-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...
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Blunting the Economic Impact of the Second Wave of COVID-19 With a 3, 6, 9-Month Plan -Deepanshu Mohan
-TheWire.in A three to six-month fiscal plan has to be chalked out to make vaccines and drugs available to people of all ages across the states by bringing in the private sector. An income support scheme has to be rolled out for nine months at least. India reported a new high of 2 lakh fresh coronavirus positive cases for the first time last week, and the last few days continue to see...
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 »Expected growth of 12.5% for India but “ very severe downside risks” due to COVID wave: IMF -Sriram Lakshman
-The Hindu Averting divergent outcomes would mean “resolving the health crisis everywhere” the report says After an estimated contraction of 8% in the fiscal year that ended March 31, India is projected to grow at 12.5 % during the current year, settling down to 6.9% growth year (FY22/23), according to the World Economic Outlook (WEO): Managing Divergent Recoveries, released by the IMF as the World Bank IMF Spring Meetings kick off virtually....
More »Tax exemptions and incentives for the corporate sector continue despite reduction in corporate tax rates
Quite often it is argued by mainstream economists that a sizeable chunk of the Union Budget every year is wasted because the Government spends that on food and fertiliser subsidies. The burgeoning size of these two subsidies relative to the entire budget as well as the gross domestic product (GDP) is often used to build the argument that economic as well as environmental sustainability of the country is at stake...
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