Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

The <keyword id="19897865" type="General" weightage="20" keywordseo="telangana-government" source="keywords">Telangana Government</keyword> on Tuesday requested the 16th <keyword id="20015455" type="General" weightage="20" keywordseo="finance-commission" source="keywords">Finance Commission</keyword> to increase the share of states in <keyword id="386992" type="General" weightage="100" keywordseo="central-taxes" source="Orion">Central taxes</keyword> from the existing 41 per cent to 50 per cent as over the years cesses and surcharges that are not shared with states have increased. Deputy Chief Minister in-charge of Finance <keyword id="21396591" type="General" weightage="20" keywordseo="bhatti" source="keywords">Bhatti</keyword> Vikramarka in his speech at the meeting with Finance <keyword id="19933395" type="General" weightage="20" keywordseo="commission" source="keywords">Commission</keyword> Chairman <keyword id="20016026" type="General" weightage="20" keywordseo="arvind-panagariya" source="keywords">Arvind Panagariya</keyword> and members also urged the finance panel to ensure that states are given the necessary autonomy to tailor <keyword id="20109166" type="General" weightage="20" keywordseo="css" source="keywords">CSS</keyword> (centrally-sponsored scheme) programmes to their specific development needs. "In addition, we propose increasing the share of states in Central taxes from 41 per cent to 50 per cent. Over the years, cesses and surcharges that are not shared with states have increased, leaving states with a smaller share of total gross tax revenue," he said. Increasing the vertical devolution will give states the fiscal space they need to strengthen welfare programmes, address infrastructure gaps and prioritise local development, he further said. He, however, said it is not just a demand for <keyword id="19909031" type="General" weightage="20" keywordseo="telangana" source="keywords">Telangana</keyword> but for all states, ensuring a more cooperative federal structure that will benefit the nation as a whole. Bhatti further said the state government urges the Finance Commission to reconsider the use of per capita income distance as the primary indicator in determining horizontal devolution as measuring prosperity and well-being solely by per capita income would deny Telangana the resources needed to address the inequities that exist within the state. The state government is suggesting that the formula for horizontal devolution be modified to add at least a 50 per cent weightage to <keyword id="20149362" type="General" weightage="20" keywordseo="gsdp" source="keywords">GSDP</keyword> (gross state domestic production) contribution. "A greater weight on GSDP would incentivise states to adopt reforms that improve productivity, attract investment and create jobs, ultimately contributing to the national economy. This approach would not only make states more competitive but also help reduce regional disparities, encouraging more balanced growth across the country," he opined. Pointing out that certain expenditures for schemes such as Rythu Bharosa, farm loan waivers and food subsidies are often mislabelled as "freebies," he urged the Commission to recognise these programmes as necessary investments in the welfare of our people. He mentioned that a large part of the state's resources is now being diverted toward debt servicing and hence requested the Finance Commission's support in either restructuring this debt or providing additional assistance to help free up resources for further development. The 16th Finance Commission, led by its chairman Arvind Panagariya, held meetings with several political parties, representatives of local bodies and industry chambers here on Monday as part of its visit to Telangana.

Telangana urges 16th Finance Commission to increase states' share in Central taxes to 50%

During campaigning for 2014 general elections, Prime Minister Narendra Modi-led Indian government had promised <keyword id="81847" type="UNKNOWN" weightage="20" keywordseo="Job-creation">job creation</keyword> and <keyword id="6355127" type="ORGANIZATION" weightage="20" keywordseo="employment">employment</keyword> opportunities. With just two years left for the term to get over, PM Modi now wants to fulfil the poll pitch and monitor the employment scenario in the country closely. In this backdrop, Modi will review India’s job scenario on Sunday and frame a policy to silence critics who say GDP growth has not translated into higher employment. Employment becomes an important concern for the ruling party as the previous Congress-led government had also suffered from the same charges. The official data is seen to suffer from some shortcomings in terms of the sectors it covers, its mapping of the informal economy and whether there is a sufficient distinction between jobs and self-employment. A government source told ET Niti Aayog vice-chairman <keyword id="6366253" type="PERSON" weightage="20" keywordseo="Arvind-Panagariya">Arvind Panagariya</keyword> is going to make a presentation to Modi on employment data. A task force is also established by the government to assess the creation of jobs based on credible data. Recently, Niti Aayog rejected the jobless growth criticism, arguing India has no credible job data to allow such conclusions. Panagariya said India will soon have new job data that should be able to help policy-makers get a better sense of the employment scenario. Meanwhile, the Niti Aayog wants promotion of industries such as food processing, electronic assembly, leather products and textiles. It has also suggested special economic zones to push employment and attract domestic and foreign industry.

PM Modi wants to fulfil poll pitch before 2019 elections; to examine job creation scenario

By Bijay Kumar Singh New Delhi, Jun 1 () The 'number one' challenge before the government, once it unlocks the economy amid the COVID-19 crisis, will be to put the financial sector back on its feet, former Niti Aayog Vice-Chairman Arvind Panagariya said on Monday. In an interview to , Panagariya further said that India is facing a health crisis that has led to a sudden stop of the economy. "To restart and return the economy to the pre-COVID-19 path, we need to overcome the health crisis. Once this is done, the main weakness we will need to overcome is the one we had left unsolved prior to COVID-19: disruptions in the financial markets. "Getting the financial sector back on its feet will remain the government's number one challenge once we unlock the economy," he said. The nationwide lockdown was first announced by Prime Minister Narendra Modi on March 24 for 21 days to contain the spread of the novel coronavirus. The lockdown was first extended till May 3 and then again till May 17. It was further extended till May 31 and now has been extended in containment zones till June 30. The home ministry on Saturday said 'Unlock-1' will be initiated in India from June 8 under which restrictions will be relaxed to a great extent, including the opening of shopping malls, restaurants and religious places. Replying to a query on India's current macroeconomic situation, the eminent economist said that once normal functioning of life without masks and social distancing becomes feasible, growth will resume fast. "Can we assess quantitatively where the GDP in 2020-21 will end up? I think not. There is simply too much uncertainty regarding when we will be able to begin functioning normally without masks and social distancing. "It is all going to depend on when a vaccine against novel coronavirus and a cure for COVID-19 become available or when the virus would go into remission on its own," Panagariya, a professor of economics at Columbia University, emphasised. On how is reverse migration going to affect the economy, particularly, the rural sector, he noted that migrant workers will return to host states as fast as they left them once the government allows free movement of people and transportation becomes easily available. "The nature of migrant workers is to rush to home when their workplace is shut down and rush back to the workplace as soon as it opens up. "Just as the host states found it impossible to hold migrant workers back once their states went into lockdown, home states will find it hard to hold them back once host states unlock and resume work," Panagariya said. Lakhs of migrant workers in metro cities returned to their native villages after the nationwide lockdown was introduced on March 25 In the longer run, Panagariya stressed that the problem India needs to solve is the creation of a sufficiently large number of well-paid jobs for farmers who want to leave their tiny farms to seek a better living in industry and services. Asked whether he was satisfied by the pace of privatisation, Panagariya said, "Vested interests and socialist mindset have kept the process of privatization from moving forward even though the Prime Minister and his cabinet had blessed it as far back as 2016." He pointed out that COVID-19 has shown that the government needs to do a lot more in the area of health than it has been doing to-date. "But can it do so efficiently without withdrawing from other activities? Not in my view. "The natural activities from which to withdraw to focus better on health is manufacturing that serves no public purpose and is best carried out in the private sector," the eminent economist opined. Panagariya, who recently wrote a book 'India Unlimited: Reclaiming the Lost Glory', also appreciated the government for announcing numerous reforms that will help improve the efficiency of the economy in the medium to long run. "These reforms had been awaited for decades. I hope the announced reforms actually happen rather than shelved once the crisis is over," he said. When asked about criticism by some experts that India needed additional expenditure and not liquidity infusion, Panagariya defended the government's recently announced measures, arguing that fiscal stimulus, which works by creating demand, cannot go far when there are no workers to help generate a supply response. He suggested that while novel coronavirus is on a rampage, the government needs to ramp up health infrastructure to deal with the virus; ensure that the basic needs of people such as food and shelter are met; and provide enough liquidity so that solvent firms do not go bankrupt before the economy opens up. "Various packages that the government announced have focused precisely on these three items," he asserted. Last month, the government announced a Rs 20.97 lakh crore economic package, which included RBI's Rs 8.01 lakh crore worth of liquidity measures. Sitharaman had unveiled the package in five tranches, which included Rs 3.70 lakh crore support for MSMEs, Rs 75,000 crore for NBFCs and Rs 90,000 crore for power distribution companies, free foodgrains to migrant workers, increased allocation for MGNREGS, tax relief to certain sections and Rs 15,000 crore allocated to the healthcare sector. BKS CS MR MR

Biggest challenge to put financial sector back on feet once India unlocks economy: Panagariya

With noted economist <keyword id="6366253" type="PERSON" weightage="20" keywordseo="Arvind-Panagariya">Arvind Panagariya</keyword> taking charge as Vice-Chairman of the National Institution for Transforming India (NITI) Aayog, which was announced by Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> in his first Independence Day speech on August 15, 2014, the <keyword id="46913" type="ORGANIZATION" weightage="20" keywordseo="Planning-commission">Planning Commission</keyword>, a vestige of the Nehruvian socialist era, has literally become a memory. 
 
The Planning Commission was established on 15 March 1950, with the then Prime Minister Jawaharlal Nehru as the Chairman mainly to formulate a plan for utilisation of country's resources and definingthe stages, on the basis of priority, in which the plan should be carried out. 
 The first Five-Year Plan, launched in 1951, focused mainly on development of the agricultural sector and the emphasis of the eight subsequent Plans was on a growing public sector with massive investments in basic and heavy industries. However, since the launch of the Ninth Plan in 1997, the emphasis on the public sector has become less pronounced and it has been suggested that the Planning Commission should henceforth play a strategic and indicative role, assisting the Centre and State in carrying out broader economic planning. Subsequently, it was scrapped last year and <keyword id="2665691" type="UNKNOWN" weightage="20" keywordseo="Niti-Aayog">NITI Aayog</keyword> was constituted following a Cabinet resolution. 
 Sixty-two-year-old Arvind Panagariya, who is named as the first Vice-Chairman of NITI Aayog (in contrast, Planning Commission had a Deputy Chairperson at the helm), is an Indian-American economist and Professor of Economics at Columbia University. A close associate of well-known trade economist Jagdish Bhagwati, Panagariya is known for his market-friendly views. He has earlier Chief Economist of Asian Development Bank and a Professor of Economics and Co-director, Centre for International Economics, University of Maryland at College Park. Holding a Ph D in Economics from Princeton University, Panagariya has also worked for <keyword id="6354424" type="ORGANIZATION" weightage="20" keywordseo="World-Bank">World Bank</keyword>, International Monetary Fund, World Trade Organisation, and the United Nations Conference on Trade and Development (UNCTAD) in various capacities. 
 The <keyword id="6360789" type="ORGANIZATION" weightage="20" keywordseo="Modi-Government">Modi government</keyword> also named Sindhushree Khullar (who was appointed as the Secretary of Planning Commision in April 2012 and continued to hold the post even after the Modi Government scrapped the Cabinet resolution in August 2014 through which the Planning Commission set up) as the first CEO of NITI Aayog. 
 
Earlier this month, Prime Minister Narendra Modi, who is NITI Aayog’s Chairman, <a href="http://pib.nic.in/newsite/mbErel.aspx?relid=114338">appointed</a> economist Bibek Debroy and former Defence Research &amp; Development Organisation (DRDO) chief V K Saraswat as full-time members. 
 Also, Union Home Minister <keyword id="6355121" type="PERSON" weightage="20" keywordseo="Rajnath-Singh">Rajnath Singh</keyword>, Union Finance Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>, Railways Minister Suresh Prabhu and Union Agriculture Minister Radha Mohan Singh are Ex-Officio members. In addition, Union Roads and National Highways Minister Nitin Gadkari, Union Human Resource Development Minister Smriti Zubin Irani and Union Social Justice and Empowerment Minister Thawar Chand Gehlot are special invitees to the NITI Aayog. 
 
As NITI Aayog is expected to meet soon to review the 12th plan that runs up to 2017, there are concerns whether the government is going scrap Five Year Plans altogether. A section of economists has been arguing that the Five Year Plans should go along with the Plan Panel. Modi, too, has repeatedly said states should be given a free hand in determining their policies and plans, indicating that Five Year Plans are redundant. 
 
Another topic of debate is the classification of public expenditure in terms of revenue and capital, and plan and non-plan expenditures. Plan expenditure is spent on government programmes and schemes, while non-plan expenditure includes spending on defence, subsidies and devolution to states. The government has been trying to remove the distinction as it has become dysfunctional and an obstacle in outcome-based budgeting. As NITI Aayog assumes responsibility as the government’s economic think tank, one is curious as to how it would approach plan and non-plan expenditures. 
 
Given the multiplicity of NITI Aayog’s objectives—as a centre-state council, think tank and advisory body—its proposed structure seems to be cumbersome. Also, considering the untimely death of Planning Commission, which was not a Constitutional body and was not set up through legislation, one is forced to wonder about the fate of NITI Aayog, which too was not set up though legislation, in the long run. 
 
Image: Indiatimes

Will NITI Aayog Effectively Substitute Nehruvian Planning Paradigm?

(Eds: Adding more quotes) New Delhi, Feb 10 () Former Finance Minister P Chidambaram on Monday tore into Narendra Modi government's handling of the economy, saying it was "perilously close to a collapse" and was being attended to by "incompetent doctors". The economy, he said, was facing twin problems of rising unemployment and falling consumption but the government continues to live in denial. Initiating the debate on the Union Budget for 2020-21 in the Rajya Sabha, Chidambaram said more money needs to be put in hands of people and not give "extraordinary powers" to junior taxmen to unleash "tax terrorism." He offered Finance Minister Nirmala Sitharaman the same advice that Modi as BJP's prime ministerial candidate had offered him in November 2013. On "November 2, 2013, a very distinguished political leader said and I quote: "Economy is in trouble. The youth wants jobs. Devote more time to the economy, not on petty politics. Please focus on the job at hand. Very wise advice. I can't do anything better than reading this piece of advice to the Finance Minister", he noted. According to him, the economy was facing structural problems but the government continues to believe they were cyclical in nature. Modi government's chief economic adviser for four years, Arvind Subramanian, has stated that the economy is in the ICU (Intensive Care Unit). But "I would say the patient has been kept out of the ICU and incompetent doctors are looking at the patient," Chidambaram said. "It is dangerous to have a patient out of the ICU and being looked upon by incompetent doctors. What is the point standing around and chanting slogan 'Sab ka Saath, Sab ka Vishwas'," he said. According to Chidambaram, the BJP government lives in denial, refuses to acknowledge its mistakes and has an "outdated" predisposition towards protectionism and a strong rupee, and is against bilateral as well as multilateral trade agreements. "We have an economy which is perilously close to collapse. It has to be attended to by very competent doctors. In the last few years, we have found the doctors are not so competent," he said. "We are living in denial and we are ignoring two big elephants in the room -- one is rising unemployment and the other is fall in consumption. Unemployment rises, consumption falls, the Indian economy becomes poorer and not richer," he noted. Chidambaram called demonetisation of old 500 and 1,000 rupee notes as well as the hurried implementation of a "flawed" Goods and Services Tax (GST) with wrong design, rates, structure and procedure and an unprepared system as "monumental blunders" that ruined the economy. "Because of its refusal to admit mistakes, because it lives in denial, because of its predisposition, the government either does not know or if it knows is not willing to make it clear that this is the state of the economy," he said. With an unprecedented six consecutive quarters of falling growth, the economy is facing demand constraints and is investment-starved, he said. "When we point out the mistake of the government, the government must have an open mind to debate and if it is a mistake, admit it." "It is living in denial. It simply does not accept that the state of the economy is extremely bad," Chidambaram said as he reeled out the government's own statistics to drive home the point. While GDP has fallen to an 11-year low of 4.5 per cent in 2019 July-September quarter, agriculture is growing by just 2 per cent, while consumer price inflation has risen from 1.9 per cent in January 2019 to 7.4 per cent in a matter of 11 months. Also, food inflation is at 12.2 per cent. Bank credit is growing 8 per cent with non-food credit rising by 7-8 per cent and credit to the industry by just 2.7 per cent. Credit to agriculture has declined from 18.3 per cent to 5.3 per cent and that for MSMEs from 6.7 per cent to 1.6 per cent, he said. "Who are your doctors?, I want to know," he said, adding the government considers Congress as an untouchable and does not think of any good about the rest of the Opposition and so doesn't consult them. Chidambaram charged that instead of putting money in the hands of people, the Modi government "puts money in hands of 200 corporates" by way of cut in corporate tax. Stating that every competent doctor that the Modi government could ever find has left the country, he listed out former RBI governors Raghuram Rajan and Urjit Patel, former CEA Arvind Subramanian and former NITI Aayog Vice Chairman Arvind Panagariya as persons who quit during the BJP rule. "Fear and uncertainty prevail in the country," he added. Chidambaram also attacked Sitharaman for reading out a 160-minute speech without talking about the state of the economy and its management. "Question on my mind is what was the Finance Minister trying to say? If you take 160 minutes to read the speech and still few pages are left to read, what is the narrative, what is the story you are trying to say. "You are living in echo chambers. You want to hear your own voice," he said. Chidambaram said overall industrial index showed just 0.6 per cent growth with every major industry being at either near-zero or in the negative zone. Thermal power plants are operating at just 55 per cent of the capacity as factories have either closed or are on the verge of closure, he added. "That gives you a good picture of the state of the economy. You don't require a MRI," he said. "You are in management for six years. How long can you blame previous managers," he added. Further, Chidambaram said the government was burying unfavourable reports such as the labour survey that put unemployment at 45-year high of 6.1 per cent at the end of 2017-18. As also the one that talked of consumer expenditure falling to 3.7 per cent between 2011-12 and 2017-18, he noted. ANZ RAM MKJ

Economy perilously close to collapse, being attended by incompetent doctors: Chidambaram

Finance Minister Nirmala Sitharaman has said that the Indian public sector banks had the "worst phase" under the combination of former Prime Minister <keyword id="6359397" type="PERSON" weightage="20" keywordseo="manmohan-singh">Manmohan Singh</keyword> and RBI Governor <keyword id="6358908" type="PERSON" weightage="20" keywordseo="raghuram-rajan">Raghuram Rajan</keyword>. Delivering a lecture at the prestigious Columbia University's School of International and Public Affairs here on Tuesday, Sitharaman said that giving all the public sector banks a lifeline is today her primary duty. "I'm taking a minute to respond I do respect Raghuram Rajan as a great scholar who chose to be in the central bank in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> at a time when the Indian economy was all buoyant, Sitharaman said during the lecture organised by the Deepak and Neera Raj Centre on Indian Economic Policies of the Columbia University. Asked about Rajan's comments during a recent lecture at Brown University in which he had apparently mentioned that in its first term, the <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> government had not done better on the economy because the government was extremely centralised and the leadership does not appear to have a consistent articulated vision on how to achieve economic growth, the minister said instead there were major issues with bank loans during Rajan's tenure as the central bank head. "It was in Rajan's time as Governor of the Reserve Bank that loans were given just based on phone calls from crony leaders and public sector banks in India till today are depending on the government's equity infusion to get out of that mire," she said. "Dr Singh was the Prime Minister and I'm sure Dr Rajan will agree that Dr Singh would have had a consistent articulated vision' for India, she said amid laughter from the audience. "With due respect, I'm not making fun of anybody but I certainly want to put this forward for a comment which has come like this. I have no reason to doubt that Rajan feels for every word of what he is saying. And I'm here today, giving him his due respect, but also placing the fact before you that Indian public sector banks did not have a worst phase than when the combination of Singh and Rajan, as Prime Minister and the Governor of Reserve Bank, had. At that time, none of us knew about it, she said. Sitharaman said while she is grateful that Rajan did an asset quality review, but people should know what makes the banks ailing today. "I am grateful that Rajan did an asset quality review but I'm sorry, can all of us put together also think of asking what ails our banks today. Where has it been inherited from, she said. The event was also attended by former <keyword id="2665691" type="COMPANY" weightage="20" keywordseo="Niti-Aayog">NITI Aayog</keyword> Vice Chairman Arvind Panagariya, professor and eminent economist <keyword id="45634" type="PERSON" weightage="20" keywordseo="Jagdish-Bhagwati">Jagdish Bhagwati</keyword> and India's Consul General in New York, Sandeep Chakravorty. Sitharaman said: "While economists can take a view of what prevails today or prevailed years ago, but I will also want answers for the time when Rajan was in the Governor's post speaking about the Indian banks, for which today to give a lifeline is the primary duty of the Finance Minister of India. And the lifeline-kind of an emergency has not come overnight . Responding to the question, Sitharaman further pointed out that if there is a feeling that there's been a centralised leadership now, "I'd like to say that very democratised leadership led to a whole lot of corruption. Very democratised leadership. The Prime Minister, after all is the first among equals in any cabinet". "You need to have a country as diverse as India with an effective leadership. A rather too democratic leadership, which probably will have the approval of quite a lot of liberals, I'm afraid, left behind such a nasty stink of corruption, which we are cleaning up even today," she said.

You Searched For "Arvind Panagariya" and got 6 results

Telangana urges 16th Finance Commission to increase states' share in Central taxes to 50%

PTI

PM Modi wants to fulfil poll pitch before 2019 elections; to examine job creation scenario

BI India Bureau

Biggest challenge to put financial sector back on feet once India unlocks economy: Panagariya

PTI

Will NITI Aayog Effectively Substitute Nehruvian Planning Paradigm?

Preetam Kaushik

Economy perilously close to collapse, being attended by incompetent doctors: Chidambaram

PTI

Sitharaman now blames Manmohan Singh and Raghuram Rajan for India's banking crisis

PTI

Popular Keywords

Buying Guides