Just before Dhanteras and Diwali this year, the Reserve Bank of India (RBI) released the November edition of its monthly bulletin. The latest RBI Monthly Bulletin says that the GDP has contracted by -8.6 percent in the second quarter of fiscal year 2020-21 (i.e. July-September, 2020) as compared to the gross domestic product (GDP) during the corresponding period last year. It may be noted that India’s GDP shrunk by -23.9...
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Federalism, now a partisan internal dialogue -Sukumar Muralidharan
-The Hindu India could be living through a reprise of the ‘Congress system’, but with significant differences in the BJP’s re-enactment At the first signs of stress, the grand vision of a nation unified in a singular system of taxation, was supplanted by a policy of every-state-for-itself. Just over three years ago, the introduction of a unified “goods and services tax” (GST) was heralded by a midnight session of Parliament, a theatrical...
More »New report by American Bar Association exposes the dark underbelly of Indo-US sandstone trade
Often exports made by a country to the rest of the world are seen in a positive light by us. It is because exports not only earn precious foreign currencies (that can be used for importing goods and services or simply be used for building forex reserves), it also helps in generating effective demand for goods and services produced in that country and hence, contributes to economic or GDP growth....
More »Why Centre’s Stance on GST Compensation is Utterly Bizarre -Prabhat Patnaik
-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...
More »In ‘act of god’, coercive not cooperative federalism -Rajeev Gowda and Manpreet Singh Badal
-The Hindu In bridging the GST gap, the Centre ought to help States through the Consolidated Fund of India It is beyond anyone’s imagination that the Government of India would invoke the “Force Majeure” clause against its own people. Unfortunately, this has become reality at a time when every Indian State is massively burdened by the COVID-19 crisis and governance has been severely affected. Finance Minister Nirmala Sitharaman’s statement on Thursday that the...
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