There were heightened expectations from Budget 2017 after the impact of note ban on different sections but most remain unfulfilled.
Indian economy is likely to rebound with an 8.9 per cent growth in the fiscal year beginning April 2021 after economic activity showed significant improvement in the last quarter, IHS Markit said on Friday. The National Statistical Organisation (NSO) on Thursday predicted that the economy will contract 7.7 per cent in the current financial year ending in March, the worst performance in four decades.
India's historical focus on its continental borders has overshadowed its maritime ambitions, but that is changing quickly, notes Ajai Shukla.
The Reserve Bank of India on Wednesday retained the economic growth projection for the current financial year at 10.5 per cent, while cautioning that the recent surge in COVID-19 infections has created uncertainty over the economic growth recovery. In its last policy review, the RBI had projected a GDP growth rate of 10.5 pc for FY'22. Taking various factors into consideration, it said, "the projection of real GDP growth for 2021-22 is retained at 10.5 per cent consisting of 26.2 per cent in Q1, 8.3 per cent in Q2, 5.4 per cent in Q3 and 6.2 per cent in Q4."
Jaitley has managed the difficult feat of sticking to the fiscal correction.
This is not her first stint in North Block or in leading a major economic ministry. She started Prime Minister Narendra Modi's first term as minister of state for finance, was made the commerce minister, and then became the defence minister.
'For the next two years, we expect the bulk of earnings growth contribution from sectors like financials and energy, where the outlook remains positive, while the sectors which are linked to domestic consumption and are currently witnessing strains on margins have low salience for Nifty earnings.'
Expressing his satisfaction over the government's move to slash fiscal deficit target, Das said it will help improve investment by the private sector as crowding out impact will be less.
Indian economy about to take-off
The formula for success of farm economy is very simple -- farmers should be able to produce more from the same piece of land at reduced cost while minimising risk and be connected to market to get higher realisation for their produce, points out Siraj Chaudhry.
The transformational reforms like GST, Bankruptcy Code and recapitalisation of banks, Black Money Act, demonetisation, flexible inflation targeting and adoption of fiscal discipline (FRBMA), etc, have temporarily and purposefully pulled us back only to propel us forward with greater velocity, Rajiv Memani.
The review stresses on creating conditions for growth that is employment-friendly.
'The prime minister should not have involved himself in these negotiations.' 'If he had not got himself involved and allowed only his ministers to talk to the farmers, things would have not reached this stage.'
Increase in taxes on luxury cars will not have any effect on the demand
Here are the key decisions announced by the Reserve Bank of India on Thursday.
The Survey projected growth rate of 7-7.75 per cent for 2016-17 with downside risks due to weak global economic scenario.
Ahead of his government's first full year budget, Prime Minister Narendra Modi on Friday sought ideas from economists to attract investments, create jobs and finance infrastructure to put India back on high growth path.
It emphasised that agricultural infrastructure needs considerable investments and hence Section 80IA benefits must be extended to all such investments like IT infrastructure, computers, VSAT, solar panels, water harvesting facilities, storage etc.
The BJP promised revival of the legislative council in Tamil Nadu, which was abolished decades ago by its ally, the ruling AIADMK, if their combine was voted to power in the coming assembly elections.
BJP general secretary Arun Singh said that during the course of the meet, discussions will be held on farm laws, Aatmanirbhar Bharat and upcoming state polls.
The government had raised Rs 10,000 crore through the last domestic black money amnesty.
Assessing the shape of the Indian economy just a couple of days ahead of the Union Budget for 2016-17, Saugata Bhatacharya, senior vice president and chief economist, Axis Bank, speaks about his budget wishlist and suggests measures that can help finance minister Arun Jaitley achieve the targeted fiscal deficit of 3.5 per cent of India's gross domestic product.
Opposition members in the Lok Sabha on Monday blamed the Bharatiya Janata Party-led central government's policies for the price rise and accused it of ignoring the plight of common people, saying kitchens will soon "see a lockdown" if the Centre does not take corrective measures.
'Four years into his tenure and Modi still has no idea what is wrong with the agriculture sector!'
The government and the farmers must come back to the negotiating table with only the interest of the country in mind, suggests Vivek Gumaste.
Millets can provide nutritional security against deficiencies, especially in children and women, says Sreejith Moolayil, co-founder and COO, True Elements.
Tax administration could be improved to reduce discretion and improve accountability
The government should have mentioned clearly the specific structural reforms that were responsible for the deviation from the fiscal deficit target by half a percentage point, says A K Bhattacharya.
Senior Congress leader P Chidambaram on Thursday contested the assertion in a Ministry of External Affairs (MEA) statement that the new farm laws were passed in Parliament after a full debate and discussion, terming it as 'a travesty of the truth'.
He is not good at thinking through laws and policies. His lockdown produced chaos and misery and didn't stop Covid. His GST finished off thousands of companies and reduced the amount of tax government collects to such an extent that he cannot pay state governments any more, observes Aakar Patel.
The Indian economy can contract by 7.7 per cent in current financial year ending on March 31 and the growth could be 11 per cent in the next financial year, according to the Economic Survey tabled in Parliament by Finance Minister Nirmala Sitharaman. The contraction in FY21 is mainly due to coronavirus (Covid-19) pandemic and the visible damage caused by the subsequent countrywide lockdown to contain it. The survey unveiled two days before the Union Budget is broadly in line with forecasts by the Reserve Bank of India (RBI) which has said it expected the country's GDP to contract by 7.5 per cent in the year ending March 31.
Centre meets target of 18,000 villages but household metering remains a challenge
The government on Thursday announced a new 24-hour TV channel dedicated to agriculture sector with an outlay of Rs 100 crore for providing real-time information to farmers.
The words 'industry', 'industrial development', 'jobs', and 'employment' have been ringing with higher frequency since Mamata Banerjee stepped into her third term with landslide victory after a high-octane election last year. "Our government's next target is industrial development," the chief minister (CM) had been heard stating at different public meetings in the past few months - perhaps setting the tone for the sixth edition of the Bengal Global Business Summit (BGBS) slated for later this month. Investor summits by any state are about intent, big numbers, and tall claims. Yet in competitive federalism, its importance as a marketing tool is undeniable.
But use of that word -- privatisation -- is not encouraged. This seems to be a classic case of reforms through subtle signals, observes A K Bhattacharya.
'In the real economy, the scars of the pandemic will continue to define 2021.' 'It is still hard to tell the effect on unemployment, migrant workers, poverty, and the informal sector of the lockdown and of the pandemic,' observes Mihir S Sharma.
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.
MPs from 10 Opposition parties on Thursday wrote a letter to Lok Sabha Speaker Om Birla saying that the situation at Ghazipur border was like that of India-Pakistan border and condition of farmers resembles prisoners in jail.
These events would include celebrating the centenary of Mahatma Gandhi's Champaran Satyagraha in Bihar in a big way. It was Gandhi's first mass agitation in India, where he had led a protest of peasants against forcible cultivation of indigo.
From social engineering to bearing the cost of COVID-19 treatment to financial reconstruction of Tamil Nadu's debt the debutant chief minister is emerging as a leader with a difference, says Shjne Jacob
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