India might be heading towards a "serious livelihood crisis" as the situation seems to be worse this time for the working class amid the COVID crisis and local restrictions by states already add up to something close to a nationwide lockdown, according to noted economist Jean Dreze. In an interview to PTI, he also said the government's target to make India a $5 trillion economy by 2024-25 was never a "feasible target" and was just to pander to the "super-power ambitions" of the Indian elite. About the impact of the second wave of COVID on the Indian economy, the eminent economist said the situation today is not very different from what it was around this time last year as far as working people are concerned.
Inflation measured by the Wholesale Price Index had declined to 6.62 per cent in January. It was 7.18 per cent in December and 7.24 per cent in November.
'The growth drivers are mostly invisible, but the growth is undeniable at least for now,' notes Debashis Basu.
Activist-turned politician Arvind Kejriwal has refuted all charges levelled by Digvijay Singh, saying that the Congress general secretary's letter describing him as ambitious and self-serving does not deserve any response, as the party has lost its mental balance. He said this while addressing reporters on Saturday in Ghaziabad district of Uttar Pradesh.
'The terminal year could yield nine per cent.'
Wholesale Price Index for the month ended March moderated to 3-year low of 5.96 per cent against Reserve Bank's projection of 6.8 per cent.
Economic growth rate had slipped to decade's low of 5 per cent in 2012-13 mainly on account of the impact of the global financial woes.
According to sources, Ahluwalia and Rangarajan separately briefed Singh about the economic situation.
The council will help the Pope revise the Apostolic Constitution on the Roman Curia Pastor bonus -- the Church administration which helps him in the daily governance, the Vatican said in a statement.
The government should act quickly to raise diesel rates to bring them in line with global prices in order to reduce its subsidy bill, Prime Minister's Economic Advisory Council Chairman C Ranagarajan has said.
Modern organised retail will be helpful in containing inflation and allowing foreign direct investment (FDI) in multi-brand retail leads to development of back-end infrastructure that will benefit farmers, according to C Rangarajan, Chairman of the Economic Advisory Council to the Prime Minister.
Rangarajan says there was no need to change the inflation comfort level from four-five per cent.
D Subbarao reiterated concerns over rising gold imports and its pressure on current account deficit.
FDI in retail would have a limited impact on small retailers, Chairman of PM's Economic Advisory Council C Rangarajan said.
The proposed move would lead to dismantling of the administered price mechanism.
The Indian economy grew at a faster pace of over 8 per cent in two consecutive fiscal before falling to a nine year low of 6.5 per cent in 2011-12.
The overall inflation in March fell to 5.96 per cent.
Gems & jewellery exports seen rising, too, as demand remains strong in all markets except Europe.
Gold prices had touched the all-time high of Rs 32,975 per ten gms on November 27, 2012.
Social activists, led by National Advisory Council member Aruna Roy, on Saturday slammed Prime Minister Manmohan Singh's observations on the Right To Information Act, alleging it signals support from the "highest quarters" to those keen on diluting the law. The "concerns expressed by the PM will support and pass a signal to those who want to dilute and weaken the Act that they have support from the highest quarters," a statement signed by several RTI activists said.
Noted agriculture scientist M S Swaminathan, bureaucrat-turned-activist Harsh Mander and academician Madhav Gadgil have been denied re-nomination.
High gold imports had contributed to high CAD which stood at 5.4 per cent in the second half of 2012-13 and was creating pressure on the rupee.
Why phasing out the fertiliser subsidy will affect small farmers.
India's trade deficit has fallen to 10-month low of $14.9 billion in February on improving exports and a sharp drop in imports.
While eyeing inorganic growth, the company is considering setting up skilling centres in Africa, Bangladesh and Pakistan.
Although the government had pegged fiscal deficit for the current financial year at 5.1 per cent of the GDP in the budget, it has revised the target to 5.3 per cent in view of subdued revenue collection and rising fuel and food subsidy bills.
The MPC headed by RBI Governor Shaktikanta Das will announce the resolution of the meeting at around noon on Thursday.
The food ministry has supported the suggestion of Rangarajan panel to allow export of 2 million tons of wheat from government stocks immediately to ease pressure on storages, the Rajya Sabha was informed on Monday.
On Tuesday, the partially convertible rupee, the worst performing currency among the major global economies, dropped as much as 3.1 percent to 68.12 per dollar.
The Land Acquisition Bill, which was being pushed by Sonia Gandhi-led National Advisory Council, is set for further delay with the controversial matter being referred to a Group of Ministers because of the opposition by a number of Cabinet ministers.
Raise the price of diesel and restrict supply of subsidised LPG cylinder in a year to four per family, Prime Minister's Economic Advisory Panel suggested on Friday.
Although the government had pegged fiscal deficit for the current financial year at 5.1 per cent of the GDP in the budget, it has revised the target to 5.3 per cent in view of subdued revenue collection and rising fuel and food subsidy bills.
Technology can play an important role in almost every sector of the economy in enhancing productivity and production.
Ignoring the rate cut demand of India Inc, RBI in its first quarter monetary policy review kept the short-term lending (repo) rate, at which banks borrow from RBI, unchanged at 8 per cent.
Believes India can grow at 6 - 7 per cent next fiscal.
Union HRD minsiter Kapil Sibal now wants 'one nation, one test' format for admissions to all disciplines.
With inflation still ruling above the 9 per cent mark, Prime Minister's Economic Advisory Committee (PMEAC) on Wednesday suggested that the Reserve Bank should continue to focus on controlling the rising prices.
He feels that RBI could be waiting for a period or an opportune movement when there could be sustained reduction.
Are short-term compulsions increasing long-term instability?
With the threat of a failed monsoon and an impending drought, the need for public works and for greater numbers of workers will arise in many states, says Aruna Roy
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