The budget for 2020-21 to be presented on February 1 is keenly awaited for the expected second wave of structural reforms for pulling out the economy from its over six-year low growth. In addition to expenditure secretary, the position of joint secretary, one of the key officials in the entire Budget-making process, is also vacant for almost three months.
The starting point to address this slowdown will be for the Modi govt to acknowledge the problem, he said.
Govt launched the PMKVY scheme in 2015 and revamped it in 2016 to impart skills to one crore persons by 2020.
“India is on the march! It became a 3.0 trillion economy this year (IMF World Economic Outlook, Oct 2019). It took us nearly 60 years after independence to reach the 1 trillion mark, only 12 years since then to take it to 3.0 trillion and only 5 years, from 2014-2019, to take it from 2.0 trillion to 3.0 trillion.
A revamp of goods and services tax (GST) structure is on the cards as the committee for augmenting GST revenue collections is likely to rejig the slabs and raise the existing 5 per cent rate to 6 per cent that can help to garner additional revenues of Rs 1,000 crore per month. At present, the 5 per cent slab includes essential commodities such as food items, basic clothing, and footwear.
A personal income tax rate cut for Sitharaman would be difficult at this juncture.
Move will increase burden on consumers but may generate close to Rs 1 lakh crore in revenue.
A total of 16 million homes have been constructed since April 2014. Data shows that numbers of those living in semi-pucca houses has come down from 24.6% to 17.4% during the period. Those living in kutcha houses is down from 9.6% to 5.9%. In other words, 10.5 million rural households living in kutcha houses and dilapidated semipucca houses need a new habitat.
The Bill will determine how global tech giants process, store and transfer consumers’ data.
Sept 30 every year is the deadline for ecomm firms to ready their annual compliance reports as per FDI norms.
Journalists will have to comply with the code of ethics put down by the Press Council of India or “any media self-regulatory organisation,” the draft of the Bill had said, and top officials in the government said this would be retained in the final Bill as well. Exemption to journalists from major parts of the draft had come up during deliberations.
Sushil Modi, who heads the Group of Ministers (GoM) on GST revenue shortfall, said that the economic slowdown, particularly the muted sales in the automobile sector, is leading to lower collections in the new indirect tax regime. Speaking at an event, he said that the automobile sector is a major contributor to the GST compensation pool.
"One of the things that it (govt) can also do is to give stronger fiscal stimulus,"Kumar Mangalam Birla said.
Responding during Question Hour, Commerce Minister Piyush Goyal said the government has brought a lot of "sanity" to the working of eight areas of IPR, be it patent, copyright or trademark.
The PDP Bill proposes voluntary verification of users and sharing of anonymised data by firms with the govt.
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