On an average, PMEAC said economic growth could be around 6.5 per cent.
Having recorded about 9 per cent growth rate in three consecutive years since 2005-06, India's growth rate fell to 6.7 per cent during 2008-09 on account of the impact of the global financial crisis. India recorded a growth rate of 6.1 per cent during the first quarter of this fiscal.
The Prime Minister's economic panel on Wednesday said the government needs to draw a programme to rein in the fiscal deficit of over six per cent which is not sustainable.
The Reserve Bank of India has forecast the economy to grow by 6 per cent with an upward bias.
The Reserve Bank may raise key policy rates by up to 50 basis points in its July 27 monetary policy review to check double-digit inflation, said a member of the Prime Minister's Economic Advisory Council.
Last month, the government approved the proposal of doubling gas price from RIL's KG basin from $4.2 mmbtu to $8.4 mmbtu from April 1, 2014.
Mumbai-born Eboo Patel, 33, the only Indian American thus far appointed by President Barack Obama to the 25-member Advisory Council, has said that he was honoured and blessed, and ready to get to work and operationalize President Obama's commitment to inter-faith cooperation.
Consulting Conclave at Faculty of Management Studies, Delhi
The Shanghai Stock Exchange has registered maximum fall (56 per cent) from its peak, while the benchmark index of the Bombay Stock Exchange dipped by as much as 40 per cent and the Manila Stock Exchange dropped by 39 per cent, registering the third largest fall. The report added that 'having lost one fifth to one third of their value, equity assets would appear to have greater upside rather than down side prospects.
The committee on financial inclusion, headed by C Rangarajan, the chairman of Prime Minister's Economic Advisory Council, has recommended that the profits transferred to their reserves by such banks should be exempted from tax till the banks achieve the standard capital adequacy ratio (CAR).
Inflation has come down to nine-month low of 6.84 per cent for the first week of December from a high of 12.91 (provisional) per cent in August following a series of fiscal and monetary measures taken by the government and the apex bank. Besides, the oil prices also fell, easing the rate of price rise.
Slower growth in the developed world is expected to impact emerging economies like India by reducing demand for their exports in rich country markets.
The Indian Institutes of Technology (IITs) have a 2008 budget wishlist. They want the government to grant them more funds to support their infrastructure expansions and research initiatives.
Earlier the council's outlook was 7-7.5 per cent for the year. Even the revised forecast is yet quite optimistic compared to other agencies.
Announcing the decision after the meeting of the Cabinet Committee on Economic Affairs, Finance Minister P Chiadambaram said this is an ad-hoc measure and the recommendation of Commission for Agricultural Costs and Prices has been referred to the Prime Minister's Economic Advisory Council. The CACP had recommended the paddy MSP at Rs 1,000 per quintal for 2008-09 Kharif season.
Prime Minister's Economic Advisory Council Chairman C Rangarajan said on Wednesday the economy was witnessing 'cyclical overheating' but expected inflation to soften in coming months with good monsoon this year.
NITI Aayog has a dual role of a monitor and advisor.
There has been criticism of the official statistics ever since MoSPI came out with new methodology to estimate the GDP on the base year of 2011-12 compared to earlier 2004-05.
Unctad's GDP projection is broadly in line with forecasts by Indian agencies like the Reserve Bank of India and the Prime Minister's Economic Advisory Council, which have projected a growth rate of 7.9 per cent and 7.7 per cent respectively in 2008-09, as against 9 per cent recorded in 2007-08. Finance Minister P Chidambaram expects the Indian economy to expand by more than 8 per cent this year.
The Prime Minister's Economic Advisory Council on Friday cut its growth forecast for the current fiscal to 7.1 per cent, lower than the previous projection of 7.7 per cent, due to "painful adjustments" to the ongoing global economic turmoil. India's economy had grown 9 per cent in 2007-08.
The Jamat-e-Islami Hind, one of the leading religious and social organizations of Muslims in the country is on the verge of a taking the plunge into active politics.
Even in the coming fiscal, the growth is likely to be in the range of 7 to 7.5 per cent, the PM's panel said, adding that inflation will moderate to four per cent by February-end. The gross domestic product growth was 9 per cent in 2007-08 and inflation has already declined to below six per cent in January from the peak of 12.91 per cent in August 2008.
Committee of secretaries is working on the formula and it is understood that EAC is also being asked to go through the formula.
President Ahmed on Thursday night resigned as the caretaker government chief soon after proclaiming emergency.
Various government agencies have predicted that the economy would grow at 7 per cent or above while the Prime Minister's Economic Advisory Council is expected to review the economic growth forecast of 8 per cent. The mid-year review of the economy tabled in Parliament on Tuesday said that the country should be prepared for a growth rate of around 7 per cent in 2008-09.
Ahmadis are designated non-Muslims in Pakistan's Constitution and their beliefs are considered blasphemous in most mainstream Islamic schools of thought.
PM's economic advisors have suggested a hike in petrol and diesel prices to tackle the global crude prices.
Chidambaram to meet ministries' financial advisors, PM's economic council.
The govt. has set up a panel to review the investments and savings in the Indian economy. The panel will review financial savings and suggest improvements.
Higher economic growth can be sustained only in an atmosphere of reasonable price stability
After the exit of Aruna Roy, government has reconstituted the National Advisory Council by inducting renowned sociologist Virginius Xaxa into the 12-member panel chaired by Congress president Sonia Gandhi.
The government on Tuesday ruled out setting up an IIT in Orissa, saying it has already approved three such institutes in Bihar, Andhra Pradesh and Rajasthan.
Duvvuri Subbarao on Monday joined as secretary, department of economic affairs, Ministry of Finance. He belongs to the 1972 batch of the Indian Administrative Service (Andhra Pradesh cadre).
The Congress on Saturday released its election manifesto for Telangana, promising socially-inclusive growth with focus on jobs and social justice and a three-pronged approach for building the new state.
The Prime Minister's Economic Advisory Council warned of serious fiscal risks from growing off-Budget liabilities, which are estimated at 5 per cent of gross domestic product in 2008-09. This would be much more the budgeted central government deficit of 2.5 per cent of GDP for the year.
"For some more time inflation can increase. It could touch 13 per cent, but by December it will start declining and is likely to moderate to 8-9 per cent by March 2009," said outgoing chairman of the PMEAC C Rangarajan while releasing the Economic Outlook for 2008-09.
In 2007-08, the farm sector growth stood at 4.5 per cent, while it was 3.8 per cent and 5.9 per cent in 2006-07 and 2005-06, respectively. The report, which was released on Wednesday by outgoing council Chairman C Rangarajan, said the lower growth projection is in part due to the base effect of very high growth in 2007-08 and the weak South-West monsoon over peninsular, central and western India in July.
The prime minister's economic advisory council has lowered India's GDP growth projection to 7.7 per cent during 2008-09 as against 9 per cent in the last fiscal.
The Prime Minister's Economic Advisory Council will on Wednesday release the outlook for the Indian economy for the current fiscal and is likely to scale down growth projection from earlier 8.5 per cent to 7.5-8 per cent.
Petroleum ministry rejects conclusions of two reports ahead of EGoM.
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