CURRENT EVENTS:
* Fiscal consolidation : News realities demand revised goalsheets.
As the economy moves into the fourth quarter and the fiscal year 2015-16 nears its end,fresh factors- both global as well as domestic - have emerged during the period suggesting that the government would not be able to meet its budgeted fiscal targets,there by calling for their revision.
* Hopeful of gst bill in ensuing budget session :
The goods and services tax(GST) is already delayed and should have come much earlier. The GST regime,touted as the most important indirect tax reform since independence, aims to integrate central excise,service tax and state value-added tax. The constitution amendment bill hit a road block in Rajya Sabha,where the government does not have a majority. The Lok Sabha had passed the constitution amendment on GST.
*Water crisis will define 2016 : Government cannot do bring rain to the farmer, but there are some things it can do.
First, cooperative banks is almost defunct. its neither have resources to give new loans nor is it easy to access funds.
Second, form packages for crop losses must be more transparent and in keeping with real losses.
Third, at the distirict and taluka levels ,the government machinery needs to be more responsive.
The government exercise some control over agricultural commodity prices and guarantees us a fair minimum price, there is no hope for us.
*The many must resist the some : The developed countries chip away at the egalitarian moorings of the WTO, India must work with like-minded countries to translate its agenda into actual results.
Of equal importance is the need to prepare for the new issues, approaches and architecture that "sdome WTO members have expressed their desire for in the Nairobi Declaration. The recently concluded TPP agreement perhaps provides a clear glimpse of what these new issues are likely to be - environment, labour, investment, competition, government procurement, and so on, The WTO remains an institution that is worth preserving. India needs to approach it from a position of strength, with clesarly defined agendas, and with preparedness for the new challenges its presents.
* India to pitch for TFA in services :
India will pitch for a trade facilitation agreement(TFA) in services at the WTO andother bilateral free trade pacts as the sector has huge potential and it contributes significantly to the country's economy. India is already pushing hard for a comprehensive trade pact in the services sector, a key area of interest for the country, in the ongoing free trade agreement negotiations including with the European Union and Regional comprehensive economic partnership(RCEP). TFA in services means liberalized visa regime such as multiple entry visas,visa-free travel for foreign tourists and long term visas for business community. India is very strong in the services area as the sector contributes over 50 per cent in the country's economic growth. To boost services exports,the ministry is already working on some reform measures in sectors including educational and legal.