Many individual states experienced higher inflation than the all-India figures during the financial year 2023-24 (FY24). Retail inflation figures in Telangana, Haryana, Rajasthan and Dadra and Nagar Haveli have been higher than national numbers every month of this financial year, shows a Business Standard analysis of state-wise figures, after the March inflation data was released on Friday. Experts noted that persistent high food inflation along with differences in the weights of rural and urban indices plays into the regional variation in inflation rates.
'The finance minister missed yet another opportunity to simplify the income tax structure in the Budget.' 'This was an opportune moment to get rid of the old tax system entirely and move fully to the new system,' asserts M Govinda Rao, member of the 14th Finance Commission.
'Once bitten, twice shy, I didn't take up the challenge this time...' 'I realised I had failed to follow my karma because I feared failure.'
Rediff reports on the reasons behind this dramatic shift.
Noting that these three Cs haunt Indian education today, the Congress Parliamentary Party chairperson said in an article that this "carnage" of India's public education system must end.
The Indian government has introduced a bill in the Lok Sabha to ban online games played with money, aiming to curb addiction, money laundering, and financial fraud. The bill also targets advertisements and financial transactions related to such games.
As part of efforts to tackle the menace of black money, the government has commissioned studies to estimate the amount of unaccounted income and wealth.
Finance Commission has got new team who are committed to growth initiatives.
Finance firms in these SEZs likely to get tax breaks.
Three institutes entrusted with the task to estimate amount say data collection a hurd#8804 to submit report by December.
During his first Union Budget in July 2014, former finance minister Arun Jaitley announced the setting up of an institution called 3P India, with an allocation of Rs 500 crore. The intention was to mainstream public-private partnerships (PPPs) in India. The plan was to bring together the capacities of the government and private sector to push PPP projects.
The Central Board of Direct Taxes (CBDT) has signed up the country's three top economic think tanks to arrive at an official figure. This will help the government frame policies to tackle the problem.
Three entities entrusted with job submit reports on black money estimation.
This will be the first full-year Budget of the BJP-led National Democratic Alliance government since it came to power for a third consecutive term in July last year.
The study was ordered in March 2011 when the nation was debating on the amount of unaccounted income with figures projected by politicians and civil society in crores of rupees.
Simplifying GST rates, removing exemptions, easing disputes, and speeding up refunds can boost investment in India and offer the best reply to Trump's tariffs, observes V S Krishnan, former member, Central Board of Indirect Taxes and Customs.
In the last 11 years, India and the world witnessed what he stood for, what he promised and did not deliver, and what he actually stood for and practised without fearing how history would judge him. Modi's tenure has been punctuated with headline-grabbing decisions, symbolic gestures, and stage-managed moments that continue to define his leadership and India's politics, points out Ramesh Menon.
Several leading scientists, academicians, and agriculturalists have called for raising government support for research and development to make Indian agriculture future-ready.
The empowered committee of state finance ministers has virtually trashed the Thirteenth Finance Commission taskforce's Goods and Services Tax report.
It is time to reform the RBI and the ministry of finance, says Dr Ajay Shah of the National Institute of Public Finance and Policy, New Delhi.
Let's wait for the monetary policy on February 8 -- to see how it complements the fiscal commitments, points out Tamal Bandyopadhyay.
One out of every two Indians would have Aadhaar number by the middle of 2014, UIDAI Chairman Nandan Nilekani has said as he underlined the unique attributes of the identification system that will lead to public sector reform and governance transformation.
There is a need to bring in legal/constitutional changes, reforms in central tax system and state tax systems, said M Govinda Rao, director, National Institute of Public Finance and Policy.
Those who worry that the Adani saga will turn the world off India are not looking at the entire picture, asserts Mihir S Sharma.
The government on Thusday said it is examining a proposal for setting up a venture capital fund to promote drug discovery in India.
Justice Rajiv Sahay Endlaw dismissed the plea of an employee that departmental inquiry and consequent dismissal from job for forging a rent receipt was illegal as the National Institute of Public Finance and Policy had no rules governing services.
The US Trade Representative noted that India's average applied tariff rate stood at 17% per cent, the highest of any major world economy.
'We are not able to manufacture even low-end products as cheaply as China.' 'We are not buying Chinese goods today out of any love for China.'
The Prime Minister's Economic Advisory Council on Wednesday favoured further increase in petroleum prices in line with the global trend.
The World Bank has appointed Indermit Gill, an Indian national, chief economist and senior vice-president for development economics at the multilateral development bank. "Indermit Gill brings to this role a combination of leadership, invaluable expertise and practical experience working with country governments on macroeconomic imbalances, growth, poverty, institutions, conflict, and climate change," World Bank President David Malpass said in a statement. His appointment will be effective September 1, 2022.
"The central fiscal situation has improved but several underlying fiscal pressures are not entirely evident in the numbers," Reddy said at an event organised by the National Institute of Public Finance and Policy. In 2008-09, the Centre has budgeted to cut fiscal deficit to 2.5 per cent of GDP from 3.1 per cent in 2007-08.
The finance minister continues to be backed by the same policy team in charting out the broad strategy as in the few earlier Budgets.
'The Budget needs to focus more on social welfare schemes.'
Expenditure on health in India is at a global low of 1.2% of GDP.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
'An era of fiscal pessimism is setting in, which, if not countered intellectually, is going to have the same effect as export pessimism has had,' notes T C A Srinivasa Raghavan.
India's economy is not like Western ones, and thus needs restrained fiscal policy even during a recession, says Ajay Shah.
