-The Hindu This is the first time that the Centre has scrapped the notified interest rates on small savings schemes after switching to a quarterly interest rate setting system in April 2016. Hours after notifying significant cuts in small savings instruments’ returns for this quarter, the government has backtracked on these sharp cuts. This is the first time that the Centre has scrapped the notified interest rates on small savings schemes after...
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Why privatising public assets is poor economics, impetus to greater wealth inequality -Prabhat Patnaik
-The Indian Express The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are no different from those of selling public assets. The government has adduced no reasons for the proposed privatisation of several public sector assets other than to generate resources for its spending....
More »Tax exemptions and incentives for the corporate sector continue despite reduction in corporate tax rates
Quite often it is argued by mainstream economists that a sizeable chunk of the Union Budget every year is wasted because the Government spends that on food and fertiliser subsidies. The burgeoning size of these two subsidies relative to the entire budget as well as the gross domestic product (GDP) is often used to build the argument that economic as well as environmental sustainability of the country is at stake...
More »Nirmala dismisses report on human rights in India
-The Hindu Says think tank has not even got country’s map correct Finance Minister nirmala sitharaman lashed out at the U.S. think tank Freedom House — which has downgraded India’s status from “free” to “partly free” — accusing the body of not even getting the “Indian map” correct. The Information and Broadcasting Ministry on behalf of the government also issued a statement calling the report “misleading, incorrect and misplaced”. Speaking to reporters at...
More »Union Finance Minister nirmala sitharaman interviewed by Raghuvir Srinivasan, Aarati Krishnan and Parvatha Vardhini C (The Hindu Business Line)
-The Hindu No decision taken yet on which banks will be privatised, Finance Minister says. Fresh from presenting a Budget that represents a clean break from past policies, Union Finance Minister nirmala sitharaman was in Chennai last weekend to hear feedback from industrialists and common citizens. “This is a Budget that was put through the wringer to ensure that every number was credible and achievable and did not reflect over-ambition,” she said,...
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