Introduction
Thank you – can I say what a pleasure it is to be taking part in the Indo Pacific Business Summit in 2021.
Only a year ago, the international community was still battling with the first awful phase of this pandemic – so it’s a tribute to human resilience that we’ve found ways like this to keep getting on with business, even as we continue to fight the virus.
As much as this pandemic is a health crisis, it has also put all economies around the world under extreme stress.
Business confidence will be a key part of our economic recovery – so business summits like this are important for keeping the conversation going about how we can collectively rebuild after the worst of this crisis is behind us.
Department of Foreign Affairs and Trade
The first recipients of the Australia-India Indo-Pacific Oceans Initiative Partnership (AIIPOIP) grant program have been announced.
The AIIPOIP reiterates Australia’s strong commitment to working with close regional partners in delivering an open, inclusive, resilient, prosperous and rules-based maritime order.
Grants of $100,000 each will develop Australia’s role leading marine ecology work with India under the Indo-Pacific Oceans Initiative (IPOI), building on the Australia-India Comprehensive Strategic Partnership signed last year.
Monash University will work with the Centre for Public Policy Research to identify ways to improve trade connectivity and maritime transport.
UNSW will work with the Madras School of Economics on ocean accounting – a key area that organises the data needed to make decisions about how to manage oceans.
The many benefits of an eco tax
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Environmental fiscal reforms will reduce pollution and generate resources for financing the health sector
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Environmental fiscal reforms will reduce pollution and generate resources for financing the health sector
The Indian government announced a pandemic-related stimulus package in FY 2020-21 though there was large decline in tax revenue. The fiscal deficit for FY 2020-21 (revised estimates) is projected to be 9.5% of the GDP; for 2021-22, it is pegged at 6.8%. The focus is on maintaining fiscal discipline. In this peculiar scenario, sustained health financing in India remains a challenge.
Household spending on health
Recalibrate growth, reprioritise expenditures
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May 24, 2021 00:51 IST
Protecting total expenditures at the budgeted level and mass vaccination are important in India’s pandemic situation
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Protecting total expenditures at the budgeted level and mass vaccination are important in India’s pandemic situation
The second wave of COVID-19 currently sweeping India is forcing States into successive lockdowns, in turn eroding economic activities. The growth projections of different national and international agencies and the fiscal projections of Centre’s 2021-22 Budget require recalibration.
COVID-19-induced erosion
The International Monetary Fund (IMF), the Reserve Bank of India (RBI), and the Ministry of Finance’s Economic Survey had forecast real GDP growth for 2021-22 at 12.5%, 10.5%, and 11.0%, respectively. Moody’s has recently projected India’s GDP growth in 2021-22 at 9.3%. This is close to the benchmark growth rate of 8.7% whic