CA Online

  The states on Sunday used the forum of the governing council of NITI Aayog to raise the issue of their dwindling resources. They demanded that the Centre increase their share in central taxes and extend goods and services tax (GST) compensation to them. he council meeting, chaired by Prime Minister Narendra Modi, was, however, boycotted by Telangana chief minister K Chandrashekar Rao (KCR). This move by KCR was a “mark of protest” against the NDA government for not giving states the “flexibility to design and modify schemes based on their needs.” ITI Aayog is mandated to boost cooperative federalism in the country ihar chief minister Nitish Kumar, who runs the NDA government in the state, also did not come to the meeting citing health reasons owever, West Bengal chief minister Mamata Banerjee, a critic of the Modi government, joined after successive boycotts in the past.   Banerjee emphasised that the Centre should look into the demands of state governments “more seriously.” She also

  Prime Minister Narendra Modi said on Sunday that states should develop a clear time-bound road map for the implementation of the National Education Policy (NEP) and focus on promoting trade, tourism and technology. He also asked for collective action to increase Goods and Services Tax (GST) collections. During the 7th meeting of the NITI Aayog Governing Council, states, on the other hand, sought central assistance to help crop diversification. This was the first in-person NITI Aayog Governing Council meeting since 2019 and the PM interacted with chief ministers of states and lieutenant governors of Union Territories. “The PM said the NEP has been formulated after considerable deliberations. He said we should involve all stakeholders in its implementation and develop a clear, time-bound roadmap for the same,” said an official statement. Speaking at a media briefing after the meeting, NITI Aayog member V K Paul said there was a strong consensus among states on the implementation of the

  India’s plan to expand its corporate bond market faces an unexpected impediment because the regulator is considering tightening control of trading platforms that allow investments in company debt in just a few clicks. While the proposed framework is designed to protect investors and is therefore being welcomed by some, a few of the proposals by the Securities and Exchange Board of India could actually prove counterproductive and hurt liquidity, according to experts who spoke to Bloomberg. That’s because the sale of unlisted debt would be banned, platforms would be forbidden to sell privately placed corporate notes on to non-institutional investors soon after acquiring them, and trades would need to be settled via routes that today are not commonly used. Market participants have until Aug. 12. to give officials their input on the matter. “The trade off is very often between creating depth in the market and ensuring investor protection,” said Shilpa Mankar Ahluwalia, a partner at law f