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:
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.
"Yes it is true that milk and vegetable prices are high. You know some of this is a reflection of economic prosperity and purchasing power," Commission Deputy Chairman Montek Singh Ahluwalia said.
The term of the members of the Planning Commission is co-terminus with the Prime Minister and they would be submitting their resignations once the new government is formed after the ongoing general elections next month.
Ahluwalia said India is also interested in stepping up cooperation with China on railways development.
Reliance Industries is facing penalty for falling gas output from its KG-D6 fields.
Planning Commission Deputy Chairman Montek Singh Ahluwalia has said agriculture growth in the country cannot double without the involvement of the corporate sector.
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.
Montek also said he did not consider the fall of about two per cent or so in Asian markets, including India this morning, as severe.
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 rupee will soon join the elite currencies like the US dollar, the euro, British pound and Japanese yen in having a distinct identity.
Expressing its keenness to invest in infrastructure development projects in India, Singapore on Friday said it was considering making investments in the modernisation of airports in the country.
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
Planning Commission is understood to have apprised Prime Minister Atal Bihari Vajpayee about the adverse impact that the reduction in budgetary support in the coming fiscal will have on the economy.
The meeting chaired by Prime Minister Manmohan Singh was attended by Commerce and Industry Minister Kamal Nath and Planning Commission Deputy Chairman Montek Singh Ahluwalia. Industry leaders, including Ratan Tata, Rahul Bajaj, Mukesh Ambani and Sunil Bharti Mittal, who are members of the council, also participated in the discussions.
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.
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.
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 government is planning to utilize $5 billion worth of foreign exchange reserves for infrastructure development this fiscal.
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.
This was announced at the Indo-US Economic Cooperation conference held on Friday.
With a view to find a long term alternative to scarce petroleum products, Planning Commission Deputy Chairman Montek Singh Ahluwalia
The country's new home minister, Palaniappan Chidambaram, today said he prefers a Congressman as his successor in the finance ministry, setting off speculation about the implication of his statement.
A committee of secretaries is already looking into the issue of pricing, which companies like RIL, British Gas and British Petroleum have said should be market-determined.
Three people were killed and scores of others, including around 20 security personnel and four personnel of the administration, were injured as protesters opposing a court-ordered survey of a Mughal-era mosque in Sambhal, Uttar Pradesh clashed with police on Sunday.
Prime Minister Manmohan Singh said, "I do not claim victory. These are ideas which are under discussion in various fora. The sherpas have been discussing these ideas and it is a process of give and take. But I do claim some credit that in my speech, I brought the development issue into the very forefront of sustainable, manageable growth process."
Delhi faces a severe financial crunch and the deficit is largely due to numerous welfare schemes without adequate revenue flowing in. The success of welfare schemes and electoral promises will need careful financial planning and out of the box thinking to whip up additional revenue, notes Ramesh Menon.
Finance minister Pranab Mukherjee, however, had said that stimulus measures need to continue till there is robust recovery in the developed world, which account for bulk of India's exports.
The government is formulating a standard concession agreement for roads, ports and airports, expected to be ready by later this year.
"If half a dozen other developing countries could do it, India can too. There are some things we need to do and if we do them right, there should be no doubt about achieving the projected growth rates," Ahluwalia said.
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'.
The luncheon at his residence was attended by Planning Commission Deputy Chairman Montek Ahluwalia, Chairman of PM's Economic Advisory Council C Rangarajan, former RBI Governor Bimal Jalan, Foreign Secretary Shiv Shanker Menon and officials of the Prime Minister's Office.
Planning Commission Deputy Chairman Montek Singh Ahluwalia on Tuesday said that poor monsoon will adversely impact farm production and trim economic growth.
A core group of ministers on Wednesday held inconclusive deliberations on a proposal to raise fuel prices, necessitated by a spike in global crude prices that threatens to spawn an oil import crisis.
Ahluwalia's statement comes in the backdrop of Reserve Bank of India's tight monetary policy and high inflation.
Broad convergence on GST rollout in NDC meet.
Asked whether the improvement in the index of industrial production data, released today, indicates that the worst is over for industry, Ahluwalia said, "We do believe that the worst is over. (But) there is difference between the worst being over and getting back to robust growth.
If Kamal Nath launches a broadside, it is because his ministry now can no longer afford to ignore the advice that comes from Yojana Bhavan.
"The word populist has negative overtones, but I am sure (the) finance minister will present a popular Budget. However, we should maintain the mystery of the Budget and you have to wait and see what comes out," Planning Commission Deputy Chairman Montek Singh Alhuwalia said.
They are of the view that calling the new institutes "IITs" would dilute the brand image of the existing premier institutes, which figure among the world's 100 best technology universities and are compared with the likes of MIT, California University and Berkeley. The seven IITs are located in Kharagpur, Mumbai, Chennai, Kanpur, Delhi, Guwahati and Roorkee.
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