Title: A Wider Net
(As the tax base widens, the Finance Minister should cut the share of indirect taxes)
The Economic Survey argues that the large gains on the indirect and direct tax fronts indicate that the primary intentions behind the two big-bang economic strides — of formalising the economy and bringing more income into the tax net — have been met to some extent.
The Survey finds a 50% increase in unique indirect taxpayers in the first six months of GST, with around 10 million registered taxpayers now compared to an estimated 6.5 million pre-GST.
Title: A roadmap for renewal
(Will the Budget address the concerns raised in the Economic Survey or will it go its own way?)
The economic survey is meant to be a scorecard of the economy for the current fiscal year. But over the years, it has morphed into a sourcebook for data and policy analysis.
• The CEA, in the Survey’s preamble, said that the Indian political economy was not capable of big bang reforms. Instead, reforms would be persistent, creative and incremental.
• It’s a different matter that in November 2016, India got the world’s biggest bang announcement in the form of demonetisation. Last year the Survey introduced the catchphrase JAM (the Jan Dhan, Aadhaar and Mobile trinity) indicating their potent combination of enabling direct benefit transfers and using technology to deliver subsidies as well as trim leakages.
• The latest Survey highlights 10 new facts about the Indian economy. Unfortunately some are not so new, and some are inane.
• One of the most sobering facts in the Survey has been on the rural and agricultural sector.
• The disinvestment target was overachieved this year which is quite impressive and could be continued next year, given the euphoria in the stock markets.
The Survey mentions key macroeconomic headwinds from abroad.
Oil prices are going up.
The tightening stance of the world’s most influential central bank, the U.S. Fed.
The Budget priorities are clearly in these five areas: job creation; the revival of private investment spending; the revival of exports; focus on rural and agricultural economy; and bringing the banking sector back to a healthier condition.
Finally, the Survey points out that India’s rank in ease of doing business has jumped significantly, but an area which remains a cause for concern is the settlement of disputes or litigation.
Vocabulary words:
Sober (adj) = Serious, sensible (गंभीर)
Preamble (noun) = Introduction (प्रस्तावना)
Potent (adj) = Powerful, strong (प्रबल)
Inane (adj) = Silly, foolish (बेहूदा)
Substantiate (verb) = Proof, justify (पुष्टि)
Peer (noun) = Fellow, co-worker (सहकर्मी)
Thwart (verb) =Oppose a plan successfully (बिगाड़ना, नकाम बनाना)
Litigation (noun) = Legal action (मुकदमा)
Benign (adj) = Gentle, kind (सौम्य)
Inclusive (adj) = Containing (सम्मिलित)
Advent (noun) = Emergence, arrival (आगमन)
Assess (verb) = Evaluate, gauge (आंकना)
Threshold (noun) = Doorstep, sill (दहलीज़)
Exacerbate (verb) = Aggravate, worsen (ख़राब करना)
Woe (noun) = Great sorrow or distress (संकट)
Morph (verb) = Change smoothly (बदलना)
Partisan (noun) = Supporter, follower (पक्षपातपूर्ण)
Veritable (adj) =Real, actual (वास्तविक)
Precision (noun) = Accuracy, correctness (शुद्धता)
Bargain (noun) = Agreement, understanding (मोल तोल)
Negotiation (noun) = Conference, discussion (वार्ता)
Distinctive (adj) = Characteristics, unique (विशेष)
State : Tamil Nadu
Capital - Chennai
Chief Minister- Edappadi K. Palaniswami
Governor - Banwari lal Purohit
State Tree - Palm Tree
State Flower -Gloriosa Lily
Highest Peak of Nilgiris - Dodabetta
Total number of Districts- 32
Largest district (area wise) - Kanchipuram
Tamil Nadu borders with 3 states - Karnataka, Andhra Pradesh, Kerala
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