Vijay Kelkar and Montek Singh Ahluwalia deserve to be on Padma Vibhushan honours list
Click here to download the Kelkar Committee report.
Vijay Kelkar, former advisor to the Union finance minister, has joined the board of Tata Chemicals Ltd as director.
The government should speed up the disinvestment process to generate funds for meeting the new needs such as environment protection, 13th Finance Commission chairman Vijay Kelkar said.
Vijay Kelkar, who headed the committee on tax reforms, on Tuesday warned that higher economic growth and foreign direct investment flow could not be achieved without hard fiscal reforms.
According to the report, Indian economy is headed for a "perfect storm" worse than 1991 because government's cashflow by March 2013 is threatening to be Rs 110,000 crore (Rs 1,100 billion) more in the red than the expected Rs 500,000 crore (Rs 5,000 billion).
The government has made several region-wise and sector-wise allocations in its annual plan and budget proposals.
Railways and port trusts have 60,000 acres of prime land for commercial use; nod for use of land with 50 loss-making PSUs on the cards.
Vijay Kelkar, advisor to the finance minister, has been entrusted with the new task of preparing quarterly review of the economy as mandated under the Fiscal Responsibility and Budget Management Act.
The Thirteenth Finance Commission on Monday suggested that activities like housing, construction and railways should be included in the proposed Goods and Services Tax to increase the tax base and enhance collections.
Vijay Kelkar, advisor to the finance minister, on Friday submitted the final reports on direct and indirect taxes to Finance Minister Jaswant Singh.
Kelkar panel says figures awry, fiscal deficit may cross 6% if reforms not undertaken.
The government on Wednesday constituted the 13 Finance Commission, which would look into sharing of taxes between Union and the States, under the chairmanship of former finance secretary Vijay Kelkar.
While many experts said the suggestion would go a long way in bringing down the annual food subsidy expenditure, they doubt the feasibility of the idea.
With improvement in the fiscal status of the Union government, interest rates will continue to remain low over the long term, according to Vijay Kelkar, advisor to Union finance minister.
The Vijay Kelkar task force on direct and indirect taxes, submitted its report to Finance Minister Jaswant Singh.
Dr Vijay Kelkar, adviser to the finance minister, will meet industry representatives on Monday in Mumbai to discuss his indirect tax proposals as well as pre-Budget issues.
The Vijay Kelkar committee has cautioned that India's current account deficit (CAD) might rise to a record 4.3 per cent of gross domestic product (GDP) in 2012-13 if reforms to address this do not take place.
Vijay Kelkar panel on tax reforms on Friday proposed doubling of the tax exemption limit on personal incomes to Rs 1,00,000.
The venture is applying to the Reserve Bank of India for approvals.
Enthused by the over 8.0 per cent growth this year, the finance ministry on Monday expressed confidence India will maintain high growth path logging 8-10 per cent GDP growth in the next two decades.
Randeep Hooda and Lin Laishram made a handsome couple at their wedding reception in Mumbai, where they invited their friends from the film industry.
'The Indian private sector knows how to build and run educational organisations, what is needed is a large dose of removal of restrictions.' 'Government restrictions hold back universities in India from launching medical schools,' argue Ajay Shah and Vijay Kelkar.
The Kelkar Committee, which was appointed by Finance Ministry to suggest a roadmap for fiscal consolidation, has suggested immediate hike in fuel prices and complete deregulation of diesel prices by start of 2014-15 fiscal.
'I am shocked that the BJP makes so many commitments. What did they deliver as the NDA?'
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