D.K. Srivastava (for Info only, not official)

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D.K. Srivastava

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    ...First, it has relaxed the fiscal deficit norm marginally for FY18, keeping it at 3.2% instead of 3% of GDP. Second, consumption has been given a push by the reduction in income tax rate from 10% to 5% in the lower income slab of Rs2.5-Rs5 lakh. The marginal propensity to consume is relatively higher for lower income households. Third, a more direct support to demand comes from a planned increase in capital expenditure largely for the remainder of FY17 and to some extent in FY18. But, together these three stimuli can only provide mild support to overall demand. Clearly, the implicit assumption is that the growth slowdown, even though sharp, is highly transitory and further support to demand may not be needed. ...

    Live Mint on Feb. 3, 2017, 1:45 a.m.

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    ...Given the global growth slowdown and the inward orientation of major developed countries, India will have to depend largely on domestic initiatives to reach and sustain its potential growth of 8% or above. The Union budget of 2017-18 provides a significant opportunity for a substantive push to growth. Slowdown preceded demonetisation An economic slowdown clearly preceded demonetisation. By the second quarter of fiscal year 2017 (Q2FY17), investment demand as measured by gross fixed capital formation had already been contracting for three consecutive quarters. As shown by year-on-year negative growth rates of -1.9% in Q4FY16, -3.1% in Q1FY17 and -5.6% in Q2FY17, this contraction has increased in magnitude. Growth in exports had been negative throughout FY16. It was near zero in Q2FY17. The growth, year-on-year, of the centre’s gross tax revenues in Q2FY17 fell to 8.7%, compared to 24.1% in Q2FY16. This was mainly due to corporate and personal income tax, and customs duties. ...

    Live Mint on Jan. 25, 2017, 5:25 a.m.

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    Short extract

    ...Given the global growth slowdown and the inward orientation of major developed countries, India will have to depend largely on domestic initiatives to reach and sustain its potential growth of 8% or above. The Union budget of 2017-18 provides a significant opportunity for a substantive push to growth. Slowdown preceded demonetisation An economic slowdown clearly preceded demonetisation. By the second quarter of fiscal year 2017 (Q2FY17), investment demand as measured by gross fixed capital formation had already been contracting for three consecutive quarters. As shown by year-on-year negative growth rates of -1.9% in Q4FY16, -3.1% in Q1FY17 and -5.6% in Q2FY17, this contraction has increased in magnitude. Growth in exports had been negative throughout FY16. It was near zero in Q2FY17. The growth, year-on-year, of the centre’s gross tax revenues in Q2FY17 fell to 8.7%, compared to 24.1% in Q2FY16. This was mainly due to corporate and personal income tax, and customs duties. ...

    Live Mint on Jan. 25, 2017, 5:25 a.m.