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.
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.
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.
Although India's private health insurance industry's business volumes have grown by over 35 per cent a year in the last few years, a staggering 85 per cent of the population remains uninsured, according to industry estimates.
Says govt and Vodafone would have a reasonable compromise.
Planning Commission has submitted a proposal to the finance ministry for raising Rs 70,000 crore
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.
The Planning Commission will bring out a policy paper on the regulatory framework for the infrastructure sector by end of 2004.
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.
The Reserve Bank of India has already raised its key short-term rates by 25 basis points to cool inflation and many experts believe that it will make money dearer to tame inflation in its April 20 annual monetary policy announcement.
Ahluwalia's statement comes in the backdrop of Reserve Bank of India's tight monetary policy and high inflation.
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.
Defending the government's decision to raise prices of petroleum products, the Plan panel said on Wednesday it would suck money from the system and ease inflationary pressure in the long run.
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.
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.
Mukherjee said uncertainty was still there on oil prices front due to unrest in West Asia and North Africa.
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.
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.
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.
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.
He rejected the recommendation of the report that "major emitters" in developing countries should aim at an emission trajectory that peaks in 2020 and leads to a 20 per cent cut by 2050.
The plan panel on Thursday termed the housing finance racket, involving the chief of LIC Housing Finance and several other officials of PSU banks, as a "very small" incident as far as banking system as a whole was concerned.
Hailing the Budget 2009-10 as "growth oriented", Planning Commission Deputy Chairman Montek Singh Ahluwalia on Monday said there would be no need for another stimulus in the current fiscal.
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.
Under Railways, the two sides agreed to pursue specific collaboration arrangements in heavy haul, station redevelopment and raising speed of existing trains in India.
India is expected to record a gross domestic product (GDP) growth rate of 6 per cent this fiscal, which will improve further in the next fiscal with likely recovery in the global economy, Planning Commission Deputy Chairman Montek Singh Ahluwalia said.
Defending the government's decision to open up the multi-brand retail sector to foreign investment, Plan panel deputy chief Montek Singh Ahluwalia on Friday said it would help farmers as well as consumers.
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.
Amid criticism over engaging experts from multilateral agencies like World Bank, Planning Commission on Wednesday asserted that none of the "outside bodies"
Ahluwalia said India is also interested in stepping up cooperation with China on railways development.
With industrial production contracting by 0.4 per cent in October, for the first time in 15 years, and the exports declining by over 12 per cent during the month, the government came out with a stimulus package on December 7 to spur growth and help the industry combat the impact of global financial meltdown. As part of the stimulus package, the government cut excise duty by 4 per cent across the board, except on petroleum products.
Power distribution companies in the country are estimated to have incurred a staggering loss of about Rs 70,000 crore (Rs 700 billion) in the last fiscal and the amount is expected to be as much as Rs 1,16,000 crore (Rs 1,160 billion) by 2014-15.
The data further revealed that GDP growth rate was 9.4 per cent in the last quarter of 2009-10 and 8.3 per cent in the third quarter of 2010-11.
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.
India's fiscal deficit is expected to be 5.6 per cent of gross domestic product this fiscal as against the budget estimates of 4.6 per cent of GDP.
Reliance Industries is facing penalty for falling gas output from its KG-D6 fields.
The Foreign Investment Promotion Board on March 6 cleared the Malaysian budget carrier AirAsia's bid to launch an airline in India by joining hands with Tata Sons.
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