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India is expected to see a rise in its <keyword id="6354852" type="POSITION" weightage="80" keywordseo="official">official</keyword> count of the poor in the country, thanks to the Government’s efforts to redefine the parameters of poverty, something that had created a huge ruckus in the previous UPA2 regime. The government has decided to review the poverty benchmark before it unrolls a comprehensive plan aimed at tackling the problem. 
 For this to tke effect, it has set up a task force, headed by <keyword id="2665691" type="UNKNOWN" weightage="80" keywordseo="Niti-Aayog">NITI Aayog</keyword> <keyword id="171576" type="POSITION" weightage="80" keywordseo="vice-chairman">Vice-Chairman</keyword> <keyword id="6366253" type="PERSON" weightage="80" keywordseo="Arvind-Panagariya">Arvind Panagariya</keyword>, to define poverty and prepare a road map to alleviate it, as per an Economic Times report. 
 Considering that the government has not officially accepted the threshold recommended by the C <keyword id="105900" type="ORGANIZATION" weightage="80" keywordseo="Rangarajan-committee">Rangarajan Committee</keyword>, it is likely that the expenditure level to classify citizens below and above the poverty line will be raised. The Rangarajan committee had recommended setting the threshold at Rs 32 per person per day for rural and Rs 47 for urban poor, compared with the existing levels of Rs 27 and Rs 40, said ET. 
 The Rangarajan committee’s suggestion that it was possible for a person to survive on Rs 32 a day was ridiculed across the board. The Rangarajan committee was set up by the <keyword id="46913" type="ORGANIZATION" weightage="80" keywordseo="Planning-commission">Planning Commission</keyword> under the Congress-led government to review a methodology suggested by <keyword id="6365396" type="POSITION" weightage="80" keywordseo="Economist">economist</keyword> <keyword id="107124" type="PERSON" weightage="80" keywordseo="Suresh-Tendulkar">Suresh Tendulkar</keyword> that had pegged the number of poor in India at 269 million. Rangarajan's formula saw it rising to 337 million, a number that found few takers because of the Rs 32 a day limit. 
 
The new task force report is likely to be in place by the end of June. "The 14-member taskforce, apart from the special invitees if any, has been asked to develop a working definition of poverty and to prepare a roadmap for its elimination," a senior government official told ET. 
 "The other mandate of the taskforce is to suggest strategies and anti-poverty programmes, including reforms of the existing ones."Key members of the taskforce include <keyword id="105648" type="PERSON" weightage="80" keywordseo="Bibek-Debroy">Bibek Debroy</keyword>, who is a permanent member of the NITI Aayog, social sector experts <keyword id="276856" type="PERSON" weightage="80" keywordseo="Rathin-Roy">Rathin Roy</keyword> and <keyword id="219461" type="PERSON" weightage="80" keywordseo="Surjit-Bhalla">Surjit Bhalla</keyword>, and <keyword id="143601" type="POSITION" weightage="80" keywordseo="Chief-Statistician">Chief Statistician</keyword> TCA Anant. 
 The secretaries of five central ministries, <keyword id="174274" type="POSITION" weightage="80" keywordseo="director-general">director-general</keyword> of the <keyword id="86474" type="ORGANIZATION" weightage="80" keywordseo="Unique-Identification-Authority-of-India">Unique Identification Authority of India</keyword> and two advisers from the Aayog too are part of the panel. The constitution of this central taskforce comes a month and half after <keyword id="71" type="POSITION" weightage="80" keywordseo="Prime-Minister">Prime Minister</keyword> <keyword id="6354477" type="PERSON" weightage="80" keywordseo="Narendra-Modi">Narendra Modi</keyword>, who is the <keyword id="6364480" type="POSITION" weightage="80" keywordseo="Chairman">chairman</keyword> of the NITI Aayog, convened the first meeting of its governing council in February and decided to set up teams in states to eliminate poverty. 
 
ET said, according to the official, the central taskforce will ensure that reports from states are available by June 15 and, thereafter, will process these reports to prepare its own report within two weeks. "Once we come out with the definition of poverty, the same would be used to estimate poverty in the country," the official said.

There will be many more poor people in India this year
than before. Here’s why

Simplification of GST, reforms in small savings rate and implementation of <keyword id="46572" type="COMPANY" weightage="20" keywordseo="Direct-Tax-Code">Direct Tax Code</keyword> (DTC) were some of the suggestions given by economists during their customary pre-Budget consultation with Finance Minister Nirmala Sitharaman here on Friday. Among other key suggestions were to attract more investments to support growth; streamlining policy matters and faster resolution of policy issues in all sectors; fiscal management and reforms in the power sector. The economists were optimistic about the India growth story and put forward ways through which the country can achieve the goal of USD 5 trillion economy.
 "We have bottomed out as far as growth reduction is concerned...what can be done to accelerate growth to 7-7.5 per cent," former chief economic adviser Arvind Virmani said after the meeting.
 Implementation of DTC is very important for all the small business, he added.
 He also pitched for simplification of GST and rationalisation of slabs.
 The main focus areas of the meeting included steps needed to achieve USD 5 trillion economy, job-oriented growth with focus on manufacturing and services, transparency of fiscal arithmetic, monetary transmission, government's fiscal prudence and fiscal stimulus, revival of NBFCs and inflation targeting, among others, the finance ministry said in a statement.
 There were also suggestions with regard to ways to enhance rural demand; improving oversight of financial markets; boosting agricultural exports and simplifying procedures to give financial savings a shot in the arm.
 Along with the finance minister, the meeting was attended by Minister of State for Finance Anurag Thakur, Finance Secretary Rajiv Kumar, Economic Affairs Secretary Atanu Chakraborty, Revenue Secretary Ajay Bhushan Pandey, and other senior officials of the ministry.
 Some of the economists who were part of the meeting included Rathin Roy, Director, NIFP; Shekhar Shah, Director General, NCAER; Surjit S Bhalla, Managing Director, Oxus Investment; Ajit Mishra, Director, Institute of Economic Growth and Sachin Chaturvedi, Director General, RIS. See also: <a href="https://www.businessinsider.in/policy/economy/news/income-tax-slabs-for-2020-and-cuts-proposed-by-finance-minister-nirmala-sitharaman-in-next-budget/articleshow/72975148.cms">Income tax cuts and new tax slabs ⁠— here’s how Indian Finance Minister Nirmala Sitharaman wants to make people shop more</a> <a href="https://www.businessinsider.in/business/news/niti-aayog-member-bats-for-2-gst-slabs-says-rates-should-not-be-revised-frequently/articleshow/72965580.cms">NITI Aayog member thinks that India should have only two GST slabs</a>

Indian economists tell Finance Minister Nirmala Sitharaman to simplify GST and direct taxes

New Delhi, Dec 16 () Economic Advisory Council of the Fifteenth Finance Commission on Monday discussed issues related to GST stabilisation and possible ways to improve tax collection for additional resource mobilisation.
"Advisory Council was informed about submission of the 2020-21 report and now the Commission is on its next task of preparing the report for 2021-26 period," said an official release after the fifth meeting of the Fifteenth Finance Commission.
Talking to reporters, Finance Commission Chairman N K Singh said the Commission plans to make recommendations on Goods and Services Tax (GST), which will be for the GST Council to consider.
The Fifteenth Finance Commission discussed issues related to stabilisation of Goods and Services Tax (GST), relationship between GST Council and Finance Commission, and GST compensation being paid to states.
Singh also said the Commission was planning to make medium-term revenue projections in its report.
The Council discussed the possible macro assumptions for the Commission's award period relating to real growth, inflation etc were discussed in detail.
Matters like the structural shift in inflation, relationship between the GDP deflator and consumer price inflation, and possible trajectories of movement in real activity were also discussed.
"Tax revenues and expenditure patterns emerging both at the Union and the States level. Possible way to improve tax collection for additional resource mobilisation," the release said.
The meeting held detailed deliberations on tax revenues and expenditure patterns emerging both at the Union and the states level.
Possible way to improve tax collection for additional resource mobilisation was another focus area of the meeting.
As per the release, issues related to compliance and adherence to Fiscal responsibility legislations (FRLs) enacted by respective governments. The need for bringing in fiscal transparency was underlined in the discussions.
Advisory Council members were updated by the Commission regarding the additional terms of reference extending Fifteenth Finance Commission's term till October 2020.
As per the additional terms of reference, the Commission will submit two reports- one, for the year 2020-21 and second report for the five year period of 2021-22 to 2025-26.
The council members who attndeded the meeting include M Govinda Rao, Indira Rajaraman, Sudipto Mundle, Omkar Goswami, Arvind Virmani, Surjit Bhalla and Prachi Mishra. NKD
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Eco Advisory Council of Fin Comm discusses GST stabilisation, tax collection issues

<div class="image-container float_right" style="width:400px"><div class="image"></div>(Photo by <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword> Photos/Getty Images)</div>Alan Wheatley, Global Economics Correspondent for Reuters has written a very interesting article, 'Analysis: China's currency foray augurs geopolitical strains’ where he emphasizes China’s desire to wean out the US <keyword id="35208" type="ORGANIZATION" weightage="60" keywordseo="dollar">dollar</keyword>’s currency reserve status.
China is actively taking steps to phase out the US dollar which will decrease volatility in oil and commodity prices and deride the ‘exorbitant privilege' the USA commands as the issuer of the reserve currency at the centre of a post-war international financial architecture which is now failing. 
In 1971, U.S. Treasury Secretary John Connally said, "It's our currency and your problem".
China is frustrated with what it sees as the US government’s mismanagement of the dollar, and is now actively promoting the cross-border use of its own currency, the yuan, or also called the renminbi, in trade and investment.
China’s goal is to decrease transactions costs for Chinese importers and exporters.
Zha Xiaogang, a researcher at the Shanghai Institutes for International Studies, said Beijing wants to see a better-balanced international monetary system consisting of at least the dollar, euro and yuan and perhaps other currencies such as the yen and the Indian rupee.
"The shortcomings of the current international monetary system pose a big threat to China's economy," he said. "With more alternatives, the margin for the U.S. would be greatly narrowed, which will certainly weaken the power basis of the U.S."
Zha's comments were highlighted at a seminar in Bahrain this week on the geopolitics of currencies organized by the International Institute for Strategic Studies, a London think tank.
GoldCore brought up these issues back in 2005. Rising economies of China, India and the Middle East are looking at trading options that do not include the greenback.
Not only the East but their financial ministry colleagues in the West are also questioning the current monetary order. Change is certainly around the corner.
At the Clinton Global Initiative last week Goldman Sachs CEO Lloyd Blankfein said that the US could risk its status as the world's reserve currency if congress fails to act and the "fiscal cliff" program of tax increases and spending cuts is enacted January 1st. 
If the US continues its trillion dollar deficits and does lose its reserve currency status what will a world without a reserve currency look like? That is what economists, think tanks and finance ministers are grappling over today.
John Williamson, one of the foremost academics on exchange rates, and a senior fellow at the Peterson Institute for International Economics in Washington examined the benefits of the US dollar’s reserve status.
He recognized two ways that US power is enhanced in the world economy by the greenback’s dominant role, which he doesn’t see challenged in the next 25 years. 
First, the $3.2 trillion in official reserves that China has accumulated in maintaining the yuan's semi-fixed peg to the dollar tie Beijing's policy hands. That is because any hostile gesture, such as a threat to shift out of dollars, would destroy Chinese wealth.
Second, because of the extensive private use of the dollar globally, the United States is better able to enforce a financial embargo such as the one now directed against Iran.
China also faces risks including foreigners reinvesting their yuan back into China’s security markets. Such inflows may alter exchange rates and interest rates and would weaken the Communist Party’s grasp on their economy which would create an unpredictability that is against the iron rule it enjoys.
Currency wars are not new and often rising economies show their resentment of incumbents, notably the USA, who they view as printing money first and worrying about the effect on the global economy later.
Surjit Bhalla, Indian economist and author of "Devaluing to Prosperity” feels the massive undervaluation of the yuan was a major reason for China's meteoric rise and the deep economic imbalances that led to the 1997/98 Asian financial crisis and the 2008 global crash.
He sees little merit in greater international use of the yuan but expects Beijing to push up its real exchange rate by 3-5% a year in order to help lift private consumption to at least 50 percent of national output over time from around just 35 percent now.
"This will be one of the most remarkable win-win situations of recent times," said Bhalla, chairman of Oxus Investments, a New Delhi hedge fund. "Currency peace is breaking out. There have been currency wars, but now is time to enjoy the peace."

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There will be many more poor people in India this year than before. Here’s why

BI India Bureau

Indian economists tell Finance Minister Nirmala Sitharaman to simplify GST and direct taxes

PTI

Eco Advisory Council of Fin Comm discusses GST stabilisation, tax collection issues

PTI

China Wants To Wean Itself Off The Dollar, But Risks Destroying Chinese Wealth

Goldcore Bullion and Wealth M…

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