India’s biggest conglomerates, which wield immense pricing power in the retail, resources and telecommunication sectors, are contributing to elevated inflation and should be broken up, a former central banker said. The ‘Big 5’ consisting of Reliance Group, Tata Group, Aditya Birla Group, Adani Group and Bharti Telecom have grown at the expense of smaller local firms, said Viral Acharya who was Reserve Bank of India deputy governor between 2017 and 2019. At the same time, the government’s ‘sky-high tariffs’ have shielded these conglomerates from competition by foreign firms
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2 min read6 Apr 2018The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year. Here is a quick guide on how the Union Budget is prepared