India says economy poised to grow by 7-7.5 percent

Jan 30, 2018, 01:21
India says economy poised to grow by 7-7.5 percent

The forecast, that comes within an environment of slow and jobless growth, says the economy will grow on the back of major reforms which would be strengthened further in the next financial year. Uttar Pradesh and West Bengal have seen large increases in the number of tax registrants compared to the old tax regime.

The government also announced higher minimum support price (MSP) to incentivise production and thereby enhance availability of food items which may help moderate prices.

"The survey said that traditionally, there was a 0.8% monthly increase in new tax filers â€" representing growth of 10% annually before GST and demonetisation. Corporate India is looking for easier tax regime, lower interest rates and simplification of regulations.

The picture is similar for indirect tax litigation.

The survey clearly points out raising investment is more important than raising saving to reignite growth.

There was massive under-investment in infrastructure sector until the recent past due to collapse of public private partnerships, especially in power and telecom projects; stressed balance sheets of private companies; issues related to land and forest clearances, it said.

In the second half of the year, however, the survey points out, the economy witnessed "signs of revival" and the agenda for the next year remains staying the course by "stabilsing the GST, completing the TBS actions, privatising Air India and staving off threats to macro-economic stability". Protectionist policies in many global economies and a strong rupee are some impediments here.

The Survey said that the government measures to curb black money and encourage tax formalisation have increased personal income tax collections substantially (excluding the securities transactions tax). The Survey, which is an account of how economy fared in last 12 months, has revealed some interesting facts about the Indian economy. While the Insolvency resolution mechanism has begun in the right earnest, a big vigil needs to be kept and the banks must be given additional capital at the earliest. We also look forward to the roadmap on consolidation of banks that can improve the efficiency of the banking sector and aid economic expansion.

Clearly, Manmohan government had a tough time dealing with things that he had little control over. However, there has been only one repo rate cut by the RBI of 25 basis points during last fiscal year. The major reduction in investment rate occurred in 2013-14, although it declined in 2015-16 too.

Also, it emphasised that India's road density at 1.66 km/sq km of area is higher than that of Japan, USA, China, Brazil and Russian Federation while surface road length was 61 per cent of the total road lento, much lower than the UK, Korea, Russia and China. This is critical in wake of the long term growth and development of the economy. A robust education system integrated with skill education is the way forward in this regard.

YOU MIGHT ALSO LIKE
  • Pakistan condemns Islamic State attack on Kabul military academy

    Pakistan condemns Islamic State attack on Kabul military academy

    Source inside the camp said explosions and gunfire could be heard coming from the direction of the entrance of the complex. State Department has confirmed that Americans were among those killed but details have not yet been released.
    LeBron James is amazed by the Stephen Curry-Kyrie Irving showdown

    LeBron James is amazed by the Stephen Curry-Kyrie Irving showdown

    However, a win against an elite foe this Saturday will prove that this team is also capable of winning a championship this season. And I told them before the game, just take advantage of the opportunity and stick together and be able to weather the storm.
    Steve Wynn Steps Down As RNC Finance Chairman

    Steve Wynn Steps Down As RNC Finance Chairman

    If Democrats and the DNC truly stand up for women like they say they do, then returning this dirty money should be a no brainer. Real estate magnate Steve Wynn stepped down Saturday as the finance chair of the Republican National Committee.
  • MLS Expected to Award David Beckham Miami Expansion Franchise at Last

    MLS Expected to Award David Beckham Miami Expansion Franchise at Last

    MLS, which will stream the event live on its website, said they were participating in what will be "a special announcement". Former England football star David Beckham has launched his long-awaited Major League Soccer (MLS) team in Miami .
    'Jackpotting' hack makes its way to ATMs in US

    'Jackpotting' hack makes its way to ATMs in US

    ATM operators", the blog says. "This represents the first confirmed cases of losses due to logical attacks in the US". ATMs operating on the now unsupported Windows XP operating system are particularly at risk from jackpotting.
    NewsAlert: Ottawa's Gabriela Dabrowski wins mixed doubles at Australian Open

    NewsAlert: Ottawa's Gabriela Dabrowski wins mixed doubles at Australian Open

    Babos, however, will not be going empty handed as she claimed the women's doubles championship with Kristina Mladenovic . Federer, who will be playing his record seventh Australian Open Final, will look to win the title for the sixth time.
  • Jason Day stuck in staggering PGA tour playoff

    Jason Day stuck in staggering PGA tour playoff

    Woods said it was a mostly positive week, and it was hard to argue considering he was returning from his fourth back surgery. Palmer was eliminated on the first playoff hole, but four more holes after that was not enough to separate Day and Noren.
    Oscars 2018 Nominations, Date: 'The Shape of Water' Leads Nomination List

    Oscars 2018 Nominations, Date: 'The Shape of Water' Leads Nomination List

    We have more people of color in the Academy, more women in the Academy, and the demographic is becoming slightly younger as well. Both the directors are in contention for Best Picture , Best Director , and Best Original Screenplay awards.

    Leaked Galaxy S9 render shows a modest design update

    It will come with the same 8MP sensor on the front, as seen in the generic model. Both phones have a bright lens with an variable aperture of f/1.5 - f/2.4.
  • Liverpool sends out-of-favour Sturridge on loan to West Brom

    Liverpool sends out-of-favour Sturridge on loan to West Brom

    Sturridge was limited to just seven Premier League starts in 2016-17, and he has made only five in the current campaign. West Brom are second-bottom of the league with 20 points from 24 games, three points outside the safety zone.

    Hyderabad to see super moon, lunar eclipse on January 31

    An extremely rare celestial event will be taking over the UAE skies on January 31 - a "Super Moon Eclipse" will occur. It may sound like the apocalypse is nigh, so let's break it down by its three parts: "super", "blue" and "blood".
    Games for real money and security in online casinos

    Games for real money and security in online casinos

    Usually, there are some doubts about the safety of online casinos since there are plenty of cheaters in the network. Software used in the online casino belongs to individual companies and not an own developments of casino owners.
popular