"This year, at the Planning Commission, we expect growth rate will be around 8 per cent. We are not expecting 9 per cent in the year 2011-12," Ahluwalia said while speaking at the convocation ceremony at Vijna Jyothy Institute of Management.
Government and the Planning Commission had earlier projected a growth rate of 9 per cent during 2011-12, up from 8.6 per cent in the previous fiscal.
Ahluwalia argues that India can attract more capital even in today's world, provided the country retains an open system
With a view to find a long term alternative to scarce petroleum products, Planning Commission Deputy Chairman Montek Singh Ahluwalia
The price rise measured in terms of Wholesale Price Index rose for the second straight month, to 5.79 per cent in July, on account of double digit rise in prices of food articles, mainly vegetables, including onion.
Seeking to set at rest controversy over Aadhar, Planning Commission Deputy Chairman Montek Singh Ahluwalia has said that UID is a number and not an identity card.
The Planning Commission on Tuesday said that inflation is not coming down as expected and it would be little higher than earlier forecast of close 6 per cent for the month of December.
Economic liberalisation has not resulted in rapid reduction in poverty, as was expected, Planning Commission Deputy Chairman Montek Singh Ahluwalia said.
Hailing Reserve Bank's decision to cut key rates, Plan panel on Tuesday said it would boost investments and hoped the measures will have significant effect on long term borrowing rates.
Planning Commission Deputy Chairman Montek Singh Ahluwalia on Tuesday said that poor monsoon will adversely impact farm production and trim economic growth.
In view of declining inflation and recessionary conditions, the Planning Commission expects industry to cut prices in the normal course to battle economic slowdown.
Home Minister P Chidambaram and Planning Commission Deputy Chairman Montek Singh Ahluwalia rejected reports that they were locked in a turf war over the ambitious UIDAI project to give every Indian resident a unique ID number Aadhar.
The Planning Commission on Saturday sought to play down fears that the hike in excise duty on petroleum products would lead to a surge in inflation.
The Planning Commission's latest poverty estimates, based on the 2011-12 consumption expenditure survey, shows that across India, the number of people living below the poverty line declined by more than 15 percentage points -- from 2004-05 to 2011-12 and from 37 per cent to 21.9 per cent.
RBI has chosen to keep all key rates and ratios unchanged in its policy review unveiled earlier in the day.
"The word populist has negative overtones, but I am sure (the) finance minister will present a popular Budget. However, we should maintain the mystery of the Budget and you have to wait and see what comes out," Planning Commission Deputy Chairman Montek Singh Alhuwalia said.
The two-day conference, which saw participation of ministers and senior officials from all the states, was marked by brainstorming in the run up to the expected enactment of the government's ambitious Food Security Bill.
According to official data released on Friday, industrial growth has slipped to 0.6 per cent in February this year due to contraction in power generation and mining output and poor performance of manufacturing sector.
According to Ahluwalia, if everything goes well on the economic growth front for the next three months, then one can say that the economy will be back on higher growth trajectory in the long run.
The document which was tabled in Parliament by Finance Minister P Chidambaram has projected the growth rate for next fiscal at 6.1-6.7 per cent.
Wipro Chairman Azim Premji, Planning Commission Deputy Chairperson Montek Singh Ahluwalia, former diplomat Brajesh Mishra and Telugu thespian A Nageshwara Rao were chosen for country's second highest civilian award--Padma Vibhushan--this year.
He was the chief guest of UIDAI's function in New Delhi.
There is no doubt that economic growth has picked up. It's also true that inflation has edged up. We had said at the beginning that sometime in the course of the year we would begin to slowly wind it down and what has happened is on course for that decision but exactly what, it's too early to say, says Montek Singh Ahluwalia.
Batting for the Reserve Bank of India and the finance ministry, the Planning Commission on Friday said concessions to special economic zones should be at par with those provided to infrastructure projects.\n\n
Terming the Union Budget as an excellent document, Planning Commission Deputy Chairman Montek Singh Ahluwalia on Monday said efforts were on to break the impasse on turnover tax on securities transactions.
The industrial growth number for the month of December has been revised upward to 2.53 per cent from the provisional number of 1.6 per cent released earlier.
Addressing a high level debate on 'State of the World Economy and Finance in 2012' at the United Nations General Assembly in United Nations on Thursday, Ahluwalia said the Indian economy grew at an average rate of 9 per cent in the five years prior to the financial crisis of 2008.
The Planning Commission said the decision of oil marketing companies to raise petrol price by Rs 3.14 per litre is a good news and will provide credibility to the economic reforms process.
Planning Commission Deputy Chairman Montek Singh Ahluwalia on Wednesday called for sweeping reforms in education and health to make the surging economic growth truly inclusive.
In a note, titled 'IIFCL financing for PPP projects,' sent to Prime Minister Manmohan Singh, Ahluwalia wrote, 'It was pointed out in the meeting that the term of the current CMD (chairman and managing director) of IIFCL ends on March 10. The FS (finance secretary) had indicated that the term can be extended. Action on this front should be expedited to avoid loss of momentum.'
The Indian economy is expected to grow at least 7 per cent in the next financial year on the back of the two stimulus packages given by the government, but in the immediate-term there would be some pain and a rise in unemployment levels, Deputy Chairman of the Planning Commission, Montek Singh Ahluwalia said.
The Planning Commission said on Tuesday the current upswing in the economy, which is showing signs of overheating, was unlikely to continue in the long term, while attributing pressure on prices to high growth rate.
Finance Secretary Ashok Chawla, in an impromptu chat with reporters, sided with Sebi, while Planning Commission Deputy Chairman Montek Singh Ahluwalia cited the spat to make a case for setting up a Financial Development and Stability Council (FSDC).
Planning Commission Deputy Chairman Montek Singh Ahluwalia says investors are aware the government is addressing various problems in the economy.
In its mid-quarter review of monetary policy, RBI on Wednesday kept all key interest rates unchanged notwithstanding persistent high inflationary pressure.
The government last month revised the growth forecast for the current fiscal downward to 7.5 per cent on domestic concerns like high inflation and slowing industrial output, besides a global slowdown.
According to Planning Commission Deputy Chairman Montek Singh Ahluwalia, more than the anticipated growth in the farm sector will make up for the shortfall in the industrial output.
The Planning Commission on Tuesday projected a 8.5-9 per cent economic growth for this fiscal despite a slowdown in industrial growth in July.
Enthused by the prospects of good monsoon, the Planning Commission on Tuesday said the double digits inflation would decline by December, and sounded optimism that economic growth would exceed 8.5 per cent this fiscal.
