Indian economy : Former Chief Economic Advisor Arvind Subramanian warned that due to the pressure of agriculture and financial system, Indian economy may be trapped for some time in the era of slowing down.
On the occasion of the release of ‘Off Counsel: The Challenges of the Modi-Jaitley Economy’, he said that the ban of the economy of the country has slowed down due to the ban on cancellation and implementation of GST. He said that the goal of revenue collection from the object and service tax (GST) in the budget is not logical.
He said, “The target set for recovery from GST in the budget is not practical. I would obviously say that the budget has made an illogical target for GST, it has been said of 16-17 percent (increase). Subramanyan said that the GST could be designed and prepared better. He looked in favor of all three rates for GST.
Regarding the economy, he said, “We have to prepare myself for some time slowdown. I am saying this thing for several reasons. Firstly the financial system is under pressure. Financial conditions are very difficult. This is not conducive for quick growth. ‘ As the Subrahmanyan agriculture sector is still under pressure.
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He expressed hope that during the election next year, the issue of universal minimum income (UBI) will be included in the election manifesto of different parties. Meanwhile, Subramanian said that the autonomy of the Reserve Bank of India should not be cut.
However, he said that the additional reserve amount of RBI should be used for capitalization of the public sector banks and not to reduce the government’s fiscal deficit. Regarding the revised GDP figures recently released by the Policy Commission, Subramanian said that this has generated many questions. He said, ‘If you pay attention to other signals of that period, you find a lot of difference between them and recent figures. It needs to be clarified.
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