Even as the flagship National Rural Employment Guarantee Act scheme continues to face problems at the implementation level, Rural Development Minister Raghuvansh Prasad Singh, ignoring suggestions by Planning Commission Deputy Chairperson Montek Singh Ahluwalia and other economists, has refused to bring any major change in the scheme.
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 country's economic growth hit a decade low of 5 per cent in the last fiscal on account of poor performance in the farm, manufacturing and mining sectors.
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:
Commerce Minister Anand Sharma on Wednesday sought to assure prospective American investors that India is a 'welcoming investment' destination where the climate is 'totally conducive' to such actions.
According to the Approach Paper to the 12th Plan, the Commission has pegged a plan expenditure of Rs 5.83 lakh crore (Rs 5.83 trillion) for 2013-14, which is around 12 per cent more than the budgeted plan expenditure for the current fiscal.
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.
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.
Besides Parikh, Singh sent letters of appreciation to V L Chopra, B Mungekar and Anwarul Hoda indicating that they may not find a place in the reconstituted body.
The current account deficit is the difference between inflow and outflow of foreign exchange.
Steps to raise funds could include an across-the-board increase in railway fares, senior officials said.
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 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.
Planning Commission on Friday said it will revisit annual average GDP growth target of 8 per cent for the 12th Plan (2012-17) in view of dismal performance in first two years of policy period, while saying the economy is likely to expand by over 5 per cent this fiscal.
Replying to a question related to the possibility of additional fiscal stimulus measures in the forthcoming Budget, Planning Commission Deputy Chairman Montek Singh Ahluwalia said: "We have started some discussion with the finance ministry. This is related to what should be an appropriate size for planned expenditure for 2009-10." In the interim Budget announced in February this year, the planned expenditure for 2009-10 was budgeted at Rs 2,85,149 crore.
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.
Plans to increase price progressively.
As the country faces the possibility of a fractured mandate after the 2014 general elections, Planning Commission Deputy Chairman Montek Singh Ahluwalia is of the view that in an era of coalition governments, special steps are needed to build consensus around policies or else, India will not be able to grow at its full potential.
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.
A cut in government spending would come at the cost of growth.
On Monday, Reserve Bank hiked the lending rates to banks by 2 per cent to 10.25 per cent.
The Planning Commission on Tuesday warned that sector-specific regulators could become 'tension points' between them and the ministries and said there should be a common regulator for transport and energy sectors.
"The world economic slowdown will not affect the medium term growth prospects," Planning Commission Deputy Chairman Montek Singh Ahluwalia said, while addressing the 'TIE Entrepreneurial Summit 2007' in New Delhi on Tuesday. The economy was likely to clock a growth rate of 8.5 to 9 per cent during the current financial year, he said, adding that the gross domestic product growth rate was expected to be 9 per cent during the next three years.
The Plan panel on Wednesday said it has appointed civil rights activist Binayak Sen, convicted for sedition, on the board of one of its steering committees to give input for 12th Plan (2012-17) on health related issues.
In its mid-quarter review of monetary policy, RBI on Wednesday kept all key interest rates unchanged notwithstanding persistent high inflationary pressure.
Under attack over the Rs 32 per capita per day (in urban India and Rs 26 per day per person in rural areas) cut off for poverty line, the Planning Commission on Monday distanced itself from the controversial definition presented to the Supreme Court saying it did not represent its views.
The committee is expected to submit its report soon.
There were reports that some Commission officials were against the Rajan panel's suggestion to replace Gadgil- Mukherjee formula with Rajan Committee's Multi Dimensial Index for allocation funds to states.
The government hopes of registering GDP growth rate ranging between 6.1-6.7 per cent in 2013-14.
India's gross domestic product grew at a decade low of 5 per cent last fiscal.
The economy expanded at a decade-low rate of 5 per cent in the first year of the 12th Plan
The government plans to resurrect the ministry of disinvestment in a bid to raise resources by selling its shareholding in public sector companies.
Ahluwalia said the government has taken steps to push the infrastructure sector and there are signs of improvement in the core sector production performance of steel, power, coal and cement during July and August.
Coinciding with the 3-day traders stir against the implementation of value added tax, the Mid-term Appraisal of the 10th plan has pointed to "serious design flaws" in the tax even as Planning Commission Deputy Chairman Montek Singh
A joint statement issued at the end of an India-Japan energy dialogue said both the countries would explore ways and means to further cooperation in the field of new and renewable energy sources.
Reserve Bank, in its mid term review of the monetary policy on Friday, decided to hike short term policy rate by 0.25 per cent after a gap of two years and ease liquidity by reducing the marginal standing facility rate for banks.
Montek Singh Ahluwalia, Deputy Chairman of the Planning Commission made a presentation in which he pointed out the detailed process through which these targets were finalised and the high level of ambition they represent.
