Setting at rest speculation about the possibility of tax cuts to boost growth, the Planning Commission Deputy Chairman Montek Singh Ahluwalia on Tuesday said the government will not change the tax structure during the current fiscal, ending March 31.
Planning Commission on Friday said there is no case for providing stimulus to the industry to arrest moderating growth as the fiscal deficit is high and may exceed the Budget estimate of 4.6 per cent by about one percentage point.
Ahluwalia said that emerging markets would need to focus more on FDI and bonds among other measures to make up for the fall in bank credit.
The Planning Commission does not foresee any significant disruption of state finances on account of increase in salaries of state government employees.
The economy expanded at a decade-low rate of 5 per cent in the first year of the 12th Plan
The economy had grown at 5.4 per cent in the corresponding quarter of April-June last fiscal.
Planning Commission on Monday said India will not be able to achieve USD 1 trillion target for investment in the infrastructure sector during the 12th Plan (2012-17) in view of lower economic growth prospects.
The Planning Commission on Tuesday said it expected industrial production to beat last year's growth and attributed the revival to various stimulus measures. His comments came after latest government data showed that factory production grew 11.7 per cent in November last year.
'When Prime Minister Modi met President Trump, they agreed to initiate a bilateral trade dialogue.' 'It makes sense to give these negotiations a chance.'
Social sectors like health and education will get a leg up in the Eleventh Plan (2007-12), even as some other sectors may see a reduction in fund allocation.
The Rs 67,700-crore (Rs 677 billion) revenue boost from the auction of 3G spectrum licences will help the government reduce its borrowings in the current fiscal, Planning Commission deputy chairman Montek Singh Ahluwalia said.
Deficient monsoon is likely to pull down the economic growth in the current fiscal to about six per cent, from 6.5 per cent a year ago, the Planning Commission said on Friday.
The Planning Commission on Monday said the fiscal deficit, the difference between total revenue and expenditure, will not exceed the budgetary estimate of 6.8 per cent of gross domestic product (GDP).
India will become the third-biggest economy in the world by 2030, Deputy Chairman of the Planning Commission Montek Singh Ahluwalia said.
He also indicated that the current position of the rupee is competitive against world currencies.
In an interview with Karan Thapar on the CNN-IBN channel's Devil's Advocate programme, Planning Commission Deputy Chairman Montek Singh Ahluwalia explains why he faults the controversial report of the Comptroller and Auditor General on 2G telecom spectrum allocation. Edited excerpts:
India, whose economy has been coasting along at 8 per cent for the last three years, can achieve 9.5 per cent GDP growth even in the absence of hard labour reforms or foreign direct investment in the retail sector.
Planning Commission echoed Prime Minister Manmohan Singh's concern that corporate salaries were excessive but said there was no proposed move to impose any cap on their salaries.
With the five-year term of Reserve Bank of India Governor Y V Reddy coming to an end soon, names of his deputy Rakesh Mohan and Planning Commission Deputy Chairman Montek Singh Ahluwalia are emerging as potential successors, a media report said in London.
The government will come out with details of a new scheme for farm sector projects by states in the next 4-6 weeks to implement the Rs 25,000 crore (Rs 250 billion) plan announced by Prime Minister Manmohan Singh last month.
However, 10 per cent economic growth rate does not seem feasible, Planning Commission Deputy Chairman Montek Singh Ahluwalia told reporters here, a day before full Plan panel is to meet under the chairmanship of Prime Minister Manmohan Singh.
In the October-December quarter, India's economy grew below expectations at 4.7 per cent on falling output in the manufacturing sector.
The global financial meltdown has pulled down India's economic growth to 6.7 per cent during 2008-09 from about 9 per cent a year ago. During the current fiscal, as per the Planning Commission estimates, growth rate may fall to 6.3 per cent.
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.
The Planning Commission on Friday said the economy is expected to grow between 6-6.5% in the current fiscal
Planning Commission Deputy Chairman Montek Singh Ahluwalia Thursday said there is no reason why India, despite the current global financial turmoil, could not get back to earlier high growth path if it can step up domestic investment demands.
Planning Commission Deputy Chairman Montek Singh Ahluwalia Thursday said there is no reason why India, despite the current global financial turmoil, could not get back to earlier high growth path if it can step up domestic investment demands.
Population growth rate would be 1.5 per cent during the period 2007-12. "The next 10 years, India will register four major changes. The economic growth will accelerate, the technology will also grow and domestic industry will experience major liberalisation," Ahluwalia said after inaugurating the 22nd Indian Engineering Congress in Udaipur.
The Planning Commission on Monday said investment in the infrastructure sector in the Eleventh Five-Year Plan (2007-12) will be close to the target of $500 billion, thanks to a better-than-expected show by the telecom sector
Planning Commission Deputy Chairman Montek Singh Ahluwalia said big investments and increase in agriculture output will boost Indian economy.
Costlier food items, including vegetables, pushed the October wholesale inflation to 7 per cent, the highest in the current financial year.
Planning Commission Deputy Chairman Montek Singh Ahluwalia on Monday pegged India's growth this financial year at 6.5-7 per cent. He added the country had taken various steps to boost investment, the results of which would be seen in six months.
The current account deficit is the difference between inflow and outflow of foreign exchange.
With economic conditions turning better compared to that three months ago, the Planning Commission on Monday said economy should record at least 6.7 per cent growth rate this fiscal, the same as was witnessed in 2008-09.
As the country faces the possibility of a fractured mandate after the 2014 general elections, Planning Commission Deputy Chairman Montek Singh Ahluwalia is of the view that in an era of coalition governments, special steps are needed to build consensus around policies or else, India will not be able to grow at its full potential.
The government hopes of registering GDP growth rate ranging between 6.1-6.7 per cent in 2013-14.
Planning Commission on Friday said it will revisit annual average GDP growth target of 8 per cent for the 12th Plan (2012-17) in view of dismal performance in first two years of policy period, while saying the economy is likely to expand by over 5 per cent this fiscal.
While about 8,000 people are in the long list of invitees, the select list features just a few hundred people, including prominent politicians, leading industrialists, top film stars, sportspersons, bureaucrats and diplomats.
The RBI has enough "fire power" to deal with the rupee volatility and will intervene in the forex market as and when required, said Planning Commission Deputy Chairman Montek Singh Ahluwalia.
