Analysing India's External Debt…

Even though rising level of forex reserves continues to get the limelight, a data not looked at adequately is the rising level of external debt. Over last ten years, India’s external debt has increased by as much as three & half times, much faster than the increase in forex reserves. A look at India’s external … Continue reading Analysing India's External Debt…
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Economic Survey Highlights..

The Economic Survey, presented just a day before the Budget, loses the attention it deserves in the din of Budget. However, the Report, nothing less than a holy book for the economist, carries wealth of information, to be covered in a series of articles, the first being this.. Despite all the criticism India faces, especially … Continue reading Economic Survey Highlights..
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Understanding GAAR (General Anti-Avoidance Rules)..

Consider a situation where a foreign entity provides loan to an Indian company and receives interest which is not fixed but linked to profits. Or consider a treaty between India and country X whereby sale of shares in an Indian company held by an investor from country X shall be taxed only if the shares … Continue reading Understanding GAAR (General Anti-Avoidance Rules)..
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Monetary Policy – From "Accommodative" to "Neutral" stance..

Belying the expectations of a rate cut, the monetary policy committee (MPC) has not only decided to keep the rates unchanged in its meeting today but more importantly, has shifted its stance from “accommodative” to “neutral’. This is “to assess the transitory effects of demonetization on inflation and the output gap”. The shift marks a significant … Continue reading Monetary Policy – From "Accommodative" to "Neutral" stance..
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Budget Trends – Increasing Tax/GDP Ratio and Capital Expenditure..

With various announcements in the budget for 2017-18, two important trends that emerge are the thrust on increasing tax/GDP ratio and increasing capital expenditure. For the first time after FY08, tax/GDP ratio is expected to cross 11%. More importantly, a large part of this would come from increase in income tax collection, more distributive method … Continue reading Budget Trends – Increasing Tax/GDP Ratio and Capital Expenditure..
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Budget – Understanding Deficit Terminologies…

The most important and the first number any economist looks at while analyzing the budget is the fiscal deficit which has been projected to be 3.2% of GDP for 2017-18. However, other than that, budget also throws up other deficit numbers such as primary deficit, revenue deficit and effective revenue deficit..! So what all are these … Continue reading Budget – Understanding Deficit Terminologies…
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Budget – Revenue and Expenditure Analysis..


The Budget for year 2017-18 projects a total shortfall of Rs 5.5 lakh crore with total expenditure projected at Rs 21.5 lakh crore against receipt (excluding states’ share) of Rs 16 lakh crore . A look at the different components of the budget.
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Budget 2017-18 – From 'Swachh Bharat' to 'Clean India'..!

The union budget for the year 2017-18, presented today by the finance minister makes no big bang announcements but the undercurrent is loud and clear. The society – individuals and corporate – has to become more transparent and more accountable; in FM’s words, a move towards ‘clean India’. The Finance Minister announced a series of … Continue reading Budget 2017-18 – From 'Swachh Bharat' to 'Clean India'..!
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Towards Energy Security – India's Strategic Oil Reserve…

The agreement between India and UAE to facilitate filling of crude oil strategic reserve is diplomatic coup of sorts, for India as it gets a commodity so precious to the nation and so much in abundance with UAE. The agreement goes a long way in building India’s strategic reserves in a cost effective manner since there … Continue reading Towards Energy Security – India's Strategic Oil Reserve…
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Banking Sector Interconnectedness in India…

The interconnectedness of banking and financial sector is not widely understood or discussed, yet a high risk issue. The rapid spread of contagion during financial crisis in 2008 was primarily due to the fact the global financial market has become highly interconnected and the distress in initial few entities led to their failure in meeting … Continue reading Banking Sector Interconnectedness in India…
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