Speaking at the event, former Chairman, Central Board of Excise and Customs (CBEC), Sumit Dutt Majumder, said, “For the first time, India has shown the power of co-operative federalism to the world by adapting to GST.”
Co-operative federalism
He also added that all the States, despite having power to vote in the GST Council have not once exercised the rights till date, thereby displaying their commitment to co-operative federalism.
Speaking at the inaugural session, ‘Creating a robust financial architecture’, Anantha Nageswaran, Dean, IFMR Graduate School of Business, KREA University, said, “A robust financial architecture cannot be accomplished without a robust financial regulation.”
Lauding the government for restoring macro-economic stability, Nageswaran said, the new RBI Governor has to maintain status quo in 2019 amid talk about the government resorting to populist measures in the run-up to the general elections.
Nageswaran also highlighted that the RBI’s capital has far exceeded the recommendation of the Usha Thorat panel set up in 2004. “There is a case for distributing it back to the shareholder, which is the government, but it should be transferred to a specific mean, instead of transferring to the Consolidated Fund of India,” he said. “We should also think whether it is right to adopt an inflation-targeting regime for a developing economy like India,” Nageswaran asked, and added that “There is nothing sacrosanct about 4 per cent.”
This post was originally published on The Hindu Business Line.
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