-Newsclick.in Finance Minister Nirmala Sitharaman invoking ‘Act of God’ to deny states their promised dues, not only violates an Act of Parliament but also defies economic logic. When the Goods and Services Tax (GST) was introduced, and states virtually gave up the power to levy indirect taxes which they had enjoyed under the Constitution, the Centre had solemnly promised that it would compensate them for five years for any revenue shortfall arising...
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Slower growth and a tighter fiscal -C Rangarajan and DK Srivastava
-The Hindu India slid into the pandemic crisis in the backdrop of economic downslide; fiscal stimulus has to be structured The impact of COVID-19 will be debilitating for the global as well as the Indian economies. Various institutions have assessed India’s growth prospects for 2020-21 ranging from 0.8% (Fitch) to 4.0% (Asian Development Bank). This wide range indicates the extent of uncertainty and tentative nature of these forecasts. The International Monetary Fund...
More »Covid-19: Centre rejects IRS’ proposal of taxing the super rich, calls it an ‘act of indiscipline’
-Scroll.in The finance ministry has directed the CBDT chairperson to seek an explanation from these officers for writing such ‘ill-conceived views’ in public. The Centre on Sunday rejected a proposal made by officials of the Indian Revenue Service suggesting the government should increase taxes to cushion the economic fallout of the coronavirus pandemic. The Centre called it “an act of indiscipline”, NDTV reported. In a 44-page report titled FORCE, or Fiscal Options and...
More »Budget again reveals structural fiscal constraint -Rathin Roy
-Business Standard/ NIPFP Strap: It recognises that the medium-term fiscal arithmetic does not afford space for expansionary fiscal policy In my column on the FY20 Budget (A silent fiscal crisis, July 5, 2019), I had warned that the government faced a structural fiscal constraint that was concealed by using incorrectly optimistic numbers for revenue receipts. This year’s Budget is transparent. But the government continues to be heavily fiscally constrained due to inadequate...
More »Why India faces a public funding crisis -Rathin Roy & Puja Mehra
-Livemint.com * The Centre has no money for a stimulus package. Only the states can find a way to get India out of the slowdown * States, taken collectively, are the only hope. Despite loan waivers, they are in a better position to boost public spending. But that would require coordinated work between the Centre?and the states NEW DELHI: On 1 February, finance minister Nirmala Sitharaman will present an important Union budget. The...
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