Finance Minister Nirmala Sitharaman has brought in Diwali early for the economy by lowering taxes on corporate profits to nearly the lowest level across comparable countries. Within minutes, the stock markets gave the announcement an 1800-point salute, the highest intra-day jump in a decade that lifted market valuation by Rs 5 lakh crore.
I am in politics for over 35 years. Since early days we have been talking about poverty alleviation. "Garibi Hatao" (remove poverty) slogan was given in early 1970s. Since then a number of schemes have been introduced aimed at removing poverty. I am not saying that nothing has happened. But surely the pace has not been good.
The notion of Rs 1.45 lakh crore revenue loss due to recent cut in corporate taxes by Prime Minister Narendra Modi government is misplaced as the resulting improvement in the economic activities would bridge major part of the losses, experts said at the 61st SKOCH Summit.
The Merriam Webster Dictionary defines poverty as "the state of one who lacks a usual or socially acceptable amount of money or material possessions." However, poverty is not simply characterised by a lack of adequate income. It has far reaching implications.
The Indian economy is predominantly cash-driven with only 5 per cent of the country's Personal Consumption Expenditure done electronically. This shows that there is a huge unexplored market for payment companies. It will require all players across the payments value chain to create much greater innovation in payment services.
"No One Killed Agriculture" was the cover story of April-June 2012 edition of INCLUSION. It highlighted the plight of farmers and suggested detailed, practical and workable solutions, at the centre of which was availability of formal bank credit. In fact, INCLUSION has been pitching for enhanced formal bank credit to farm sector for more than a decade.
Most often, Mihir Sharma speaks his mind in his columns in Business Standard (earlier in Indian Express) - this is good trait actually of him being a journalist. In fact, his maiden book Restart: The Last Chance for Indian Economy is a good read in parts where he retains his natural expression. However, it also makes his work, more an extension of journalistic writings rather than wearing the actual seriousness, required to delve with the issues of economic policies and pure economics.
India is promising an ambitious third generation economic and governance reform. For all of us who want to see a richer, freer and more confident India, we can only hope that they succeed and not lose steam. The change of government in 2014 has brought about a new wave of optimism, rising from the belief that the moment for India to make better progress on the kind of reforms that the country needs - and deserves - has finally arrived.