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

New Delhi, Mar 6 () Economic Advisory Council to the Prime Minister (EAC-PM) Chairman Bibek Debroy on Friday said the judiciary needs to evolve its own norms internally to deal with delay in disposal of court cases. Debroy further said that increasingly, the judiciary has become much more amenable to pressure from the bar. "Increasingly, the judiciary has become much more amenable to pressure from the bar...We constantly ask questions to the other organs of the government but how many times do we ask questions on the part of judiciary," he said at an event here. Debroy said he is not suggesting that someone from outside decide the work norms for the judiciary. "Let the judiciary devise its own norm internally...but, surely, it cannot be the case that they will be an organisation which will not have its own norms," the EAC-PM chairman said. Debroy said the broader issues of contract enforcement need to set against the broader agenda of faster justice delivery. "We should ask ourselves that when the civil procedure court was amended in 2001 and 2002, it was felt that the average civil dispute after that amendment would be completed in one-and-a-half years. Has that happened? it has not happened. "I happen to think that, if it is a civil dispute, you broadly know what the outcome is going to be... If you broadly know what is going to happen, one party to the dispute has a vested interest in ensuring the continuance of status quo," he said. Debroy said that "we tend to blame the judiciary and we tend to blame the bar. But, I am pointing out that the litigant in civil dispute or at least in one half of civil dispute has tendency to also postpone. So, we have a nexus between the bar and the judiciary and in the case of civil disputes, the litigant also". He added that to speed up civil disputes, there are "changes in statutes required but...this is where the litigant and the bar and the judiciary nexus comes in". BKS HRS

Judiciary needs to develop own mechanism for fast disposal of court cases: EAC-PM chairman

Mumbai, Dec 17 () India missed the bus by not turning gains of lower inflation into low interest rates, which is pricking the economy on the growth front, a member of the economic advisory council to PM (EAC-PM) said on Tuesday.
Efforts should be mounted to lower the interest rate burdens for borrowers, and RBI's pause had a "terrible" effect of costs for a third of borrowers going up by 0.25 per cent, Neelkanth Mishra, who is also the India strategist for Swiss brokerage Credit Suisse, said.
The comments from Mishra, who is a part-time member of the Prime Minister's advisory council, come at a time when GDP growth has slid to a six-year low of 4.5 per cent for the September quarter and there have been a rash of downward cuts by analysts.
"The origin of this (economic growth slowdown) is our inability to follow through on our success in controlling inflation through lower interest rates," Mishra said, speaking at the India Economic Conclave organised by the Times Network here.
He said inflation used to average over 7 per cent for over 60 years, and has come down 3.7 per cent over the last three-four years.
Mishra said it is not possible for the nominal GDP to grow at 14-15 per cent in order to help push up the real growth rates higher, which is the number after adjusting for inflation.
He said merely solving the troubles in the financial sector will not help the situation, and bringing down the effective rate of interest paid by borrowers is the need of the hour and expressed his displeasure at RBI.
"Because of the no cut response (by RBI) last week, the interest rates for nearly a third of the Indian financial system have gone up 0.25 per cent. In a slowing economy, I think that is terrible," he said.
Apart from interest rates, India also needs to look at the capacity of banks to fuel the credit growth, he said, pointing out that the state-run lenders who were used to writing fat loan cheques may not be able to do so.
Meanwhile, speaking at the same event, fellow member on the PM's panel and head of Kotak AMC Nilesh Shah said India needs to Encourage entrepreneurship, provide them enough capital at reasonable cost and enforce the rule of law for bettering its economic prospects. AA MKJ

Inability to turn benign inflation into low interest rates hurting growth: EAC-PM

Mumbai, Feb 16 () The Union Budget was "disappointing" as it lacked a vision, though measures like relaxing the fiscal deficit target and simplifying income tax are positives, the PM's economic advisory council member Ashima Goyal has said. Goyal, who is a part-time member of the Economic Advisory Council to the Prime Minister (EAC-PM), also said that it was a "surprise" not to have a mention of the word 'slowdown' in the nearly three-hour long speech by Finance Minister Nirmala Sitharaman. The budget document is a "balancing act" between fiscal stimulus to drive growth and the need to be responsible on spending, she said at the Indira Gandhi Institute for Development Research here over the weekend. "Overall it (Budget) was disappointing because they didn't bring out the vision as a first real budget of a new government. It had to give a vision," the eminent economist said. India's GDP growth is expected to slip to a decadal low of 5 per cent this fiscal, pressured by domestic factors like drop in consumption, as well as global issues. "Surprising thing is that coming at a time when everybody is disturbed about a slowdown, the word slowdown is not used at all in almost three-hour long speech. There was no discussion on how the Budget is going to attack slowdown," Goyal said. She further said Sitharaman was in a "catch-22" situation from the word go in the Budget making process, wherein any action would have left someone unhappy. However, the finance minister has achieved a "balancing act" through her moves, Goyal said. She elaborated that by adopting the 'exit clause' under the Fiscal Responsibility and Budget Management (FRBM) Act, the government gave a stimulus to growth and yet affirmed commitment to rules against fiscal profligacy. To drive the point further, she said a 0.5 percentage point relaxation in fiscal deficit target offered under the exit clause makes lot of resources available, considering that the overall size of the economy is nearly USD 3 trillion. Goyal also welcomed the government's resolve not to adopt policies similar to the response following the 2008 financial crisis. She said in 2008-09, the fiscal deficit had gone up by 4 percentage points and the interest rates were also taken to record lows to stimulate growth. There is also an attempt by the government to direct expenditure more towards capital expenditure, which suggests that the quality of the fiscal deficit is better now. The Budget also has other positives like the ones on taxation, where there is greater focus on trust and simplification, she said, welcoming the debated moves on exemptions. The government's moves on frontloading expenditure to early part of the fiscal year will also help, she said. The measures on helping smaller non-bank lenders will prop up the economy as liquidity is still an issue for lot of players in the system, she noted. The government has been "opportunistic" on the transparency front, she said, adding that credibility has been added by stating the off-budget borrowings through entities like the Food Corporation of India. On banks' reluctance to pass on RBI's rate cuts, she cited pressure from both the elevated small savings interest rates and also the dependence of a large population on interest income. "We are not willing as an economy to move to a lower interest rate, lower inflation economy," she said. On the resource mobilisation front, she acknowledged that people are getting "cynical" with the privatisation targets after a massive under-performance on this front in FY20, but seemed to suggest that work already undertaken, like in the case of Air India, will reap revenues. Meanwhile, she also flagged implementation issues on the budgetary targets, suggesting that the revenue increase targets are very high. Goyal also pitched for a relook at the the subsidy model, highlighting food subsidies to illustrate that the consumption habits have changed. AA ABMABM

Budget was disappointing for lacking vision; but fiscal, taxation measures welcome: EAC-PM member Ashima Goyal

New Delhi, Apr 15 () Government think-tank NITI Aayog Vice-Chairman Rajiv Kumar and its members have decided to take a salary cut of 30 per cent for a year in the wake of the coronavirus pandemic, an official statement said on Wednesday. Bibek Debroy, chairman of the Economic Advisory Council to the Prime Minister, has also decided to take a 30 per cent salary cut for a year. "In the wake of the COVID-19 pandemic and to shore up the government's efforts to battle the national crisis, vice-chairman and members of NITI Aayog and chairman of the EAC-PM have voluntarily decided to take a salary cut of 30 per cent for a year," the statement said. The money will be contributed to the PM Citizens' Assistance and Relief in Emergency Situation (PM-CARES) fund, it added. The Union government has set up a public charitable trust under the name of the PM-CARES Fund in the wake of the coronavirus outbreak. Prime Minister Narendra Modi is chairman of the trust and its members include defence, home and finance ministers. BKS HRS

COVID-19 pandemic: NITI vice-chairman, members, EAC-PM chairman take 30 pc salary cut for a year

<ul><li>India’s <keyword id="82366" type="General" weightage="20" keywordseo="chief-economic-advisor" source="Orion">Chief Economic Advisor</keyword>, K V Subramanian, said that <keyword id="3625814" type="General" weightage="20" keywordseo="universal-basic-income" source="Orion">universal basic income</keyword> is “an idea that is impractical”.</li><li>He instead suggested <keyword id="1041036" type="General" weightage="20" keywordseo="universal-pension" source="Orion">universal pension</keyword> saying that it is a much better and beneficial scheme.</li><li>He was of the opinion that people who have worked for around 35-40 years are very much entitled to a lifetime pension.</li></ul>Universal basic <keyword id="47201" type="General" weightage="20" keywordseo="income" source="Orion">income</keyword> has been experimented by a few countries, but it’s still a debatable idea with no proper model in place. According to India’s Chief Economic Advisor, KV Subramanian, universal basic income is “an idea that is impractical”. Speaking at Business Insider’s <a href="https://www.businessinsider.in/careers/news/the-only-way-to-beat-the-bots-from-taking-your-job-is-to-be-more-human/articleshow/86282273.cms" data-type="tilCustomLink">Future of Work Summit</a>, Subramanian said that a universal pension is a much better and beneficial scheme than a universal basic income. <div type="ExtQuote" text="“It’s an idea that is actually sensational enough to capture media attention, but I don’t think it is practical because first thing, if it has to be implemented it has to mean that all subsidies have to be stopped.”" auname="KV Subramaniam"></div> Universal basic income requires the government to give citizens a fixed amount of income regularly irrespective of whether they work or not. Arguments supporting universal basic income say that it could help alleviate poverty, give people more freedom to stay home and care for relatives, and also ensure economic stability during recessions. As for the common arguments against universal basic income, the reasons include possibility of triggering inflation, no increased standard of living and people may not seek out for jobs. <div type="Youtube" id="ustRqQ2ZgX0" title="KV Subramanian on the state of the (job) market at the #FutureOfWork Summit." thumbUrl="https://i.ytimg.com/vi/ustRqQ2ZgX0/mqdefault.jpg"></div> With COVID-19 leading to loss of jobs and financial loss, the idea of a universal basic income has gained momentum. It has even been endorsed by Facebook chief Mark Zuckerberg, former US presidential candidate Andrew Yang and Tesla boss Elon Musk. Instead of a universal basic income, Subramanian is in support of universal pension. “What is important though is to generate protective nets based on pension for instance, and that is something which is very important. That is an aspect that the government is indeed emphasising on. When you have people who are older who may not be able to reskill themselves as much, their going towards a universal pension is something that is very important, ” he said. According to a <a href="https://economictimes.indiatimes.com/news/india/eac-pm-calls-for-higher-retirement-age/articleshow/85381124.cms">report</a> by The Economic Times last month, a study commissioned by the Economic Advisory Council to the Prime Minister (EAC-PM) recommended that the government increase the retirement age and also introduce a Universal Pension Income programme with a minimum payment of ₹1,500-2,500 per month to help the elderly people in the country. Subramanian explained how people who have actually worked for around 35-40 years, having done all the hard work, are very much entitled to a pension for the rest of their lives. He added that such an idea is “politically implemental and practical”. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/the-only-way-to-beat-the-bots-from-taking-your-job-is-to-be-more-human/articleshow/86282273.cms" data-type="tilCustomLink">Future of Work 2021: The only way to beat the bots from taking your job is to be more human</a>

Future of Work 2021: Universal pension is a better idea than universal basic income, says India's Chief Economic Advisor

New Delhi, Dec 16 () The impact of GST on growth will take time and results will not be visible overnight, according to Bibek Debroy, Chairman, Economic Advisory Council to the Prime Minister (EAC-PM).
Noting that Goods and Services Tax (GST) is a work in progress, he said that when it was introduced, there were people who said the new indirect tax regime would lead to incremental GDP growth of 1.5-2 per cent.
"This is regarding the fact that the estimate was done by NCAER (National Council of Applied Economic Research) for the ninth Finance Commission for terminal ideal GST, whereas GST -- which is work in progress - may take 20 years. It is not that you are going to get 1.5-2 per cent (additional) GDP growth overnight," he said on Monday.
India's GDP growth rate has fallen to an over 6-year low of 4.5 per cent in the second quarter of current fiscal. Collections under the GST, which was introduced in June 2017, has remained mostly below the target.
The GST collections came in at Rs 95,380 crore in October, down 5.29 per cent from Rs 1,00,710 crore in the same month last year, as per government data.
This was the third consecutive month when GST mop-up remained below the Rs 1 lakh crore mark, despite festival season. KPM KPM BAL
BAL

You Searched For "EAC PM" and got 6 results

Judiciary needs to develop own mechanism for fast disposal of court cases: EAC-PM chairman

PTI

Inability to turn benign inflation into low interest rates hurting growth: EAC-PM

PTI

Budget was disappointing for lacking vision; but fiscal, taxation measures welcome: EAC-PM member Ashima Goyal

PTI

COVID-19 pandemic: NITI vice-chairman, members, EAC-PM chairman take 30 pc salary cut for a year

PTI

Future of Work 2021: Universal pension is a better idea than universal basic income, says India's Chief Economic Advisor

Marcia Sekhose

Impact of GST will take time to show results: Debroy

PTI

Popular Keywords

Buying Guides