LyrArc Article Gist
The Prime Minister's Economic Advisory Council in India lowered the growth rate for the current fiscal year through March to 7.1%. Growth is expected to improve in the next fiscal year to 7.5%-8.0%. C. Rangarajan, the head of the advisory group says he sees the fiscal deficit exceeding the budgeted target of 4.6% of GDP. One panel member says the fiscal deficit target could be exceeded by as much as 1%. Rangarajan emphasized the need to cut subsidies and raise some indirect taxes. India's central bank governor, Subbarao, also emphasized the need to cut subsidies and reduce the deficit in a recent interview with Wall Street Journal reporters Frangos and Jain, Feb. 14, 2012. Lower foreign investment, and reduced credit after the Reserve Bank of India (RBI, India's central bank) increased rates repeatedly, and lower exports due to the eurozone crisis, have reduced the growth rate. The panel expects inflation of 6.5% in March 2012, which Mr. Rangarajan considers to be high. Deputy Governor of the RBI, K.C. Chakrabarty says 7% growth is reasonable under the conditions, as inflation has to be lowered to below 5% to accelerate growth to 9%. Chakrabarty does not see any quick turnaround in growth rates in the next fiscal year with all the headwinds facing the Indian economy....

LyrArc Article Gist
Mike Flynn, who briefly held the position of National Security Adviser before resigning, tells the FBI and Congressional officials that he is willing to be interviewed if he is given immunity for prosecution. Flynn, a former general, resigned after accepting that he misled White House officials about the phone conversations with the Russian ambassador. Also an issue and seen as improper is that Flynn was paid for speeches by Russia's state sponsored network RT just before becoming an adviser to the Trump campaign, according to documents given to a congressional oversight committee.

LyrArc Article Gist
Trump's tax plan sets a 15% tax rate for owner operated companies,on so-called pass-through businesses. A tax break is planned for child care.