How India's fiscal deficit target has been achieved does little to boost credibility of the government's fiscal arithmetic
"There's no way to deny a slowdown anymore. Tax collection targets are also unrealistic. In such a situation, the government may relax its fiscal deficit target to generate growth," the official said.
"Whenever elections deliver a thumping majority for a party, usually big bang reforms happen in the first year. This Budget could provide a roadmap for that," said Sidhwa.
"The Centre has the responsibility of setting the direction of the economic growth while it is the responsibility of the states to implement," said Sitharaman.
The meeting was attended by Rajiv Kumar, Vice-Chairman, NITI Aayog, Subhash C Garg, Finance Secretary, Ajay Bhushan Pandey, Revenue Secretary, Rajiv Kumar, Secretary, DFS, Girish Chandra Murmu, Expenditure Secretary and KV Subramanian, CEA among others.
The main areas of discussion included issues relating to health education, social protection, pensions and human development
India needs policies for sustainable and climate-smart agriculture.
The government must create a balance between keeping the consumer prices under check and ensuring remunerative prices to all farmers.
Ideas for stimulating growth need to go beyond increasing government expenditure.
In December last year, the central bank set up a committee on ECF, which was expected to submit its report within 90 days from the date of its first meeting
Making PM-KISAN universal will solve the identification problem to an extent and make its implementation easier.
Consumption slowdown should be a cause of concern as it was the last engine driving GDP growth.
Affordable housing can be created by increased funding via the promotion of public-private partnership.
In February, the government increased the disinvestment target to Rs 90,000 crore for the financial year 2019-20.
On the ground, farming operations cannot be carried out without agricultural labour. Neither PM-Kisan nor the pension scheme has anything for them.
"The slowdown in global trade is of serious concern to all of us as it adversely affects economic growth, development and job creation," Goyal said.
The economic slowdown has most states in favour of a tax reduction to boost demand.
Agricultural market reforms have been stuck in the middle for 15 years as it is a state subject.
Resolution inevitably requires large haircuts and bankers, especially in the public sector, are often not willing to take such decisions.
The success of the scheme depends on the total amount disbursed by the Government over the life of the scheme.
"So far, the collection target has been ambitious. We need to set more realistic targets," a senior Finance Ministry official said.
MPC strongly signaled the opening of space for deeper and continuing easing by unanimously voting to both cut the repo rate and change the policy stance.
Further reduction in rates would be a function of negative growth surprises, compared to RBI’s projections.
Given the trajectory of growth and inflation, there still is room for another 25 bps cut over the next two meetings.