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.
"They (prices of petroleum products) should be linked to world prices," Planning Commission Deputy Chairman Montek Singh Ahluwalia told PTI when asked about the global crude prices now surging to about $70 a barrel.
The Planning Commission sees stronger economic expansion in the second half which could push up the growth rate for the current fiscal to beyond 6.3 per cent projected earlier by the panel.
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.
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 Deputy Chairman Montek Singh Ahluwalia today said the country would need to spend eight per cent of its GDP on the sector during the 11th Plan to ensure a 10 per cent economic growth.
"I am in favour of generally multilaterally liberalising trade and I think the rest of the world is moving towards doing that in a parallel track," says Montek Singh Ahluwalia.
The Planning Commission does not foresee any significant disruption of state finances on account of increase in salaries of state government employees.
"The full impact of the Dubai debt crisis is yet to be assessed, but there is no need to press the panic button," said Pranab Mukherjee.
Conceding that the fiscal deficit could exceed the targeted 4.6 per cent of GDP for 2011-12 by up to one percentage point, Planning Commission Deputy Chairman Montek Singh Ahluwalia today said such a situation need not be a matter of concern.
Planning Commission Deputy Chairman Montek Singh Ahluwalia said the government can consider some more measures to contain inflation if prices do not soften going ahead. Inflation touched a 42-month high of 7.57 per cent for the week ended April 19 as compared to 7.33 per cent in the previous week. When asked whether futures trading of food grains be banned to bring down prices, he replied that the expert committee has said that futures trading does not increase inflation.
Says govt's focus is to re-assure foreign investors that India is wide open for business.
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.
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.
India should learn to live with high energy prices for rapid economic growth, said Planning Commission Deputy Chairman Montek Singh Ahluwalia after two of the state-owned oil companies hiked petrol rates this week.
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.
Dr Manmohan Singh first embossed himself on the national consciousness when as India's finance minister he flagged off economic reforms which changed this nation forever.
Overall inflation, which has been in double digits for the last five months, was 10.55 per cent in June.
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.
India's gross domestic product grew at a decade low of 5 per cent last fiscal.
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 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.
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.
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:
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.
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).
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.
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.
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.
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.
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.
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.
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.
In its mid-quarter review of monetary policy, RBI on Wednesday kept all key interest rates unchanged notwithstanding persistent high inflationary pressure.
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