-The Telegraph Arun Jaitley today drew loud cheers from the fiscal conservatives as he displayed "prudence" and stuck to the fiscal deficit - which captures the government's borrowing requirements - target of 3.9 per cent of the GDP for 2015-16 and pegged it at 3.5 per cent of the GDP for 2016-17. As the achievement came despite all the problems that the Indian economy faced - the Economic Survey presented details of...
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Pretending to be pro-poor, little change over UPA -Arun Kumar
-The Tribune While giving concessions worth Rs.1,000 crore in the direct taxes paid by the rich, the government plans to net an extra Rs. 19,000 crore in indirect taxes, which are contributed by all. This reveals a regressive intent. Like all Union budgets, this one also is long on promises but hides the real dynamics, namely, how the resources are to be raised for the promised very substantial expenditures. The budget is...
More »Subsidies: Plug subsidy leaks to help fiscal consolidation
-Business Standard Conventional subsidy bill of Rs 2.44 lakh crore, or 1.7 per cent of GDP, in 2015-16 If lower tax rate is equivalent to subsidising, the National Democratic Alliance government is clearly targeting the 'well-off' segment of the population. Unlike the previous years, the Economic Survey 2015-16 has dealt with the issue of subsidy by giving only a box on petroleum subsidies, while devoting a chapter with nine-and-a-half pages to 'Bounties...
More »Arvind Subramanian, Chief Economic Advisor, interviewed by Business Standard
-Business Standard Indian economy is closely integrated with the global economy, which is facing a slowdown, and so the headwinds are difficult to avoid, Chief Economic Advisor Arvind Subramanian told journalists in an interaction after presenting the Economic Survey 2015-16. In this uncertain environment, monetary and fiscal policies should aim to purchase insurance, so to speak, against the global slowdown, he said. Edited excerpts: * In the backdrop of a global slowdown,...
More »Growth data send conflicting signals
-The Hindu The latest GDP data released by the Central Statistics Office (CSO) raise more questions than they answer. While on the face of it, the projection of 7.6 per cent growth at constant prices for the fiscal year ending March 31 sounds both attainable and impressive, a closer look at the other sets of numbers, including the third-quarter reading, raises some flags. The pace of economic expansion is estimated to...
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