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.
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.
The Planning Commission on said food prices will come down in the next two months easing the overall inflation, which is currently at over 8.5 per cent.
The Planning Commission on Tuesday said it expected industrial production to beat last year's growth and attributed the revival to various stimulus measures. His comments came after latest government data showed that factory production grew 11.7 per cent in November last year.
The Planning Commission sees stronger economic expansion in the second half which could push up the growth rate for the current fiscal to beyond 6.3 per cent projected earlier by the panel.
"The full impact of the Dubai debt crisis is yet to be assessed, but there is no need to press the panic button," said Pranab Mukherjee.
Planning Commission on Friday said there is no case for providing stimulus to the industry to arrest moderating growth as the fiscal deficit is high and may exceed the Budget estimate of 4.6 per cent by about one percentage point.
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:
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 the government can consider some more measures to contain inflation if prices do not soften going ahead. Inflation touched a 42-month high of 7.57 per cent for the week ended April 19 as compared to 7.33 per cent in the previous week. When asked whether futures trading of food grains be banned to bring down prices, he replied that the expert committee has said that futures trading does not increase inflation.
India should learn to live with high energy prices for rapid economic growth, said Planning Commission Deputy Chairman Montek Singh Ahluwalia after two of the state-owned oil companies hiked petrol rates this week.
Overall inflation, which has been in double digits for the last five months, was 10.55 per cent in June.
The Rs 67,700-crore (Rs 677 billion) revenue boost from the auction of 3G spectrum licences will help the government reduce its borrowings in the current fiscal, Planning Commission deputy chairman Montek Singh Ahluwalia said.
Social sectors like health and education will get a leg up in the Eleventh Plan (2007-12), even as some other sectors may see a reduction in fund allocation.
Ahluwalia said that emerging markets would need to focus more on FDI and bonds among other measures to make up for the fall in bank credit.
The Planning Commission on Monday said the fiscal deficit, the difference between total revenue and expenditure, will not exceed the budgetary estimate of 6.8 per cent of gross domestic product (GDP).
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.
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
Deficient monsoon is likely to pull down the economic growth in the current fiscal to about six per cent, from 6.5 per cent a year ago, the Planning Commission said on Friday.
Planning Commission Deputy Chairman Montek Singh Ahluwalia said big investments and increase in agriculture output will boost Indian economy.
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.
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 price rise measured in terms of Wholesale Price Index rose for the second straight month, to 5.79 per cent in July, on account of double digit rise in prices of food articles, mainly vegetables, including onion.
India, whose economy has been coasting along at 8 per cent for the last three years, can achieve 9.5 per cent GDP growth even in the absence of hard labour reforms or foreign direct investment in the retail sector.
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.
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.
The Planning Commission on Friday said the economy is expected to grow between 6-6.5% in the current fiscal
Deputy Chairman of Planning Commission, Montek Singh Ahluwalia, is among 19 members chosen by UN chief Ban Ki-moon for a high-level advisory group on Climate Change Financing tasked with mobilising funds pledged during the Copenhagen meet to tackle global warming.
The country's economic growth hit a decade low of 5 per cent in the last fiscal on account of poor performance in the farm, manufacturing and mining sectors.
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.
Montek Singh Ahluwalia is likely to remain deputy chairman of the planning commission, which will be constituted shortly.
Deputy Chairman of the Planning Commission Montek Singh Ahluwalia on Monday admitted that there was concern across the country about the implementation of development schemes without any leakage.
On Monday, Reserve Bank hiked the lending rates to banks by 2 per cent to 10.25 per cent.
Inflation rate fell to 0.27 per cent for the second week of March from 0.44 per cent for the week ended March 7. However, Planning Commission deputy chairman Montek Singh Ahluwalia said on Thursday the Indian economy is not heading towards deflation despite inflation nearing the zero-level in the past few weeks.
Both sides have already agreed on restructuring of the schemes and curtailing the subsidy bill, Ahluwalia told reporters after the meeting.
This is more than double the money that the state got during the Xth plan.
Planning Commission Deputy Chairman Montek Singh Ahluwalia has said agriculture growth in the country cannot double without the involvement of the corporate sector.
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