-The Hindu The outgoing CEA also batted for the lateral entry of talent into the government The compensation payable to the States for revenue loss arising due to GST is just ?5,000 crore, far lower than was estimated, according to Chief Economic Adviser Arvind Subramanian. In a candid interview to The Hindu, the outgoing CEA also batted for the lateral entry of talent into the government, saying that it was a “no brainer”...
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An open letter to Finance Ministers -TM Thomas Isaac
-The Hindu Political alignments should not come in the way of defending the fiscal rights of States My fellow Finance Ministers in the States, I hope you will agree that the award of the Finance Commission is vital to State finances. Some of us who met initially at Thiruvananthapuram, Kerala, and later at Amaravati, Andhra Pradesh, are worried about the implications of the terms of reference (ToR) of the Finance Commission...
More »Economic Graffiti: Why morality matters to economics -Kaushik Basu
-The Indian Express To deal with corruption, it is not enough to just get fiscal policies right. It is in our collective long-term interest to nurture individual values. I went to an optometrist last week, who gave me one of those cards to read where the font starts out large and then gets progressively small, to test your reading capacity. In this case what was interesting was the content of the card....
More »Fund fight: Why population became a sticking point for Centre and states
-The Times of India • What does the Finance Commission do? In India’s federal structure, Taxation powers and obligations for various services — like law and order, health, education — are unequally shared between the Centre and the states. Hence, the Constitution mandates the setting up of a Finance Commission (FC) every five years to recommend how revenues from central taxes should be shared between the Centre and the states. A fair...
More »SC asks Centre to curb illegal operations of multinational auditors -Dhananjay Mahapatra
-The Times of India NEW DELHI: The Supreme Court took serious note of alleged illegal operations of multi-national accounting firms (MAFs) in India in collaboration with Indian charted accountancy firms (ICAFs) and asked the Centre on Friday to examine steps to rein them in. "The Union of India may constitute a three-member committee of experts to look into the question whether, and to what extent, the statutory framework to enforce the letter...
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