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Why Union Budget 2017 proposals fall short of Modi govt’s commitment towards farmers

February 2, 2017

(Firstpost; Nilachala Acharya )

Hardly anybody would quibble over the fact that rural India has been severely impacted with the sluggish agricultural activities and other means of livelihood in the post-demonetization phase. Some of the important measures being implemented for the rural economy, particularly for the agriculture sector, include, Pradhan Mantri Fasal Bima Yojana, Krishi Sinchai Yojana, Long-term corpus fund for Irrigation with NABARD etc.

Merging plan and non-plan

February 1, 2017

(DNA; Happy Pant )

With the government moving away from the system of five-year plans from the next financial year, the distinction between Plan and Non-Plan is soon going to be a thing of the past, once the new Budget comes into effect. The practice of classifying expenditure budget as Plan and Non-Plan in the Budget documents was introduced from the First Five Year Plan in 1951, with the Planning Commission deciding the estimates of plan allocation.

How can this Budget give a fillip to states' spending on social sectors?

January 31, 2017

(Firstpost; Happy Pant and Amar Chanchal )

The Union Budget assumes greater significance this year as it is all set to announce several structural shifts. The new system of budgeting will usher in a slew of changes like moving the presentation date to 1 February, in departure from the convention of the last working day of February; dropping the distinction between Plan and Non-plan; and merging the Railway Budget with the General Budget.

Advancing the Union Budget will help expedite fund flow from central ministries to states

January 31, 2017

(DNA; Nilachala Acharya )

The Constitution of India does not mention any specific date or day for presentation of the Union Government’s budget in Parliament. However, as a convention, the Budget used to be presented in Lok Sabha on the last working day of February every year.

Black money hunt: India-Switzerland pact to share details of tax cheats is weak; it's no game-changer

December 26, 2016

(Firstpost; Suraj Jaiswal )

On November 22nd 2016, the NDA government signed an agreement with Switzerland for exchange of financial information, which will provide India details of the financial assets held by its citizens in that country. In the backdrop of black money dominating the media headlines and popular discourse in the country, this development was termed as a game-changer in the fight against black money by a number of commentators.

Demonetisation: More important to address deeper problems in war against black money

November 17, 2016

(Firstpost; Happy Pant )

As the post demonetisation scenario plays out, within the first four days, total cash flow to the banks had touched Rs 3 lakh crore. So, if the main rationale behind this drastic step is that large amount of currency in circulation must find its way into our formal banking system by way of deposits, the objective apparently is being fulfilled. But if the rationale is to wage a war on black money, focus needs to shift to more meaningful measures.

Long-term Measure Or A One-time Move Against Black Money?

November 10, 2016

(Firstpost; Happy Pant )

The decision to ban the existing Rs 500 and Rs 1,000 currency notes as legal tender in one stroke is a bold measure taken by the government. While estimating the scale of black economy in the country is difficult, on considering a recent estimate that lists the magnitude of India’s black economy at 20% of GDP, such tightening of noose on those dealing in underhand practices is a welcome move.

BRICS Goa: Can the summit drive discourse on international taxation and lead black money chase?

October 14, 2016

( Sakshi Rai )

Marking the beginning of new geopolitics in 2006, BRICS has managed to maintain its relevance on global matters. The BRICS coalition represents about 40 percent of the world’s population and 17 percent of world trade.

GST law should ensure benefits of lower prices are passed on to common people

August 23, 2016

( Malini Chakravarty )

Many have heralded the introduction of the GST as the single most important reform that has been initiated in the arena of indirect tax system in India. The main objective of GST is to simplify the indirect tax structure and unify taxation. That, in turn, is expected to bring about several positive impacts such as increasing the ease of doing business, increasing compliance, raising the GDP growth rate by 1-2 percent, lowering inflation and increasing government tax revenue.

Comprehensive, but not Complete

August 8, 2016

( Manzoor Ali )

For a vast developing country like India with layers of governing institutions, a policy framework on water has been long due. Although, India has a National Water Policy since 1987, the current draft is far more comprehensive in its approach. It has brought back the prioritisation of water, which was done away with in the National Policy 2012.

Is India close to passing a law to identify true ownership of corporates

July 27, 2016

(Firstpost; Neeti Biyani )

While Pascal Saint-Amans, head of tax at the Organisation for Economic Cooperation and Development (OECD), has once again emphasised the need for beneficial ownership and corporate transparency, India has introduced legislation on beneficial ownership in the Companies (Amendment) Bill, 2016 which is currently being reviewed by the Parliamentary Standing Committee on Finance.

Budgetary hurdles and gender equity

June 16, 2016

(DHNS; Kanika Kaul )

The draft National Policy for Women brought out by the Union Ministry of Women and Child Development (MWCD) recently, has once again drawn attention to the need for “advancement, development and empowerment of women with appropriate policy prescriptions and strategies”.