Scotland’s Sturgeon reach Brussels on EU status
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Scotland’s Sturgeon reach Brussels on EU status
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aseannews.wordpress.com – Speaking as Scottish First Minister Nicola Sturgeon arrived in Brussels, the Spanish PM said he was “extremely against” the idea of Scotland talking with EU officials in the wake of Brexit. His war…
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sagarnewsline.wordpress.com – India and representatives from 49 other founding countries, have signed an agreement that provided legal framework for the China-led ‘100 Billion’ US Dollar, Asian Infrastructure Investment Bank or…
Why China is eyeing an Indian mechanic’s car that runs on water – SocialStory
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social.yourstory.com – 44-year-old car mechanic Mohammad Raees Markani from Madhya Pradesh has invented a car that runs on water. This 12th pass took five years to develop the final product. The car runs on acetylene gas…
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2016年06月28日のつぶやき – 節税
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Rajiv Kumar: Rexit, Now Brexit
Dear Mr. Sagar,
Please click the link below to see my article “Rexit, Now Brexit: How the Indian economy can really brave these twin mega-storms” that appeared in The Times of India on Wednesday, 29th June 2016.http://www.pahleindia.org/media.php
Your feedback will be appreciated.
Warm regards,
Rajiv Kumar
Founder Director
Pahle India Foundation
C4/54 First Floor
Safdarjung Development Area
New Delhi – 110016
(+) 91 11 41551498
How the Indian economy can really brave these twin mega-storms
`Brexit’ close on the heels of `Rexit’ has triggered a great deal of market turbulence and future uncertainty . What should India do to meet this challenge? It will need to ensure, firstly, that its macroeconomic parameters remain rock solid and the Indian economy is seen as contributing to global macro stability rather than adding to turbulence.With our foreign exchange reserves at a record high of $367 billion, our current account deficit at a very safe 1.3% of GDP , and the commitment to fiscal discipline, the Indian economy seems well placed to weather the twin storms. One view, therefore, is simply to persist with business as usual because if the economy ain’t broke, there’s no need to fix it. I beg to differ.
The Indian economy is still not primed to generate the required number of jobs needed to absorb the rising numbers of workforce entrants. More importantly ,a spurious trade-off is posited between employment and growth on one side and macroeconomic stability on the other.The need of the hour is to eliminate this spurious trade-off and move forward in a balanced manner to achieve both objectives.
To begin with the government must declare that the twin objectives of macroeconomic policy are maximising employment growth and retaining macro stability. This implies keeping inflation in check and keeping foreign indebtedness within prudent limits. This twin objective must be accepted by all agencies including RBI, which has in recent years tended to overemphasise inflation control under the `inflation targeting framework’.
But the policy stance can be more nuanced. First, instead of adopting a fiscal deficit target, it will be far more effective to adopt the target for reducing revenue deficit to zero in the next budget itself. This would require additional resource mobilisation through better tax compliance and disinvestment and also a sharp pruning of subsidies.
In his recent pronouncements, Prime Minister Narendra Modi has shown his strong commitment to both.By aggressively expanding the direct tax base, implementing GST and using JAM to sharply bring down food, fertiliser and energy subsidies, this goal can be achieved in 2016-17.
By boldly announcing the adoption of zero revenue deficit target in the next budget, finance minister Arun Jaitley will give himself additional fiscal space by allowing a higher fiscal deficit target that could be used to trigger public investment in housing and construction or to recapitalise banks that are in dire straits and unable to extend much needed credit.The 3% fiscal deficit target was taken from Europe’s Maastricht treaty and often breached by Europeans themselves.It is counterproductive to continue asserting it as a macro mantra.
High inflation is like a termite that weakens the entire economic edifice, and takes a special toll of the poor and the vulnerable. It must therefore be contained uncompromisingly . A 5% inflation measured by core CPI should be adopted.
However, food inflation is special. It affects the poor where it hurts most and puts an upward pressure on wages. In a poor country like India, it is unethical to talk about controlling food inflation by curtailing demand through monetary tightening.
Food inflation has to be controlled principally by augmenting supplies and eliminating even temporary shortages.Therefore, it will be useful to decompose the inflation target into two one for food inflation and the other for general inflation. The food inflation target should be no more than 2%.
This would be achieved if food is treated essentially as a traded product and supplies are seamlessly augmented by free movement of food products across domestic markets and imports through private trade as necessary . RBI and various agencies of the government should come together to identify all the bottlenecks in movement of food products across state borders like the pernicious APMC act; non-tariff barriers that impede food imports; and canalisation mechanisms that create unnecessary restrictions on food supplies. These should be eliminated forthwith and RBI could be tasked with monitoring food inflation in different regions and providing an early warning mechanism for needed policy response.
Maximising employment growth requires that private investment is encouraged and costs of capital are kept as low as possible. This would again require RBI to work with the government for a number of reasons. Commercial bank loans often become non-performing because governments renege on their part of the contract. Governments continue to award contracts to those investors who are on RBI’s list of non-performers or wilful defaulters.
This must be avoided. Given the preponderance of public sector banks, RBI and government working together could ensure far better regulatory compliance and loan recoveries. Having adopted a zero revenue deficit target, the finance ministry working together with RBI could use the fiscal space to quickly borrow from multilateral banks to recapitalise commercial banks, allowing them to restart lending operations that are currently at an all-time low.
It is time to fundamentally review our system of macroeconomic policy making rather than to slavishly emulate a model that posits one government agency against another. India cannot afford this luxury .
The writer is senior fellow at Centre for Policy Research, Delhi
The Naresh Kumar Sagar Daily
YU Yunicorn Review: Fails to match expectations – Tech2
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Tribute to Late PM Chandrasekhar on his birthday.
Tribute to Late PM Chandrasekhar on his birthday. He was the
8th Prime Minister of India from 10 November 1990 to 21 June 1991.From 1962 to 1967, Shekhar belonged to the Rajya Sabha, the Upper house of the Parliament of India. When the Emergency was declared, even though he was a Congress party politician, he was arrested and sent to Patiala jail. He had a nationwide padayatra in 1983 to know the country better, which he claimed gave the jitters to Prime Minister Indira Gandhi. He was called a “Young Turk”As a member of the Congress Party, he vehemently criticised Indira Gandhi for her activities. This led to a split in the Congress in 1975. Chandrashekhar was arrested during the emergency and sent to prison.He came to be known as a ‘young Turk’ for his conviction and courage in the fight against the vested interests. The other ‘young Turks’, who formed the ‘ginger group’ in the Congress in the fight for egalitarian policies, included leaders like Mohan Dharia and Ram Dhan who were also imprisoned during Emergency.after the Emergency, Chandrashekhar kept out of the power structure and became the first President of the Janata Party, formed in 1977 in the flush of electoral success that heralded the first non-Congress government at the Centre.After the emergency, he became the President of Janata Party. In the parliamentary elections, Janata Party did very well and formed the coalition government headed by Morarji Desai. In 1988, his party merged with other parties and formed the government under the leadership of V.P. Singh. Again his relationship with the coalition deteriorated and he formed another party, Janata Dal socialist faction. With the support of Congress (I) headed by Rajiv Gandhi, he replaced V.P. Singh as the Prime Minister of India in November 1990.
After 1977, he was elected to Lok Sabha in all the elections, except in 1984 when the Congress swept the polls after Indira Gandhi’s assassination. The post of Prime Minister, which he thought he genuinely deserved, eluded him in 1989 when V P Singh pipped him at the post and was chosen to head the first coalition government at the Centre.
8th Prime Minister of India from 10 November 1990 to 21 June 1991.From 1962 to 1967, Shekhar belonged to the Rajya Sabha, the Upper house of the Parliament of India. When the Emergency was declared, even though he was a Congress party politician, he was arrested and sent to Patiala jail. He had a nationwide padayatra in 1983 to know the country better, which he claimed gave the jitters to Prime Minister Indira Gandhi. He was called a “Young Turk”As a member of the Congress Party, he vehemently criticised Indira Gandhi for her activities. This led to a split in the Congress in 1975. Chandrashekhar was arrested during the emergency and sent to prison.He came to be known as a ‘young Turk’ for his conviction and courage in the fight against the vested interests. The other ‘young Turks’, who formed the ‘ginger group’ in the Congress in the fight for egalitarian policies, included leaders like Mohan Dharia and Ram Dhan who were also imprisoned during Emergency.after the Emergency, Chandrashekhar kept out of the power structure and became the first President of the Janata Party, formed in 1977 in the flush of electoral success that heralded the first non-Congress government at the Centre.After the emergency, he became the President of Janata Party. In the parliamentary elections, Janata Party did very well and formed the coalition government headed by Morarji Desai. In 1988, his party merged with other parties and formed the government under the leadership of V.P. Singh. Again his relationship with the coalition deteriorated and he formed another party, Janata Dal socialist faction. With the support of Congress (I) headed by Rajiv Gandhi, he replaced V.P. Singh as the Prime Minister of India in November 1990.
After 1977, he was elected to Lok Sabha in all the elections, except in 1984 when the Congress swept the polls after Indira Gandhi’s assassination. The post of Prime Minister, which he thought he genuinely deserved, eluded him in 1989 when V P Singh pipped him at the post and was chosen to head the first coalition government at the Centre.
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