How did the retrospective amendment and other intrusive changes in tax law proposed in this year’s Budget come about? According to North Block insiders, the opposition uproar over black money provided Central Board of Direct Taxes officials a perfect reason to press for changes that give them unprecedented discretionary powers. The old reasoning that fear induces evaders to pay was set out before senior bureaucrats and the finance minister before the Budget — and the rest was easy since these senior officials and the finance minister also understood that resisting such suggestions could lay them open to doubt.
The importance of the monsoons for India’s economy is well documented. Given the global economic slowdown, the annual seasonal rains this year have ...
Markets will find it hard to justify stretched valuations in the face of single-digit earnings growth
Economic Survey rules out need for such reforms; analysts believe fiscal tightening, rural stress and political debacle might be restrictive