India needs to spend 3.77% of GDP to tackle poverty - D Ravi Kanth, Mint
India needs to spend $61.11 billion a year, or 3.77% of its gross domestic product, to tackle the alarming levels of extreme poverty and rural distress and, simultaneously, beef up the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) to provide guaranteed jobs for the rural poor, International Labour Organization (ILO) director-general Guy Ryder said on Wednesday.
Tax policy for a globalised India - Ajay Shah, Business Standard
The first phase of globalisation was free movement of goods and services. Public finance thinkers of the 1950s had to reform the tax system so as to remove tax impediments. Customs duties used to be an important source of revenue, but they interfered with cross-border activities and had to go.
Six PSU banks report Rs 7k crore loss as defaults mount - Mayur Shetty, ToI
Nearly Rs 7,000 crore of fourth quarter losses reported by six public sector banks on Friday showed that the bad loan problem for banks is far from over. The biggest surprise was the Rs 3230 crore loss reported by Bank of Baroda - the second largest public sector bank in terms of assets. Union Bank of India was the only bank which made a profit of Rs 97 crore in the fourth quarter was the only PSU bank to avoid a loss today. All other lenders Central Bank, UCO Bank, Allahabad Bank and Dena Bank reported losses.
Tackling call drop irritant - Pioneer
With the Supreme Court quashing the Telecom Regulatory Authority of India's decision to penalise service providers for dropped calls, the Government will have to return to the drawing board to find a more legally fail-safe mechanism to address the issue. There is no dispute over the fact that calls drops have troubled millions of customers across the country and that the telecom operators have got away with this serious flaw in their service by hiding behind technical jargon.
Insure farmers against climate change - Feroze Varun Gandhi, Hindu
Bundelkhand is where India’s marginal farming dream died. Known for the dacoits of Chambal and the Rani of Jhansi, the arid region, occupying districts of Uttar Pradesh and Madhya Pradesh, has experienced drastic variation in climate in recent times. It faced a drought from 2003 to 2010, then floods in 2011, delayed monsoons in 2012 and 2013, and drought again since 2014.
India's GDP headed towards auto-correction - Pranjul Bhandari, Bus Std
It's GDP season again. India's new method of calculating GDP (gross domestic product) growth has been keeping us on our toes, springing a surprise with every release. But this time we are determined to stay ahead of the game. The economy has experienced dramatic changes in prices, which could impact growth as they normalise. So we dig deeper into the numbers to see what the future holds.
A tiger cub in the neighbourhood? - Shankar Acharya, Business Standard
These days we are frequently told, usually by government ministers and spokes-persons, that India is the "fastest growing large economy in the world". Never mind that the debate on the new (since January 2015) national income data series, on which this claim is based, remains the subject of vigorous debate and scepticism.
Re-dialling Make-in-India - Financial Express
The government’s decision, last week, to roll back the import duties levied on components of mobile phones in the budget is curious. On February 29, as part of the annual Budget, finance minister Arun Jaitley levied import duties of 29% on mobile phone batteries, chargers, wired headsets and speakers, presumably to encourage firms manufacturing mobile phones in India to start producing these components.
Time to scale up capabilities at express speed - Pioneer
The Modi Government's emphasis on developing the shipping industry, especially the sea ports, with a one-trillion rupee commitment announced at the inaugural Maritime India Summit in Mumbai on Thursday, comes not a day soon.
UP, Bihar lead the way to adopt PM Modi's pet e-SamikSha scheme - Aman Sharma, Economic Times
Bihar chief minister Nitish Kumar and his UP counterpart Akhilesh Yadav may be political rivals of Narendra Modi but that has not come in the way of their state governments adopting a pet governance idea of the Prime Minister.
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