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    Centre sacrificed large amount of GST revenue to compensate states: Former CEA Subramanian

    Former Chief Economic Advisor Arvind Subramanian revealed that the Centre has been sacrificing a substantial portion of GST revenue, amounting to 1 per cent of GDP annually, to uphold a 14 per cent compensation guarantee for states since the introduction of the tax regime. Subramanian emphasised the importance of maintaining the current structure of GST, stating that bringing petrol and alcohol under GST would not be advisable.

    Effective sub-regional connectivity in Bay of Bengal key to India’s 'Act East Policy': Think tank

    India's regional connectivity strategy under 'Neighbourhood First' and 'Act East' policies focuses on maritime domains, hindering inland connectivity progress. Delays and obstacles in transportation infrastructure projects, like the Bangladesh-China-India-Myanmar corridor or India-Myanmar-Thailand Trilateral Highway, persist.

    Rakesh Mohan on the World Bank Group’s Economic Advisory Panel

    Ajay Banga, World Bank President, invited Rakesh Mohan to join the World Bank Group’s Economic Advisory Panel. The panel will support the World Bank Group by focusing on the strategic issues for the Group, regarding their objectives, research agenda and actions. Nicholas Stern, IG Patel Professor of Economics and Government at the London School of Economics, will head the panel along with Indermit Gill as co-chair, Chief Economist of the World Bank Group and Senior Vice President for Development Economics.

    India will work to maintain WTO guiding principles, says Piyush Goyal

    India's Commerce and Industry Minister, Piyush Goyal, stated that at the upcoming meeting in Abu Dhabi, India will advocate for upholding the guiding principles of the World Trade Organization (WTO). Goyal also mentioned plans to address the European Union's Carbon Border Adjustment Mechanism (CBAM) both at the WTO and through bilateral discussions with the EU.

    Budget 2024: Can India fill the vacuum created in global supply chains?

    The convergence of burgeoning infra development, including initiatives such as the NLP and the Gati Shakti Scheme, has positioned India favourably in the eyes of global manufacturing giants seeking alternative production and sourcing destinations.

    PM Modi trying to curtail states’ financial autonomy: Siddaramaiah

    “[The article] reveals the deep-seated issues plaguing the federal structure under the current administration, pointing towards a systematic strain on state finances and autonomy…The implications of these actions are far-reaching, particularly for states like Karnataka, which have long voiced their struggles against such injustices,” the CM said in a statement.

    • Can't put India and nations with high per capita emissions in same basket: European Parliament member

      India's per capita carbon dioxide emissions rose by around five per cent last year to reach 2 tonnes of carbon dioxide but these were still less than half of the global average, according to a report released by a global team of scientists earlier this week.

      Energy transition requires reliance on fossil fuels in the near term: CEA Anantha Nageswaran

      The CEA pointed out that the calculations for net zero needed to take into account the relocation and labour displacement costs. “Nobody is saying it (transition) is not imperative, but it is important to be realistic about what we want to do and in what time frame and the trade-offs,” he stated.

      Union Cabinet approves royalty rates for critical and strategic minerals including lithium

      The Union Cabinet has approved royalty rates for critical minerals in India. The decision comes as the government prepares to auction critical mineral mines, including those containing nickel, lithium, cobalt, platinum, and rare earths. The move is aimed at attracting investment and development in the mining sector. India's mineral royalty rates are currently among the highest in the world, which has impacted the competitiveness of the sector. The auction for lithium reserves in Jammu and Kashmir is expected to take place soon, with overseas miners expressing interest.

      Indian states violating debt level set by fiscal responsibility law, says report

      A report by the think tank 'Centre for Social and Economic Progress' highlights India's problem of off-budget borrowings at both the Union and state levels. The report reveals that South Indian states have the highest off-budget liabilities, with Telangana being the highest borrower. The report also points out that off-budget liabilities significantly increase the debt-to-GSDP ratio of states.

      For more bang for the CSR buck, change the rules

      Any activity with a longer-term perspective takes time to show desired results. However, the CSR mechanism requires companies to report on the allocation and a detailed impact assessment.

      States need to focus on transparency with regard to their financial numbers: NITI Aayog CEO

      NITI Aayog CEO, B V R Subrahmanyam, has stressed the importance of transparency in state finances. He believes that states should report everything in order to raise resources from the market at competitive rates. Subrahmanyam highlighted the fact that certain states, such as Tamil Nadu and Karnataka, attract more investors due to transparency, while others, like West Bengal and Punjab, struggle.

      China's expanding role in shaping opinion and influence policy making in South Asia

      China is increasingly involved in the domestic processes of South Asian democracies, aiming to shape public opinion and influence policy-making, according to a report by a New Delhi-based think tank. The report examines China's growing role in sectors such as education, technology, social media, and governance in Bangladesh, Nepal, India, and Sri Lanka. It also suggests that China's influence operations are entangled in the domestic politics of these countries.

      The significance of a stable and connected Bay of Bengal region

      “This risks depleting or fragmenting the Bay of Bengal regional commons and reduces the prospects of stability and welfare. New connectivity initiatives will therefore not have the desired developmental benefits unless there are commensurate cooperative and coordination mechanisms between different states and extra-regional stakeholders.”

      Critical minerals policy soon to reduce dependence on China

      A comprehensive critical minerals (CMs) policy is likely to be announced later this month as inter-ministerial discussions on the plan are close to wrapping up, people aware of the development told ET. Critical minerals (CMs) such as copper, lithium, nickel, and cobalt, and rare earth elements (REEs) are key to clean energy technologies as they are needed for production of wind turbines and solar photovoltaic cells to electric vehicle (EV) batteries and electricity magnets - all witnessing phenomenal growth in demand across the globe.

      The perils of overestimating and underestimating capex projections

      States have been significantly overestimating CSS receipts. CSSs are typically co-financed by the Centre and the states, and the central grant under the CSS is only received when the states release their own contribution. Unsurprisingly, poorer states find it harder to reliably avail central CSS grants under this model.

      Electricity (Amendment) Bill 2022: Three features that will be very difficult to implement

      The many challenges facing electricity distribution certainly need attention. But focusing on multiple discoms in an area, particularly when an alternative for providing choice exists, may distract from more fundamental issues. And it could create more problems.

      Unrealistic to assume India will record sustained growth of 8 pc, says Montek Singh Ahluwalia

      According to Ahluwalia, those who think India's growth projections in the near future are 7 - 7.5 per cent should recognise that the country cannot maintain that pace for such a long time.

      55th Foundation Day: ASEAN symbolizes the spirit of solidarity and peace

      ASEAN symbolizes the spirit of solidarity and peaceful, prosperous and socially responsible ASEAN Community. The theme of this year’s ASEAN Day is “Stronger Together” that invites and welcomes the forward-minded people of ASEAN to come in synchronization and work as a collective to face the challenges of 21st Century.

      IDFC FIRST Bank appoints Jaimini Bhagwati on board as additional director

      Jaimini Bhagwati's appointment is for a period of three years with effect from February 18, 2022, subject to approval of shareholders.

      View: It is in India's vital interest to push for a global minimum price of carbon

      On Monday, the UN Intergovernmental Panel on Climate Change (IPCC) released its Sixth Assessment Report (AR-6, bit.ly/3xz8BNK). The report underlines that there are no 'pathways' to contain global temperature rise to less than 1.

      Expanding Indo-Pacific vision: India to have twenty four Integrated Check Posts on land borders by 2025

      “Beyond all the geostrategic drama, the politics, security playing out in this region, there is finally a momentum to focus on infrastructure connectivity to bridge the gaps that have kept countries apart in and around the subcontinent,” said Xavier, who leads the Sambandh Regional Connectivity Initiative at CSEP.

      Structural asymmetries between India and China will keep relationship difficult: Expert

      On the subject of disdainful perceptions between the two nations, Shivshankar Menon pointed out that “If Chinese had such disdain for India, they wouldn’t need to put so much effort into their relationship with Pakistan” and they wouldn’t do “what they did in Ladakh.”

      India's tax revenue below potential by about four percent of GDP, says NK Singh

      Speaking at the CSEP-IMF event on "Securing Sustainable Finances and Medium-term Fiscal Frameworks: International Experience and Relevance for India", Singh said there is a need to redo direct and indirect taxes and bring about deep reforms in the revenue system.

      Ex-RBI Deputy Governor Rakesh Mohan moots 5 pc inflation target

      "Given the monetary policy framework these days, in some sense I would say why not change the (retail inflation) target to 5 per cent not 4 per cent? You are not going off to 10 per cent etc," Mohan said while participating in a virtual event organised by the Centre for Social and Economic Progress (CSEP).

      More Indians, including diaspora, heading to Ireland

      Ireland enables free access to the EU. Further, on acquiring Irish citizenship under the ‘Common Travel Area Agreement’ between Ireland and UK, individuals can live and work in the UK without requiring any further visa or work permit. This makes Ireland the only country in the world, whose citizens have free access to all EU countries and the UK.

      Alkem alleges that Synergia and Centre Specialities Export Pharma were trying to malign the company after it decided to tap France & African markets on its own.

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