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India s tax revenue below potential by about four percent of GDP, says NK Singh SECTIONS Last Updated: Apr 23, 2021, 08:01 PM IST Share Synopsis Speaking at the CSEP-IMF event on Securing Sustainable Finances and Medium-term Fiscal Frameworks: International Experience and Relevance for India , Singh said there is a need to redo direct and indirect taxes and bring about deep reforms in the revenue system. 15th Finance Commission Chairman NK Singh on Friday said India s tax revenue potential is lower by 4 per cent of GDP and the country needs to bring in deep reforms in the revenue management system. He also said an incentive mechanism for states needs to be worked out so that their policies are aligned to those of the central government. ....
Need Fiscal Council like institution to better manage Centre, state debt: NK Singh indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
The Banking Fix To revive the economy the Indian government has to find ways to improve the balance sheet of public sector banks. Indian banking books has been stressed for years now. But the COVID related moratorium and lending cut could lead to a massive rise in bad loans in 2021-22. A stress test of the Reserve Bank of India (RBI) on banks indicates that the gross non-performing asset ratio of all banks may increase from 8.5% in March 2020 to 12.5% in March 2021 due to the pandemic. To counter this, the government would need to prepare enough firepower to help mitigate such a spike. ....