Inaccuracies in Govt data annoys businesses too
More and more entrepreneurs and business houses are coming forward with their unhappiness with the unreliability of the government-supplied data and the constant revisions it needs. They are arguing that the lack of consistent data related to demand, inflation and growth leads to wrong decisions, decisions that are often very costly. “We have to rely [...]
Stimulus likely to stay for now: FM
The finance minister Pranab Mukherjee today said that the government is unlikely to exit the stimulus packages currently. Mukherjee said, “Exiting from the stimulus packages now may not be the correct approach because if the world economy collapses, the depression would be deeper. I am not hinting at anything,”. Moreover, regarding the interactions with the [...]
Need to balance growth, fiscal deficit: FM
On Wednesday, Finance Minister Pranab Mukherjee said that it is required for India to make a balance between economic growth and cutting fiscal deficit. India”s fiscal deficit is expected at 6.8 per cent of gross domestic product for 2009/10 (April-March), which is higher than 6.2 per cent of the previous year as the government slashed [...]
High growth will boost revenue but fuel inflation: RBI
The Reserve Bank of India (RBI) indicated that the rise in economic growth would contribute to fiscal consolidation by adding to government revenues. However, it is said that the stronger-than-expected revival has added to general policy concerns on inflation. Food prices have already risen substantially; even though the central bank had in October `09 projected [...]
India needs to step up farm production for 9% growth
It is necessary for India to increase its farm output over the next decade and maintain an overall growth of 9% per annum so that benefits trickle down to the common man. However, the growth in agriculture sector is expected to decline by 1-2% this year while the sector that witnessed a sharp increase in [...]
13th Finance panel submits report on tax receipts
The 13th Finance Commission submitted its report today (30th December) to President Pratibha Patil on devolution of central tax receipts between the Union and the state governments. Finance commission suggests the formula for sharing of taxes between the Centre and states. The Commission is headed by former Finance Secretary Vijay Kelkar. The report assumes importance [...]