Planning Commission on Tuesday endorsed RBI's hawkish policy of hiking key rates by half a percentage point saying this would contain inflation.
A Group of Ministers headed by Finance Minister Pranab Mukhejree is likely to meet on Monday to vet London-listed mining group Vedanta Resources' $ 9.6 billion acquisition of Cairn India.
Skoch events are organised with pomp and show in the swanky hotels of Delhi and Mumbai every year.
According to Planning Commission Deputy Chairman Montek Singh Ahluwalia, more than the anticipated growth in the farm sector will make up for the shortfall in the industrial output.
Montek also said he did not consider the fall of about two per cent or so in Asian markets, including India this morning, as severe.
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.
In September, industrial growth fell to just 1.9 per cent, its lowest in two years. Inflation is at 9.73 per cent, its 10th month above nine per cent.
Former managing director of McKinsey & Co, Rajat Gupta, has stepped down as chairperson of the Public Health Foundation of India (PHFI). Gupta's resignation comes days before the PHFI executive was to discuss his exit.
Power distribution companies in the country are estimated to have incurred a staggering loss of about Rs 70,000 crore (Rs 700 billion) in the last fiscal and the amount is expected to be as much as Rs 1,16,000 crore (Rs 1,160 billion) by 2014-15.
Yojana Bhawan is working overtime to complete the crucial Approach paper to the 12th Plan amidst a buzz that Planning Commission Deputy Chairman Montek Singh Ahluwalia may get a Cabinet berth in the reshuffle expected soon.
India on Wednesday said it hopes the G-20 nations will pay heed to its call for a strong action on the issue of black money stashed in tax havens during their crucial summit in Cannes.
"I don't think that it is government's view that the present inflation cannot be brought under control without FDI in multi-brand retail. We can bring inflation under control," Planning Commission Deputy Chairman Montek Singh Ahluwalia said.
Planning Commission Deputy Chairman Montek Singh Ahluwalia on Wednesday expressed concerns over rising crude prices which soared to two-year high of $ 102 a barrel in Asian markets.
India can raise funds through selling up to\n49 percent of its state-run firms, Montek Singh Ahluwalia, deputy chairman of the\nPlanning Commission, has said.
Although India's private health insurance industry's business volumes have grown by over 35 per cent a year in the last few years, a staggering 85 per cent of the population remains uninsured, according to industry estimates.
The data further revealed that GDP growth rate was 9.4 per cent in the last quarter of 2009-10 and 8.3 per cent in the third quarter of 2010-11.
Finance Secretary Ashok Chawla, in an impromptu chat with reporters, sided with Sebi, while Planning Commission Deputy Chairman Montek Singh Ahluwalia cited the spat to make a case for setting up a Financial Development and Stability Council (FSDC).
According to the IMF sources, the 27-member European Union bloc had asked the Chinese for support for Lagarde.
In an interview with Karan Thapar on the CNN-IBN channel's Devil's Advocate programme, Planning Commission Deputy Chairman Montek Singh Ahluwalia explains why he faults the controversial report of the Comptroller and Auditor General on 2G telecom spectrum allocation. Edited excerpts:
Industrialist Anil Ambani on Wednesday met Planning Commission deputy chairman Montek Singh Ahluwalia, who is reportedly in the reckoning for the post of Finance Minister in the new UPA government.
At the annual Pravasi Bharatiya Divas, organised by the government ostensibly to celebrate the country's connection with the 27-million-strong Indian diaspora living in 150 countries, Mr Ahluwalia said last Sunday that India was reaching out to NRIs not for their money, but because it valued the long, socio-cultural footprint all Indians living in India and abroad shared.
"Yes it is true that milk and vegetable prices are high. You know some of this is a reflection of economic prosperity and purchasing power," Commission Deputy Chairman Montek Singh Ahluwalia said.
Students of Kolkata's Presidency College on Saturday hurled eggs and tomatoes at Planning Commission Deputy Chairman Montek Singh Ahluwalia to protest price rise while he was leaving a seminar, but missed their target.Eyewitnesses said that student demonstrators belonging to the Students Federation of India, affiliated to the Communist Party of India - Marxist, threw eggs and tomatoes and waved black flags at Ahluwalia as he was leaving a UGC-sponsored national seminar.
The committee is expected to submit its report soon.
The Plan panel on Wednesday said it has appointed civil rights activist Binayak Sen, convicted for sedition, on the board of one of its steering committees to give input for 12th Plan (2012-17) on health related issues.
It has emerged that a senior US government functionary offered to help India garner greater funding from the World Bank in return for protecting Dow Chemicals from possible legal fallout from the gas tragedy.
"In China's 12th Plan, exports do not hold the same place. Besides, the Chinese will be vacating the lower end of value spectrum like textiles and leather...So who will replace them? Are we going to step in or will it be Vietnam or Turkey or Indonesia," Planning Commission Deputy Chairman Montek Singh Ahluwalia said.
Government and the Planning Commission had earlier projected a growth rate of 9 per cent during 2011-12, up from 8.6 per cent in the previous fiscal.
Enthused by the prospects of good monsoon, the Planning Commission on Tuesday said the double digits inflation would decline by December, and sounded optimism that economic growth would exceed 8.5 per cent this fiscal.
The plan panel on Thursday termed the housing finance racket, involving the chief of LIC Housing Finance and several other officials of PSU banks, as a "very small" incident as far as banking system as a whole was concerned.
His outburst has to rank among the most bizarre episodes of two arms of the government fighting in public.
India will set up a high-level committee to identify areas for expanding economic ties with the United States, from where it expects an estimated investment of $250-300 billion in infrastructure space.
The chairman and CEO of Dow Chemicals Andrew Liveris will not attend the Indo-US CEO Business Forum meeting scheduled to be held in Washington.
Finance Minister Pranab Mukherjee is leading a high-powered team of policymakers, including Commerce Minister Anand Sharma and Planning Commission Deputy Chairman Montek Singh Ahluwalia at the India-US CEOs Forum.
Commerce Minister Anand Sharma and Planning Commission Deputy chairman Montek Singh Ahluwalia will also participate in the India-US Business CEOs Forum Meeting.
Prime Minister Manmohan Singh last month had said inflation would moderate to 5-6 per cent by the end of the calender year.
The Planning Commission has pitched for linking of domestic fuel prices with those in the international market saying it is necessary for country's global "economic reputation".
Ahluwalia's statement comes in the backdrop of Reserve Bank of India's tight monetary policy and high inflation.
India's gross domestic product grew at a decade low of 5 per cent last fiscal.
Current account deficit, which represents flow of money out of the country barring capital movements, stood at $4.5 billion in the first quarter of previous financial year.
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