GST Reform 2.0, which trims tax slabs from four to two, signals a push for demand-led growth, and together with recent income tax cuts, sets the stage for sustained economic growth, experts said. The Goods and Services Tax (GST) Council on September 3 approved an overhaul of the indirect tax regime by taxing essentials at 5 per cent and other goods at 18 per cent. A new 40 per cent tax will be applicable on luxury and sin items.
Brave statements such as we will continue to be the fastest growing large country are of no consolation, because the direction of trade also determines the flow of investment, points out M Govinda Rao.
A leader of reserve and quiet dignity, former prime minister Manmohan Singh had a keen taste for Urdu verses, and his poetic banters with Bharatiya Janata Party leader Sushma Swaraj in the Lok Sabha are among the most viewed parliamentary debates on social media.
India on Thursday unleashed a second wave of reforms deciding to open the pension sector to foreign investment and raising the foreign direct investment cap in insurance to 49 per cent, undeterred by opposition to its decisions on FDI in retail and threats to block these legislations.
'Agri reforms need to go beyond the limited concerns of these three laws in improving agriculture productivity in cereal and crop diversification and production patterns.'
Sharma is Head of Emerging Markets and Chief Global Strategist at Morgan Stanley Investment Management.
The next government in these states may find it tough to push economic growth through long-term reforms, which would be necessary.
'BSE has facilitated nearly Rs 35 trillion in capital raising across multiple segments.'
Reforms under the Modi government will maintain a slow and tentative pace, constantly wary of political opposition. It may not be reform by stealth, but it is reform on the quiet, says A K Bhattacharya.
Under his leadership, India launched the National Action Plan on Climate Change, passed the landmark Forest Rights Act to protect the rights of tribal communities and established the National Green Tribunal to safeguard the environment through swift legal action.
'If the BJP detoxifies the nuclear liability law, it will bring economic, environmental and, most of all, strategic benefits.' 'Let's keep our fingers crossed and hope that this Budget promise is met soon -- ideally, before Mr Modi heads to his first meeting with Trump 2.0,' observes Shekhar Gupta.
'Why has Maharashtra slipped up over the past couple of decades?' 'Not only is this question critical for residents of the state, but given that it accounts for 14% of India's GDP, a faster-growing Maharashtra implies a faster-growing India as well, point out Shishir Gupta and Rishita Sachdeva.
India will need to grow at an average 7.8 per cent to become a high-income country by 2047, a World Bank report said on Friday. To achieve this goal India would require reforms in financial sector as well as in land and labour market, the World Bank said in its India Country Memorandum titled 'Becoming a High-Income Economy in a generation'.
The economic reforms started by Singh as the finance minister in 1991 gave a new direction to India as it ushered in a liberal economy, Gadkari said.
Robert Blake says the United States wants to partner India on a range of global issues.
Economists expect a push to reforms by newly-appointed Finance Minister Pranab Mukherjee, who they said is the right person to head the important ministry.
Tax reforms, GST rollout, public sector divestments top India Inc agenda; call for seizing the occasion.
China is set to build a rail link connecting Xinjiang province with Tibet, part of which will run near the Line of Actual Control (LAC) with India.
'Citing an example of the pressure students face, she mentioned that one student shared how friends in college would say, "Don't come back without that multi-crore job," as they said their goodbyes.' 'But you have to understand that this is the end of the beginning, and it's not even the beginning of the end.'
T Nanda Kumar, former food and agriculture secretary, shared his memories of working with former prime minister Manmohan Singh during some of India's most challenging times, highlighting Singh's compassionate leadership and commitment to ensuring food security for all Indians. Kumar recalled Singh's steadfast support during the 2008 global food crisis, where he championed a ban on non-basmati rice exports to secure domestic supplies. Singh's leadership, characterized by intellect and humility, left a lasting impression on Kumar, who considered him a mentor and guiding light.
'I am not an aspiration-oriented politician.' 'This is the time to redefine politics.' 'Politics of power is not real politics.'
'They mean business, but business as usual is unacceptable to them'
Growth and economic reforms in India must take centre-stage again and acts of corruption or security concerns should not distract the attention of the government and the people, said Union Home Minister and former finance minister P Chidambaram recently.
Cautioning the Congress-led United Progressive Alliance government against making any 'hasty' announcements in the name of reforms, key ally Dravida Munnettra Kazhagam on Friday said decisions should be based on "consultations". "My opinion is that hasty decisions and announcements in the name of economic reforms should be avoided. They should be taken after deep consultations and keeping in mind the future prospects of the country," DMK president M Karunanidhi said.
RBI said aggregate demand during the year so far suggests that the shock to consumption is severe, and it will take quite some time to mend and regain the pre-COVID-19 momentum.
India on Wednesday warned WTO members of backlash in developing countries if economic reforms were perceived to be an imposition from outside.
The comprehensive immigration reform if passed by the Congress will provide a path to citizenship to some 11 million undocumented people, including 240,000 Indians.
The prime minister also made it clear that reform has to be driven by the people and that it cannot be undertaken by stealth
Kant, a retired 1980-batch Indian Administrative Service (IAS) officer of Kerala cadre, was appointed as India's G20 Sherpa in July 2022, months before India assumed the G20 Presidency.
Foreign investors continue to exhibit confidence in the country's equity market, injecting Rs 19,860 crore in May driven by favourable global economic indicators and strong domestic fundamentals. This positive momentum follows a net investment of Rs 4,223 crore in April, data with the depositories showed.
The chief adviser's decision to stay in office came two days after he told student-led National Citizen Party (NCP) leaders that he was mulling resignation as he felt "the situation is such that he cannot work", citing difficulties in working amid the failure of political parties to find common ground for change.
By naming a sworn swayamsevak for vice president, the Modi-Shah duo have sent out a clear and positive message to Nagpur, where the RSS headquarters is located, explains N Sathiya Moorthy.
S&P Global Ratings on Wednesday upgraded India's sovereign rating outlook to positive from stable while retaining the rating at 'BBB-' on robust growth and improved quality of government expenditure. S&P said it could upgrade India's sovereign rating in the next 2 years if the country adopts a cautious fiscal and monetary policy that diminishes the government's elevated debt and interest burden while bolstering economic resilience.
The CBI successfully managed to get Monika Kapoor extradited from the United States, ending her 25-year flight from justice. She is accused of economic offenses including forgery and fraud.
South African President Cyril Ramaphosa, a former anti-apartheid activist and freedom fighter, responded to Trump's claims at their meeting in the Oval Office diplomatically, countering Trump's assertions.
India was not the only country that embraced the 'import-substituting industrialisation' fad.
India's economic reforms are the subject of a three-day conference at the Stanford University in USA from June six, with several Indian experts being among the participants.
It is time for India to raise its voice not just through military prowess, but through professionalism, principled voting and partnerships, asserts Deepak Mishra.
With China emerging as the second largest economy after overtaking Japan, the ruling Chinese Communist Party made a surprise promise to loosen its firm grip on power structure saying that the gains made out of the economic reform would be lost without political reforms.
