Search Result for : Arvind Subramanian

The Dollar Business Bureau Amid declining exports, apparel exporters body Apparel Exports Promotion Council (AEPC) urged the Government to keep the total duty reimbursements to the apparel sector be retained at pre-GST stage of 7.5% drawback without input tax credits, in addition to 3.5% of RoSL. India’s apparel exports has recorded a decline of 39%, in dollar terms, for the month of October. Overall, there has been a decline of 5.94% in the outbound shipments of apparels, according to the data released by the Government. “AEPC has indicated earlier about the decline in exports in the coming days on account of the issues which have arose after the implementation of GST,” the exporters’ body said in a statement. “In the wake of dwindling apparel exports, ...

Deepak Kumar Amid the uncertain global trade scenarios, which have magnified further following the ascension of Donald Trump as the US President, an alternate multilateral trade deal among ten major economies could stimulate global trade and offer myriad opportunities for their collective economic development. The trade bloc comprising of middle-income economies such as China, Brazil, India, Indonesia, Mexico, and South Africa; along with some major high-income countries such as Japan, Australia, New Zealand and UK could turn out to be a strategic departure from the regionally-focused trade blocs, and therefore could help to bring about some semblance of trade-dignity in the international trade arena. Last week, India’s Chief Economic Adviser to the Union Government, Arvind Subramanian along with Commerce Secretary Rita Teotia ...

The Dollar Business BureauUnderlining India’s strong macroeconomic parameters, the government on Tuesday held a meeting with the global credit rating agency Fitch and pitched for an upgrade in the country’s credit rating. Finance ministry officials explained to the agency about the government’s intended fiscal disciplines while indicating that the Union Budget 2017 will spur economic growth in the country. Recently, several credit rating agencies have denied providing an upgrade to the country’s credit ratings, citing reasons such as stressed balance sheets of corporates as well as banks. The government officials also asked Fitch to explain how it rated the credit ratings of any country. The Fitch officials, in turn, explained that they considered the government’s structural reforms, which ...

Sheela Mamidenna There have been reports about the Govt’s recent move to include petroleum products and liquor under the Goods and Services tax. This could be a welcome move towards the rationalization of the GST regime, many opine. There has been a long drawn battle on the issue between the Centre, the States and the industry. While the States fear a loss of autonomy or losing out on revenue under the standardized model of the GST, legal think-tanks believe the levy of a ‘modest GST’ is welcome until total subsumption of petro products into the regime. Communicating to the Dollar Business via mail, Ranjeet Mahtani, Partner, Economic Laws Practice, says, reports are rife over a proposal for levy of modest GST tax ...

The Dollar Business Bureau Chief Economic Adviser Arvind Subramanian on Sunday said he feared a decline in India's exports to Britain, following its departure from the European Union. "Brexit came as a major shock to me. It is one of the most significant and landmark developments in the post-world war era. It would have a far reaching impact across the globe," Subramanian said while speaking at a conference in Patna. The advisor also said Prime Minister Narendra Modi could set up an expert committee to analyse Brexit's impact on the Indian economy. "Though our economy is well braised at present with strong macro-economic factors, Brexit would surely have some adverse impact on India. For instance, our exports would be affected. The PM may set up a ...

Source: PTI The government on Friday lowered its economic growth forecast for 2015-16 to 7-7.5% from 8.1-8.5%, but said budget deficit target will be met as higher tax revenues offset a shortfall in PSU stake sale. In its Mid-Year Economic Analysis presented in Parliament, the finance ministry said it will be able to stick to fiscal deficit target of 3.9% for the current year, but the target of bringing it down to 3.5% in the next will face pressure from higher outgo on central staff wages due to implementation of the 7th Pay Commission and Defence pensions. “Given the challenges..., we estimate that real GDP for the year as a whole will lie in the 7-7.5% range,” it said, adding that ...

Deepak Kumar \ The Dollar Business      After the US Federal Reserve raised the interest rate by 0.25%, Indian industry analysts said the decision will not have major impact on the country’s economy. “We are really well cushioned on the micro-economic side. Inflation is coming down, our fiscal deficit situation is very good and our external situation is also very robust. I think, for all these reasons, the impact on India should be really minimal,” Chief Economic Advisor Arvind Subramanian said. In a historic move on Wednesday, the US Federal Reserve raised the interest rate by a quarter percentage point for the first time since 2006. The US central bank's policy-setting committee increased the target range for the federal funds ...