-TheWire.in While Nirmala Sitharaman's maiden budget hit all the right political notes, its fiscal math is far fuzzier. The first budget of the Narendra Modi government 2.0 is very high on political rhetoric around empowering the poorest in ‘New India’, but does not have a clear road map of how a fully-funded welfare state will be sustained without a robust revival in growth, based on the twin engines of investment and consumption...
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A Budget that goes nowhere -C Rammanohar Reddy
-The Hindu It would seem that since the government is unable to catalyse domestic investment or fund public investment, it is now turning abroad to fuel growth Union Finance Minister Nirmala Sitharaman is mistaken if she thinks her first Budget is going to revive a slowing economy. The economy grew by just 5.8% in real terms in the last quarter of 2018-19. Yet, the Union Budget for 2019-20 assumes that the economy will...
More »Arvind Subramanian, outgoing Chief Economic Adviser to the Ministry of Finance, interviewed by TCA Sharad Raghavan (The Hindu)
-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”...
More »Banks can wipe out your money -BR Muralidharan
-Deccan Chronicle Bail-in clause in the proposed law can make you lose your rights on your bank deposits. As part of a host of banking reforms, the Central government has approved a bill in June 2017 to enact a new law framing rules for the resolution of failing banks, whose details that surfaced on social media made all bank depositors a worried lot. If the government goes ahead with this move, it...
More »Mixed Signals from the External Sector -CP Chandrasekhar
-NetworkIdeas.org A slew of numbers released recently point to rather peculiar and contrary trends in India’s balance of payments. Exports have revived but the trade and current account deficits widen, pointing to an excess of foreign exchange expenditure relative to earnings. While the widening current account deficit points to a weakening balance of payments position, foreign exchange reserves are at record levels. The foreign exchange reserve increase is funded largely by capital...
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