya.
The Budget is remarkably coherent.
After a hiatus of nearly two decades, the government's programme to privatise state-owned firms restarted with the handing over of debt-laden national carrier Air India to the Tata Group. With the new owner shelling out Rs 18,000 crore for the buyout of the 'Maharaja', this would be the highest-ever amount garnered through privatisation, and is even more than the cumulative sum mopped up through strategic sales from 1999-00 to 2003-04. The government had in October last year inked the share purchase agreement with the Tata Group for sale of national carrier Air India for Rs 18,000 crore. Tatas would pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline's debt.
The panel may include or seek inputs from former RBI Governor Urjit Patel, former chief economic advisor Arvind Subramanian, Sajjid Chinoy of the PM-EAC, Rathin Roy, among others.
Modi govt must bring about reforms to kick-start big-ticket infra projects.
Control over PSU banks is what is allowing the government to drive this scheme.
With the new owner shelling out Rs 18,000 crore for the buyout of 'Maharaja' this would be the highest ever amount garnered through privatisation or even the cumulative sum garnered through strategic sale in 1999-00 to 2003-04. The government had garnered roughly over Rs 5,000 crore during that five-year period by privatising 10 CPSEs.
Make in India needs policy support for access to markets.
In the midst of third wave of COVID-19, Finance Minister Nirmala Sitharaman has come up with an impactful Budget which is balanced, fiscally prudent and growth-oriented, the USA India Chamber of Commerce has said. President of the Boston-based USA India Chamber of Commerce (USAIC) Karun Rishi, however, said it is a matter of concern that the budget lacks tangible measures to increase revenue generation. "Opting to keep the fiscal deficit at 6.9 per cent and increase capital expenditure by 35 per cent is a masterstroke. "The annual budget estimates the effective capital expenditure of Rs 10.68 lakh crore in 2022-23, making up about 4.1 per cent of the GDP," he said. "A phenomenal increase in the government's capital expenditure is likely to facilitate the expenditures on infrastructure and create jobs.
The National Democratic Alliance won 64 seats.
Accelerating inequality, the market dominance of tech platforms and remote working are likely to be the longest-lasting legacies of the COVID-19 crisis, the WEF said in a report on Monday. Releasing its Chief Economists Outlook report during the online Davos Agenda Summit, the WEF said that beyond managing the pandemic and vaccine rollout, these trends could shape a new era of fiscal, monetary, and competition policy. Deglobalisation is seen as the least likely of the current trends to continue in the longer term; particularly as international coordination is key to resolving global challenges such as vaccine manufacturing and distribution.
The Opposition on Monday charged the government with trying to promote crony capitalism, creating fear by giving "unbridled power" to taxmen, trying to snoop into people's lives through increased use of Aadhaar through the provisions of the Finance Bill.
How do we get back to higher trend growth? The heart of the problem lies in private corporate investment, recommends Ajay Shah.
'A buoyant market economy is one which is led by the innovation and imagination of private persons,' notes Ajay Shah.
'There are many things we need to work on.' 'At the heart of it is, one, the extent of inequality, which is not good for democracy and nation; two, a structural decline on how a country ought to function, how people should be held accountable, whose role is what.'
'For a responsible person like him to utter such nonsense is shameful.' 'He is not fit to be a director on the RBI central board.'
The speed at which he led the central bank in different areas -- ranging from internal reorganisation to inflation fighting, stabilising the currency, taking on rogue corporations, cleaning up bank balance sheets, and opening the sector -- makes one believe that Rajan knew he had only three years to do his job. A fascinating excerpt from Tamal Bandyopadhyay's MUST-READ Roller Coaster: An Affair with Banking.
Government looking at cushioning slowdown due to demonetisation with sops and higher outlay for micro, small and medium enterprises, agriculture, and affordable housing.
'Welfare schemes are not a necessary evil, they are a necessary good.'
The Union government has no 'Buy India' policy, but has a 'Buy Air India' policy.
The Modi government has handled inflation far better than any government in the past two decades. Both the stock market and currency indices have begun to show confidence in the economy, despite the mounting global headwinds of trade.
'The hour is very late, and the choice between triumph and tragedy knocks at our door,' says Ajay Shah.
'Given the possibility that our unstable northern and western borders may become 'live' at short notice, any major systemic change which impacts combat effectiveness should be brought about in a cautious and progressive manner.'
The government will find it difficult to pass the Bill without the Congress's help
'If some measures are implemented quickly, they can help revive growth.'
Several speakers noted that Budget carried the weight of expectations.
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