Asked whether the Budget should start the process of exist, Rangarajan told reporters in New Delhi, "What is required, is a roadmap towards normalisation".
The Supreme Court on Friday granted six weeks time to Mukesh Ambani's Reliance Industries Ltd (RIL) to respond to the final CAG report which found alleged irregularities including in payments made to the contractors on drilling of D6 wells at the Krishna-Godavari basin.
Stating that counter-cyclical measures to combat the impact of the global financial meltdown were important, Subbarao said the government borrowings had gone up 'rapidly and abruptly' hindering transmission of monetary measures to bring about lowering of interest rates.
He added every dollar rise in the gas price will result in Rs 4,000 crore of revenue and Rs 2,300 crore in profit after tax.
It forecast a growth of 9 per cent for 2011-12.
The Prime Minister's Economic Advisory Council on Friday said the economy will grow by 8.5 per cent, up from a projected 8.2 per cent, and inflation will come down from double digits to 6.5 per cent by the end of 2010-11.
With the developed world seeing a fragile recovery from the recession, projected to be a modest 1-2 per cent in the second half of 2009-10, a further financial crisis was not completely ruled out, said C Rangarajan, chairman of the Economic Advisory Council. He said the slow recovery of the developed countries had a negative impact on external demand for both manufactured goods and services from India.
President Pratibha Patil has conferred police medals on sixteen officers of the country's premier investigative agency, the Central Bureau of Investigation
The room for political manoeuvre to raise petroleum prices is the highest at this point in time, says Business Standard.
The former Governor of RBI said India would see 'definite signs of recovery' in the second half of 2009-10. On growth forecast, he said this fiscal will see a rate of 6 and 6.5 per cent, but it will be higher next fiscal.
Last month, the government approved the proposal of doubling gas price from RIL's KG basin from $4.2 mmbtu to $8.4 mmbtu from April 1, 2014.
Infosys to open first overseas campus in China
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.
Tamil star Suriya's 7aum Arivu was about a virus from China sent to Chennai to wreak havoc while Kaappan was about a locust attack the hero prevents in time -- both films in a sense foresaw what was to come, observes N Sathiya Moorthy.
The country's new home minister, Palaniappan Chidambaram, today said he prefers a Congressman as his successor in the finance ministry, setting off speculation about the implication of his statement.
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.
On an average, PMEAC said economic growth could be around 6.5 per cent.
The finance ministry's tenancy rights to the RBI governorship distort policy and regulation.
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.
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.
A summary of the fourth day's play in the Ranji Trophy quarter-finals.
Economist and former Reserve Bank Governor C Rangarajan on Monday said that the economy will recover in the second half of 2009 and there would be distinct improvement in growth in 2010-11.
Moreover, the absence of a liquid market for various types of assets also makes such estimation inappropriate, it said. One of the terms of reference of the committee was to examine if corporate saving estimation should be done on an MTM basis. MTM refers to the present value of assets based on their market prices.
Cabinet may tweak Rangarajan formula; new price may be further delayed.
Experts believe scrapping some projects is likely to bring some stability in road sector.
The CPI (M) members seemed determined to thwart the bill, aimed at increasing the FDI limit in the insurance sector. As Minister of State for Finance P K Bansal rose to introduce the Insurance Laws (Amendment) Bill, 2008, CPI (M) member T K Rangarajan tried to grab the copy of the bill from him. An agitated-looking external affairs minister Pranab Mukherjee pushed Rangarajan to protect Bansal. Another minister Meira Kumar rushed to shield Bansal, who introduced the bill.
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).
Round up of the Ranji Trophy games being played across the country
RBI's current Deputy Governor Urjit Patel got 3-year extension in January.
History shows that confidence is at its highest just before a fundamental change occurs.
Former champions South Zone have virtually qualified for semi-finals after reducing West Zone to 156 for 6 in on the penultimate day of their four-day Duleep Trophy match in Chennai on Saturday.
PM's economic advisors have suggested a hike in petrol and diesel prices to tackle the global crude prices.
Committee of secretaries is working on the formula and it is understood that EAC is also being asked to go through the formula.
Chidambaram to meet ministries' financial advisors, PM's economic council.
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.
Many PSBs are in the process of rationalisation of ATMs
A top Finance Ministry source, however, said no discussion has taken place in the government so far on whether to extend Rajan's tenure or not.
"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 government will implement recommendations of the committee chaired by Dr C Rangarajan, chairman of the Economic Advisory Council, to the prime minister, when it submits the final report.
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