The economy will turn the corner in the next six months as the deceleration of the past several quarters has been arrested, Planning Commission Deputy Chairman Montek Singh Ahluwalia said on Monday.
The Planning Commission on Monday said the fiscal deficit, the difference between total revenue and expenditure, will not exceed the budgetary estimate of 6.8 per cent of gross domestic product (GDP).
A good wheat crop this season is likely to ease the near double digit inflation in the next 2-3 months, Planning Commission Deputy Chairman Montek Singh Ahluwalia said on Wednesday.
With economic conditions turning better compared to that three months ago, the Planning Commission on Monday said economy should record at least 6.7 per cent growth rate this fiscal, the same as was witnessed in 2008-09.
The chairman and CEO of Dow Chemicals Andrew Liveris will not attend the Indo-US CEO Business Forum meeting scheduled to be held in Washington.
India will become the third-biggest economy in the world by 2030, Deputy Chairman of the Planning Commission Montek Singh Ahluwalia said.
Enthused by the prospects of good monsoon, the Planning Commission on Tuesday said the double digits inflation would decline by December, and sounded optimism that economic growth would exceed 8.5 per cent this fiscal.
Stock markets might be tumbling like ninepins but India's policy planners feel the crash on the bourses is just in line with global trends and the economy is not overheated, as all macro indicators remain strong.
Wipro Chairman Azim Premji, Planning Commission Deputy Chairperson Montek Singh Ahluwalia, former diplomat Brajesh Mishra and Telugu thespian A Nageshwara Rao were chosen for country's second highest civilian award--Padma Vibhushan--this year.
As the suspense continued over the presence of 'foreign' representatives in the consultative committees of the Planning Commission, its Deputy Chairman Montek Singh Ahluwalia has said the issue would be discussed early next week.
The Union government's response to the many comments and criticisms of the 2009-10 Budget was explored by Karan Thapar for Devil's Advocate, the CNN-IBN channel programme, with deputy chairman of the Planning Commission Montek Singh Ahluwalia.
The Plan panel on Wednesday said the government's refusal to accord environment clearance to Vedanta's proposed $1.7 billion aluminium project in Orissa would not tarnish India's image as an investment friendly destination.
When India's Commerce and Industry Minister Anand Sharma met his counterpart in Beijing last year, he spoke mainly about India's yawning trade deficit and China agreed that this was a problem that needed fixing.
Brazil, Russia, India & China (known collectively as BRIC) on Sunday sought a re-balancing of representation on the executive board and the International Monetary and Financial Committee of the International Monetary Fund (IMF). The committee is the policy-making arm of the IMF.
Hailing Reserve Bank's decision to cut key rates, Plan panel on Tuesday said it would boost investments and hoped the measures will have significant effect on long term borrowing rates.
"Attempts should be made to curtail growth of subsidies to achieve nine per cent growth. We are trying to achieve nine per cent growth. Though there are major challenges like global slowdown, we will achieve the target," Singh said.
Finance Secretary Ashok Chawla, in an impromptu chat with reporters, sided with Sebi, while Planning Commission Deputy Chairman Montek Singh Ahluwalia cited the spat to make a case for setting up a Financial Development and Stability Council (FSDC).
Talking to reporters accompanying Prime Minister Manmohan Singh on his US visit, the deputy chairperson of the Planning Commission Montek Singh Ahluwalia said the trend of constant rising inflation in India was disappearing. Maintaining that the financial meltdown in the US has not had a direct impact on India, Ahluwalia said the country had an ample stock of foreign exchange reserves to deal with the temporary meltdown in financial markets.
RBI has chosen to keep all key rates and ratios unchanged in its policy review unveiled earlier in the day.
Home Minister P Chidambaram and Planning Commission Deputy Chairman Montek Singh Ahluwalia rejected reports that they were locked in a turf war over the ambitious UIDAI project to give every Indian resident a unique ID number Aadhar.
Showing concerns over hardening inflation, the Reserve Bank today left the key interest rate unchanged but reduced cash reserve ratio by 0.25 per cent to inject Rs 17,500 crore (Rs 175 billion) liquidity into the financial system.
The campaign aims to raise 1.25 billion pounds, and begins at a high profile international event in London on Wednesday. The launch event at the British Academy features the university's chancellor Lord Chris Patten, and vice-chancellor John Hood. Oxonians from various fields and countries have been roped in to raise funds that will be used to meet rising costs and steep competition from American universities.
In order to help the industry combat the impact of global financial crisis, the government had provided three stimulus packages to the industry resulting in a revenue sacrifice of Rs 1.86 lakh crore (Rs 1.86 trillion).
The Planning Commission deputy chairman Montek Singh Ahluwalia said on Wednesday objections to the disinvestment progammes of the government can be sorted out through discussions. Although the government has expressed its commitment to offload equity in state-owned companies while retaining 51 per cent share, the supporting Dravida Munnetra Kazhagam had raised objections to it.
A day after addressing a massive rally at the Ramlila Ground in New Delhi for demanding 'special status' for his state, Bihar Chief Minister Nitish Kumar met Finance Minister P Chidambaram and Planning Commission Deputy Chairman Montek Singh Ahluwalia on Monday.
Planning Commission Deputy Chairman Montek Singh Ahluwalia, on Wednesday allayed fears over significant hardening of interest rates in view of the high government borrowings, pegged at around Rs 4.5 lakh crore (Rs 4.5 trillion) this fiscal.
"It is completely false. I don't know what is the basis of this. I am not a candidate. This is some speculative thing in the New York Times," Ahluwalia said.
Terming the Union Budget as an excellent document, Planning Commission Deputy Chairman Montek Singh Ahluwalia on Monday said efforts were on to break the impasse on turnover tax on securities transactions.
Planning Commission Deputy Chairman Montek Singh Ahluwalia on Wednesday called for sweeping reforms in education and health to make the surging economic growth truly inclusive.
Economic liberalisation has not resulted in rapid reduction in poverty, as was expected, Planning Commission Deputy Chairman Montek Singh Ahluwalia said.
Planning Commission Deputy Chairman Montek Singh Ahluwalia on Tuesday said that poor monsoon will adversely impact farm production and trim economic growth.
The two-day conference, which saw participation of ministers and senior officials from all the states, was marked by brainstorming in the run up to the expected enactment of the government's ambitious Food Security Bill.
India's per capita green house gas (GHG) emission in 2030 will be well below those in the developed countries in 2005, according to a report.
India on Wednesday said it hopes the G-20 nations will pay heed to its call for a strong action on the issue of black money stashed in tax havens during their crucial summit in Cannes.
The Planning Commission does not foresee any significant disruption of state finances on account of increase in salaries of state government employees.
He was the chief guest of UIDAI's function in New Delhi.
Ahluwalia argues that India can attract more capital even in today's world, provided the country retains an open system
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