Opposition as well as UPA allies are in a mood to declare war on the Congress-led government on the FDI and fuel price issue, reports Renu Mittal
Reserve Bank Governor Shaktikanta Das on Thursday said the fundamental drivers of the Indian economy are gaining momentum and the country is moving on a sustainable growth path. In the inaugural address at FIBAC 2024, the governor said that massive changes are taking shape in various economic sectors and markets, and the country is geared for orbital shifts.
The external affairs minister also recalled how Pandit Nehru was hesitant in taking assistance from the United States following the 1962 war with China as he was unsure how it would be seen.
The Union government is expecting to rake in Rs 100-200 crore in additional revenue from Pillar Two, only under specific circumstances, a senior finance ministry official said requesting anonymity. It is proceeding cautiously, and is unlikely to implement rules anytime soon, the source said.
India's opposition parties have sharply criticized the Union Budget, calling it inadequate to address the country's economic woes and accusing the BJP-led government of using it to woo voters in Bihar and Delhi ahead of upcoming elections. Leaders from the Congress, TMC, DMK, SP, and CPI(M) voiced their disapproval, highlighting concerns over inflation, unemployment, and the lack of substantial measures to support the agricultural sector and the poor. They also criticized the tax cuts for the middle class as insufficient and coming too late after years of high taxes and rising prices.
Bibek Debroy was one of the very few economists not bound by any single area of expertise and was simultaneously curious about economics and politics, myths and maths, chess and chemistry, and what not, remembers Laveesh Bhandari.
'Is the Agniveer scheme or their post-retirement re-employment in paramilitary forces or in the state governments the BJP's answer to the crying need on the job front?' 'Or, even Finance Minister Sitharaman's one-year internship scheme in the public and private sector, is it a permanent solution, either?', asks N Sathiya Moorthy.
Finance Minister P Chidambaram on Thursday said he would reach out to all political parties to support bills on economic reforms in Parliament.
The Indian government will present the annual budget for 2016-17 on February 29.
India's budget for the fiscal beginning April focuses on giving a boost to the ongoing economic recovery through a sharp increase in capex spending but is short on major growth-enhancing structural reform announcements, Fitch Ratings said Wednesday. The deficit targets present in the Union budget 2022-23 by Finance Minister Nirmala Sitharaman on Tuesday "are a bit higher than our forecasts when we affirmed India's 'BBB'/Negative sovereign rating in November," said Jeremy Zook, director and primary sovereign analyst for India, Fitch Ratings. While it was widely expected that the fiscal deficit will be lower than the targeted 6.8 per cent of the GDP in the current fiscal year ending March 31, 2022, Sitharaman put the number at 6.9 per cent.
The fuel reforms are a very important signal of the government's commitment to tough economic reforms.
His about-turn in the farm laws proves that he sees everything in just one dimension: Politics. That helps sometimes. But not always, observes T C A Srinivasa-Raghavan.
The landslide victory of Indias ruling Bharatiya Janata Party in a crucial state poll in Gujarat will help the federal coalition government boost its economic reforms agenda and speed up its privatisation drive.
Dr T V Somanathan is the first finance secretary to be appointed Cabinet secretary since 1985. His appointment at this juncture seems to carry much meaning for the forthcoming trajectory of reforms and restructuring of India's steel frame.
The Survey projected growth rate of 7-7.75 per cent for 2016-17 with downside risks due to weak global economic scenario.
'The Modi government is about privatising profits and nationalising losses.'
'I had to persuade him. I think he was a sceptic to begin with, but later on he was convinced that what we were doing was the right thing to do, that there was no other way out.'
The outcome may determine whether Macron's centrist coalition retains power or if France faces a period of political cohabitation with the far-right National Rally, led by Marine Le Pen.
The government had lately issued an ordinance on the insurance sector and introduced a Constitution amendment Bill on a national goods and services tax.
A bit of economic reforms stalled and decisions delayed -- what Narayana Murthy spoke of -- don't hurt if a country's compassionate and inclusive social fabric has survived intact; if the country is happy, observes Shyam G Menon.
United States President-elect Donald Trump's plan to overhaul the government with a new department headed by tech billionaire Elon Musk and Indian-origin entrepreneur Vivek Ramaswamy will be a biggest threat for China as it has to compete with far more efficient US political system, a policy advisor to the Chinese government said.
Next year, India will become one of the world's 10 biggest economies.
International Monetary Fund (IMF) Deputy Managing Director (MD) Gita Gopinath has condemned the "terrible and disturbing" incident of rape and murder of a trainee doctor in Kolkata. "Personally, it is terrible to have any event of this kind. It is disturbing," she told Business Standard in New Delhi.
'It took us 75 years to reach a per capita income of $2,730.' 'According to IMF projections, it will take only five years to add another $2,000.'
Concerned over the ouster of the BJP-led NDA government, Malaysian companies fear the new government may go slow on the economic reforms which will be a setback to their billion dollar infrastructure projects in India.
'I am optimistic about the Budget because of the fiscal discipline the government has committed to.'
'While on the one hand, terrorism continues to be a serious threat to global peace and security, on the other hand, areas such as cyber, maritime and space, are emerging as new theatres of conflict'
Finance Minister Nirmala Sitharaman's Budget proposals lay out a comprehensive road map for transforming India into a developed nation, focusing on key priorities that aim to generate ample opportunities for all citizens in "Viksit Bharat". It sets the stage for sustained economic growth, social development, and technological advancement.
It is thanks to the policy of liberalisation conceived by Manmohan Singh and enforced by P V Narasimha that the Indian economy has now become the world's 5th largest economy by nominal GDP, asserts Dr Sudhir Bisht.
Several of Modi's actions reflect political courage.
The members of Association of Southeast Asian Nations are Indonesia, Malaysia, the Philippines, Thailand, Vietnam, Brunei Darussalam, Singapore, Cambodia, Lao PDR and Myanmar.
Industry body CII on Thursday made a case for pushing reforms in sectors like land, labour, and agriculture by the Modi 3.0 government to accelerate economic growth, which is estimated to be around 8 per cent in the current financial year. CII president Sanjiv Puri said a lot of policy interventions in the past have put the economy on "a much stronger wicket". "The growth rate is poised to touch 8 per cent during the current year, marking the fourth consecutive year of above 7 per cent + growth.
The Bharatiya Janata Party said it is pro-economic reform but wants the government to stoop before it can conquer on securing its support for key legislative changes, chiefly in banking, insurance and pensions, which form part of the reform agenda.
If the government addresses them nevertheless, it will be in response to the charge that it has done little of note in the last four years.
With the reality of coalition politics staring the BJP in its face, this was inevitable, points out Ramesh Menon.
Inaugurating the two-day 'Global Investors Summit' hosted by Assam, Modi said the National Democratic Alliance government has speeded up the functioning of official machinery and "we want all programmes to be completed before target".
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