Ahluwalia's statement comes in the backdrop of Reserve Bank of India's tight monetary policy and high inflation.
The government is doing a lot to push growth but the impact of its efforts will be felt in the second half of the fiscal when the expansion rate will show some improvement, Planning Commission Deputy Chairman Montek Singh Ahluwalia said.
However, 10 per cent economic growth rate does not seem feasible, Planning Commission Deputy Chairman Montek Singh Ahluwalia told reporters here, a day before full Plan panel is to meet under the chairmanship of Prime Minister Manmohan Singh.
With the five-year term of Reserve Bank of India Governor Y V Reddy coming to an end soon, names of his deputy Rakesh Mohan and Planning Commission Deputy Chairman Montek Singh Ahluwalia are emerging as potential successors, a media report said in London.
Terming the 5.5 per cent GDP growth as "good news", Planning Commission Deputy Chairman Montek Singh Ahluwalia today expressed confidence that economy would rebound in subsequent quarters.
Planning Commission echoed Prime Minister Manmohan Singh's concern that corporate salaries were excessive but said there was no proposed move to impose any cap on their salaries.
Last year, the Planning Commission got the approval for the 9 per cent annual average economic growth target under the Approach document for the 12th Plan from the country's apex decision making body, the National Development Council, headed by the Prime Minister with all the chief ministers and Cabinet ministers on board.
The government will come out with details of a new scheme for farm sector projects by states in the next 4-6 weeks to implement the Rs 25,000 crore (Rs 250 billion) plan announced by Prime Minister Manmohan Singh last month.
The Planning Commission on Friday said the economy is expected to grow between 6-6.5% in the current fiscal
Reasserting the fact that India could easily attain a growth rate of above 7 per cent in the next financial year, Planning Commission deputy chairman Montek Singh Ahluwalia said on Sunday India was not extensively dependent on the global economic recovery for its own growth projections.
The global financial meltdown has pulled down India's economic growth to 6.7 per cent during 2008-09 from about 9 per cent a year ago. During the current fiscal, as per the Planning Commission estimates, growth rate may fall to 6.3 per cent.
India will become the third-biggest economy in the world by 2030, Deputy Chairman of the Planning Commission Montek Singh Ahluwalia said.
The meetings with the investors at New York, according to sources, are being organised by the US-India Business Council. The USIBC is the premier business advocacy organization representing America's top companies investing in India, joined by global Indian companies, promoting economic reforms with an aim to deepen trade and strengthen commercial ties.
Planning Commission Deputy Chairman Montek Singh Ahluwalia Thursday said there is no reason why India, despite the current global financial turmoil, could not get back to earlier high growth path if it can step up domestic investment demands.
Planning Commission Deputy Chairman Montek Singh Ahluwalia Thursday said there is no reason why India, despite the current global financial turmoil, could not get back to earlier high growth path if it can step up domestic investment demands.
Population growth rate would be 1.5 per cent during the period 2007-12. "The next 10 years, India will register four major changes. The economic growth will accelerate, the technology will also grow and domestic industry will experience major liberalisation," Ahluwalia said after inaugurating the 22nd Indian Engineering Congress in Udaipur.
The Planning Commission on Monday said investment in the infrastructure sector in the Eleventh Five-Year Plan (2007-12) will be close to the target of $500 billion, thanks to a better-than-expected show by the telecom sector
Costlier food items, including vegetables, pushed the October wholesale inflation to 7 per cent, the highest in the current financial year.
Ahluwalia said the government has taken steps to push the infrastructure sector and there are signs of improvement in the core sector production performance of steel, power, coal and cement during July and August.
Conceding that the fiscal deficit could exceed the targeted 4.6 per cent of GDP for 2011-12 by up to one percentage point, Planning Commission Deputy Chairman Montek Singh Ahluwalia today said such a situation need not be a matter of concern.
Planning Commission Deputy Chairman Montek Singh Ahluwalia said big investments and increase in agriculture output will boost Indian economy.
Planning Commission Deputy Chairman Montek Singh Ahluwalia on Monday pegged India's growth this financial year at 6.5-7 per cent. He added the country had taken various steps to boost investment, the results of which would be seen in six months.
The economy had grown at 5.4 per cent in the corresponding quarter of April-June last fiscal.
With economic conditions turning better compared to that three months ago, the Planning Commission on Monday said economy should record at least 6.7 per cent growth rate this fiscal, the same as was witnessed in 2008-09.
He also indicated that the current position of the rupee is competitive against world currencies.
A cut in government spending would come at the cost of growth.
The government hopes of registering GDP growth rate ranging between 6.1-6.7 per cent in 2013-14.
In the October-December quarter, India's economy grew below expectations at 4.7 per cent on falling output in the manufacturing sector.
Planning Commission on Friday said it will revisit annual average GDP growth target of 8 per cent for the 12th Plan (2012-17) in view of dismal performance in first two years of policy period, while saying the economy is likely to expand by over 5 per cent this fiscal.
The current account deficit is the difference between inflow and outflow of foreign exchange.
The RBI has enough "fire power" to deal with the rupee volatility and will intervene in the forex market as and when required, said Planning Commission Deputy Chairman Montek Singh Ahluwalia.
As the country faces the possibility of a fractured mandate after the 2014 general elections, Planning Commission Deputy Chairman Montek Singh Ahluwalia is of the view that in an era of coalition governments, special steps are needed to build consensus around policies or else, India will not be able to grow at its full potential.
Going by its past experience of differences between the central bank and the finance ministry, the government might prefer a person who could bridge this gap.
The biggest challenge on policy front is the fight against the perception that a small number of big corporations do cosy deals with the government.
No government can 'ignore inclusiveness in a democracy', Montek Singh Ahluwalia tells Anjuli Bhargava.
Ahluwalia was married to former deputy chairperson of Planning Commission Montek Singh Ahluwalia and is survived by her husband and two sons.
No one can capture an inch of Indian land till the Narendra Modi government is in power, Home Minister Amit Shah said Tuesday and claimed the actual reason behind the Congress disrupting Lok Sabha proceedings was not the clash between Indian and Chinese soldiers but a question on the cancellation of Foreign Contribution (Regulation) Act (FCRA) registration of the Rajiv Gandhi Foundation.
There were reports that some Commission officials were against the Rajan panel's suggestion to replace Gadgil- Mukherjee formula with Rajan Committee's Multi Dimensial Index for allocation funds to states.
Her research was focused on urban development, macro-economic reforms, industrial development, and social sector development issues in India.
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