-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...
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Modi government accepts Finance Commission recommendations, states to get 42% share in central taxes
-The Times of India NEW DELHI: The Modi government said on Tuesday that it has accepted the recommendation of Finance Commission to raise the share of states in central taxes to 42 per cent from current 32 per cent. As per the increased devolution suggested in the report of the 14th Finance Commission, the states will get Rs 3.48 lakh crore in 2014-15 and Rs 5.26 lakh crore in 2015-16. "The higher tax...
More »Rural reach -Amita Sharma
-Financial Chronicle From the inner recesses of Chattisgarh to the upper crevices of Sikkim, a look at how MGNREGA initiatives are changing lives The large blackboard outside the police station reads like a rate list. There are different monetary awards for Naxalites' surrender with different weaponry, the highest, Rs 4.5 lakh, for surrender with a light machine gun, Rs 3 lakh with an AK 47, and only Rs 30,000 with a 12...
More »‘States should be free to choose crucial schemes’
-The Hindu Chennai: Tamil Nadu has sought increased role and greater fiscal autonomy for States in the new institution that will replace the Planning Commission. "It is our belief that a Strong Union can emerge only out of strong states and India's governance structure has to incorporate more federal features," Tamil Nadu Chief Minister O Panneerselvam said at a meeting chaired by Prime Minister Narendra Modi with Chief Ministers to discuss the...
More »CIC autonomy gets dented due to missing chief -Aloke Tikku
-The Hindustan Times New Delhi: As a headless Central Information Commission (CIC) controversially celebrates nine years of the transparency law behind closed doors, there are indications that the CIC chief's absence has already dented the watchdog's autonomy. Being without a chief has placed the commission on a weak legal footing. According to documents accessed under the RTI law, the government has taken control over the CIC's purse strings and placed them in...
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