FDI in retail would have a limited impact on small retailers, Chairman of PM's Economic Advisory Council C Rangarajan said.
The rupee has recovered to trade at 63 level after hitting its life-time low of 68.85 towards August-end.
The Indian economy grew at a faster pace of over 8 per cent in two consecutive fiscal before falling to a nine year low of 6.5 per cent in 2011-12.
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.
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.
Rangarajan also called for improvement in the country's corporate-bond market saying that this will help even small companies to raise adequate funds.
Technology can play an important role in almost every sector of the economy in enhancing productivity and production.
The main worry is that the inflation rate is expected to remain high at 9 per cent till October, the Prime Minister's Economic Advisory Council said.
Retail inflation in February has come down to a 25-month low of 8.1 per cent.
The Economic Advisory Council to the Prime Minister, of which he is chairman, has quickly sought to distance itself and the government from Dr Debroy's views.
The accounting system of the central and state governments may change considerably, with a high-level committee suggesting sweeping changes in how expenditure is classified in Budget documents.
Wholesale Price Index for the month ended March moderated to 3-year low of 5.96 per cent against Reserve Bank's projection of 6.8 per cent.
C Rangarajan, former governor of Reserve Bank of India, was speaking on the topic `the growth path and some concernson the way' at a function at Federation of Gujarat Industries on Monday.
PM's economic advisors have suggested a hike in petrol and diesel prices to tackle the global crude prices.
The IIP growth has been revised downwards to 1.14 per cent for January, from the provisional estimates of 6.8 per cent, according to the official data released on Wednesday.
Prime Minister's Economic Advisory Council Chairman, C Rangarajan, on Wednesday echoed leading personalities saying the deteriorating quality of governance may come in the way of India achieving high growth on a durable basis.
I think the overall growth rate of the economy will be between 5.5-6 per cent, says C Rangarajan.
High gold imports had contributed to high CAD which stood at 5.4 per cent in the second half of 2012-13 and was creating pressure on the rupee.
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.
Prime Minister's Economic Advisory Council Chairman C Rangarajan on Tuesday called RBI's policy action a "wise decision". The liquidity easing measures will have an impact on interest rates, he said.
PM's economic advisory council chairman C Rangarajan has asked microfinance institutions (MFIs) to overhaul their "flawed" business model for sustainability.
Although the government had pegged fiscal deficit for the current financial year at 5.1 per cent of the GDP in the budget, it has revised the target to 5.3 per cent in view of subdued revenue collection and rising fuel and food subsidy bills.
India's projected growth rate may be marginally affected if there\nis a bad monsoon, as it will affect agricultural output, said Suresh Tendulkar,\nchairman of the prime minister's Economic Advisory Council.
He feels that RBI could be waiting for a period or an opportune movement when there could be sustained reduction.
Are short-term compulsions increasing long-term instability?
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.
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.
Food Min says decision on Rangarajan panel's report in a time bound manner.
The Reserve Bank of India has been actively doing OMOs or buyback of government bonds to manage liquidity in the system over the last few months.
Prime Minister Manmohan Singh last month had said inflation would moderate to 5-6 per cent by the end of the calender year.
He says there are certain aspects, such as export growth, that are impressive.
The committee will suggest an action plan for abolishing the present system of classifying expenditure into plan and non-plan, an official statement said.
Gems & jewellery exports seen rising, too, as demand remains strong in all markets except Europe.
Gold prices had touched the all-time high of Rs 32,975 per ten gms on November 27, 2012.
Prime Minister's Economic Advisory Council Chairman C Rangarajan on Thursday pitched for a "substantial" increase in prices of diesel and cooking gas, saying failure to take strong steps would derail the fiscal consolidation process.
India's trade deficit has fallen to 10-month low of $14.9 billion in February on improving exports and a sharp drop in imports.
While eyeing inorganic growth, the company is considering setting up skilling centres in Africa, Bangladesh and Pakistan.
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.
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