The rise in COVID-19 daily new cases and daily new deaths compelled many state governments to impose local level lockdowns during April-May 2021. As of 20th April, 2021, partial lockdowns were noticed in 10 states across the country and complete lockdown was imposed in Delhi. As of 8th May, 2021, nearly the entire country was under complete lockdown as a result of either partial lockdowns and night curfews or complete...
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Fiscal transparency jacks up ‘expenditure’ numbers in the Union Budget 2021-22
In order to understand why the Union Budget 2021-22 is being termed as ‘transparent’, it has to be read simultaneously with the 15th Finance Commission Main Report for 2021-26. But first, let us discuss 'fertilizer subsidy'. The budget documents for Union Budget 2021-22 show that the spending on ‘fertilizer subsidy’ was slashed from Rs. 1,33,947 crore in 2020-21 (revised estimate) to Rs. 79,530 crore in 2021-22 (budget estimate). However, the budgetary...
More »Dr. Surjit S Bhalla, economist and Executive Director for India on the board of International Monetary Fund (IMF), interviewed by Richa Mishra (The Hindu Business Line)
-The Hindu Business Line “Join the Regional Comprehensive Economic Partnership (RCEP), but do not ignore your internal market and demand. Ninety per cent of our bad export story is domestic challenges, 10 per cent is external environment or external policy,” says Economist Surjit S Bhalla. Seventy-one-year old Bhalla has a tough task ahead — to make New Delhi’s voice louder at the international forums as he is set to take charge...
More »Bank mergers don't address crux of crisis: The nexus between lenders, borrowers and election funding -Christophe Jaffrelot
-The Indian Express To understand what is at stake in the NPA story, one needs first to understand why the public sector banks lent so much money to companies which are today unable to pay it back. India’s economic crisis that is finding expression in low-growth rates and high unemployment rates is partly due to the decline of investments, which is partly due to the fact that companies cannot get access...
More »Spend to grow -C Rangarajan and DK Srivastava
-The Indian Express Government should explore all avenues to expand capital expenditures From a level of 8.1 per cent in the fourth quarter of 2017-18, quarterly GDP growth fell to 5 per cent in the first quarter of 2019-20, a fall of 3.1 percentage points. The slowdown of the Indian economy is no longer in dispute. Thankfully, the government has come out of denial mode. The critical question is: What should...
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