The Interim Budget 2019 has been prepared keeping in view certain international and national developments.
A cursory look at the events that have taken place at the international front showcase a fluctuation in the prices of crude oil from $65 per barrel in April 2018 to a high of $85 per barrel in October 2018, eventually stabilising at $60 per barrel. Increase in the Bombay Stock Exchange (BSE) from 32000 points in April 2018 to 38000 points in August 2018 and then, stabilising at 36000 points and an increase in the rate of interest by US Fed from 1.5% in May 2018 to 2.25% in December 2018 were some of the other important domestic and international economic developments.
These developments led to a decrease in foreign exchange reserves from $426 billion in April 2018 to $396 billion in January 2019 despite the fact that India’s rank in ease of doing business improved to 77 in 2018 from 100 in 2017 and corruption index improved to 78 in 2018 from 81 in 2017. On the domestic front, unachieved disinvestment proceeds ( 35000 crore against the targeted 80000 crore) along with a shortfall in GST revenue by rupees one lakh crore and gross tax revenue of 23000 crore for FY19 compounded the problems of the finance ministry. The political compulsions after losing all the five states in the assembly elections recently necessitated the pruning down of the obsession with the reduction in fiscal deficit. Under such circumstances, the stand-in Finance Minister (FM) Piyush Goyal presented a budget, which doled out sops for all - rich, poor and middle classes, workers in the unorganised sector and farmers.
Are these extended populist measures actually going to make some difference to society or are these are merely jugglery of figures? Let us examine the announcements.
This story is from the March, 1-15, 2019 edition of BUSINESS ECONOMICS.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the March, 1-15, 2019 edition of BUSINESS ECONOMICS.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Morarji Desai: Walking the Yogic Path of Truth and Service
What is Yoga? In very short, from the basic viewpoint of Patanjali (the proponent of Yoga, a major branch of Indian philosophy and the author of the Yogashastra Yogasutra), Yoga is the process of merging oneself into the One Indivisible Whole through concentration of mind.
The automobile industry has rebounded to the levels observed in 2018-19, and the future of electric vehicles (EVS) appears promising
RC Bhargava, Chairman of Maruti Suzuki Ltd, recently shared insights on the automobile sector, noting that historically, its performance aligned with the country's GDP.
Dueling German Luxury: BMW and Mercedes-Benz Vie for Dominance in Indian Market
BMW and Mercedes-Benz, revered names in the realm of car enthusiasts. While the debate over which stands as the epitome of driving excellence persists, recent sales figures unveil an intriguing narrative, particularly in the dynamic Indian market.
INDIAN AUTO INDUSTRY GEARS UP FOR GREEN TRANSITION
As India enters into 2024, the automotive sector stands ready to script a remarkable growth narrative. Backed by a buoyant demand in the passenger vehicle segment despite continuing rises in commodity prices, automobile makers are optimistic to embrace new technologies, especially in the electric mobility space which is expected to witness a number of new launches in both four and two-wheeler segments in the coming year.
Is Ayodhya emerging as a global destination brand?
Traditionally, sacred spaces and modern urban landscapes have been perceived as incompatible, akin to oil and water.
Canara Banks reports 26.86% YoY growth in net profit, global business up by 9.87% YoY
Canara Bank's Net gained by 26.86% YoY in Q3 Cantareata Profit FY24.
A Tale of Two Economic Crises
The global financial crisis that unfolded between 2007 and 2009 did not only impact the financial sector but also extended its reach to banks worldwide.
"Prospects and Challenges: A Comprehensive Review of the Indian Economy"
The Ministry of Finance of the Government of India recently released a document titled 'The Indian Economy A Review' on January 29, representing a distinct departure from the traditional Economic Survey presented before the Annual Budget proposal.
IMF's Advice and RBI's Rebuttal
International Monetary Fund (IMF), under its Article IV of the Articles of Agreement, signed in 1944 by the original 29 member countries as well more by later, (now grown to 190) sends its staff, to its member countries for a threeweek visit annually for major economies, which contribute a sizeable proportion of world's GDP, and once in every two years for small economies.
Advanced economies losing steam
globally, advanced economies are facing a significant taking a toll on economic activities worldwide, as noted by the Organization for Economic Cooperation and Development (OECD).
