M Govinda Rao

Indirect-tax reform is still a work in progress, but from no tax on services to GST, India has come a long way since 1976

The economic and social development of Coastal Karnataka shows what can be achieved when government creates space for private enterprise

The discussion on addressing its remaining shortcomings, including features adopted as compromises at the time of implementation, should start now policy pillars

Finance Commissions have a critical role in fostering the balance between fiscal capacities and needs of the Union and states, and among the states inter se

The 16th Finance Commission tilts Centre-state fiscal ties by retaining 41% tax devolution while ending revenue deficit grants, raising concerns over fiscal balance

Beneath its spectacular growth over the past three decades lies a stark historical imbalance that needs policy intervention

State debt and deficits do not capture the damage that doles inflict on the quality of public spending

Elections in India have become fertile ground for the proliferation of freebies

Rising oil prices and limited fiscal space heighten risks of inflation, slower growth, and macroeconomic instability as the West Asia crisis unfolds

The Commission appreciates the Union government's fiscal restraint during the pandemic and the subsequent reduction in deficits and debt following the sharp spike seen in the pandemic year

The 16th Finance Commission opts for continuity over disruption, but its new devolution formula and scrapping of revenue-deficit grants raise key federal equity concerns

Fiscal deficit targets stay on track and projections look realistic, but the Budget avoids big reforms on Customs tariffs and tax structure, offering mainly incremental changes

Far from empowering the poor, the proliferation of freebies could have the opposite effect, harming social and economic outcomes

The phasing out of the import of Russian oil might increase the cost of importing crude oil and escalate Budget expenditure

It is necessary to see the challenge posed by the prevailing situation as an opportunity and respond effectively to make the economy competitive

Rate rationalisation is welcome, but more work is needed to eliminate cascading taxes

The only way to improve farmers' fortunes is by increasing productivity, not condemning them to penury in the name of protection

Karnataka's rapid growth since 1991 hasn't translated into broader human development. It is time for a policy reset

Despite some setbacks and global uncertainty, the economy has shown remarkable resilience and is poised to surpass Germany before the end of the decade to become the third-largest

The report ranks performance of states in terms of 7 pillars - namely, economic, fiscal, financial, infrastructural, social, governance, and environment - and works out composite index to rank states