-The Hindu Uday Kotak highlights risks of not spending, says a lot will hinge on States’ approach to reopening. India’s economy urgently needs increased fiscal spending from the government to support businesses that have suffered stress from the COVID-19-related disruptions, as well as households and individuals worst hit by the pandemic, CII president Uday Kotak said on Wednesday. “I think the time has come for the fisc [fiscal authorities] to do a lot...
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Lack of Political Will, Not Grains, Is Why We Do Not Have Universal PDS -Shambhavi Sharma and Sourya Majumder
-TheWire.in Can the Union government exercise its sovereignty in extending food subsidies to states during a historic crisis despite an enlarged Fiscal Deficit? Some states have started responding to the Supreme Court’s directions on ensuring food security, cash transfers and transportation for migrant workers. It is time the Union government steps up. In a suo moto hearing on May 13, the Supreme Court observed that migrant workers have once again been left in...
More »During COVID-19 pandemic, India’s debt to GDP ratio increased from 74% to 90%, says IMF
-PTI/ The Hindu In 2020, fiscal policy also contributed to mitigate falling economic activity and employment. India’s debt to GDP ratio increased from 74% to 90% during the COVID-19 pandemic, the International Monetary Fund has said, noting that it expects this to drop down to 80% as a result of the country’s economic recovery. Paolo Mauro, Deputy Director, IMF’s Fiscal Affairs Department told reporters at a news conference here on Wednesday, “In the...
More »Why privatising public assets is poor economics, impetus to greater wealth inequality -Prabhat Patnaik
-The Indian Express The only difference between a Fiscal Deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a Fiscal Deficit on the economy are no different from those of selling public assets. The government has adduced no reasons for the proposed privatisation of several public sector assets other than to generate resources for its spending....
More »A changing fiscal framework -Dipankar Dasgupta
-The Hindu The government’s announced fiscal policy stance and the fiscal regime it is running seem contradictory There used to be a time — and this was well before India began to globalise — when each Union Budget announced sales tax increases on tobacco products, especially cigarettes. The demand for cigarettes being somewhat inelastic, the rise in tax was expected to be a shot in the arm for the revenue-starved government of...
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