Male central government employees are entitled to 15 days under service rules and provisions in the private sector depends on the company's policy.
Economic Advisory Council to the Prime Minister (EAC-PM) chairman Bibek Debroy passed away this morning, a senior EAC-PM official said. He was admitted to AIIMS. Debroy (69) was educated in Ramakrishna Mission School, Narendrapur; Presidency College, Kolkata; Delhi School of Economics; and Trinity College, Cambridge.
Sajjid Chenoy, India economist at JP Morgan is the new part-time member.
The Modi govt is keen to replace the Planning Commission with a more powerful body.
Duvvuri Subbarao on Monday joined as secretary, department of economic affairs, Ministry of Finance. He belongs to the 1972 batch of the Indian Administrative Service (Andhra Pradesh cadre).
Debroy is expected to have a role and responsibility similar to the erstwhile chairman of the Prime Minister's Economic Advisory Council
Petroleum ministry rejects conclusions of two reports ahead of EGoM.
The government on Tuesday appointed three external members -- Ram Singh, Saugata Bhattacharya and Nagesh Kumar -- to the RBI's rate-setting Monetary Policy Committee for four years. The central government has reconstituted the Monetary Policy Committee (MPC) of RBI, the finance ministry said in a statement. Ram Singh is the director of the Delhi School of Economics, Saugata Bhattacharya is an economist, and Nagesh Kumar is the director and Chief Executive, Institute for Studies in Industrial Development, New Delhi.
Government's cheap food distribution covers 68 per cent of the population.
India's External Affairs Minister S Jaishankar has expressed concern over information regarding USAID funding in India, calling it "concerning" and hinting at potential "bad faith" activities. Jaishankar asserted that India is looking into the matter and that the country should know who is involved in such activities. He also emphasized the need to expand India's security definition in the digital age, highlighting the influence of technology and narratives on public perception. The statements come amid controversy surrounding USAID funding for certain activities in India, with the US President Donald Trump questioning the agency's funding of voter turnout efforts.
'The focus of the legislation will be to minimise user harm and increase the accountability of platforms, while also promoting innovation.'
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.
Finance, oil ministry tussle over exports.
The food ministry has supported the suggestion of Rangarajan panel to allow export of 2 million tons of wheat from government stocks immediately to ease pressure on storages, the Rajya Sabha was informed on Monday.
Subramanian's paper comes at a time when concerns have been raised in various quarters about the official economic growth numbers. The Economic Advisory Council-PM said the Base Year of India's income calculations were shifted to 2011-12 on the basis of recommendations of several committees with experts in national income accounting.
Last year, the Survey suggested a long list of reforms, but most of these found no place in the Budget.
Although the government had pegged fiscal deficit for the current financial year at 5.1 per cent of the GDP in the budget, it has revised the target to 5.3 per cent in view of subdued revenue collection and rising fuel and food subsidy bills.
Industrial growth has entered the negative zone in October, two years after the global financial crisis. But Prime Minister's Economic Advisory Council chairman C Rangarajan pins hopes of a revival in the fourth quarter.
But the finance ministry has justified the action saying laws can be amended retrospectively through 'validating legislation,' which is legally permissible.
The committee on financial inclusion, headed by C Rangarajan, the chairman of Prime Minister's Economic Advisory Council, has recommended that the profits transferred to their reserves by such banks should be exempted from tax till the banks achieve the standard capital adequacy ratio (CAR).
The central government is likely to prescribe a special rate of abatement on the retail prices of drugs for calculation of excise duty.
Chidambaram to meet ministries' financial advisors, PM's economic council.
There are indications or signs of the economy picking up -- collection of GST and consumption of electricity, said former RBI governor, C Rangarajan.
The Prime Ministry's Economic Advisory Council Chairman also said fiscal deficit is a concern too and suggested raising domestic oil prices to restrict it to the budget target of 4.8 per cent of the gross domestic product in this fiscal.
There has been criticism of the official statistics ever since MoSPI came out with new methodology to estimate the GDP on the base year of 2011-12 compared to earlier 2004-05.
Economic Advisory Council to the Prime Minister (EAC-PM) chairman Bibek Debroy on Tuesday said the government was losing revenue due to the GST, which should be revenue neutral with a single rate. Speaking at an event organised by the Calcutta Chamber of Commerce in Kolkata, he however said that GST has led to a lot of simplification. "The ideal GST is one that has a single rate, and it was meant to be revenue neutral.
NITI Aayog has a dual role of a monitor and advisor.
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The stock market responded to his speech by going up by over two per cent; the rupee also gained in strength, by about 1.45 per cent, against the dollar.
India's economic growth rate is expected to be at least 6 per cent in the 2013-14 fiscal, Prime Minister's Economic Advisory Council (PMEAC) Chairman C Rangarajan said.
Says licensing of new banks should be a continuous process instead of the current stop-go system
Going by its past experience of differences between the central bank and the finance ministry, the government might prefer a person who could bridge this gap.
The prime minister's economic advisory council was disbanded early on, and not reconstituted.
India needs a National Trade Policy Council, chaired by a minister who reports directly to the PM, says Jayanta Roy, former economic advisor to the Union commerce ministry.
Finance Commission has got new team who are committed to growth initiatives.
'Poor home work, and a subsequent loss of nerve.' 'This sums up the Modi government's current travails, the stall in key sectors, fading momentum, irritability,' points out Shekhar Gupta.
It appears the row over the article penned by senior Bharatiya Janata Party leader Yashwant Sinha refuses to die down.
IMF projected India's economic growth at 4.25% in 2013-14.
Experts believe scrapping some projects is likely to bring some stability in road sector.
In a paper, EAC-PM accused Subramanian of "cherry-picking high-frequency indicators" to express his skepticism about the growth rates after 2011-12.
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.
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