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.
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.
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.
"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.
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.
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.
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.
Why phasing out the fertiliser subsidy will affect small farmers.
Ignoring the rate cut demand of India Inc, RBI in its first quarter monetary policy review kept the short-term lending (repo) rate, at which banks borrow from RBI, unchanged at 8 per cent.
He said the government would not go in for providing stimulus across the board and that only specific sectors would be considered for the measure.
'The terminal year could yield nine per cent.'
It forecast a growth of 9 per cent for 2011-12.
Popular anguish over the slow pace of economic reforms has grown more intense in the last few weeks even as Congress President Sonia Gandhi takes charge as the head of the National Advisory Council and Prime Minister Manmohan Singh's grip on the policy-making apparatus of the United Progressive Alliance (UPA) government appears to get weaker.
Fiscal correction is needed even after the changes that have been made now, otherwise the fiscal deficit would tend to be high.
The Prime Minister Economy Advisory Council has projected a mere two per cent growth in the sector for the current year. Earlier in August, PMEAC had projected the agriculture production to grow at a lower pace of two per cent in the current year as against 4.5 per cent in 2007-08.
Industry chambers also sought conducive policies for completion of large infrastructure projects in time.
In an interview with Business Standard, he says investments would pick up and inflation would fall in the next financial year, providing the Reserve Bank of India the room to cut rates.
There are indications or signs of the economy picking up -- collection of GST and consumption of electricity, said former RBI governor, C Rangarajan.
The Prime Minister's economic panel said high food inflation reflects lacklustre performance of the farm sector, which together with infrastructure, remains the main bottlenecks to higher growth.
The finance minister said figures for second quarter economic growth are yet to come, but industry has started picking up. The Indian economy grew by 6.1 per cent in the first quarter. On inflation, Mukherjee said the government has taken steps to ensure that the adverse impact of inflationary pressures is reduced by strengthening supply management.
'Fiscal and monetary space is more constrained in developing countries because of inflation and high borrowing cost.'
Simplifying GST rates, removing exemptions, easing disputes, and speeding up refunds can boost investment in India and offer the best reply to Trump's tariffs, observes V S Krishnan, former member, Central Board of Indirect Taxes and Customs.
Food inflation rose to 17.47 per cent in the third week of November against 15.58 per cent in the previous week.
According to Jagdish Shettigar, chairman of BJP's economic cell and former member of the Prime Minister's Economic Advisory Council, infrastructure, especially road building, will be a priority. It is now also certain that work on the controversial 111-km Nandi Infrastructure Corridor Enterprise connecting Bnagalore and Mysore will be accelerated. "We have always supported NICE," said a BJP leader.
They want govt to raise excise duty and service tax rates, cut subsidies.
Food inflation is an area of concern for the common man and government with rate of price rise touching as high as 18.32 per cent in the last week of December mainly fueled by mass consumption items like vegetables, milk and protein-based items.
The Reserve Bank's decision to cut interest rates will stimulate investment and help in anchoring inflationary expectations, Prime Minister's Economic Advisory Council (PMEAC) Chairman C Rangarajan said.
Interest rates may harden a bit by the end of the current financial year, according to C Rangarajan, chairman of the Prime Minister's Economic Advisory Council.
According to data released on Thursday, Wholesale Price Index-based inflation rose to seven per cent in October from 6.46 per cent in September.
He says though agriculture and industry would get a fillip in the second half of this financial year, a complete economic revival is expected only in 2013-14.
Higher economic growth can be sustained only in an atmosphere of reasonable price stability
Chief Statistician T C A Anant says this a unique crisis and should be dealt with keeping the current situation in mind.
Modern organised retail will be helpful in containing inflation and allowing foreign direct investment (FDI) in multi-brand retail leads to development of back-end infrastructure that will benefit farmers, according to C Rangarajan, Chairman of the Economic Advisory Council to the Prime Minister.
Slow growth of the US and Europe will have some adverse affect on Indian exports.
The Prime Minister's Economic Advisory Council on Monday projected the economic growth in the country at 8.6 per cent for the current fiscal on the back of rebound in farm output and inflation to come down to 7 per cent by March-end due to declining food prices.
"India's economic fundamentals are quite robust and its economy remains the second-fastest growing one in the world," the prime minister's Economic Advisory Council's chairman Suresh Tendulkar told reporters in Mumbai. According to him, the financial meltdown in advanced economies 'has been very serious'.
Prime Minister Manmohan Singh mourned his death in his message to Tendulkar's wife Sunetra.
