The oil crisis could not have come at a worse time for the Modi government as its tax collection has fallen short of its 2020-2021 target by Rs 5.2 lakh crore.
United States Vice President-elect Kamala Harris has named her Chief of Staff, Domestic Policy Advisor and National Security Advisor -- an all-women team -- which she said has the experience to hit the ground from day one.
The Finance Commission has substantially increased the allocation of funds to panchayats, but a large part of it is apportioned by state governments.
'The coronavirus epidemic highlights the need to start thinking more actively about multilateral coordination, including, but not confined to, health emergencies and climate uncertainties,' says Rathin Roy.
The former bureaucrat said he will take measures which the economy requires in a timely manner and as the first step, will meet the heads of public sector banks.
'We are all in a tizzy about NBFCs in the aftermath of the IL&FS default.' 'We tend to jump to the notion that an NBFC is like a bank. But banks make a promise that deposits are liquid and have an assured return.' 'NBFCs make no such promises,' points out Ajay Shah.
But it is disappointing to note that Sitharaman's third Union Budget continues to promote a few problematic ideas, observes A K Bhattacharya.
The scheme is the biggest fiscal component of the Rs 20-lakh crore Aatmanirbhar Bharat Abhiyan package announced by Finance Minister Nirmala Sitharaman last month.
President Gotabaya Rajapaksa on Monday fired Basil Rajapaksa from his post and invited the Opposition parties to join a unity Cabinet to tackle the raging public anger against the hardships caused by the economic crisis.
'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.
''Even without major reforms, with a business as usual scenario, and with current inflation trends, we should be clocking around 11 to 12 per cent nominal growth.' 'That is not happening and is a source of worry,' Rathin Roy tells Arup Roychoudhury.
'This will have a multiplier effect in generating more jobs.'
21st century may have witnessed expansion of higher educational institutions, but who can afford it? Sushree Panigrahi & Jeet Singh look at the numbers.
Undergraduate courses indicatively cost S$23,000 to S$38,000, while postgraduate courses approximately cost S$15,000 to S$40,000.
Some say the MPC will raise the rate, while others are of the view that there is already de facto interest rate tightening through rising bond yields, which might prompt the central bank to go for a pause.
'When we say we want to increase pension participation, do we want to increase participation through the savings route?' 'Or do we want people to save in specific pension products?' asks Renuka Sane.
The culture of freebies burdens coming generations with the huge bill for the flagrant abuse of power by preceding governments, points out Virendra Kapoor.
The branch managers have come out of their glass cabins and the sellers' market has transformed into a buyers' market, but there is no end to the harassment of customers, asserts Tamal Bandyopadhyay.
Several speakers noted that Budget carried the weight of expectations.
Officials said Sebi first proposed to the FinMin to amend the relevant provisions in the Sebi Act to discontinue RBI's representation on its board, as it already has adequate presence of government nominees and in its over 25 years of existence the regulator has evolved as an "effective and one of the best in the world".
According to the NIPFP, there is the possibility that even if the banking system matures over time, some transactions could bypass the system so as not to pay the BTT.
The Union government has no 'Buy India' policy, but has a 'Buy Air India' policy.
The panel will also recommend a fiscal consolidation road map for the central and state governments, study the impact of GST on the divisible pool, and propose performance-based incentives for states.
'India resembles not just the more turbulent bits of its own past, but other 'managed' democracies, where all institutional strength and independence have been hollowed out to serve political power,' notes Mihir S Sharma.
We import from China not because we love China, but because they sell us these things at cheap prices, points out Rathin Roy.
RBI governor Raghuram Rajan and the government are working towards financial inclusion.
'What does the nation get out of the CBI's fabulous infrastructure? Very little that is useful.'
'We have to stop thinking about GDP and look at the impact on output and unemployment.' 'And that is not going to be insignificant.'
How do we get back to higher trend growth? The heart of the problem lies in private corporate investment, recommends Ajay Shah.
Their research paper on aid by rich nations got leaked
In absolute terms, fiscal deficit went up by 33.6 per cent in April-December 2017 and the revenue deficit by as much as 40.7 per cent compared to the same period the previous year, said Sudipto Mundle.
The government is going all out to spread awareness about the new indirect tax regime, and training lawmakers is being seen as a necessary first step.
Putin said India was facing a serious problem on account of terrorism and it was not an "imaginary thing".
'There should be total transparency in the system.'
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.
Indeed, there were frauds, and the politician-banker-industrialist nexus played a role in the rise of NPAs, but governance issues in Indian banking are far more nuanced and complex, reveals Tamal Bandyopadhyay.
What does Nobel Laureate Abhijit Banerjee thinks about India's education sector?
He said it will be 'foolhardy' to diminish institutions for short-term political gains.
Insurance companies are seeking a separate deduction limit of Rs 1 lakh for insurance premium payment under Section 80C of the Income Tax Act in the upcoming Union Budget to bring in more people under the ambit of insurance. The insurers also want reduction in the goods and services tax (GST) rate of 18 per cent currently applied on health insurance products to 5 per cent to make such products more affordable to common people. Finance Minister Nirmala Sitharaman will present the Union Budget for 2022-23 on February 1.
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