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Chief Economic Advisor Arvind Subramanian said that India should have more private sector lenders but fewer banks.
In an interview with The Times of India, Subramanian said that a healthy system is where the country has 3-5 public. Banks in the sector, 3-4 private sector banks and one or two foreign banks.
Speaking of the situation of banks in the country, Subramanian said that the Code of Insolvency and Bankruptcy (IBC) was a positive factor.
Also Read – Chief Economic Advisor Subramanian Says Three-Tier GST Structure Is Possible
While Government Invests Much Money In Recapitalization Of These Lenders Other reforms are imposing He added that the chief economic adviser will return to research and academics in the United States in September. He left behind a rich political footprint in the areas of taxation, banking and financial inclusion, among others.
Subramanian said that the Reserve Bank of India (RBI) did the right thing by raising interest rates. According to Subramanian, a three tier structure under the Goods and Services Tax (GST) is possible, while a single rate tax system is not
. we can never have a rate. I had recommended a standard rate and a rate for demerit, one for … I think in India, the debate should be about why we can not have three rather than why not a ? "Subramanian told the India Policy Forum, 2018
At present, the GST has four major taxes – 5, 12, 18 and 28% – and a three percent tax on the Gold and gems, said Subramanian.
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