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ICAI »
 ICAI - Guidance Note on Report Under Section 92E of The Income-Tax ACT, 1961 (Transfer Pricing) (Revised 2017)
 FAQs on Ethical Issues relating to GST
 ICAI International Conference, 8-9 December 2017, Mumbai
 Report on Audit Quality Review (2016-17) of the Quality Review
 CPE Events 13th November - 18th November 2017
 Information Systems Audit (ISA) Course Assessment Test which is open to the members of the Institute, will be held on 23rd December, 2017 (Saturday) from 9.00 AM to 1.00 PM (IST) at 61 Cities.
 ICAI Survey for Capacity Building and Global Presence of Indian CA Firms - Request to submit response by November 15, 2017
 Paper 2, Strategic Financial Management of Final Examination, Group - I scheduled on 3rd November 2017 (Friday) at Chennai only, was postponed, on account of heavy rains and disruption of normal life there. The said examination will now be held 17th November 2017 (Friday).
 Group to Review the Criteria for Formation of Branch
 Postponement of Group I Paper- 2 Strategic Financial Management of Final Examination, Scheduled on 3rd November, 2017 (Friday) in Chennai (in The State of Tamil Nadu) Only.
 President's Message - November 2017

Perspective of ICAI on Union Budget: 2013-14-Proposal on Economics
March, 01st 2013

Finance minister P Chidambaram presented one of the most highly anticipated Budget of recent years, as the government looks to rein in a bloated fiscal deficit and restore confidence in Asia's third-largest economy. He stressed on development to be sustainable economically and ecologically. Sufficient allocation has been made to programmes relating to women and child. Health and education for all will be the priority for the government. India’s first Women’s Bank is a welcome step in the budget.

If India can build on its economic strength, it can be a source of stability for world economy and a safe destination for restless global capital. India’s GDP growth in 2012-13 is expected to be at 7.6 % +/- 0.25 %. Plan expenditure is placed at Rs 5, 55,322cr as proportion of total expenditure will be 33.3 %. Non Plan expenditure is estimated at Rs 1109975cr.

Concept of “Effective Revenue Deficit” and “Medium Term Expenditure Framework” statement are two important features of amendment to FRBM Act in the direction of expenditure reforms. The Endeavour is to keep central subsidies under 2 % of GDP in 2012-13. More sectors are being added as eligible sectors for Viability Gap Funding under the scheme “Support to PPP in infrastructure”.

India's greater worry is the current account deficit - will need more than $75 billion this year and next year to fund deficit. Fiscal deficit currently is at 5.3% of GDP this year and is expected to be 4.8% of GDP in 2013-14. The revenue deficit for the year 2013-14 has been fixed at 3.3 %.

Fiscal consolidation cannot be affected only by cutting expenditure, therefore wherever possible, revenue also must be augmented.

Currently India is the 10th largest economy in the world. By 2017, it can be 8th or perhaps 7th largest economy. It can be among the top 5 by 2025 if the right policy framework and proper implementation is followed.

 
 
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