Inflation can drop below 8 per cent if confluence of factors like fall in global crude oil followed by a good monsoon work, Prime Minister's Economic Advisory Council chairman C Rangarajan said.
Under the new Monetary Policy Framework, the central bank aims to contain inflation at 4 per cent with a band of (+/-) 2 per cent.
India lags behind many nations in managing exchange rates, including China and Singapore.
The Prime Minister's Economic Advisory Council on Wednesday favoured more income tax sops as also a revision in indirect tax rates on consumer durables in Budget 2008-09 to fire up the economy.
The sixth Pravasi Bharatiya Divas was inagurated by Prime Minister Manmohan Singh at the Vigyan Bhavan in New Delhi on Tuesday. The prime minister announced that the government will set up a Global Advisory Council for Persons of Indian Origin. He said the council would comprise persons of Indian origin from all walks of life across the globe.
The Canadian Olympic Committee (COC) and Paralympic Committee (CPC) said on Sunday that Team Canada will not participate in the Olympic and Paralympic Games in the summer of 2020 due to concerns about the outbreak of the coronavirus.
According to the Central Statistics Office data, the jump in the retail inflation based on Consumer Price Index was mainly due to rise in prices of kitchen items like vegetables, meat and fish.
Khan has been in jail since January after he delivered the allegedly provocative speech at the AMU during the anti-Citizenship (Amendment) Act protests in December last year. He is lodged in Mathura jail.
The paper projects that there will be zero unemployment in 2009 if the economy grows at 9.1 per cent and the labour force continues to grow at 2.93 per cent.
Pointing out that inflation rate is a little beyond comfort zone, the Prime Minister's Economic Advisory Council said the current situation is not favourable for a cut in interest rates. The inflation rate stood at 5.11 per cent for the week ended March 1. For the second week in a row that the rate was over 5%. The RBI aims to limit average rate of inflation for the current fiscal at 5 per cent. When the inflation rate is rising, it is always critical to bring down the rates.
A group of ministers, constituted to look into pricing and utilization of natural gas produced from new fields like the KG-D6 of Reliance Industries, is likely to hold its first meeting on August 27.
The Scientific Advisory Council briefed the PM about the state of science in the country.
The Prime Minister's Economic Advisory Council has scaled down its growth projection for the Indian economy for 2007-08 to 8.9 per cent from 9 per cent on account of slow expansion in manufacturing and energy generation. Dr C Rangarajan, head of the group of economists released the review of the economy of 2007-08 and said that the economic growth of India would be hovering around 8.5 per cent during 2008-09.
This year's projected increase in per capita (in dollar terms) is nearly double the average 13 per cent growth between 2003-04 and 2006-07.
The panel, headed by former RBI governor C Rangarajan, in its economic outlook for 2007-08 also projected inflation to remain within 4 per cent.
The Prime Minister's Economic Advisory Council Chairman C Rangarajan has said the hike in interest rates will not impact the high economic growth in the face of strong fundamentals.
Prior to the Cabinet meeting, Gandhi had a meeting with senior Congress leaders at her residence amidst reports that she was averse to inclusion of NAC Chairmanship in the proposed law.
Speaking about the field that India could enter when it came to commercial application of nano science and technology, Rao suggested that India foray into manufacturing sensors.
Transcript of the IIT chat with Pradeep Gupta, chairman of CyberMedia Group.
C Rangarajan, chairman of the economic advisory council to the prime minister, has called for revisiting subsidies, dividend distribution tax and tax exemptions.
She charged that a high drama of sacrifice had been enacted, knowing that an Ordinance merely to protect her position would draw severe flak and not pass muster.
Singh claimed the ICCR chairmanship is not an office of profit and in the past, Atal Bihari Vajpayee and P V Narasimha Rao had occupied this post when they were external affairs ministers.
Advani has said that the BJP's response led to Sonia's resignation.
Congress supporters refused to disperse saying they will not go back until Sonia took back her resignation.
"Politics of revenge has recoiled back and Sonia Gandhi has become a victim of her own conspiracy. This grand standing will not help," party General Secretary Arun Jaitley told reporters.
Separatist leader Syed Ali Shah Geelani was on Wednesday re-elected unanimously for a second term as chairman of the hardline faction of the Hurriyat Conference.
"By 2025, world will be a bi-polar society wherein China will be the most influential country and by 2035, India would become the third largest economy, making the world tri-polar," he said.
'The next general election is four years away. That's enough time to recover -- provided the government stops spending and taxing so much,' says T C A Srinivasa-Raghavan.
The Prime Minister's Economic Advisory Council has approved Reliance Industries' 4.33 dollars per mBtu price of gas from KG-D6 fields, saying it was in line with industry practices.
The petition was 'under process' to ascertain whether Ramesh occupied the NAC post after he became a Rajya Sabha member, sources said.
Raising the issue during Zero Hour, Professor Vijay Kumar Malhotra (Bharatiya Janata Party) also wanted the government to make public the report of the Enforcement Directorate on the alleged receipt of payment.
Volcker: Opposition stages walkout in both Houses
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