-The Hindu Not only are the States not paid what is due to them, they have also lost the powers to raise their own sales tax revenues Karur MP S Jothimani recently conducted a telephonic survey of 30 lakh people in Tamil Nadu on the re-opening of liquor shops in the State during lockdown 3.0. An overwhelming 89% were opposed to the move. The Maharashtra government too decided to permit liquor shops to...
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Subdued GST collections, lower tax devolution will impact state finances, pose macro risks -Jayanta Roy and Aditi Nayar
-The Indian Express To avoid a substantial fiscal slippage at the state government level, a sizeable expenditure reduction or deferral is likely to be required, given that the borrowing limit set by the central government acts as a soft constraint to the size of the states’ fiscal deficits. There are growing concerns that the two major sources of tax revenues for state governments, the state goods and services tax (SGST) and...
More »Waiting for reforms: On the economic stimuli
-The Hindu The stimulus incentives hold promise, but structural reforms are nowhere on the horizon People who have been yearning for major economic reforms from the Narendra Modi government, it seems, will have to wait to have their dreams come true. Finance Minister Nirmala Sitharaman on Saturday presented the third round of stimulus measures to resuscitate the struggling economy, but once again these have largely failed to live up to the initial...
More »Prabhat Patnaik, an economist and former economics professor at the Jawaharlal Nehru University, interviewed by Kaushal Shroff (The Caravan)
-CaravanMagazine.in In the budget unveiled in July, the finance minister Nirmala Sitharaman ambitiously claimed that India’s economy would hit $5 trillion by 2025. In the weeks that followed, the Central Statistics Office revealed that the gross domestic product growth rate for the April–June quarter fell to a six-year low of five percent; the Reserve Bank of India cleared a surplus transfer of Rs 1.76 lakh crore to the union government; and...
More »Dr. Manmohan Singh, former Prime Minister of India, interviewed by Richa Mishra (The Hindu Business Line)
-The Hindu Business Line The government must simplify and rationalise GST, kickstart rural consumption, revive agriculture and tackle the lack of credit for capital creation, says former PM Former Prime Minister Manmohan Singh, an eminent economist himself, feels that the Narendra Modi-led government needs to come out of its habit of headline management and address the economic challenges which the country is facing today. “We cannot afford to deny that India is facing...
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