Chief Economic Advisor Arvind Subramanian said Budget 2017-18 had some important measures to cut taxes.
Chief Economic Advisor Arvind Subramanian took questions from the public in an interactive Facebook Live session on Thursday. This was the first ever attempt on the part of Mr Subramanian to use the new age platform of social networking site Facebook to take suggestions and questions directly from the public.
Here are some of the key things Mr Subramanian said:
Here are some of the key things Mr Subramanian said:
- Amount under Universal Basic Income to guarantee certain basic standard of living to go above poverty line
- Universal Basic Income to work only if wasteful subsidies phased out
- In this year's Budget, we decided to have much more economic rationale for categorising expenditure
- Need to ensure that money taken out of system is injected back quickly (on how to fix short-term problems caused by notes ban)
- Budget 2017-18 had some important measures to cut taxes
- Some methodologies, criteria used by credit rating agencies in rating countries don’t make any sense
- The way rating agencies have treated India is not consistent
- 7% of people who vote pay taxes
- Ideal rate of GST would be 15-15.5% for all commodities
- China considered as one of the most open economies, but you need to look at trade-to-GDP ratio
- India’s trade-to-GDP ratio is at 54%, which is better than China’s
- Currency manipulation means a country keeps its currency weak so that exports can become very profitable
- Incorrect to say that China is manipulating its currency, it is actually doing the opposite
- China no longer keeping its currency weak
- India spends 2-3% of GDP on education
- Education is an absolute basic priority that government is committed to
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