One of the major pending economic reforms in India is related to the process and management of expenditure. The government has appointed a panel called Expenditure Management Commission under the chairmanship of former Reserve Bank of India (RBI) governor Bimal Jalan to look into the various aspects of expenditure reforms and suggest ways to improve fiscal discipline.
It is often said that the two most important jobs in India, respectively, are that of two champions: the prime minister and the captain of the national cricket team (number one and two position depends on the individual and perception). Politics and cricket dominate the average Indians psyche.
The government-run Life Insurance Corporation (LIC) that controls more than two-thirds of the life insurance business in the country, has shown unwillingness to bear the cost of the proposed Rs 30,000 life cover under the Pradhan Mantri Jan Dhan Yojana.
When the euphoria of financial inclusion is at its peak, growing defaults by big businesses have brought the focus back on the alarming situation of the Indian banks balance sheets. Declaration of liquor baron Vijay Mallya as a "wilful defaulter" by United Bank of India highlights the growing stress among the banks.
There has been lull at the Yojana Bhawan since the Modi government was sworn into office on the 26th of May. Nearly 1,200 people, who are employed at the Planning Commission and its attached offices, have hardly any productive work.
The expression "100 days" of a government made headlines in India five years ago when the United Progressive Alliance (UPA) led by Congress party was re-elected in May 2009. Almost all ministers announced 100-day targets and subsequently presented report cards. That was the high point of Manmohan Singh led UPA government.
The fate of the two hundred-odd coal blocks allocated since 1993 hangs in the balance after the Supreme Court declared that these allocations were made arbitrarily and illegally. A further hearing on the issue is scheduled on 1st September, when the apex court is expected to decide whether to scrap the allocations altogether, or to impose some sort of penalty on those involved.
In his maiden Independence Day address to the nation Prime Minister Narendra Modi announced an ambitious financial inclusion plan called "Pradhan Mantri Jan Dhan Yojana" that seeks to provide bank accounts with debit cards and Rs 1 lakh insurance cover to all unbanked households.