Planning Commission deputy chairman Montek Singh Ahluwalia said on Thursday that inflation would go up and hover between 4 and 5 per cent by the end of this year.
The Planning Commission in its draft approach paper to the 11th five year plan would stress on doubling agricultural growth and bridging regional imablances among other things.
Prime Minister Manmohan Singh last month had said inflation would moderate to 5-6 per cent by the end of the calender year.
The Planning Commission has pitched for linking of domestic fuel prices with those in the international market saying it is necessary for country's global "economic reputation".
Planning Commission Deputy Chairman Montek Singh Ahluwalia today said the fiscal stimulus package unveiled by the government was "adequate" and the next package should aim at creating productive investments in infrastructure.
Pitching for more public-sector role in health, Planning Commission deputy chairperson Montek Singh Ahluwalia said on Monday health and education are two areas where the private sector is welcome to make investments but the government needs to be dominant.
A day after addressing a massive rally at the Ramlila Ground in New Delhi for demanding 'special status' for his state, Bihar Chief Minister Nitish Kumar met Finance Minister P Chidambaram and Planning Commission Deputy Chairman Montek Singh Ahluwalia on Monday.
The Planning Commission deputy chairman Montek Singh Ahluwalia said on Wednesday objections to the disinvestment progammes of the government can be sorted out through discussions. Although the government has expressed its commitment to offload equity in state-owned companies while retaining 51 per cent share, the supporting Dravida Munnetra Kazhagam had raised objections to it.
Ahluwalia's statement comes in the backdrop of Reserve Bank of India's tight monetary policy and high inflation.
According to latest Central Statistical Organisation's estimates, the economy will grow at a rate of 5 per cent in the current fiscal -- the lowest in over a decade.
Manmohan Singh, who also heads the government's Plan think-tank, complimented the internal Planning Commission for starting the process of mid-term appraisal in 'right earnest.'
Terming the 5.5 per cent GDP growth as "good news", Planning Commission Deputy Chairman Montek Singh Ahluwalia today expressed confidence that economy would rebound in subsequent quarters.
Ahead of the July 24 National Development Council (NDC) meeting, the Planning Commission will come out with a report on the problems in the Naxal-hit areas and the issues being faced by tribals.
Monsoon has missed its date this year with granary states of Punjab and Haryana.
Says insurance and pension bills will be taken up in the forthcoming Budget Session.
The government is doing a lot to push growth but the impact of its efforts will be felt in the second half of the fiscal when the expansion rate will show some improvement, Planning Commission Deputy Chairman Montek Singh Ahluwalia said.
The Planning Commission on Thursday said the surge in global oil prices should be passed on to customers, but favoured having some provisions to safeguard the interests of vulnerable sections of the society.
Amid threats that India's credit rating could be downgraded and a slowdown in the economy, Planning Commission deputy chairman Montek Singh Ahluwalia said the government is taking several steps to boost investor confidence and more such measures may follow.
The Planning Commission on Thursday described the International Monetary Fund's growth projection of 8.8 per cent for India as optimistic and said the panel would stick to its outlook.
The Planning Commission on Tuesday made a case for increasing prices of petrol and diesel arguing that it was not a good idea to check inflation by keeping prices of petroleum products low.
Favouring independent regulators for railways and road sector, Planning Commission deputy chairman Montek Singh Ahluwalia on Friday stressed on the need for proper policy framework defining the role of these monitors.
Says govt and Vodafone would have a reasonable compromise.
In order to help the industry combat the impact of global financial crisis, the government had provided three stimulus packages to the industry resulting in a revenue sacrifice of Rs 1.86 lakh crore (Rs 1.86 trillion).
'We want the PM to be aware of the autocratic behaviour of the bureaucracy,' says CPI leader D Raja.
Following widespread drought and floods in various parts of the country, food inflation climbed to more than a 10-year high of 19.95 per cent in December, driven mainly by higher prices of potato, other vegetables and pulses.
Bernanke's remarks about the possibility of scaling back of stimulus with improvement in economic conditions sent the global stock markets including that of India into tizzy.
Last year, the Planning Commission got the approval for the 9 per cent annual average economic growth target under the Approach document for the 12th Plan from the country's apex decision making body, the National Development Council, headed by the Prime Minister with all the chief ministers and Cabinet ministers on board.
Indian economic growth had slowed down to 6.7 per cent during 2008-09 due to the impact of global financial crisis from average of 8.7 per cent in the previous five years.
The Planning Commission on Tuesday said the Reserve Bank's decision to tighten the money supply will not have any impact on growth and the economy would do better than 8 per cent expansion rate projected by the central bank.
Planning Commission has submitted a proposal to the finance ministry for raising Rs 70,000 crore
Raise diesel prices or else face a situation similar to the recent grid failure which led to complete blackout across 20 states for hours, Planning Commission Deputy Chairman Montek Singh Ahluwalia said on Friday.
Currently 100 per cent FDI is allowed in the sector.
The Planning Commission will bring out a policy paper on the regulatory framework for the infrastructure sector by end of 2004.
Terming HSBC's projection at 5.2 per cent for the current fiscal as incorrect, Ahluwalia said the second half is likely to be better than the first half's.
The meetings with the investors at New York, according to sources, are being organised by the US-India Business Council. The USIBC is the premier business advocacy organization representing America's top companies investing in India, joined by global Indian companies, promoting economic reforms with an aim to deepen trade and strengthen commercial ties.
The country's economic growth rate slipped to 5.3 per cent in the fourth quarter of 2011-12, lowest in nearly 9 years due to poor performance of the manufacturing and farm sectors.
The Plan panel on Wednesday said the government's refusal to accord environment clearance to Vedanta's proposed $1.7 billion aluminium project in Orissa would not tarnish India's image as an investment friendly destination.
The Planning Commission on said food prices will come down in the next two months easing the overall inflation, which is currently at over 8.5 per cent.
