Projecting 34 per cent decline in foreign capital inflows due to uncertain external environment, the PM's Economic Advisory Council (PMEAC) on Wednesday made a strong case for easing the External Commercial Borrowing guidelines to help corporates borrow funds from overseas debt market.
The Prime Minister's EAC is expected to give its outlook on economy for the current fiscal in a week's time.
The luncheon at his residence was attended by Planning Commission Deputy Chairman Montek Ahluwalia, Chairman of PM's Economic Advisory Council C Rangarajan, former RBI Governor Bimal Jalan, Foreign Secretary Shiv Shanker Menon and officials of the Prime Minister's Office.
The horrifying state of hunger in India adds urgency to the need to implement a new food security law, writes Praful Bidwai.
In an interview with Business Standard's Sapna Dogra Singh and John Samuel Raja D, C Rangarajan says there are some encouraging signs in the economy, but the real recovery will come only in 2010-11.
Growth in the six core industries -- crude oil, petroleum refinery products, coal, electricity, cement and finished steel -- in April-March 2008-09 was 2.7 per cent against 5.9 per cent in the previous fiscal. Crude oil production continued to remain in the negative zone as it dipped by 3.1 per cent in April while it had registered a growth rate of 1 per cent a year ago.
The Prime Minister's Economic Advisory Council on Wednesday favoured further increase in petroleum prices in line with the global trend.
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.
President Barack Obama has appointed the first Hindu community activist and one of the first Hindu women priests in New Jersey, Anju Bhargava, to the White House Office of Faith-based and Neighborhood Partnerships.
Although the economy did well during the second quarter (July-September) recording a growth of 7.9 per cent, the output of agriculture and allied sector slipped to below 1 per cent.
After one stop-work order on the Rs 54,000-crore Posco project, a four-member panel appointed by the Union ministry of environment and forests has dealt a body blow to yet another big-ticket investor in Orissa, the London-based Vedanta Resources Ltd.
The gross domestic product grew by 6.1 per cent in the first quarter of 2009-10 and the year may end with 6.5 per cent.
President Ahmed on Thursday night resigned as the caretaker government chief soon after proclaiming emergency.
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).
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.
With major sectors of the economy showing signs of slowdown, the list of those pegging India's economic growth at below eight per cent in the current financial year is expanding.
India had been striving for long to get a UNESCO tag for this cultural site located in Birbhum district.
The private demand is still not picking up and the funds under market stabilisation scheme are also maturing.
Sheela Bhatt reveals how Sonia Gandhi has decided to take an active role in governance with the resurrection of the powerful National Advisory Council. A rediff exclusive!
Last week, the India Meteorological Department downgraded its monsoon forecast to 'below normal'. This has led to fears whether it would affect agricultural output and bring down India's growth in the current fiscal. The agriculture sector contributes around 17 per cent to the gross domestic product and employs around 60 per cent of the nation's total workforce.
The Prime Minister's Economic Advisory Council member G Govinda Rao on Thursday said the Reserve Bank can raise the key rates ahead of its April 20 annual monetary policy to tame the high headline inflation.
Committee of secretaries is working on the formula and it is understood that EAC is also being asked to go through the formula.
Last year, the Survey suggested a long list of reforms, but most of these found no place in the Budget.
The Prime Minister's Economic Advisory Council (PMEAC) expects the economy to grow by over 7.2 per cent during the current fiscal and exceed 8 per cent in 2010-11, thanks to increased economic activity.
Higher economic growth can be sustained only in an atmosphere of reasonable price stability
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.
Food inflation is expected to cool off in the next two months from the current high of about 18 per cent on expectation of better Rabi (winter) crop, Prime Minister's economic panel member said.
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 Prime Minister's economic panel on Tuesday said it could revise upward the economic growth forecast to 7 per cent from 6.5 per cent for the current fiscal on the back of robust economic growth in the second quarter.
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.
The way video is being watched and monetised is changing. This is the first thing that stands out as the penetration of smart TVs continues to rise.
'Das is friendly, but he finally does what he does. The quality of engagement is very good.'
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.
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.
Gujarat and Karnataka have been ranked as the best performers in developing startup ecosystem for budding entrepreneurs, according to the ranking of states and Union territories by the Department for Promotion of Industry and Internal Trade (DPIIT). Among smaller states having population of less than one crore, Meghalaya has been adjudged as the best performer. The rankings are based on the initiatives taken to develop the startup ecosystem for promoting budding entrepreneurs.
Chidambaram to meet ministries' financial advisors, PM's economic council.
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