-The Telegraph New Delhi: The demand for work under the rural job scheme has risen this financial year, with economists and social activists attributing it to the economic slowdown and the spectre of a drought in south India. The Mahatma Gandhi National Rural Employment Guarantee scheme has already generated 119 crore persondays in the first five months of the financial year, data on the rural development ministry's website show. This is 55...
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If Anything, Demonetisation Slowed the Rate of Increase in Income Tax Base -James Wilson
-TheWire.in Year-to-year growth in the number of tax payers in 2016-17 was 26% (with demonetisation), which is less than 27.6% during 2015-16 (without demonetisation). I am finally able to resolve the jigsaw puzzle of the number of tax payers added during FY 2016-17. In my last article in response to the clarifications issued by the Ministry of Finance on August 18, I pointed out the inconsistencies in their response. For instance, “Instead...
More »Economy outlook still cloudy -Ajit Ranade
-The Hindu An immediate stimulus is needed to regain the momentum to get India back to 8% growth The government’s move this past week to publish economic data for the April to June quarter of this year needs a look. The real growth of GDP, i.e. after removing the impact of inflation, was only 5.7%, much lower than expected. For the past six consecutive quarters, the growth rate has gone down steadily,...
More »Achchhe din's worst day
-The Telegraph The Central Statistics Office reported today that economic growth sank to a three-year low at 5.7 per cent, striking at the core of Prime Minister Narendra Modi's promise of achchhe din. The sharp slowdown is a result of the two biggest disruptive measures taken by the Modi government: demonetisation and the goods and services tax. The double whammy has badly crimped factory output and squeezed the services sector. The GDP growth...
More »Demonetisation: Figure may hit 100% if 'pipeline' collections taken into account, say officials -Ritu Sarin
-The Indian Express Demonetisation: The “pipeline” demonetised collections, according to these officials, include banned notes lying with citizens in Nepal as deliberations between the RBI and the Nepal Rashtra Bank (NRB) for the exchange of such notes did not fructify. New Delhi: On a day when the Reserve Bank of India (RBI) released the data for collected demonetised currency, top RBI officials told The Indian Express that the figure could creep closer...
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