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State Of The Economy

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Bloomberg TV India’s special coverage on 2014 Vote on Account. Watch all the action from UPA-II's Interim Budget.

February 17: Economic Affairs Secretary Arvind Mayaram says that there is a need to carry out structural reforms for fiscal consolidation. Watch as he tells Mehak Kasbekar that investment cycle must include investment in manufacturing.

February 17: “Banks will be tough with willful defaulters who can pay,” says, Financial Services Secretary Rajiv Takru. He adds that the solution for distressed assets cannot be government infusing capital.

February 17: Disinvestment Secretary Ravi Mathur says there will be no revenue loss due to lower divestment. He also adds that dividends from PSUs have helped the ministry to meet divestment shortfall.

February 17: The Finance Ministry has decided to put up the DTC Bill for discussion with investors and advisors. Priyal Guliani Bhattacharya speaks to Finance Secretary Sumit Bose in detail about it.

February 17: Expenditure Secretary Ratan Watal says it is incorrect to say that planned expenditure has been cut. Finance Secretary Sumit Bose adds that impact of excise cuts over next 40 days will be around Rs.400 crore.

February 17: An excise duty cut on small cars and two-wheelers has been announced by Finance Minister P. Chidambaram today. The cut in duty will be applicable up to June 20, 2014, when the new government is likely to present the full year Budget. FM also cut duty on consumer durables from 12% to 10%. Sunanda Jayaseelan shares a detailed report on the same.

February 17: “We will put up the DTC Bill for discussion with investors and advisors,” says, Parthasarathi Shome, Adviser to FM. Further talking about GST he adds, “We hope to see progress in GST once political scenario is reconfigured.” Watch as he tells Mehal Kasbekar that India cannot have an overly simple tax system.

February 17: “It is commendable that government has contained fiscal deficit given the fact that growth is below 5%,” says, Sajjid Chinoy, India Economist, JPMorgan. On the other hand, Gautam Chhaochharia, Head of India Research, UBS Securities, says that fiscal consolidation has been a drag on growth.

February 17: “We see fiscal and monetary policy headwinds on growth,” says, Sonal Varma, Executive Director and India Economist, Nomura. Further, she expects RBI to maintain status quo in its April policy. However, she adds that it is very risky to assume that inflation is trending down.

February 17: “FIIs are positive on Narendra Modi due to his track record in Gujarat,” says, Jim Walker, Founder, CEO and Managing Director, Asianomics. He adds that a third front government would be a worry for FIIs. According to Walker, India needs a strong infrastructure investment agenda.