Historical note It has been 25 years since Dr. Manmohan Singh as the Finance Minister of India presented a historical budget on July 24, 1991 which changed the face of economic India forever. The economic reforms embarked upon in that budget leading to economic liberalisation, privatisation and globalisation led to far reaching changes. It changed… Continue reading 25 years of Economic Liberalisation: Where are we Heading?
The Hindu 25th anniversary of the 1991 reforms approaches, it would be legitimate to take stock of what has been achieved. The crisis of 1991 In 1991, the focus of the reforms had been on trade, exchange rate and industrial policies. This had everything to do with the immediacy of the balance-of-payments crisis the economy… Continue reading The ease of living in India: 25th Anniversary of 1991 Reform
Summary: The government has decided to push for the creation of a new banking giant by merging the State Bank of India with its associate banks. The quest to create an Indian bank that will be in the league of global giants is an old one. It has been talked about since the 1991 economic… Continue reading The risks of creating giant banks
The Hindu What happened? The government has announced the constitution of a panel under Former Revenue Secretary and Rajya Sabha MP N.K. Singh to review the Fiscal Responsibility and Budget Management (FRBM) Act of 2003. Considerations before the Panel It will consider the possibility of replacing absolute fiscal deficit targets with a target range that… Continue reading N.K. Singh to head panel to review FRBM Act
The Union Government has constituted two new committees: Tax Policy Research Unit (TPRU) Tax Policy Council (TPC) Aim: To streamline the taxation policy and administration These committees have been constituted based on the recommendation of the Tax Administration Reform Commission (TARC) Tax Policy Research Unit The TPRU will be headed by Revenue Secretary It will carry… Continue reading Two committees to ensure consistency in tax policies
The Chief Economic Advisor Arvind Subramanian led panel submitted its report on Possible Tax rates under Goods and Services Tax (GST) to Finance Minister Arun Jaitley Union government had set up the committee under chairmanship of CEA Dr. Subramanian in June 2015 to arrive at GST rates by factoring in the economic growth rate, taxpayer… Continue reading Arvind Subramanian Panel on GST Tax Rates
Article Link Manmohan Singh, the then minister of finance, ended his budget speech of 1991–1992 with a quote from French novelist Victor Hugo: “No power on earth can stop an idea whose time has come.” He then went on to conclude with the declaration: “Let the whole world hear it loud and clear. India is… Continue reading How reforms killed Indian manufacturing