-NetworkIdeas.org India’s Constitution puts the bulk of responsibility for the basic goods and services to be provided to citizens on to state governments. That is also why it mandated that independent Finance Commissions be appointed every five years to determine the distribution of tax revenues between Centre and the various states. Successive Finance Commissions (FCs) have also recognised that state governments necessarily require more resources to fulfil their obligations, which is...

-The Hindu The methodology behind the OECD’s numbers, that suggests negative support, has pitfalls and limitations The ongoing stalemate between the farmers protesting over the recently passed farm laws and the government has sparked an interesting debate regarding the level of agricultural support. Many media reports, based on data by the Organisation for Economic Co-operation and Development (OECD), have ostensibly stated that the support provided to Indian agriculture is extremely low or...

-TheCitizen.in 90% rise in Indian billionaires’ wealth There has been a 90% rise in Indian billionaires’ wealth over past decade. It is not accidental. The BJP led government reduced corporate income tax from 30 to 22 percent starting from the financial year 2019/20. New corporates established in India after October 2019 will only pay 15 percent. It has also provided many other opportunities, incentives and foregoing exemptions to corporations. Meanwhile the Union government...

The World Economic Outlook – a bi-annual publication of the International Monetary Fund (IMF) -- released in October 2020 has anticipated that the economic progress made by the countries since the 1990s to reduce poverty would be turned upside down by the COVID-19 pandemic. On top of that, economic disparity would rise too in the post-COVID world because the crisis has disproportionately impacted women, informal sector workers and people with...

-The Hindu The events of the pandemic show how it is the need of the hour to modernise India’s archaic tax laws The word ‘lockdown’, which is Collins Dictionary’s word of the year, sums up the pain that the world underwent in 2020. As a result of the pandemic-induced lockdown, India’s GDP contracted consecutively for two quarters from April to September 2020. Some have gained from the pandemic. India’s super rich only became...