-Newsclick.in Tax collections have plummeted and Modi Govt is scrambling to cut spending by Ministries, further deepening the crisis. For the first time in two decades, corporate and income tax collections are expected to fall in 2019-20. This is an indication of the gigantic mess created by the Narendra Modi government with its dogmatic commitment to reduce taxes on corporates and squeeze its own expenditure to supposedly boost the flagging economy. As...
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Government must engage in a collaborative effort with farmer groups -Ajay Vir Jakhar
-The Indian Express There is an ambiguous provision to levy income tax on “dairying”. Either the provision should be removed or it should be clarified that it does not include dairy farmers. Dairying is a part of agriculture and as per the Constitution, it is a state subject. Those in power may not yet be accepting blame for the barrage of negative news on the state of the economy, but cracks are...
More »Will the Budget suspend the FRBM's fiscal deficit goals? -Ajit Ranade & NR Bhanumurthy
-The Hindu Any fiscal deficit needs to ideally redirect spending priorities to capital from consumption With revenue receipts lagging behind budget estimates and economic growth slowing sharply, there is a real risk of the Centre missing its fiscal deficit target this year. In a discussion moderated by Suresh Seshadri, N.R. Bhanumurthy and Ajit Ranade look at how the Union Budget may approach the fiscal balancing act in the face of a need...
More »How deep is India's fiscal hole? -Nikita Kwatra
-Livemint.com Taking into account a likely shortfall in revenue and off-budget spending, the real fiscal deficit could be as high as 5.5% of GDP in the current fiscal Mumbai: As India’s economic slowdown has intensified, so has the debate on whether the government should stick to fiscal consolidation or run a higher deficit to push growth in the upcoming budget, due on 1 February. However, data on revenue available so far suggests that...
More »With a huge informal economy, government should increase spending, not worry about deficit -Maitreesh Ghatak
-The Indian Express To get the engine of the economy revving, an expansionary fiscal policy that harnesses the energy of the informal sector to boost aggregate demand is the order of the day. That India is in the midst of a serious economic slowdown is no longer in question. The debates are now mostly about what to do about it: Whether to opt for a fiscal expansion to boost demand or to...
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