The decision to do away with Rs 500 and Rs 1,000 notes accelerated the slowdown in economic activity with growth averaging 6.8 per cent in the seven quarters after it, as against an average of 8 per cent in the six quarters preceding it, says former chief economic advisor Arvind Subramanian.
There is concern in the organisation and the leadership over the unbridled criticism aimed at the Finance Ministry.
Fitch Ratings had in December affirmed India's 'BBB-' rating with a stable outlook.
DEA is currently headed on an interim basis by Corporate Affairs Secretary Tapan Ray
'How low GDP would have been, we don't know.' 'It raises serious questions because so many indicators are pointing to such a sharp decline and GDP estimates are still showing 4 per cent growth.'
While Arun Jaitley remains part of the decision making process, Piyush Goyal, who was given additional charge on May 14, attends cabinet meetings and takes the day-to-day decisions.
'The Jalan Committee has now provided very clear guidelines on how the (RBI's) balance sheet should be looked at, what kind of disclosures should be made, what are the principles on which the Contingency Risk Buffer should be maintained, what should be the revaluation reserves, and the market risk to the Contingency Risk Buffer.'
Subramanian recommended five ways of financing additional expenditure over a period of one year, including cutting expenditure and borrowing directly from the RBI or monetising debt.
RBI's current Deputy Governor Urjit Patel got 3-year extension in January.
India's official COVID-19 tally on Wednesday was 4,18,480 (4.18 lakh), the third highest in the world after the US and Brazil.
For the first time, Subramanian said, "the Economic Survey has embraced Big Data, and we mine this data to shed new light on the flow of goods and people within India."
Due to improvement in business climate, industry chieftains refrain from visiting the North Block.
The Lok Sabha has already passed the Bill.
'The current budgetary practice of shifting expenditures off-balance sheet in order to be seen to be meeting fiscal targets should be discontinued; additional fiscal stimulus would be imprudent; individual income tax rates should not be cut; GST rates should not be raised now,' advise Arvind Subramanian and Josh Felman.
This is because the bond market has factored in the Rs 4.88-trillion gross borrowing for April-September 2020.
The Survey adopts an unfettered approach in thinking about the appropriate economic model for India. This endeavour is reflected in the sky blue cover of the Survey, Chief Economic Adviser Krishnamurthy V Subramanian said.
The board deliberated on the governance framework of the RBI and it was decided that the matter needs further examination
According to the Central Statistics Office data, the jump in the retail inflation based on Consumer Price Index was mainly due to rise in prices of kitchen items like vegetables, meat and fish.
The appointment will be made by Prime Minister Narendra Modi in consultation with Finance Minister Arun Jaitley.
The review will not only present data, trends but also list out the achievements of the Narendra Modi government
Subramanian said the government is also taking various other steps to improve ease of doing business in the country.
With Greeks' rejection of rescue package from creditors spooking markets, the government on Monday asserted that India is well insulated from the crisis but rupee may be affected due to the outward flight of investment.
The first Budget of Independent India was presented by R K Shanmukham Chetty on November 26, 1947.
'Given the 50 per cent or thereabouts increase in borrowing that has been announced, it is a reasonable estimate to say that at this time, an increase of 1.7-1.8 per cent on the 3.5 per cent budgeted fiscal deficit target is being anticipated,' Chief Economic Adviser Krishnamurthy Subramanian said on Friday.
Kingfisher Airlines, promoted by Vijay Mallya whose other group entities included United Breweries, owe close to Rs 7,000 crore to 17 banks.
Chief Economic Adviser Arvind Subramanian on Thursday said upgrading of India's outlook to positive by Moody's validates the government's reform thrust.
The ATMs will open on Friday and at many places they will open on Thursday, he said.
Inflation is on a declining trend, Eco Survey stated.
In a strong counter to the narrative building around reasons for the exit of Professor Pratap Bhanu Mehta, Ashoka University Chancellor Rudrangshu Mukherjee has said the institution remains committed to academic freedom and intellectual independence while its Board of Trustee Chairman Ashish Dhawan promised an open line of communication.
India should not loosen its fiscal deficit targets in the forthcoming budget, Prime Minister Narendra Modi's top economic adviser Arvind Panagariya said.
The committee had eminent people on it and making any allegations like this is 'outlandish', Sitharaman said.
the ratings agencies have been inconsistent in their treatment of China and India. Given this record -- what we call Poor Standards -- my question is: why do we take these rating analysts seriously at all?," Chief Economic Adviser Arvind Subramanian said on Thursday.
"There have been discussions on implementing UBI in J&K -- not just as a pilot in some districts, but in the entire state, according to Drabu's proposal in the state's Budget," said an official. "Finance Minister Arun Jaitley is also supportive of the idea. A presentation will now be made at the PMO."
Indian economy has started looking up.
Economic Advisory Council to the Prime Minister has identified ten themes, including economic growth and job creations that need attention.
Telangana's Rythu Bandhu policy is an embryonic UBI, or rather embryonic QUBI (a quasi-universal basic income, pronounced Kyoo-Bee). And it could potentially also be the future of agricultural policy in India, says Arvind Subramanian.
Debroy is expected to have a role and responsibility similar to the erstwhile chairman of the Prime Minister's Economic Advisory Council
Subramanian said a five per cent growth rate is "remotely not enough" for India to grow and provide the jobs for the expanding labour force.
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On the Congress accusing BJP of hypocrisy for its failure to disclose names, Jaitley said the Congress got it all wrong because media "completely misreported" the case.
'Since the NDA took office in 2014, and aggressively since 2019, the Union government seems hell bent on centralising all power and resources, only to fail spectacularly.'
