In 2007-08, the farm sector growth stood at 4.5 per cent, while it was 3.8 per cent and 5.9 per cent in 2006-07 and 2005-06, respectively. The report, which was released on Wednesday by outgoing council Chairman C Rangarajan, said the lower growth projection is in part due to the base effect of very high growth in 2007-08 and the weak South-West monsoon over peninsular, central and western India in July.
The council wants the government to stick to its fiscal consolidation road map.
A year after the RG Kar rape-murder Swarupa Dutt/Rediff look at the city where it happened, Kolkata -- its study in dichotomy, at once the self-proclaimed cultural capital of India as also a petri dish for a peculiar rage that breeds crimes against women.
On an average, PMEAC said economic growth could be around 6.5 per cent.
The Prime Minister's EAC is expected to give its outlook on economy for the current fiscal in a week's time.
The Anti-Discrimination Student Movement (SAD), which led protests against Bangladesh Prime Minister Sheikh Hasina, has launched itself as a political party called the National Citizen Party (NCP). The new party, which aims to 'dismantle constitutional autocracy' and establish a 'second republic,' has pledged to create a 'solely Bangladesh-oriented' political system, with no room for 'pro-India and pro-Pakistan politics.' The NCP's inaugural rally was attended by representatives of various political parties, including the Bangladesh Nationalist Party (BNP), Jamaat-e-Islami, and envoys from the Vatican and Pakistan.
Debroy is expected to have a role and responsibility similar to the erstwhile chairman of the Prime Minister's Economic Advisory Council
The Prime Minister's Economic Advisory Council will on Wednesday release the outlook for the Indian economy for the current fiscal and is likely to scale down growth projection from earlier 8.5 per cent to 7.5-8 per cent.
CRR stand at 5.5 per cent after a 50 basis points cut in January.
Projecting acceleration in India's GDP growth to 9% for FY 2011-012, Economic Advisory Council to Prime Minister seeks measure to address serious supply bottlenecks.
Prime Minister Manmohan Singh will be briefed on the state of the economy and the growth outlook by his economic advisory council on Friday.
The Prime Minister's Economic Advisory Council, headed by former Reserve Bank Governor C Rangarajan, had said that it was unlikely that the GDP growth rate would be lower than 6.25 per cent for the current fiscal; buy might reach 6.75 per cent despite the adverse impact of monsoon on farm sector output.
Bangladesh's Chief Adviser Muhammad Yunus has called upon China to expand its economic influence in Bangladesh, controversially mentioning that India's northeastern states being landlocked could present an opportunity. Yunus, who recently visited China and met with President Xi Jinping, highlighted Bangladesh's role as the "only guardian of the ocean " in the region, suggesting it could be a pathway for Chinese economic expansion. This statement has sparked debate, with Sanjeev Sanyal, a member of Prime Minister Narendra Modi's economic advisory council, questioning the relevance of India's landlocked states in Yunus' appeal to China. Yunus, however, emphasized the importance of a strong friendship with China, viewing it as a counterbalance to India. During his visit, Yunus signed nine agreements with Beijing and secured USD 2.1 billion in investments, loans, and grants from the Chinese government and companies.
India needs another shot of difficult reform, of the kind only possible at gunpoint. Mr Trump holds that gun to our heads now. A drastic reduction in tariff protection, other elements of sarkari wet-nursing will force entrepreneurial India to become competitive again, argues Shekhar Gupta.
Finance Minister P Chidambaram on Wednesday said he was confident that the economy will grow close to 8 per cent this fiscal, although the Prime Minister's Economic Advisory Council saw gross domestic product expansion slowing to 7.7 per cent.
'The focus of the legislation will be to minimise user harm and increase the accountability of platforms, while also promoting innovation.'
The government on Friday appointed Suman K Bery as the vice chairman of Niti Aayog, following the sudden resignation of Rajiv Kumar.
China on Tuesday retaliated US President Donald Trump's imposition of 2nd round of ten per cent tariffs on its export by slapping an additional 15 per cent tariffs on American goods and initiated legal action against Washington in WTO while leaving the door open for talks to address each other's concerns.
The GDP growth for 2013-14 has been lowered to 5.3%, from 6.4% in April.
Prime Minister Narendra Modi's goal of making India a high-income economy by 2047 is unlikely to be achieved, but the country should become an upper middle-income nation by then, Financial Times chief economics commentator Martin Wolf said on Friday. Wolf further said that India would also become a superpower by 2047. "India wishes to become a high-income country by 2047.
With inflation still ruling above the 9 per cent mark, Prime Minister's Economic Advisory Committee (PMEAC) on Wednesday suggested that the Reserve Bank should continue to focus on controlling the rising prices.
The outbound FDI is also expected to increase, resulting in net FDI inflow of $24 billion.
Raise the price of diesel and restrict supply of subsidised LPG cylinder in a year to four per family, Prime Minister's Economic Advisory Panel suggested on Friday.
Prime Minister Dr Manmohan Singh has convened a meeting of senior ministers on Tuesday to discuss the recommendations of the National Advisory Council on the Food Security Bill.
Government's cheap food distribution covers 68 per cent of the population.
Chief Minister MK Stalin has shown that he is cut from a different cloth when it comes to embracing what is current, modern and absolutely necessary. Thus, even while retaining the spirit and content of the pan-Tamil, Dravidian socio-political and socio-economic ideology to the 't', his government has also acknowledged the need to accepting scientifically-proven facts in operational matters, says N Sathiya Moorthy.
Earlier the council's outlook was 7-7.5 per cent for the year. Even the revised forecast is yet quite optimistic compared to other agencies.
The report added that the rapid adjustments in the monetary and fiscal policies were well calibrated and not excessive, enabling the government to contemplate a return to fiscal consolidation in 2010-11 and an early normalisation of the monetary policy stance.
Prime Minister's economic advisory panel chief C Rangarajan has described the dip in factory output in September as 'disappointing' and said industry may grow by just 6 per cent in the current fiscal, as against the earlier projection of 7 per cent.
The government has decided to hold off introducing the production-linked incentive (PLI) scheme for additional sectors until it verifies the efficacy of existing initiatives. Top government officials have received mixed feedback on the scheme, including insights from the Economic Advisory Council to the Prime Minister, people aware of the matter said. "There are no new PLI schemes in the offing.
Chairman of the Economic Advisory Council to the Prime Minister (PMEAC) Chakravarthi Rangarajan has resigned following the defeat of the Congress-led UPA in the general elections.
Subramanian's paper comes at a time when concerns have been raised in various quarters about the official economic growth numbers. The Economic Advisory Council-PM said the Base Year of India's income calculations were shifted to 2011-12 on the basis of recommendations of several committees with experts in national income accounting.
In a statement, the Population Foundation of India said it is deeply concerned about recent media reports "misreporting" the findings from the study to spread alarm regarding the growth of the Muslim population in the country.
"Rather than putting pressure on the businesspeople of the Manufacturing Council & Strategy & Policy Forum, I am ending both. Thank you all!" Trump said in a tweet.
Economic Advisory Council to the Prime Minister has identified ten themes, including economic growth and job creations that need attention.
The proposed move would lead to dismantling of the administered price mechanism.
There are indications or signs of the economy picking up -- collection of GST and consumption of electricity, said former RBI governor, C Rangarajan.
He was speaking to reporters on the sidelines of a conference organised by the Madras School of Economics.
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.
The overall inflation in March fell to 5.96 per cent.
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