'I am optimistic about the Budget because of the fiscal discipline the government has committed to.'
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.
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.
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.
Highlights of Economic Survey 2020-21, tabled in Parliament by Finance Minister Nirmala Sitharaman on Friday.
The report expressed doubts over reforms even post-2014.
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.
On Wednesday, opposition leaders boycotted Modi's latest attempt to build consensus around the issue.
The eighth Budget of Finance Minister Nirmala Sitharaman continued to focus on 'GYAN' (Garib, Youth, Annadata, Nari) to maintain a consistent and coherent strategy initiated over the years in pursuing the government's vision for Viksit Bharat. The approach, characterised by incremental yet impactful steps, aims to create a compounding effect over time.
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.
Banerjee along with other regional leaders are likely to play an important role in any future government in New Delhi, so it is in India's interest that regional leaders like herself realise the importance of progressive economics and good governance, says Tridivesh Singh Maini.
The National Security Strategy document should flag all major issues concerning security strategy and provide guidelines to concerned departments to work out suitable action plans. Since the global and regional geopolitical canvas is dynamic, the NSS document should be deliberated at length before formulation and should be reviewed periodically, recommends Commodore Venugopal Menon (retd).
Growing at a robust rate due to economic reforms in key sectors like digitisation and infrastructure, India has emerged as a star performer and is projected to contribute more than 16 per cent of the global growth, the International Monetary Fund said on Monday. "What we have been observing for quite some time now is that India has been growing at a very robust rate. "It's one of the star performers when it comes to real growth when you look at peer countries.
'By his words, actions, and body language during their joint press appearance wanted to convey his personal respect and, more broadly, his desire to work closely with India.'
The speed at which political statements of doubtful veracity acquire the aura of gospel truth is astonishing. One such "truth" is: coalition compulsions impede economic reforms. Even Chief Economic Advisor Kaushik Basu believes in it. He recently said, "Thanks to coalitional democracy, there is some slowdown in economic reforms and decision-making."
'It does not understand economics. The entire focus of this government is skewed.'
The next time you hear a call for "reform", it might be useful to ask, "For whose benefit is this reform?"
Krishnamurthy Subramanian listed land, labour, law, and liquidity as the key areas of big reforms.
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.
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.
As far as possible, investment in the agriculture sector must be from the government, and not the private sector, states Santushti Raj Thapar.
'A rigid or overly broad interpretation could lead to a chilling effect on investments and growth in sectors traditionally driven by private initiative.' 'Entrepreneurs may fear that their assets could be arbitrarily appropriated by the State under the guise of serving the 'common good' without sufficient legal safeguards.' 'The judgment thus supports a more nuanced view, one that balances individual property rights with public welfare objectives.'
'Volumes in F&O trading had gone up rapidly and, in a way, the increase in STT on F&O will protect investor interest.'
Nirmala Sitharaman on Wednesday assumed charge as the Finance and Corporate Affairs Minister for the second consecutive term and is slated to soon present the final Budget for FY '25 that is going to set the tone for the Modi 3.0 government's priorities and direction for Viksit Bharat. Upon her reaching the North Block office, Sitharaman was greeted by Finance Secretary T V Somanathan and other top officials. Minister of State for Finance Pankaj Chaudhary was also present. Chaudhary assumed charge on Tuesday evening.
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.
What is most troubling is that not a single party that is part of INDIA has talked about any kind of reform and economic sense, argues R Jagannathan.
Her research was focused on urban development, macro-economic reforms, industrial development, and social sector development issues in India.
Addressing media persons following the CWC meeting, party leader Janardhan Dwivedi said that the party meeting concluded that the role of the main Opposition Bharatiya Janata Party had been negative on reforms.
Prime Minister Manmohan Singh will address the nation on Friday night to explain the government's recent decisions on economic reforms, which have triggered widespread political protests across the country. The prime minister will address the nation at 8 pm on Doordarshan about the recent decisions on economic reforms, officials said.
Word cloud of outgoing President Ram Nath Koinvd's speech in Central Hall of Parliament building in New Delhi.
China has relaxed its one-child policy and further freed up markets in order to put the world's second-largest economy on a more stable footing.
Finance Minister Arun Jaitley on Friday tabled the pre-Budget Economic Survey in the Lok Sabha.
India's primary deficit (Centre and states) for FY21 is assumed to be 6.8 per cent of GDP, according to the Economic Survey tabled in Parliament on Friday. It said the Covid-19 pandemic has created a significant negative shock to demand. Active fiscal policy -- one that recognises that fiscal multipliers are disproportionately higher during economic crises than during economic booms -- can ensure that the full benefit of seminal economic reforms is reaped by limiting potential damage to productive capacity.
Corporations and business associations must strengthen their direct communications and consultations with citizens - and earn the trust of society.
'We emphasise the importance of not basing investment decisions solely on electoral outcomes.' 'Instead, focusing on investing in high-quality businesses capable of prospering regardless of the political landscape is paramount.'
'All of Indira Gandhi's bad economic ideas are being strengthened, from nationalised banks to anti-poverty, handout yojanas,' says Shekhar Gupta.
No successive government thought of reviving the idea of an exit policy.
Shahu Chhatrapati, scion of the Kolhapur royal family, has said he chose the Congress for his poll debut as he draws inspiration from his great grandfather Rajarshi Chhatrapati Shahu Maharaj, a hugely revered figure among all segments of society for his bold social reforms.
Various twists and turns by govt post-demonetisation prove that it has been tall order for the PM
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.
