The finance minister said the challenge now is to find the means to cross the double-digit growth barrier in the coming year or two.
Contending that economic growth has been high during United Progressive Alliance rule, he admitted that gross domestic product of 7 per cent was 'not adequate' but refused to accept the opposition contention that it was all time low.
Ministries seek more discussions, Cabinet defers decision.
Mukherjee said the high inflationary pressure, specially in food and some non-food articles, existed in other emerging economies also.
Finance Minister Pranab Mukherjee on Monday said the medium-term outlook for the economy is bright and presents an excellent opportunity to take the growth process forward.
Finance Minister Pranab Mukherjee also said that the excise duty on cement will be reduced to 8 per cent from 10 per cent, while service tax will be cut from 12 per cent to 10 per cent.
Reflecting the growing strains in relations between the two United Progressive Alliance allies, Finance Minister Pranab Mukherjee on Tuesday criticised attempts of Trinamool Congress to marginalise Congress in West Bengal.
After the empowered group of ministers' meeting on the 3G spectrum auction, finance minister Pranab Mukherjee was surrounded by journalists.
While the plan allocation for agriculture has gone up by 300 percent between the period 2003-04 and 2008-09, the agriculture credit disbursement too has increased from Rs 87,000 crore (Rs 870 billion) to Rs 2,50,000 crore (Rs 2500 billion) up to 2007-08.
Finance minister Pranab Mukherjee said he was confident of the DTC being recommended by the standing committee in the coming (winter) Parliament session.
"I am complimenting the way in which one is managing finances, given the constraint that we are in", said Kochhar, ICICI Bank CEO and managing director.
Worried over Baba Ramdev's indefinite fast from Saturday, the government on Wednesday took an extraordinary step to woo him by deputing Finance minister Pranab Mukherjee and three other senior ministers to the airport for talks but he appeared not to relent on his plans.
Finance Minister Pranab Mukherjee on Monday said adverse global economic developments, including the fallout of downgrade of the United States sovereign rating, present new opportunities to India and the country could become a source of stability for the world economy.
Finance Minister Pranab Mukherjee's Budget speech on Friday brought closer to reality, billionaire industrialist Anil Ambani's dream of entering the banking sector.
Pranab Mukherjee says India's economic fundamentals are strong.
"Real estate is facing a slowdown. So we should make an arrangement for giving loans at 6.5 per cent interest for houses in the below Rs 5 lakh (Rs 500,000) category to the poor," Urban Development Minister Jaipal Reddy said. He suggested an extension of housing loan at the rate of 7.5 per cent presently available for flats up to Rs 20 lakh to those priced at Rs 30 lakh in the cities. "The revival of real estate is key for generating employment," he said.
A crucial meeting of Finance Minister Pranab Mukherjee and the leaders from Telangana once again resulted in no concrete decision being taken on the issue of separate statehood.
Ahead of the monetary policy review, RBI governor D Subbarao is expected to meet Prime Minister Manmohan Singh and finance minister Pranab Mukherjee on October 23.
The Dravida Munnetra Kazhagam-Congress alliance appeared headed for a break with six Union Ministers of the regional party set to resign on Monday even as Finance Minister Pranab Mukherjee appealed to Tamil Nadu Chief Minister M Karunanidhi to reconsider his decision to pull out of the United Progressive Alliance government.
The Lok Sabha and the Rajya Sabha, holding special sittings on Sunday, will focus on the '60 years journey of Indian Parliament' as they celebrate 60th anniversary of its first session.
As the counting process into election to five assemblies reached its final phases, Senior Congress leader and Finance Minister Pranab Mukherjee declared that the people have given their verdict towards both 'stability' and 'change.'
"Serious deliberations are underway for establishing a regulator for the coal sector and similar thought is now being given to other infrastructure sectors as well," said Pranab Mukherjee.
The Bills pertaining to the introduction of a new law and amendment to the Constitution will not be tabled in the coming Budget session of Parliament. finance minister Pranab Mukherjee and state finance ministers will meet in April to decide a new date for the GST rollout.
Downplaying the recent war of words with China, India on Wednesday expressed confidence that the boundary dispute would be resolved amicably through dialogue.
Finance minister Pranab Mukherjee on Saturday clarified doubts raised by overseas Indians over double taxation of global income of resident Indians while speaking at the Pravasi Bharatiya Diwas 2011.
Issuing the clarification after Minister for Overseas Indian Affairs Vyalar Ravi brought it to his notice, Mukherjee spelt out what makes for a resident Indian.
Finance Minister Pranab Mukherjee on Wednesday asked banks to cut interest rates and provide cheap credit to industry in order to spur economic activity.
To narrow the gap, corporates should join hands with the state and Central governments to create healthcare facilities through their social responsibility activities, he said.
External Affairs Minister S M Krishna and his deputy Shashi Tharoor are ready to vacate their luxury hotel rooms following Finance Minister Pranab Mukherjee's call for austerity.
The much-awaited talks to finalise the seat-sharing issue between Congress and Trinamool Congress for the coming Assembly elections in West Bengal ended inconclusively in Kolkata on Tuesday night.
R Gopalan has been appointed as Secretary Economic Affairs. He will hold this position, in addition to his current charge as Secretary Financial Services.
At present, when Indian corporates declare dividends, a dividend distribution tax is slapped at 15 per cent.
US President Barack Obama had earlier said that the companies which provide jobs at home would get bigger tax breaks.
The Union Budget stepped up plan allocation for the health sector by 20 per cent with a focus on health insurance, which Finance Minister Pranab Mukherjee announced would be extended now to unorganised sector workers in hazardous mining and associated industries.
Government has set up a Financial Sector Legislative Reforms Commission to streamline the financial sector laws.
Concerned over the misuse of subsidies provided under various schemes, Finance Minister Pranab Mukherjee on Monday said the government will provide a direct cash subsidy on kerosene and fertilisers to the poor from March next year.
Finance Minister Pranab Mukherjee on Tuesday urged the states to strengthen PDS to enable the government insulate the poor from the adverse impact of inflation.
Necessary funds are proposed to be allocated for the eight national missions that are being launched following the National Action Plan on Climate Change (NAPCC) unveiled last year.
The decision was taken at a meeting Finance Minister Pranab Mukherjee had with Law Minister Salman Khurshid and Parliamentary Affairs Minister Pawan Kumar Bansal.
At the IMF, India is expected to link announcement of additional resources to the IMF to the implementation of 2012 quota reform.
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