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.
Ahluwalia's statement comes in the backdrop of Reserve Bank of India's tight monetary policy and high inflation.
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 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.
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.
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.
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.
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.
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.
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.
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.
The process of preparing approach paper to the 12th Plan has already been started and the panel wants that besides its experts and committees on different areas, the general people particularly youngsters share their views about how should the country should go about the next Five-Year Plan.
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.
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.
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.
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 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.
Inclusiveness is not just about poverty reduction, it is much more than that
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.
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.
His interaction was webcast live on Twitter.
The Planning Commission and the finance ministry have discordant views on the size of the 2007-08 Plan.
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.
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.
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.
A report by a senior official in the Planning Commission has said the National Highways Authority of India (NHAI) is heading towards bankruptcy, as its debt is set to increase five times in the next three years.
Besides undertaking the routine work, Ahluwalia entrusted the task of revamping the Commission to new member Arun Maira, formerly with the Boston Consultancy Group. "We cannot work is silos. We need better lateral inputs," Ahluwalia had said at a recent internal meeting of the commission.
"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.
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.
Road Transport Minister Kamal Nath said on Monday he was forewarned that the Plan panel would not allow him to achieve a 20 km-a-day road-building target.
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 Reserve Bank of India is slated to announce its monetary policy review on January 29, amid industry demand for lowering of interest rates to spur growth.
Gursharan Kaur and daughter Daman Singh pay their respects to Dr Singh's mortal remains at the AICC HQ in New Delhi.
According to sources, Finance Ministry favours a meagre hike of around 6 per cent in the Plan expenditure for next fiscal over budget estimate of the current financial year.
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.
