-Hindustan Times Finance Minister Arun Jaitley's claims of already having achieved an economic turnaround, made in his budget speech, evoke suspicion. Inflation is certainly down and so is the current account deficit, but that has almost entirely to do with the crash in international crude oil prices, which have fallen from $110 per barrel in June 2014 to around $57 per barrel currently. In fact, rather than passing on the full...

-Down to Earth States, already flush with cash surplus of Rs 1.6 lakh crore, will get significantly raised share from the central taxes. Along with this financial devolution, the Central government is also going to devolve the responsibility of planning and implementation of centrally sponsored schemes to states in the coming budget. This makes state budgets the key instruments of gauging the social sector Just four days before the Union budget, the...

-The Indian Express The forthcoming budget is expected by some to be make-or-break or path-breaking, by others, to provide a legislative or economic roadmap for the rest of this government's term. Most likely, it will focus on issues within the purview of the finance ministry, namely, macro management, taxation, expenditure, the financial sector and balance of payments. The abolition of the Planning Commission and the 14th Finance Commission recommendations on tax devolution...

-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 The broad contours of a cooperative federal polity where the Centre and States engage as equal partners in development is now emerging after the government on Tuesday accepted the recommendations of the Fourteenth Finance Commission. The FFC, headed by former RBI Governor Y.V. Reddy, has broken new ground by recommending a move away from scheme and grants-based support to States to a greater devolution of funds from the Centre's...