
Policy minds reshaped: Mahendra Dev takes over as EAC-PM chief; SBI's Soumya Kanti Ghosh joins as part-time member
Eminent economist S Mahendra Dev has taken charge as Chairman of the Economic Advisory Council to the Prime Minister (EAC-PM), marking the end of a leadership vacuum at the top of the advisory body since last November.
Dev, former Vice Chancellor of the Indira Gandhi Institute of Development Research, succeeds
Niti Aayog
Vice Chairman Suman Bery, who had been holding additional charge of EAC-PM following the death of Bibek Debroy, the council's first full-time chairman.
The Cabinet Secretariat had earlier announced that the prime minister approved the reconstitution of the EAC-PM for a period of two years or until further orders, whichever is earlier.
While full-time members Sanjeev Sanyal, Sanjay Kumar Mishra and Shamika Ravi have been retained, the reconstituted council includes several new part-time members. These include Soumya Kanti Ghosh, group chief economic advisor at State Bank of India.
Other part-time members inducted into the council are Rakesh Mohan, Sajid Chenoy, Neelkanth Misra, Nilesh Shah, TT Ram Mohan, KV Raju, Chetan Ghate, Pami Dua, Pulak Ghosh, and Gourav Vallabh, according to PTI.
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Dev has also served as editor of Economic and Political Weekly and as an independent director at Axis Bank. He holds MPhil and PhD degrees from the Delhi School of Economics, and completed post-doctoral research at Yale University in the US.
An accomplished development economist, Dev has written and edited 22 books and authored about 150 research publications across fields including macroeconomic policy, agriculture, and rural development.
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Time of India
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Time of India
34 minutes ago
- Time of India
END OF THE RACE? Overtaxed and outraced by illegal betting, horse racing in Hyderabad gasps for survival
1 2 3 4 5 6 Hyderabad: Once the sport of kings and a thriving weekend affair, horse racing is now limping along — crippled by steep taxes and outpaced by a booming underground betting scene. At Hyderabad Race Club, official collections have nosedived from Rs 1,217 crore in 2016–17 to just Rs 141 crore in 2024–25 — a near 90% drop. The sport slump began after a steep 28% GST was imposed on every rupee wagered, not just on winnings. Industry insiders say most of this money hasn't disappeared. It has simply changed lanes, flowing into illegal betting networks where punters can avoid the tax hit and pocket more. Hyderabad's illegal betting network is now estimated to be worth around Rs 2,000 crore annually. In cities like Bengaluru, it's believed to be at least two-and-a-half times higher. "No punter has stopped betting. Even now, thousands turn up at racecourses. 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This will bring at least Rs 1,300 crore back into legal channels — even if we go by 2016–17 figures — and revive race clubs, which provide direct employment to around 15,000 and indirect jobs to over a lakh," said R Surender Reddy, chairman, Hyderabad Race Club. He added that all race clubs in the country have made several representations to the government over the years, seeking a reduction in GST, but have received no positive response. Seconding Reddy, Ananta Vatsalya, a cricketer-turned-trainer, said slashing GST is the only way to save the sport. "Right now, 90% of betting happens illegally, and it's not benefitting anyone in the ecosystem. Small owners are completely wiped out, and many have reduced the number of horses they buy as they are paying more and earning less. To revive the sport, GST must be reduced," he added. 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