The study, by brokerage Ambit Capital, also said that this combination of joblessness, that has been deteriorating since the last few years, and income inequality poses a higher risk of social tension.
The 2017-18 deficit -- the difference between revenue and expenditure -- has been pegged at Rs 5.46 lakh crore for 2017-18, as compared to the deficit of Rs 5.34 lakh crore for the last fiscal.
Finance Minister Arun Jaitley also said the number of taxpayers increased significantly from 4.72 crore in 2012-13 to 6.26 crore during 2016-17.
Jayant Sinha said that his difference of opinion with his father was a ‘very serious discussion’ and that it should not be seen ‘in a personal way’.
Jaitley said that he does not have the luxury as yet of being a former finance minister nor does he have the luxury of being a former finance minister who has turned a columnist.
'There is scope for visible shifts in economic activity starting in 2018 which would eventually lead India to be the top five equity markets in the world by 2027.'
GST is expected to disrupt smaller businesses causing job losses and a general slowdown, but will lead to lower public debt to GDP subsequently.
Piyush Goyal, who has often articulated the party's view on economy, said that the government would not flinch due to some criticism and "stay the course" as it works to transform the economy.
Rajiv Kumar admitted that there have been problems on account of demonetisation and GST implementation. However, he added that now people have adapted to the new tax regime.
India's consumer sectors is also likely to add about USD 1.5 trillion over the next ten years.
Bharatiya Mazdoor Sangh demanded government declare a stimulus package towards employment generating activities in labour intensive sectors to contain slowdown of economy.
Sinha had said in his article in The Indian Express that sector after sector of the economy was in distress and the November 8 demonetisation had proved to be an "unmitigated economic disaster".
Growth in the first quarter of the current fiscal slowed down to 5.7 per cent, as growth in private consumption and industry declined compared to previous quarters.
Arvind Subramanian said all emerging economies face this problem, with a surge in capital inflow putting pressure on the exchange rate.
The review meeting, which lasted for over two hours, was also attended by Commerce Minister Suresh Prabhu, Railway Minister Piyush Goyal and NITI Aayog Vice Chairman Rajiv Kumar, said government sources.
Modi was to meet Finance Minister Arun Jaitley, Chief Economic Adviser Arvind Subramanian and other top officials in the finance ministry this evening to analyse the economic situation
India is likely to overtake Japan and Germany to become the third largest economy in the next 10 years but needs to be consistent in reforms and focus more on the social sector, British brokerage HSBC has said
According to informed sources, the CEA also discussed the present inflationary situation in the country.
The GDP growth in the first quarter had fallen to 5.7 per cent, thus raising concerns about 2017-18 annual numbers.
Raghuram Rajan said India can lecture the world on things such as culture and history, but on growth, it should do that only after achieving 8-10 per cent rate for 10 years.
Top News
Latest News
