India's macroeconomic situation is improving fast and the country's GDP growth will turn positive in the third and fourth quarters of the current financial year, eminent economist Ashima Goyal said on Sunday. Goyal in an interview to PTI said the management of the COVID-19 pandemic and gradual unlocks announced by the government have helped in avoiding multiple COVID-19 peaks. The growth estimates by different agencies are being continuously revised, she said.
The panel's report also provides a range for fiscal deficit and debt path of both the Union and states and also recommended additional borrowing room to states based on performance in power sector reforms. Finance Commission is a constitutional body that gives suggestions on Centre-state financial relations. The report of the 15th Finance Commission was tabled in the Lok Sabha by Finance Minister Nirmala Sitharaman.
Prime Minister Narendra Modi had announced a relief package of Rs 20 lakh crore or about 10 per cent or GDP last week. However, many of the measures unveiled have been in the form of moves like loan guarantees which do not entail an immediate fiscal cost.
India's economy is likely to grow by 12 per cent in 2021 following a 7.1 per cent contraction last year, as near-term prospects have turned more favourable, Moody's Analytics said. A stronger than expected December quarter GDP growth of 0.4 per cent following a 7.5 per cent contraction in the previous three months has turned India's near-term prospects more favourable, it said. Domestic and external demand has been on the mend since the easing of restrictions, which has led to improved manufacturing output in recent months.
The scheme is aimed at slashing the salary and pension bills of the three services, which have been increasing rapidly.
Experts say the party is undoing what it achieved through MNREGA by targeting beneficiaries
'More than 1,000 schools and colleges have been identified in border and coastal districts where NCC will be introduced.'
Encouraging domestic financial savings through focused measures would help mobilise long term resources for funding infrastructure and economic development.
'The government will have to provide something for migrant workers or 'Farmers will still survive because they will eat what they produce.' 'What will the rest of the people do? What will happen to them?'omething else like that or else you will see some huge uprising or unrest.'
This is due to the newly formed Union Territories of Jammu and Kashmir, and Ladakh, which will get funds from the Centre's share, which means devolution will be for 28 states compared to 29 earlier.
"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."
'Some of the learning may be implemented in the Budget'
'Those who are talking of adopting the Narasimha Rao-Manmohan Singh policy must understand now that what was a reform then is no longer a reform now,' argues Sukumar Mukhopadhyay who was associated with the 1991 economic reforms.
India will need an annual investment of Rs 15 trillion in infrastructure over the next five years, says Chandrajit Banerjee, DG, CII.
The full grant of OROP would raise annual military pensions to Rs 75,000 crore, only slightly less than the salary bill of Rs 93,216 crore.
'It won't help being complacent about the momentum and valuations of equities that currently exist.'
'Chief Minister Devendra Fadnavis called us for a meeting in March 2016 and we submitted the same charter of demands that we are submitting now.' 'He gave us wishy-washy assurances.' 'We thought he was the new chief minister and we believed him, but later we found out that nothing is moving on the ground.' 'This time we want a written assurance and a concrete timetable for implementation.' 'We will not leave Mumbai, come what may.'
Silverline seems symptomatic of how Kerala -- its claimed education, awareness and all -- overlooks its real problems, notes Shyam G Menon.
Is the worst over for Indian banks? The past two years saw them ride on treasury trades as deposits soared and credit growth dipped sharply. Gross and net non-performing assets (NPAs) moved south, and the provision coverage ratio (PCR), capital buffers, and profitability indicators are back at pre-pandemic levels. So, what's the plot ahead?
Modi campaigned on the issue of national security, which cannot be ensured without a strong economy.
The decision, likely to benefit around three million defence pensioners, will come into effect from 2014-2015.
Insisting that PM Modi has consistently cared for the farmers, Goyal said the Rs 75,000 earmarked for paying Rs 6,000 per annum to each of 12 crore farmers is not one time but a 'sustainable' provision.
The Budget 2013 will be placed in the Parliament on February 28. Though the Budget this year is expected to be exceptionally austere, the corporate honchos have dished out their wishlists.
'If Pinarayi Vijayan gets another term, Kerala will be a state where everybody has a house.'
The Karnataka legislative assembly on Tuesday passed bills enhancing the salaries and allowances of the chief minister, ministers and legislators.
Finance Minister Pranab Mukherjee is not in a mood to cut taxes but may continue with stimulus in the budget for 2011-12, feel industry representatives who met him for Pre-Budget interactions.
While the situation Sitharaman finds herself in may not be that good, how does it stack up against her three immediate predecessors Pranab Mukherjee, P Chidambaram and the late Arun Jaitley?
The long and irritating experiences of booking train ticket through IRCTC website seems to be a thing of past now as the Railways on Wednesday launched the next generation e-ticketing system enhancing the booking capacity to 7200 tickets per minute and making the whole process much faster and easier.
The 41st meeting of the GST Council, to be held via video conferencing, has just one agenda for discussion -- making up for shortfall in states' revenues, sources said.
Sunak, who has been leading the UK government's economic response during the COVID-19 lockdown as the Chancellor of the Exchequer, will automatically step in as part of an established order of precedence in the UK -- which does not have a written Constitution.
The infrastructure spending target for 2020-25 was revised because of additional and amended data provided by central ministries, state governments since the release of the summary NIP Report in December 2019 when it was pegged at Rs 100 trillion.
The new Chief Economic Advisor Krishnamurthy Subramanian believes that more than unemployment, it is the quality of employment which needs to be focused on. In an interview with Arup Roychoudhury and Indivjal Dhasmana, Subramanian said that controlling inflation was the Modi government's biggest achievement.
The e-commerce sector is also fraught with redundant taxation laws that need immediate overhaul
The major thrust is towards Technical and Economic Cooperation.
Sandwiched between demonetisation, GST and other smaller policy changes, Gross Value Added or GVA may be a more reliable measure of economic activity over the next few quarters.
The government plans to raise resources to finance capital spending beyond the Rs 3.10 lakh crore budgeted for 2017-18 through higher borrowing or divestment receipts.
The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved a five-year-long reform-based result-linked power distribution scheme worth Rs 3.03 lakh crore, for strengthening system of utilities to improve efficiency. Briefing after the CCEA meet here, Power and New & Renewable Energy Minister R K Singh said, "We have done a lot for power distribution reforms. It needs to be strengthened. Today, the Cabinet has approved the new scheme worth Rs 3.03 lakh crore, including Rs 97,000 crore central outlay." He said the funds would be given to power distribution companies (discoms) to strengthen their system.
The Narendra Modi government's alacrity in promoting ease of tax administration, a critical component in the ease of doing business index, has set in motion several incremental policy and administrative reforms, says Mukesh Butani.
Senior Congress leader Ghulam Nabi Azad on Sunday said he likes leaders like Prime Minister Narendra Modi who are proud of their roots and noted that Modi speaks frankly about his past as a tea-seller.
Speaking in parliament during the budget session, Khan said the American forces entered Pakistan and killed Laden without informing Islamabad after which everyone started abusing his country.
