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India's CAD -- the gap between inflow and outgo of foreign exchange -- widened to a record high of $88 billion or 4.8 per cent of the gross domestic product for the fiscal ended March 31, from $78.2 billion in 2011-2012, about 4.2 per cent of the Gross Domestic Product.
Dreze and Gupta were taken into preventive custody for organising a programme without taking permission.
'It appears the growth rate could be around six per cent'.
In the first sign of dissent within the ruling UPA government, Agriculture & Food Minister Sharad Pawar on Wednesday indicated that covering two-thirds of the population under the proposed Food Security Bill was not feasible.
Under the new Monetary Policy Framework, the central bank aims to contain inflation at 4 per cent with a band of (+/-) 2 per cent.
Finance Commission has got new team who are committed to growth initiatives.
With this the only minister without a portfolio is Oscar Fernandes
India needs a National Trade Policy Council, chaired by a minister who reports directly to the PM, says Jayanta Roy, former economic advisor to the Union commerce ministry.
The Prime Ministry's Economic Advisory Council Chairman also said fiscal deficit is a concern too and suggested raising domestic oil prices to restrict it to the budget target of 4.8 per cent of the gross domestic product in this fiscal.
The government has been pressing citizens to pay taxes and be compliant, but they have very little to show regarding improved efficiencies in the companies they themselves own, the fund managers said.
On the reduction in the SLR ratio, he said it was a signal from the point of view of long-term reforms.
Consulting Conclave at Faculty of Management Studies, Delhi
'Poor home work, and a subsequent loss of nerve.' 'This sums up the Modi government's current travails, the stall in key sectors, fading momentum, irritability,' points out Shekhar Gupta.
The Centre is grappling with the question of its fiscal roadmap not only for this year but for 2018-19
'This government has always been fiscally conservative. It never resorted to fiscal profligacy.'
India's economic growth had slumped to a decade's low of five per cent in 2012-13.
The recent rupee depreciation and capital outflows could adversely impact the country's economy.
The price of vegetables in general rose by 77.81 per cent making life difficult for the common man.
'We have to think of the repercussions if public sector banks are privatised and if they go to foreign hands.'
The prime minister's economic advisory council was disbanded early on, and not reconstituted.
'If because of El Nino, the monsoon is affected adversely in the current year, naturally it will affect income projections and consequently Budget numbers.'
Earlier in his address, he said with over 500 million bank accounts in the country, it is estimated that the Indian banking system produces over one billion transactions a day.
The plan could mature into either an umbrella programme for urban youths similar to the Garib Kalyan Rozgaar Abhiyaan or a modified urban-focused version of MGNREGS.
The noted economist said some of the bad loans are due to a slowdown in the economy and asset restructuring companies are part of the solution.
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The marginal improvement in the index of industrial production was mainly on account of higher power generation and mining sector output, while manufacturing declined.
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Raghuram Rajan, who took over as RBI Governor on September 4, is scheduled to unveil on Friday mid-quarter monetary policy review, an event keenly awaited by industry and banks.
According to the Central Statistics Office data, the jump in the retail inflation based on Consumer Price Index was mainly due to rise in prices of kitchen items like vegetables, meat and fish.
The data profiles the country's rural households.
Since end-May there has been volatility in the foreign exchange market.
'The growth drivers are mostly invisible, but the growth is undeniable at least for now,' notes Debashis Basu.
IMF projected India's economic growth at 4.25% in 2013-14.
'We can go somewhere between 35 per cent and 40 per cent.'
There has been criticism of the official statistics ever since MoSPI came out with new methodology to estimate the GDP on the base year of 2011-12 compared to earlier 2004-05.
Debroy worked as a consultant in the Department of Economic Affairs in Finance Ministry.
On the present government's 'Make in India' campaign, C Rangarajan, former chairman of the Prime Minister's Economic Advisory Council, says it is important to first ask for whom it is being made.
In a paper, EAC-PM accused Subramanian of "cherry-picking high-frequency indicators" to express his skepticism about the growth rates after 2011-12.
He was most recently credited as one of the brains behind labour law reforms in Rajasthan
Disagreeing with Reserve Bank's projection on the price situation, former RBI Governor and PM's Economic Advisory Council chairman C Rangarajan said WPI and CPI may not be as high as being projected by the central bank.
It is time the government cast its net wide for seeking expert advice on managing the Indian economy and formed a group to help it navigate the difficult days ahead, advises A K Bhattacharya.
The new rates, which are likely to be at $8-8.4 against the current price of $4.2 per million British thermal unit, are based on the recommendations of a committee that was appointed by Prime Minister Manmohan Singh at the request of Moily's predecessor, S Jaipal Reddy.
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