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.
'The actions of Indian monetary authorities will depend on how quickly they want the inflation to come down to 4 per cent.'
The Planning Commission in May 2012 had constituted the expert group under the then Prime Minister's Economic Advisory Council Chairman C Rangarajan to review the Tendulkar Committee methodology for estimating poverty, following an uproar over the number of poor in the country.
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.
Petroleum ministry rejects conclusions of two reports ahead of EGoM.
The Scientific Advisory Council briefed the PM about the state of science in the country.
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.
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.
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.
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.
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
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.
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.
India lags behind many nations in managing exchange rates, including China and Singapore.
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.
Transcript of the IIT chat with Pradeep Gupta, chairman of CyberMedia Group.
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.
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.
"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.
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.
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.
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 petition was 'under process' to ascertain whether Ramesh occupied the NAC post after he became a Rajya Sabha member, sources said.
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.
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