Last year, the Planning Commission got the approval for the 9 per cent annual average economic growth target under the Approach document for the 12th Plan from the country's apex decision making body, the National Development Council, headed by the Prime Minister with all the chief ministers and Cabinet ministers on board.
Monsoon has missed its date this year with granary states of Punjab and Haryana.
Seeking to set at rest controversy over Aadhar, Planning Commission Deputy Chairman Montek Singh Ahluwalia has said that UID is a number and not an identity card.
According to the IMF sources, the 27-member European Union bloc had asked the Chinese for support for Lagarde.
The Planning Commission on Friday said the economy is expected to grow between 6-6.5% in the current fiscal
Planning Commission Deputy Chairman Montek Singh Ahluwalia says investors are aware the government is addressing various problems in the economy.
Private partners like GMR and GVR, humiliated from time to time, have good reason to shrug their shoulders and argue that matters are outside their control.
The Forum will host a special session on 'The reality of terrorism', to be initiated by Union home minister P Chidambaram. The deputy chairman of the Planning Commission, Montek Singh Ahluwalia, and commerce and industry minister Anand Sharma will be part of the Indian delegation.
Favouring independent regulators for railways and road sector, Planning Commission deputy chairman Montek Singh Ahluwalia on Friday stressed on the need for proper policy framework defining the role of these monitors.
The plan panel on Thursday termed the housing finance racket, involving the chief of LIC Housing Finance and several other officials of PSU banks, as a "very small" incident as far as banking system as a whole was concerned.
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.
Says insurance and pension bills will be taken up in the forthcoming Budget Session.
Amid threats that India's credit rating could be downgraded and a slowdown in the economy, Planning Commission deputy chairman Montek Singh Ahluwalia said the government is taking several steps to boost investor confidence and more such measures may follow.
Defending the government's decision to open up the multi-brand retail sector to foreign investment, Plan panel deputy chief Montek Singh Ahluwalia on Friday said it would help farmers as well as consumers.
In a note, titled 'IIFCL financing for PPP projects,' sent to Prime Minister Manmohan Singh, Ahluwalia wrote, 'It was pointed out in the meeting that the term of the current CMD (chairman and managing director) of IIFCL ends on March 10. The FS (finance secretary) had indicated that the term can be extended. Action on this front should be expedited to avoid loss of momentum.'
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.
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.
While Lalu's chances of retaining Cabinet berth seems remote, experts believe there may not be too many new faces as far as important ministries are concerned.
Indian economic growth had slowed down to 6.7 per cent during 2008-09 due to the impact of global financial crisis from average of 8.7 per cent in the previous five years.
According to Ahluwalia, if everything goes well on the economic growth front for the next three months, then one can say that the economy will be back on higher growth trajectory in the long run.
The document which was tabled in Parliament by Finance Minister P Chidambaram has projected the growth rate for next fiscal at 6.1-6.7 per cent.
The data further revealed that GDP growth rate was 9.4 per cent in the last quarter of 2009-10 and 8.3 per cent in the third quarter of 2010-11.
Terming the 5.5 per cent GDP growth as "good news", Planning Commission Deputy Chairman Montek Singh Ahluwalia today expressed confidence that economy would rebound in subsequent quarters.
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.
There is no doubt that economic growth has picked up. It's also true that inflation has edged up. We had said at the beginning that sometime in the course of the year we would begin to slowly wind it down and what has happened is on course for that decision but exactly what, it's too early to say, says Montek Singh Ahluwalia.
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.
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.
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.
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.
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.
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.
Ahluwalia's statement comes in the backdrop of Reserve Bank of India's tight monetary policy and high inflation.
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.
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.
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.
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.
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.
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.
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