Revision in the estimates of domestic product (GDP) is a continuous process. Availability of more update data and changes in methodology which enlarges the access of data are the two factors which result in revision in the initial estimates of GDP. Base year of GDP is also revised regularly to have it aligned with the structural shifts that the economy witnesses continuously.

M.C. Singhi
R Gopalan

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Manufacturing sector has significant fiscal policy implications. Most of indirect taxes, such as customs and excise duties and corporate income tax originate from manufacturing sector. While the expenditure implications are not that significant but both tax and transfers (including tax expenditure) proposed in Budget are manufacturing centric and aim at either accelerating investment or making the products more affordable and competitive.

M.C. Singhi

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Services have significantly contributed to the structural transformation of Indian economy. Sustained growth of services in India has to an extent broken the myth which has considered acceleration in manufacturing in the initial stages of development as inevitable. Services have grown at a faster than the GDP growth consecutively for last 10 quarters and its contribution to growth has averaged over 80 per cent during this period

M.C. Singhi

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The central themes of Jainism are ahimsa (non-violence), anekant (non-absolutism) and aprigraha (non-possession). Non-violence strengthens the autonomy of life of every being and if one believes that every soul is autonomous then one will never trample on its right to live. Non-absolutism strengthens the autonomy of thought of every individual and if one believes that every person is a thinking person then one will not trample on his thoughts and allows diverse views to prevail. Non-possession strengthens the interdependence of every soul and if one believes that one’s own existence is interdependent one will think twice before trampling on this planet . These core elements have been the building blocks of economics of Mahaveera.

M.C. Singhi

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