Chairman of the Economic Advisory Council to the Prime Minister (PMEAC) Chakravarthi Rangarajan has resigned following the defeat of the Congress-led UPA in the general elections.
Reserve Bank on Friday raised key interest rates by 25 basis points, its 12th such hike since March, 2010.
The Prime Minister's Economic Advisory Council (PMEAC) expects the economy to grow by over 7.2 per cent during the current fiscal and exceed 8 per cent in 2010-11, thanks to increased economic activity.
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Prime Minister's key economic advisor C Rangarajan on Friday lowered the growth forecast for the current fiscal to 5.3 per cent from 6.4 per cent projected earlier and listed out host of measures, including further liberalisation of FDI norms to improve economic condition.
The Prime Minister's Economic Advisory Council on Wednesday favoured further increase in petroleum prices in line with the global trend.
Industrial growth, as measured by Index of Industrial Production slowed to 2.7 per cent in August, from 3.4 per cent in the corresponding period last year.
Gold prices had touched the all-time high of Rs 32,975 per ten gms on November 27, 2012.
With inflation still ruling above the 9 per cent mark, Prime Minister's Economic Advisory Committee (PMEAC) on Wednesday suggested that the Reserve Bank should continue to focus on controlling the rising prices.
India's CAD had touched a record high of 4.2 per cent of GDP in 2011-12, on the back of a wider trade gap and lower capital inflows.
Raise the price of diesel and restrict supply of subsidised LPG cylinder in a year to four per family, Prime Minister's Economic Advisory Panel suggested on Friday.
Gems & jewellery exports seen rising, too, as demand remains strong in all markets except Europe.
Prime Minister's Economic Advisory Council Chairman C Rangarajan on Thursday pitched for a "substantial" increase in prices of diesel and cooking gas, saying failure to take strong steps would derail the fiscal consolidation process.
Projecting acceleration in India's GDP growth to 9% for FY 2011-012, Economic Advisory Council to Prime Minister seeks measure to address serious supply bottlenecks.
The government on Wednesday reconstituted the Economic Advisory Council to the Prime Minister (EAC-PM) under existing chairman Bibek Debroy, for a period of two years. V Anantha Nageswaran has been dropped, Rakesh Mohan (former deputy governor of RBI), Poonam Gupta (director general of NCAER) and TT Ram Mohan (professor, IIM Ahmedabad) have been appointed as part-time members of the reconstituted EAC-PM. The other part-time members of the Council include Sajid Chenoy, Neelkanth Mishra and Nilesh Shah.
With the Budget barely a week away, the Prime Minister's Economic Advisory Council on Monday made a case for withdrawing some of the tax incentives to the industry to put the economy back on track for fiscal consolidation.
The Prime Minister's Economic Advisory Council member G Govinda Rao on Thursday said the Reserve Bank can raise the key rates ahead of its April 20 annual monetary policy to tame the high headline inflation.
The country's growth rate is expected to pick up in the second half of this fiscal and reach 6.7 per cent for entire 2012-13, Prime Minister's Economic Advisory Council Chairman C Rangarajan said on Monday.
The time frame for this is difficult to specify and much depends on stability in the foreign exchange markets, Prime Minister's key economic advisor C Rangarajan said.
The Prime Minister's Economic Advisory Council has projected India's GDP growth at 5.3 per cent in 2013-14.
India grew at 6.7 per cent in 2008-09. For the current fiscal 2009-10, the Economic Survey projected a 7 per cent growth rate plus/minus 0.75 per cent.
He feels that RBI could be waiting for a period or an opportune movement when there could be sustained reduction.
He says though agriculture and industry would get a fillip in the second half of this financial year, a complete economic revival is expected only in 2013-14.
With major sectors of the economy showing signs of slowdown, the list of those pegging India's economic growth at below eight per cent in the current financial year is expanding.
The Prime Minister's Economic Advisory Council on Monday projected the economic growth in the country at 8.6 per cent for the current fiscal on the back of rebound in farm output and inflation to come down to 7 per cent by March-end due to declining food prices.
The Prime Ministry's Economic Advisory Council Chairman also said fiscal deficit is a concern too and suggested raising domestic oil prices to restrict it to the budget target of 4.8 per cent of the gross domestic product in this fiscal.
India's economic growth rate is expected to be at least 6 per cent in the 2013-14 fiscal, Prime Minister's Economic Advisory Council (PMEAC) Chairman C Rangarajan said.
On an average, PMEAC said economic growth could be around 6.5 per cent.
Debroy is expected to have a role and responsibility similar to the erstwhile chairman of the Prime Minister's Economic Advisory Council
The economy grew by 4.4 per cent in the first (April-June) quarter of current fiscal. In 2012-13, the gross domestic product growth fell to a decade low of 5 per cent.
The Reserve Bank's decision to cut interest rates will stimulate investment and help in anchoring inflationary expectations, Prime Minister's Economic Advisory Council (PMEAC) Chairman C Rangarajan said.
'The terminal year could yield nine per cent.'
Among possible new members, former chief economic advisor Arvind Virmani's name is doing the rounds.
D Subbarao reiterated concerns over rising gold imports and its pressure on current account deficit.
He exuded confidence that the Indian economy will grow at 5.3 per cent in 2013-14.
The food ministry has supported the suggestion of Rangarajan panel to allow export of 2 million tons of wheat from government stocks immediately to ease pressure on storages, the Rajya Sabha was informed on Monday.
Prime Minister's key economic advisor C Rangarajan on Friday lowered the growth forecast for the current fiscal to 5.3 per cent from 6.4 per cent projected earlier and listed out host of measures including further liberalisation of foreign direct investment norms to improve economic condition.
India's trade deficit has fallen to 10-month low of $14.9 billion in February on improving exports and a sharp drop in imports.
Believes India can grow at 6 - 7 per cent next fiscal.
In his Budget speech, Finance Minister Pranab Mukherjee had pegged economic growth for 2011-12 at 9 per cent.
Food Min says decision on Rangarajan panel's report in a time bound manner.
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