-Centre for Budget and Governance Accountability (CBGA) Press Release   New Delhi: The direction indicated by the Finance Minister's Budget Speech in general and that of the taxation policies in particular indicate a quantum leap being taken towards market fundamentalism. In the absence of any increase in the overall spending capacity of the government (Centre and States combined), the steps for fiscal decentralization (from Centre to States) have been constrained, implying only...

-The Hindu Lauds Finance Commission recommendations for revenue share Chief Economic Adviser Arvind Subramanian said on Friday that calculations showed that the total transfers from the Centre to the States as a percentage of the divisible pool of its net tax revenue would remain nearly the same even after the acceptance of the 14th Finance Commission's recommendations. However, transfers from the Central government would no longer be scheme-and-grant-based, and it would rather be...

-Press Information Bureau/ Ministry of Finance Economic Outlook, Prospects and Policy Challenges Macroeconomic fundamentals in 2014-15 have dramatically improved. Highlights are: * Inflation has declined by over 6 percentage points since late 2013. * The current account deficit has declined from a peak of 6.7 percent of GDP (in Q3, 2012-13) to an estimated 1.0 percent in the coming fiscal year. * Foreign portfolio flows have stabilized the rupee, exerting downward pressure on long-term interest...

-The Hindu Chennai: Tamil Nadu has sought increased role and greater Fiscal Autonomy for States in the new institution that will replace the Planning Commission. "It is our belief that a Strong Union can emerge only out of strong states and India's governance structure has to incorporate more federal features," Tamil Nadu Chief Minister O Panneerselvam said at a meeting chaired by Prime Minister Narendra Modi with Chief Ministers to discuss the...

-The Hindu   So far, the electoral promises of allocation of six per cent of GDP to education have remained as pious wishes Election manifestoes over decades have rhetorically spoken of six per cent of GDP or more to education and this election has been no exception; the actual spending on education is only around three per cent. Not surprisingly, school infrastructure and teaching personnel are inadequate and of poor quality while the dropout...