Sanjeev Sanyal

Haryana's per capita income at Rs 3 lakh, but 70% are below poverty line

Data shows that around 7.5 million people have fallen into poverty in the past two years. However, this figure may not fully reflect Haryana's poverty situation due to registration limitations

EAC-PM member Sanjeev Sanyal accepts Chancellorship of Gokhale Institute

Sanjeev Sanyal, a member of Economic Advisory Council to the Prime Minister, on Sunday said he has accepted the Chancellorship of Gokhale Institute of Politics and Economics (GIPE) Pune, 10 days after Bibek Debroy resigned from the post. EAC-PM chairman Debroy resigned as Chancellor of the GIPE on September 27, a day after the Bombay High Court extended interim relief to Vice-Chancellor Ajit Ranade, who was earlier removed from his post. "This is just to state that I have accepted the Chancellorship of Gokhale Institute of Politics and Economics, Pune. Look forward to working with faculty, staff and students to build on GIPE's well-established legacy," Sanyal said in a post on social media platform X. "For those uninitiated with the structure of academic administration, the Chancellor of a university is somewhat like a 'non-executive chairman' - duties relate to broad direction and governance rather than the daily running of the institution. This role does not impact my normal work

Govt to revamp patenting process to reduce the backlog: Sanjeev Sanyal

The government is revamping the patent office functioning to reduce the massive backlog in granting official recognition for innovations by adding manpower and changing the legislative framework, a senior government official said on Friday. The government is fast-tracking the hiring process and promotions of some existing officers (already 340 examiners were promoted as controllers earlier this week). The government is also looking at legislative changes to fix timelines for patent grants/rejections, said Sanjeev Sanyal, a member of the PM's Economic Advisory Council, and a secretary to the government. Supporting more manpower in the patents office, he said this is an office that is revenue positive unlike most of its peers in the government and so it makes sense to have more people and ease the process. "What we're looking is allowing pre-grant opposition, say for six months as in the US, before the final approval are granted/rejected, so that those who want to oppose the ...

India will push back on Western monopoly over ESG targets: Sanjeev Sanyal

India needs to resist efforts by some Western ratings companies to push ESG norms on emerging markets even as PM Narendra Modi's government is committed to zero out greenhouse gas emissions by 2070

Economy not falling behind, likely to grow at 6.5% in FY24: Sanjeev Sanyal

Indian economy will grow at around 6.5 per cent in the current fiscal and will continue to be the fastest-growing major economy in the world, notwithstanding a modest cut in growth projections by multilateral lending agencies, Economic Advisory Council to the Prime Minister (EAC-PM) member Sanjeev Sanyal has said. Sanyal further said that given the uncertainties in the global economy, India's performance is clearly far ahead of any other comparable economy. "ADB (Asian Development Bank) and World Bank have only modestly reduced the (growth) forecast for this year. Even after this reduction, India will still be the fastest-growing major economy in the world," he told PTI. Recently, the World Bank and the Asian Development Bank projected moderation in Indian economic growth between 6.3 per cent and 6.4 per cent due to a slowdown in consumption and challenging external conditions. The International Monetary Fund (IMF) also lowered India's economic growth projection for the current ..

Government hasn't intervened in Adani's tussle with US short seller: Sanyal

The "government has not intervened anywhere," Sanyal, a member of prime minister's economic advisory council, said in an interview in New York

India's ancient maritime journey to be recreated by 2025: Sanjeev Sanyal

The ship will be about 20-metre long, will have no GPS and would be similar to the ships made in ancient days when India had close connections with Southeast Asia via maritime trade, he said

Economy likely to grow 6.5%-7% next fiscal year, says Sanjeev Sanyal

Global agencies such as the International Monetary Fund and the World bank, for instance, have forecast India's growth will be 6.1% and 6.0%, respectively, next fiscal

India capable of growing 9%, but 6.5-7% satisfactory: Sanjeev Sanyal

India is capable of generating a 9 per cent growth rate but in view of the geopolitical situation, we should be satisfied with a 6.5-7 per cent economic expansion, says Sanjiv Sanyal, member of the Economic Advisory Council to the Prime Minister. India is following an "investment and export-driven growth model" and against the backdrop of "turbulent" global times, the RBI and the government have followed a restrained macro-economic approach, which is a correct step. "It is a very turbulent time and we are generating a 7 per cent growth rate already. Nothing to sniff at. But if we get an open road, this economic machinery that we have built is capable of generating a 9 per cent growth rate," Sanyal said at the Times Now Summit 2022. The global economy is facing supply chain disruptions following the outbreak of the Russia-Ukraine war in February. In its World Economic Outlook released last month, the International Monetary Fund (IMF) forecast global growth to slow from 6 per cent

India emerged much stronger after Covid-19: EAC-PM member Sanjeev Sanyal

India has emerged clearly much stronger after the COVID-19 pandemic and it was acknowledged by the world, Economic Advisory Council to the Prime Minister (EAC-PM) member Sanjeev Sanyal said on Friday. Addressing an event organised by the industry body Confederation of Indian Industry, Sanyal said India is the fastest-growing major economy and its economic growth rate will be twice of China's economic growth. He also pointed out that India is the 5th largest economy in the world, and the country is finally at the big table. "This requires us to think big," the EAC-PM member said. On October 6, the World Bank projected a 6.5 per cent growth rate for the Indian economy for 2022-23, a drop of one percentage point from its June 2022 projections, citing the deteriorating international environment. The Reserve Bank of India recently slashed the growth projection to 7 per cent for the current fiscal year from the earlier forecast of 7.2 per cent, citing aggressive tightening of monetary .

'Open-ended' freebies should be discouraged, says Sanjeev Sanyal

Economic Advisory Council to the Prime Minister (EAC-PM) member Sanjeev Sanyal has said that 'open-ended' freebies should be 'discouraged' as the amount can be utilised for building infrastructure, or investing in the health sector. Sanyal, however, added there is a need for targeted-subsidies, as it helps the poor in the time of need, as it happened during the COVID-19 pandemic period. "We do need to target absolute poverty, but open-ended freebies are certainly something we should not encourage," he told PTI. Sanyal said that there is a price to pay eventually for open-ended subsidies like free electricity or something that's not properly targeted. "... The money that is spent on those particular open-ended freebies is something that can be spent on doing other things whether it's building infrastructure, or investing in the health sector," Sanyal opined. Last week, the Election Commission wrote to political parties to provide authentic information to the voters to assess the ..

Should India have a deputy PM? Gurcharan and Sanyal air different views

Former P&G CEO Das, who proposed the idea, said this individual should be a leader who would coordinate among different entities to raise competitiveness of the economy

Govt will be able to control inflation in the medium-term: Sanjeev Sanyal

"Taking all these measures into account, I think that we are broadly in a good situation economically and will be able to keep inflation under control in the medium term," he added

It's clear a country can't regulate crypto on its own, says Sanjeev Sanyal

'There are a lot of claims about how important the sector is, but nobody really knows. So it's only when we begin to tax it will we get the scale of it', he said

Top headlines: Wealth tax on super rich, weak rural demand, and more

Business Standard brings you the top headlines on Tuesday morning

Govt to take balanced view on cryptocurrency, says PEA Sanjeev Sanyal

The government will take a balanced view on the issue of regulation of cryptocurrencies as they have implications on the country's financial stability, Principal Economic Adviser Sanjeev Sanyal said.

Most PSUs on govt's privatisation list created by private sector: Sanyal

He also said the government will not shy away from creating new public sector entities where ever required.

Judicial reforms for strengthening contract enforcement next focus: Sanyal

Weak contract enforcement is the "single biggest hurdle" for economic growth and Narendra Modi government will be focusing on legal and administrative reforms, a senior finance ministry official said

Finance ministry sticks to double-digit economic growth forecast

Sanyal says ministry's assessment of inflation remains on a par with RBI's

Nearly double-digit GDP growth expected in FY22: PEA Sanjeev Sanyal

The economy is slowly getting back to normalcy as the number of Covid-19 cases is declining, he said