The Raghuram Rajan committee report for evolving a composite development index of states, submitted to the finance ministry today, has a note of dissent from member Shaibal Gupta.
While the government has not made the report public, sources said the panel had recommended a sharp cut in all taxes on the gold business, including import duty and goods and services tax which amounts to over 13%.
Santishree Dhulipudi Pandit won't be afraid to tangle with the toughest of them.
Delhi government on Wednesday exempted life-saving medicines from taxation under the value added tax regime and decided to approach the Empowered Committee of State Finance Ministers for reduction in sales tax on diesel.
The repo rate has been left unchanged at 4 per cent, Governor Shaktikanta Das said while announcing the decisions taken by the central bank's MPC.
The committee's suggestion that existing commercial banks be allowed to hold payment banks as subsidiaries is also seen as unviable by RBI and the finance ministry.
'The AMs are a different beast and reflect the political play within the government.' 'Prime Minister Modi does not need to assuage any interest group to take the final call on any decision that belongs rightfully to the Cabinet,' points out Subhomoy Bhattacharjee.
A rise in petrol and diesel consumption can help the government cut cesses on the fuels by Rs 4.5 a litre without impacting revenue collections of FY21, and help cool off the pressure on inflation, domestic rating agency ICRA said on Friday. Petrol consumption is estimated to increase 14 per cent in 2021-22 and diesel by 10 per cent on the lower base, rise in mobility and economic recovery, ICRA said. The rating agency added that it will result in an additional Rs 40,000 crore in revenue for the government through higher collections of the cess.
The ministry is preparing a draft note for consideration of the CCPA on pricing of diesel, kerosene and LPG, official sources said.
Farmers with land sizes less than 0.01 hectare have an average annual income of Rs 54732 and annual consumption of Rs 61296, thereby, a debt of Rs 6564 each year. Compare this with the minimum pay for a government employee, says Devanik Saha.
Given that there are hundreds of players in the shadow banking space, it's hard to make a credible estimate of potential NPAs. That creates more scope for panic, says Devangshu Datta.
Thackeray said lockdown has been partially eased because economic activities need to continue as 'now we have to learn to live with the virus'.
The reform priorities are clear: enhance savings, improve productivity. Just 25 basis points of moving interest rate up or down would not boost investment: Former RBI Governor Y V Reddy.
The banks argue since the scale of credits is unforeseen, they will have to bear an unknown cost of servicing these accounts.
'Rather than cutting and pasting from advanced economies, we should use basic economic principles to think about what is right for India at the stage of development at which we are,' says Chief Economic Advisor Krishnamurthy Subramanian.
The most serious recommendations to change the financial year came in the years preceded by deficient rainfall. The Jha committee was formed after droughts in 1979-80 and 1982-83, reports Rishika Pardikar/IndiaSpend.
The Jan Dhan scheme restricts the scope of life insurance cover to bring down burden on the exchequer.
The Union Budget seems to have elicited a starkly opposite view from rural India compared to urbanites, says Mahesh Vyas.
India could gain four times over by winding up dysfunctional subsidies.
Finance Minister Arun Jaitley on Wednesday said the country is on an "upward curve" and a good monsoon, GST passage and increased infra and rural spending will further accelerate the growth.
Indian economy is expected to improve marginally in the current financial year with its GDP at market price projected to expand by 3.4 per cent from 3.3 per cent in the previous fiscal, think tank OECD said.
All evidence suggests that the US Federal Reserve will raise interest rates soon.
RBI data show one-fifth of all the infrastructure loans are stressed and the share of such loans in overall stressed assets is nearly a third.
Agricultural incomes can be taxed without hurting farmers, as a substantial section - the small and marginal ones - will remain outside the tax net simply because their incomes are likely to be below the basic exemption limit of Rs 250,000 per annum that is extended to all taxpayers in India, finds out Ishan Bakshi.
Economists have said if a stimulus is needed it should be different from what was provided in 2008-09, when the economy faced the ripple effects of a global meltdown following the Lehman Brothers collapse.
Finance minister Arun Jaitley has delivered a Arun Jaitley delivered a bold, far sighted budget
'This updated NPR database along with Aadhaar Number would become the mother database and can be used by various government departments...' the home ministry declared in July 2015. 'UID/Aadhaar has been used as a fish bait to ensnare and entrap present and future generations of citizens,' warns Gopal Krishna.
Even Delhi does not have a full-time registrar of chits.
The 'Smart Cities' project is one that has faced many hurdles.
This race among parties to woo the farmers mainly stems from the analysis of political pundits that the peasant class played a crucial role in the defeat of the BJP in Rajasthan, MP and Chhattisgarh.
FM needs to convince Indians to invest more in stocks.
It is likely the government will divide the country into different zones during the proposed extended period of lockdown and might permit a few services to function in safe zones.
The idea is to boost household savings and turn more of them into growth capital. If the plan succeeds, sustained eight per cent-plus rates of gross domestic product growth should be within reach in a few years.
The options include involving jewellers as collection centres, addressing of issues that banks have been facing and using domestically available gold for giving metal loans to jewellers for domestic sales.
Reserve Bank of India Governor Shaktikanta Das tells Anup Roy, Raghu Mohan and Niraj Bhatt that it is time for banks to lower interest rates and start lending to cash-starved finance companies after due credit appraisal and proper risk assessment.
Sharpening his attack on P Chidambaram, Bharatiya Janata Party leader Narendra Modi on Thursday alleged wrist watches with photos of the finance minister were being distributed to voters and demanded a probe by the Election Commission.
The governments of Karnataka, Uttar Pradesh and Rajasthan want a lower limit of Rs 100,00,00 gross annual turnover.
Analysts are expecting inflation to fall further in October and November on base effect. Inflation measured by consumer prices has been trending down for over four months, and came in at 6.7 per cent in September.
The Reserve Bank of India (RBI) on Thursday paved the way for niche banking by issuing draft guidelines for setting up payment banks and small banks.
Unless the judges factor in the ungovernability of technologies and their beneficial owners, present and future Presidents, prime ministers, judges, legislators and officials handling sensitive assignments may become redundant with reference to their age-old roles for securing 'national resources and assets', warns Dr Gopal Krishna.
