Basu hails GST, says any price rise to be short-term
PTI Hailing the passage of the GST Bill, World Bank Chief Economist Kaushik Basu today said any immediate "price jerk or inflation" would be a one-time affair, but the tax reform's long-term growth benefit will be immense. "People are talking about price concerns, but the immediate price impact is a small concern, positive or negative, but the biggest impact of the GST is the long-term benefit through cutting down of transaction cost," Basu said. He was speaking to reporters on the sidelines of the Indian Institute of Management, Calcutta-organised Arijit Mukherjee Memorial Lecture. "The GST will cut down transaction cost and double taxation at different points and it will make India a common market. It will give a big fillip to ...
Paul Romer replaces Kaushik Basu as Chief Economist of World Bank
The Dollar Business Bureau New York University economist Paul Romer is set to replace the World Bank’s chief economist Kaushik Basu this week. “Yes rumors are correct—very excited to welcome our new VP in the fall,” World Bank economist Florence Kondylis said of Romer’s new position in a tweet. Romer takes over the position from India-born Basu at a time when the industrialising countries and the world’s poorest nations have been struggling with decelerating economic growth, expanding budget deficits, anemic global demand, weak commodity prices and rising debt. Romer has received his doctorate degree in economics from the University of Chicago. He is known for the proponent of the “endogenous growth theory,” which holds that investment in human capital, innovation and knowledge are significant contributors ...
Migrants are major players in global market: World Bank Chief Economist
The Dollar Business Bureau India tops the list of remittance recipient countries in terms of value of remittances drawn from global migrant work force in 2014, says the World Bank’s Migration and Development Brief report, released on Tuesday. Out of US$ 583 billion- total remittance value received in 2014, India received US$ 70 billion followed by China (US$ 64 bn), Philippines (US$ 28 bn), among others, added the report. The top five migrant destination countries continue to be the United States, Germany, Saudi Arabia, Russia and the United Arab Emirates (UAE). According to the report, the officially recorded remittance flows to developing countries were estimated to have reached US$ 436 billion in 2014, accounting to 4.4% year-on-year rise and ...
