India’s fiscal deficit trends are a bit like an alcoholic trying, unsuccessfully, to reform. Virtue does not last for too long, says Shankar Acharya. Thirty years ago very few people in India had heard of “fiscal deficits”. The phrase made its debut appearance in an official government document in the 1989/90 Economic Survey of the Ministry of Finance, where it was defined as the excess of government expenditure and net lending over current revenues. It can also be thought of ... Rediff.com, 1 month ago
Against a turbulent and uncertain background, Budget 2017-18 hewed a steady, forward-looking course, says Shankar Acharya, former chief economic adviser to the government. Many have damned the Union Budget 2017-18 with faint praise: 'Workmanlike', 'conservative', 'middle of the road', 'does no harm', 'please-all' and so on. This is unfair. Had this been a normal year, then these descriptions may have been closer to the mark. But the times are far from normal. The circumstances for ...Rediff.com, 2 months ago
The RBI announced its sixth bi-monthly monetary policy statement where it left key repo and reverse repo rates unchanged. The repo rate was left unchanged at 6.25% and the reverse repo rate at 5.75%. This was against the common view that the central bank ...DNA, 2 months ago
Posted by Equitymaster Many of us looked forward to the Union Budget 2017-18 with great expectations. There were expectations that the budget would announce a host of tax sops for the honest tax-paying citizens. But contrary to these expectations, Finance ...Equitymaster.com, 2 months ago
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