Of the seven surveys presented under Modi govt, predictions of three were quite close to the actual GDP growth rate, one saw the base year change in between, but the last three were way off the mark.
'If you do quick back-of-the-envelope calculation, someone earning Rs 10 lakh can get a benefit of anywhere between Rs 35,000 and Rs 45,000, even if s/he is availing exemptions.' 'A large proportion of people do not avail full exemptions as they don't have money to invest in those schemes.'
'The corporate tax cuts will obviously result in lower tax payments by companies,' says Central Board of Direct Taxes member Akhilesh Ranjan who retires after 37 years in government service.
'It is not simply demonetisation or GST, it is this government's failure to manage the financial sector crisis.'
In an interview with Shobha Warrier/Rediff.com, he talks about the economic policies of the Narendra Modi government and whether achche din is really coming.
'The world is going to be more insular.' 'What India needs to do is develop the domestic market for domestic consumption.' 'The emphasis has to be on Bharat as against India.'
'The cash part is the lower hanging fruit compared to the other sources.' 'To attack the cash part of black money, I can't think of anything else but demonetisation.'
ISB professor Krishnamurthy Subramanian tells Shobha Warrier/Rediff.com that Modi government's continuation of tax terrorism is driving away investors.
'India's biggest loss is that we will not have anyone as principled and as courageous as Rajan.'
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