The Planning Commission on Friday said that high inflation, primarily driven by rising food prices, is likely to ease in the next few months on the back of an expected good rabi crop.
The industrial growth number for the month of December has been revised upward to 2.53 per cent from the provisional number of 1.6 per cent released earlier.
Showing concerns over hardening inflation, the Reserve Bank today left the key interest rate unchanged but reduced cash reserve ratio by 0.25 per cent to inject Rs 17,500 crore (Rs 175 billion) liquidity into the financial system.
Terming the Union Budget as an excellent document, Planning Commission Deputy Chairman Montek Singh Ahluwalia on Monday said efforts were on to break the impasse on turnover tax on securities transactions.
Inflation, as measured by the Wholesale Price Index, had stood at 7.47 per cent in December 2011.
A day after addressing a massive rally at the Ramlila Ground in New Delhi for demanding 'special status' for his state, Bihar Chief Minister Nitish Kumar met Finance Minister P Chidambaram and Planning Commission Deputy Chairman Montek Singh Ahluwalia on Monday.
Planning Commission Deputy Chairman Montek Singh Ahluwalia on Wednesday called for sweeping reforms in education and health to make the surging economic growth truly inclusive.
The Planning Commission said on Tuesday the current upswing in the economy, which is showing signs of overheating, was unlikely to continue in the long term, while attributing pressure on prices to high growth rate.
The Plan panel on Wednesday said the government's refusal to accord environment clearance to Vedanta's proposed $1.7 billion aluminium project in Orissa would not tarnish India's image as an investment friendly destination.
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 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".
The Planning Commission in its draft approach paper to the 11th five year plan would stress on doubling agricultural growth and bridging regional imablances among other things.
Economic liberalisation has not resulted in rapid reduction in poverty, as was expected, Planning Commission Deputy Chairman Montek Singh Ahluwalia said.
The Planning Commission on Saturday sought to play down fears that the hike in excise duty on petroleum products would lead to a surge in inflation.
Planning Commission Deputy Chairman Montek Singh Ahluwalia on Tuesday said that poor monsoon will adversely impact farm production and trim economic growth.
Monsoon has missed its date this year with granary states of Punjab and Haryana.
The two-day conference, which saw participation of ministers and senior officials from all the states, was marked by brainstorming in the run up to the expected enactment of the government's ambitious Food Security Bill.
Planning Commission Deputy Chairman Montek Singh Ahluwalia, on Wednesday allayed fears over significant hardening of interest rates in view of the high government borrowings, pegged at around Rs 4.5 lakh crore (Rs 4.5 trillion) this fiscal.
He was the chief guest of UIDAI's function in New Delhi.
"It is completely false. I don't know what is the basis of this. I am not a candidate. This is some speculative thing in the New York Times," Ahluwalia said.
"This year, at the Planning Commission, we expect growth rate will be around 8 per cent. We are not expecting 9 per cent in the year 2011-12," Ahluwalia said while speaking at the convocation ceremony at Vijna Jyothy Institute of Management.
Favouring independent regulators for railways and road sector, Planning Commission deputy chairman Montek Singh Ahluwalia on Friday stressed on the need for proper policy framework defining the role of these monitors.
He said while bringing in investments, it is also necessary to manage the high current account deficit.
The Planning Commission said the decision of oil marketing companies to raise petrol price by Rs 3.14 per litre is a good news and will provide credibility to the economic reforms process.
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.
Planning Commission Deputy Chairman Montek Singh Ahluwalia says investors are aware the government is addressing various problems in the economy.
Currently 100 per cent FDI is allowed in the sector.
Seeking to set at rest controversy over Aadhar, Planning Commission Deputy Chairman Montek Singh Ahluwalia has said that UID is a number and not an identity card.
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.
The Planning Commission on Tuesday projected a 8.5-9 per cent economic growth for this fiscal despite a slowdown in industrial growth in July.
The Planning Commission on Tuesday said that inflation is not coming down as expected and it would be little higher than earlier forecast of close 6 per cent for the month of December.
Hailing Reserve Bank's decision to cut key rates, Plan panel on Tuesday said it would boost investments and hoped the measures will have significant effect on long term borrowing rates.
RBI has chosen to keep all key rates and ratios unchanged in its policy review unveiled earlier in the day.
Says insurance and pension bills will be taken up in the forthcoming Budget Session.
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.
Ahead of the July 24 National Development Council (NDC) meeting, the Planning Commission will come out with a report on the problems in the Naxal-hit areas and the issues being faced by tribals.
Amid threats that India's credit rating could be downgraded and a slowdown in the economy, Planning Commission deputy chairman Montek Singh Ahluwalia said the government is taking several steps to boost investor confidence and more such measures may follow.
The Planning Commission on Thursday described the International Monetary Fund's growth projection of 8.8 per cent for India as optimistic and said the panel would stick to its outlook.
The Reserve Bank of India has already raised its key short-term rates by 25 basis points to cool inflation and many experts believe that it will make money dearer to tame inflation in its April 20 annual monetary policy announcement.
In order to help the industry combat the impact of global financial crisis, the government had provided three stimulus packages to the industry resulting in a revenue sacrifice of Rs 1.86 lakh crore (Rs 1.86 trillion).
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