It is increasingly clear that Rajasthan, under the leadership of Chief Minister Vasundhara Raje, will lead the country in terms of policy reform.
Goods and Services Tax collections jumped 10.4 per cent to over Rs 1.72 lakh crore in January, reflecting buoyant economic activity and setting the stage for the next phase of GST reforms. This is the second-highest monthly collection ever and marks the third month in this financial year with a collection of Rs 1.70 lakh crore or more, a finance ministry statement said on Wednesday.
'I am shocked that the BJP makes so many commitments. What did they deliver as the NDA?'
IMF believes it is mostly cyclical, not structural, but because of the financial sector issues, recovery will be not be quick. IMF said, it saw an opportunity with the strong mandate of the new government to reinvigorate the reform agenda to boost inclusive and sustainable growth.
Economist Deepak Nayyar says economic openness, while necessary, is not sufficient, and is conducive to development only when combined with industrial policy.
'Days ago, India witnessed the horror of the brutal rape and murder of a woman doctor on night duty at the R G Kar hospital in Kolkata.' 'The crime was so outrageous that any self-respecting chief minister should have resigned, bearing moral responsibility.' 'But then the terms 'self-respect' and 'moral responsibility' do not exist in the modern Indian political lexicon,' argues Vice Admiral Biswajit Dasgupta (retd).
'The Indian government is better prepared this time and has reached out to all contenders and not putting all eggs in one basket.'
In the first phase of the Lok Sabha polls, there were 135 women candidates while in the second phase, there were 100 women candidates, bringing the combined total for the first two phases to 235 women candidates.
An ambitious long-term vision to ensure economic connectivity between India and the rest of Southern Asia is critical to India's trade policy objectives.
Slamming the Budget, senior Congress leader P Chidambaram on Saturday said the Modi government was in complete denial that the economy faces a "grave macro economic challenge" and it has given up on reviving the economy, accelerating growth or creating jobs. There is nothing in the Budget that leads one to believe that growth will revive in 2020-21 and the claim of 6 to 6.5 per cent growth next year is "astonishing and even irresponsible", the former finance minister said at a press conference.
'I hope that Macho Man agrees to debate her, because I think she will do spectacularly well in the debate.'
However, Icra Rating Principal Economist Aditi Nayar feels that the numbers are a bit too optimistic and need real heavy-lifting by the Centre and the states. "The survey forecasts on real and nominal GDP will require a substantial push from Central and state spending as private sector capacity expansion is anticipated to be intermittent, and sector-specific in the next couple of quarters," she said. Nayar added that private consumption is likely to chart a differentiated recovery across income and age groups. Based on the comments made in the Survey, she expects the Union Budget to incorporate a growth in gross tax revenue of 15-16 per cent.
Highlights of Economic Survey 2020-21, tabled in Parliament by Finance Minister Nirmala Sitharaman on Friday.
Gross direct tax collection in 2022-23 rose by around 20 per cent to Rs 19.68 lakh crore, exceeding the government's revised collection target. Buoyed by personal income tax collection, the gross collection has exceeded the revised estimates (RE), set on February 1, by Rs 2.41 lakh crore or by 16.97 per cent. After adjusting for refunds, the net income tax paid by individuals and corporate, showed an increase of 18 per cent to Rs 16.61 lakh crore during the fiscal, which ended March 31, 2023.
Benchmark equity indices Sensex and Nifty declined nearly 1 per cent on Wednesday, falling for the fourth day running amid profit-taking by cautious investors ahead of the results of the Lok Sabha polls. The 30-share BSE Sensex declined 667.55 points or 0.89 per cent to settle at 74,502.90. It went below the 75,000 mark to hit the day's low of 74,454.55, plunging 715.9 points or 0.95 per cent.
China is trying to legitimise its claim over Tibet through museums, and cultural institutions in the region, according to Tibet Rights Collective.
In her fourth tranche of the economic package, she said commercial mining will be done on revenue sharing mechanism instead of the regime of fixed rupee/tonne.
'We need not worry about the market. If we do the right things, the market will come around,' says economist Raja Chelliah.
Senior Bharatiya Janata Party leader and Union minister Nitin Gadkari on Monday asserted that votes are won on the basis of "politics of service" rather than on "posters and banners".
International Monetary Fund Chief Economist Gita Gopinath tells Indivjal Dhasmana high-frequency indicators for the third quarter of 2021 indicate momentum in economic recovery in India.
Fitch Ratings has cut India's economic growth forecast to 8.7 per cent for the current fiscal but raised GDP growth projection for FY23 to 10 per cent, saying the second COVID-19 wave delayed rather than derail the economic recovery. In its APAC Sovereign Credit Overview, Fitch Ratings said India's 'BBB-/Negative' sovereign rating "balances a still-strong medium-term growth outlook and external resilience from solid foreign- reserve buffers, against high public debt, a weak financial sector and some lagging structural factors". The 'Negative' outlook, it said, reflects uncertainty over the debt trajectory following the sharp deterioration in India's public finances due to the pandemic shock.
India Inc on Thursday pitched for lowering income tax burden on common man, increase in capital expenditure, and firm steps to contain food inflation in their nearly two-hour long interaction with finance minister Nirmala Shitharaman ahead of the Union Budget. During pre-Budget consultation with Sitharaman, the industry leaders and associations also urged the government to focus more on infrastructure development with a view to maintaining the economic growth momentum. The industry leaders also laid stress on boosting the MSME (micro, small, and medium enterprises) sector, considered a backbone of the Indian economy and main employment generator.
A way out of the economic slump is to revisit the template of 15 years ago and follow its constituents, recommends Ajay Shah.
If Modi wants to leave a real legacy, breaking India's strategic triangulation would be the real gift, notes Shekhar Gupta.
Word cloud of outgoing President Ram Nath Koinvd's speech in Central Hall of Parliament building in New Delhi.
Through this Budget, the Obama Administration, policy makers, corporate sector and economists in the US are hoping to see a strong sign of a the major economic reforms which were promised by Prime Minister Narendra Modi during his election campaign.
Krishnamurthy Subramanian listed land, labour, law, and liquidity as the key areas of big reforms.
The Centre on Saturday night announced that the probe into alleged irregularities in the medical entrance exam NEET will be handed over to the CBI for a comprehensive investigation.
As far as possible, investment in the agriculture sector must be from the government, and not the private sector, states Santushti Raj Thapar.
Modi said India's contribution to global economic growth and prosperity underlined its commitment to 'Building Consensus for Fair and Sustainable Development', which is the theme of the summit.
'With China falling out of favour, India is where investors see the demographic and digital dividend apart from the benefits of reforms playing out.' 'Your prime minister has also done a great job of sharing this story with the world.'
IT and interest rate-sensitive bank, realty, and auto stocks ended with sharp gains.
Nikkei 225 index hit the 40,000 mark for the first time ever on Monday, continuing its bull-run that saw the index reclaim its 1989 peak of 34,000 levels in February. as global investors latched on to Japan's biggest companies on improving shareholder returns, the weaker yen and booming corporate profits. Analysts remain bullish on Japan, mostly aided by gains in technology shares. Adoption of artificial intelligence (AI), according to a note by Morgan Stanley, is likely to benefit Japanese companies, which is almost at par with the US-based companies.
The report expressed doubts over reforms even post-2014.
Ron Somers, founder and CEO of India First Group and the former President of leading business advocacy group US-India Business Council said that when Lok Sabha election results are declared on June 4, "I believe that Narendra Modi will win Parliament by the largest majority ever recorded in the country's history.
They said the agency is also taking steps to bring under its ambit cases registered in various states by the police.
We should improve the business climate in Mumbai and Delhi, and India's ranking would immediately shoot up, says Bibek Debroy, a full member of NITI Aayog.
Fitch Ratings on Thursday said the resurgence of COVID-19 infections may delay India's economic recovery, but won't derail it, as it kept the sovereign rating unchanged at 'BBB-' with a negative outlook. It projected a 12.8 per cent recovery in GDP in the fiscal year ending March 2022 (FY22), moderating to 5.8 per cent in FY23, from an estimated contraction of 7.5 per cent in 2020-21. Fitch had in June last year revised outlook for India to 'negative' from 'stable' on grounds that the coronavirus pandemic had significantly weakened the country's growth outlook and exposed the challenges associated with a high public debt burden.
On Wednesday, opposition leaders boycotted Modi's latest attempt to build consensus around the issue.
Prime Minister Narendra Modi has sought to send out the message that the ruling BJP, unlike its predecessors at the helm, is not guided by parochial politics in recognising contributions in the public life, as the party looks to break new ground during the polls.
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