M Govinda Rao
Union Budget: Overestimation of tax revenues results in unrealistic deficit targets
When the estimate itself is questionable, should we be unduly concerned about slippages of one or two decimal points?
RBI vs Govt tussle: Is the government right to question the Reserve Bank?
What action has been taken against govt-nominated board members for allowing banks to lend to unviable projects?
RBI Monetary policy review: Why central bank should hold rates, if not raise it by 25 bps
The estimates of GDP and GVA growth for the first quarter of 2018-19 at 8.2% and 8%, respectively, have raised hopes of economic revival.
Why the situation does not look very optimistic on the fiscal front
Karnataka’s loan waiver proposal is expected to cost an additional Rs 40,000 crore. Kerala will need substantial spending for addressing flood damage.
GST rates: A year from rollout, GST’s roots get firmer
GSTN promised much but delivered little. Unless the system of matching invoices to confirm input tax credit is in place, the system will remain prone to abuse.
Banking reform: Fragile financial sector needs credible corrective action
The industry-wise build-up of GNPA and stressed advances underlines the urgency of policy reform to ensure that the SCBs are not made to lend for long-term investments.
NDA II Performance: 4 years of Modinomics – Good in parts?
Undoubtedly, in terms of growth and inflation indicators, the performance of the economy has been much better than the previous five years under the UPA rule.
Finance Commission: Redefining the federal fiscal landscape?
The directive to use the population figures of 2011 was not the only issue that prompted the finance ministers of southern states to come together on a platform on April 10 in Thiruvananthapuram; there were many more contenti
GST: Need to revisit the complex system
The GST Council should move expeditiously to simplify the GST structure as well as its administrative details before it is too late.
Tax abuse by MNCs: Need to go beyond OECD solutions
The way forward to minimise BEPS is not to treat multinational enterprises and their affiliates as independent entities, but to deal with them as unitary entities and consolidate their profits to determine the tax base.
Budget 2018: Once again a missed opportunity
Budget 2018: The Budget proposes a number of interventions, but a close look at the allocations does not convince anyone that there are qualitative difference from the past.
Agenda for 2018: Time to create a fiscal council to monitor calibration of policy
The time is opportune for creating a fiscal council to monitor the calibration of rule-based policy, that is appointed by, and reports to, Parliament.
15th Finance Commission: To realise the goals under new India 2022, here is what Centre must remember
The centre would do well to remember that Offsetting the fiscal disabilities of the states is critical to achieving and realising the goals under New India 2022
Indian economy has bottomed out, set to show gradual acceleration
The finance minister’s unveiling of the Rs 9 trillion economy-booster plan, involving the Rs 2.11 trillion recapitalisation of public sector banks and the Rs 7 trillion investments in roads and highways, has not come a day
With economy slowing, this is what Narendra Modi government must do
All the attempts at fiscal consolidation will come to nought if any attempt to provide fiscal stimulus is made by breaching the targets. The rating agencies are not likely to take kindly to any such fiscal adventurism.
Demonetisation was a self-goal? These numbers speak the truth
The government continues to claim that it has scored a goal without admitting that it is a self-goal—DeMo caused significant disruption.
Why lack of capacity of the state is not merely a matter of incompetence
Lack of capacity of the state is not merely a matter of incompetence. It has more to do with ‘special interest group’ politics
Need for an independent fiscal commission
Housing the commission under the finance ministry will undermine its independence; make it answerable to Parliament only
NITI Aayog Action Agenda: Responsibility of implementing recommendations rests on Centre, states
The responsibility of implementing NITI’s recommendations lies with both the Union government as well as the states.
GST: What is being proposed is a highly complicated structure, but the stage is set for implementation
What is being proposed is a highly complicated structure with four tax rates, in addition to exemption, a low rate on bullion and cesses on demerit goods.
Demonetisation and informal sector: Indian economy was slowing, note ban compounded problem
The growth estimates put out by the Central Statistical Organisation (CSO) in the Second Advance Estimates of National Income for the year and the third quarter estimates have raised many eyebrows.
Union Budget 2017 has done precious little to rationalise explicit subsidies
It is in allocating resources for public investment where the finance minister has been stingy. Increase in public spending on infrastructure would have helped to crowd in private investment.
Not Finance Commission, it is Union govt that decides transfers to states
It is not the Finance Commission, but the Union government that determines the transfers to the states
Budget 2017: Economic revival depends critically on hike in spend on infrastructure
The govt will have to tread carefully between wiping the tears of disruption that demonetisation caused and kick-starting the revival of economic activity
Due to demonetisation, forecasting budget numbers will be a challenge; here’s why
Although the developments during the first seven months of the fiscal year are similar to the situation that prevailed in earlier years.
Demonetisation: If Centre serious on black money, it should target political funding
The announcement by the prime minister on November 8, that currency notes with face-value of R500 and R1,000 will no longer be valid sent shock-waves.
GST implementation: Here’s why increasing number of slabs is retrograde
The problem with multiple rate categories is that it complicates the structure, adds to both administrative and compliance costs, leads to classification disputes and opens up avenues for special interest groups to lobby for
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