The Rich Are Getting Richer, but the Poor Are Not Getting Poorer: T.V. Somanathan
Increasing consumption among the middle class and the poor in India is a valid policy challenge, the answer to which lies in creating more jobs, says T.V. Somanathan, finance secretary and secretary of expenditure in the Union Ministry of Finance. In an exclusive interview, he also discusses why the current income tax rates are reasonable and why he finds the 3% fiscal deficit target questionable among other issues. Edited excerpts:
Neeraj Thakur - February 29, 2024
Painting The Orchards Red
Coca-Cola India's Project Unnati is rejuvenating the agriculture ecosystem with its focus on efficient farming practices like ultra-high density plantation, drip irrigation, etc. This has helped apple farmers in Uttarakhand significantly raise their productivity and income
Naina Gautam - August 28, 2023
India’s Digital Winning Like A Frankenstein
India is an aspirational digital state. It wants to belong to the connected world like a leader despite its limitations of being a low-middle-income economy, having a large number of poor people, large illiteracy levels and less-than-reliable telecom infrastructure. Will the government’s push from the top create a national digital blueprint or turn the country into Charlie Chaplin’s Feeding Machine?
Nishant - December 31, 2022
Develop
Whether India focuses on the manufacturing or services sector does not matter. The only thing that will in the coming years is whether an Indian’s average income is two to three times the global average
Suchetana Ray - October 31, 2022
Privatise, Compete, Manufacture To Make India Per-Capita Positive
India must open up services to foreign investment. Let the world bring in foreign direct investment to set up best educational, financial, digital, health and legal firms in the country
Subhash Chandra Garg - October 31, 2022
A Sovereign Guarantee For Jobseekers
The jobs situation in the country is grim. If the Modi government needed a reminder, India’s youth has given it in the form of Agniveer-related protests. Modi’s advisors want him to emulate the much-criticised MGNREGA scheme in urban areas along with universal basic income, an idea that Rahul Gandhi proposed in 2019. Can a job guarantee scheme hit the bull’s eye in towns and cities?
Kamalika Ghosh - June 29, 2022
Growing Agritech, Stagnant Farmer Income
Cross-border ventures are the next big thing in agriculture technology, but benefits of a high-growth sector are yet to reach farmers’ bank accounts
Rajiv Tikoo - February 27, 2022
Hassled Companies, Upset CAs
Every year, accounting professionals and e-filing portals for income tax play a cat-and-mouse game at the time of filing returns
Kamalika Ghosh - January 28, 2022
Under Technological Siege
The future of India’s automobile industry hinges on how it deals with changing technology, rising raw material costs, weak income growth of consumers and disruptions in the supply chain
Neeraj Thakur - December 31, 2021
The need of the hour — both fiscal and financial stability
Only a fine balancing act will help India survive COVID-19
Viral Acharya - August 26, 2020