New Delhi, Jun 3 (PTI) Former chief economic adviser Arvind Subramanian on Wednesday said the FRBM Act will probably have to be revised by the end of the year as India will witness a sharp decline in GDP growth due to the COVID-19 crisis. Addressing a webinar organised by EY India, Subramanian further said while labour reforms were necessary, the way they have been done by some states have undermined basic protections to workers, especially in light of the migrant crisis. It is going to be a very very difficult economic year. We should brace ourselves for a sharp decline in GDP growth. We should also brace ourselves for the fact that India's deficit almost certainly will be double digit. India's fiscal situation is going to be very, very difficult, he said. Subramanian, currently a visiting professor at Harvard University, further said reviving the financial sector is going to be critical for stimulating economic growth. Talking about India's current macroeconomic situation amid the COVID-19 pandemic, he said the Fiscal Responsibility and Budget Management (FRBM) Act and terms of reference of the 15th Finance Commission will probably have to be revised and updated. Compared to the Budget 2020-21, I think the facts have changed. We will probably have to revise, and update Budget numbers, the FRBM framework and the terms of reference of the 15th Finance Commission at the end of the year, Subramanian emphasised. The FRBM Act of 2003 seeks to reduce the country's fiscal deficit through financial discipline. He also pointed out that due to the Rs 20 lakh crore economic package announced by the government to mitigate the impact of the COVID-19 pandemic, India's debt-to-GDP will rise to 85 per cent. The eminent economist also noted that the pandemic in India is not under control. Developing countries are much more vulnerable and have less fiscal space than advanced economies. Lockdown has been much more severe on developing countries, he said. Noting that India entered into lockdown when its economy was already slowing, Subramanian said, It will take a lot of hard work for India to again start growing at 6 per cent. The former CEA also said the pandemic and the lockdown have made the case for Universal Basic Income (UBI) stronger. Talking about labour reforms, Subramanian said it is true that India's labour laws required change. But these labour reforms have probably undermined basic protections which are absolutely critical, he said. In recent weeks, various state governments, including Uttar Pradesh and Gujarat, have either made amendments or proposed changes to existing labour laws as part of larger efforts to help businesses hit hard by the COVID-19 pandemic. Subramanian observed that it is not clear whether these kind of tweaks will be attractive enough for investors because they will say if things can be so drastically changed in one direction, then what is the guarantee that they will not be reversed equally suddenly? I think... action like this may not generate the kind of long term trust and credibility in policy that are required to take advantage, he opined.
On Thursday, Finance Minister Nirmala Sitharaman formally launched the facility for instant allotment of PAN card using Aadhaar-based e-KYC, as announced in the Union Budget 2020. Those with a valid Aadhaar number and a mobile number registered on the UIDAI database
New Delhi [India], May 28 (ANI): In line with the announcement made in the Union Budget, Finance Minister Nirmala Sitharaman on Thursday formally launched the facility for instant allotment of PAN on a near-to-real-time basis. The facility is now available for those PAN applicants who possess a valid Aadhaar number and have a mobile number registered with Aadhaar.
The government has allocated an additional Rs 40,000 crores under the Mahatma Gandhi National Rural Employment Act (MNREGA). The Union Budget for 2020-21 had allocated a sum of Rs 61,000 for MNREGA, so an additional sum of Rs 40,000 crores is
PUNE, India, April 28, 2020 /PRNewswire/ -- The funds allocated towards healthcare by the 2020 Union Budget were 5.7% lower than the amount apportioned last year. This combined with the fact that healthcare inflation in India is believed to be increasing at double the rate of retail inflation and that about 56% of Indians don't have any health insurance reveals the stark nature of healthcare finance in the country. To address this deficiency and make medical care more accessible and hassle-free, Bajaj Finance Limited, the lending and investing arm of Bajaj Finserv, offers a Digital Health EMI Network Card.
The ministry said to assist states effectively address situation arising out of COVID-19 pandemic, as a special dispensation, the calculation of net proceeds of shareable taxes has been kept unchanged as per Budget 2020-21.
New Delhi, Apr 14 (PTI) Former finance secretary Subhash Chandra Garg on Tuesday said the Budget 2020-21 has started falling apart as COVID-19 has struck a massive blow to the economy, and the government may face additional expenditure demand of about 3 lakh crore this fiscal.
Providing clarification to taxpayers, the Central Board of Direct Taxes (CBDT) said that those who wise to opt for the concessional income tax rates proposed in the Union Budget 2020 will need to notify their respective employers. It also said that
India's top five economists tell News18.com that the previous Union Budget presented on February 1 may not be sufficient to tackle the COVID-19 upheaval.
New Delhi [India], Mar 30 (ANI): The Reserve Bank of India (RBI) on Monday issued a circular to implement the Union Budget 2020-21 proposal to fully open up the government securities for non-resident investors.
New Delhi, Mar 23(PTI) The BJP's Delhi unit termed as diectionless and disappointing the budget 2020-21 presented in the Assembly on Monday by the Aam Aadmi Party government.
New Delhi, Mar 23 (PTI) The Delhi government in its budget 2020-21 presented in Assembly by Deputy Chief Minister Manish Sisodia on Monday targeted to boost the public transport with nearly new 2,500 buses and expand the metro train network.
New Delhi, Mar 23 (PTI) The Delhi government on Monday proposed an outlay of Rs 3,723 crore in its budget 2020-21 for development of unauthorised colonies and slum clusters.
Delhi Govt allocates 50 crores for fighting #Coronavirus in the national capital. This is our initial allocation, Delhi Govt assures that it will increase this budget if need be, to ensure Delhi is ready to fight the virus, said Deputy CM Manish Sisodia.
The Ayushman Bharat Yojana is a flagship scheme of Government of India, to help Indians who are in need of healthcare facilities. During the budget session, Sisodia also said that Delhi government will provide Rs 7,704 crore for the health sector in the next financial year.
Income tax: Taxpayers should evaluate previous, latest slabs before finalising option; here's all you need to know about two regimes
Blue Star increased the price of air conditioners in the range of 3-5% in February as the customs duty on certain components went up in the Union Budget.
Mumbai (Maharashtra) [India], Mar 11 (ANI/NewsVoir): India's one of the fastest-growing fintech startup companies 'iServeU' is betting big to create India's USD 5 trillion economy of rural India by providing digital connectivity. The company crossed iconic landmark to connect with 25,000 villages where they have been financially included using iServeU's technology on the day our Finance Ministers Nirmala Sitaraman tabled Union budget for FY 2020-21.
Finance Minister Nirmala Sitharaman proposed Kisan Rail last month while presenting the Union Budget in the parliament for the financial year 2020-21.
Guwahati, Mar 6 (PTI) Assam Chief Minister Sarbananda Sonowal on Friday termed the state budget 2020-21 as a pro- people budget which will adequately reflect the aims and aspirations of the people.
Minister Ajit Pawar stressed the importance of women's safety, and pledged an amount of Rs 2,100 crore for the Women and Child Welfare development department."For us, women's safety is of utmost priority. One all-women's police station will be started in every district," he said.
The industries and services sectors, which reported a growth rate of 5.6 per cent and 9.8 per cent, respectively, in 2018-19 reported a fall in FY20 at 4.8 per cent and 7.9 per cent, respectively.
New Delhi [India], Mar 5 (ANI): The Central Board of Direct Taxes (CBDT) on Thursday issued Frequently Asked Questions (FAQs) on the Direct Tax 'Vivad Se Vishwas' scheme to provide clarity about the various provisions contained in the scheme. 'Vivad Se Vishwas' scheme was announced during the Union Budget, 2020 to provide for dispute resolution in respect of pending income tax litigation. According to a press release issued by the Ministry of Finance, after the introduction of Vivad se Vishwas in Lok Sabha, several queries have been received from the stakeholders seeking clarifications in respect of various provisions contained in the Scheme.