You cannot have a corporate tax and then say spend another two per cent.
The others who will be joining the commission as members are Narendra Jadhav, honorary vice-chancellor of Pune University and Mihir Shah, secretary of Samaj Pragati Sahayog. The government has also retained Abhijit Sen, Syeda Hameed and B K Chaturvedi as members in the reconstituted commission, sources in the Prime Minister's Office said.
In view of declining inflation and recessionary conditions, the Planning Commission expects industry to cut prices in the normal course to battle economic slowdown.
The industrial growth number for the month of December has been revised upward to 2.53 per cent from the provisional number of 1.6 per cent released earlier.
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".
Blaming earlier policies for "discriminating" against labour intensive sectors and leading to "significant deceleration" in employment, Planning Commission Deputy Chairman Montek Singh Ahluwalia on Friday
He was speaking to reporters along with Union Minister of State for Planning Ashwini Kumar on the sidelines of the Regional Consultation with five Eastern States on the Approach Paper to be finalised by the Planning Commission.
The Planning Commission on Saturday sought to play down fears that the hike in excise duty on petroleum products would lead to a surge in inflation.
The Planning Commission on Tuesday projected a 8.5-9 per cent economic growth for this fiscal despite a slowdown in industrial growth in July.
Currently 100 per cent FDI is allowed in the sector.
Ahluwalia also said that markets in India has withstood the pressures of the time very well and has come a long way over the years.
The Planning Commission said the decision of oil marketing companies to raise petrol price by Rs 3.14 per litre is a good news and will provide credibility to the economic reforms process.
Planning Commission Deputy Chairman Montek Singh Ahluwalia on Wednesday expressed concerns over rising crude prices which soared to two-year high of $ 102 a barrel in Asian markets.
Current account deficit, which represents flow of money out of the country barring capital movements, stood at $4.5 billion in the first quarter of previous financial year.
"This year, at the Planning Commission, we expect growth rate will be around 8 per cent. We are not expecting 9 per cent in the year 2011-12," Ahluwalia said while speaking at the convocation ceremony at Vijna Jyothy Institute of Management.
According to Planning Commission Deputy Chairman Montek Singh Ahluwalia, more than the anticipated growth in the farm sector will make up for the shortfall in the industrial output.
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.
He is, however, hopeful that impact of recent reforms initiatives will manifest in the data for the second half of the fiscal.
Planning Commission Deputy Chairman Montek Singh Ahluwalia on Saturday strongly supported the view that petroleum prices in the country should "align with the global price."
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.
The meetings with Singh and Ahluwalia have taken place just two days before the announcement of the results of the general elections for the 15th Lok Sabha. Besides Karnik, the other nominees on the Satyam board are HDFC chairman Deepak Parekh, former ICAI chairman T M Manoharan, CII chief mentor Tarun Das, LIC executive S B Mainak and former presiding officer of Securities and Appellate Tribunal C Achuthan.
The Planning Commission on Tuesday said that inflation is not coming down as expected and it would be little higher than earlier forecast of close 6 per cent for the month of December.
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.
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.
Mukherjee said uncertainty was still there on oil prices front due to unrest in West Asia and North Africa.
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.
At the annual Pravasi Bharatiya Divas, organised by the government ostensibly to celebrate the country's connection with the 27-million-strong Indian diaspora living in 150 countries, Mr Ahluwalia said last Sunday that India was reaching out to NRIs not for their money, but because it valued the long, socio-cultural footprint all Indians living in India and abroad shared.
Concerned over rising food prices, planning commission deputy chairman Montek Singh Ahluwalia on Monday pitched for increasing supplies through imports and better use of the public distribution system.
The Planning Commission said on Tuesday that emphasis on inclusiveness by the government should not be misconstrued as dilution of the overall growth agenda and the benefits should percolate to all strata of the society.
The rupee will soon join the elite currencies like the US dollar, the euro, British pound and Japanese yen in having a distinct identity.
Favouring labour reforms but without 'hire-and-fire' system, Planning Commission Deputy Chairman Montek Singh Ahluwalia on Friday said rigidities in labour laws were affecting the domestic job market.
Amid the controversy raging over the definition of poverty, Planning Commission Deputy Chairman Montek Singh Ahluwalia and Union Rural Development Minister Jairam Ramesh on Monday claimed that they have resolved the issue.
He feels much of the problems arise at the level of state governments rather at the central government level.
To offset the impact of high import costs, the Planning Commission had said that Coal India Ltd should adopt a pooling formula on prices by combining rates of imported and domestic coal.
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.
The debate over remuneration of CEOs on Monday grew louder with Planning Commission deputy chairman Montek Singh Ahluwalia stating that company heads should not be paid 'indecent salaries'.
After kicking off the Budget exercise early this week, Finance Minister P Chidambaram on Thursday had a brain-storming session with Planning Commission Deputy Chairman Montek Singh Ahluwalia on the state of the economy.
"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.
Ahead of the G-20 Summit, Planning Commission Deputy Chairman Montek Singh Ahluwalia will lead a delegation to a preparatory meet on March 11 in London where deliberations on issues like liquidity crunch and reforms in international financial institutions are likely be taken up.
Planning Commission Deputy Chairman Montek Singh Ahluwalia, who has just resigned, on Monday remained non-committal on his prospects of becoming finance minister while describing reports on this as "speculation".
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