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Prime Minister's key economic advisor C Rangarajan on Friday lowered the growth forecast for the current fiscal to 5.3 per cent from 6.4 per cent projected earlier and listed out host of measures, including further liberalisation of FDI norms to improve economic condition.
Current account deficit occurs when a country's total imports of goods, services and transfers is greater than the country's total export of goods, services and transfers.
Srinivasan had moved the court yesterday seeking anticipatory bail in connection with an idol theft case.
Sugar prices in October were Rs 36-37 a kg, from where they fell by Rs 8-9 per kg.
The original reforms trio of 1991, which showed the way for the opening up of the Indian economy, is now back with a bang. At that time Prime Minister Manmohan Singh was Narasimha Rao's finance minister, Planning Commission Deputy Chairman Montek Singh Ahluwalia was his finance secretary and Rangarajan was the deputy governor of the Reserve Bank of India. They set the ball rolling and became the "reform priests", a journey which has come full circle today.
With the Presidential nomination of legal luminary K Parasaran -- a decision by Prime Minister Manmohan Singh -- the Rajya Sabha has now four Iyengar Vaishnavites, beginning from Jairam Ramesh, Dr V Maitreyan and Communist Party of India-Marxist MP T K Rangarajan.
The country's growth rate is expected to pick up in the second half of this fiscal and reach 6.7 per cent for entire 2012-13, Prime Minister's Economic Advisory Council Chairman C Rangarajan said on Monday.
Dr Singh sent a signal to Mumbai markets on Wednesday that he meant business -- to first understand, then act. "Wait and watch," a source in PMO said that many changes are expected soon in North Block. He will be visiting North Block next week to the office of Finance Minister in order to meet the junior officials.
He was speaking to reporters on the sidelines of a conference organised by the Madras School of Economics.
Prime Minister's Economic Advisory Council Chairman C Rangarajan on Tuesday called RBI's policy action a "wise decision". The liquidity easing measures will have an impact on interest rates, he said.
PM's new vigour should revive investment - but may not return India to nine per cent growth.
Finance Minister Pranab Mukherjee on Friday asserted that India's economy is 'robust' and its growth story is intact, amid fears of another global economic turmoil that sent the world stocks into a tailspin.
A first step in that direction has been taken by the prime minister by setting up an expert panel headed by his economic advisory council.
The recent issues dogging West Asia have become a major cause for concern due to the spike in the crude oil prices.
India's CAD had touched a record high of 4.2 per cent of GDP in 2011-12, on the back of a wider trade gap and lower capital inflows.
A four-member panel of secretaries is likely to submit its report on a new gas pricing mechanism to the government by Wednesday.
Continuing its dismal performance, industrial growth fell further to 1.9 per cent in September, mainly due to poor output from the manufacturing sector.
Prime Minister Dr Manmohan Singh has convened a meeting of senior ministers on Tuesday to discuss the recommendations of the National Advisory Council on the Food Security Bill.
Reserve Bank on Friday raised key interest rates by 25 basis points, its 12th such hike since March, 2010.
The dismal factory output growth was on the back of a poor performance by manufacturing, mining and capital goods segments.
Riding on a superb all-round performance by Ravindra Jadeja, Saurashtra thrashed Tripura by an innings and 118 runs to bag a bonus point from their Ranji Trophy Group C game in Rajkot.
The government is likely to give a legal right to food to both priority and general categories of the population under the proposed National Food Security Act, as suggested by the Sonia Gandhi-led National Advisory Council (NAC).
Prime Minister's Economic Advisory Council Chairman C Rangarajan on Thursday pitched for a "substantial" increase in prices of diesel and cooking gas, saying failure to take strong steps would derail the fiscal consolidation process.
Skoch events are organised with pomp and show in the swanky hotels of Delhi and Mumbai every year.
The government is aiming to reach out to nearly 1.50 lakh youth in Jammu and Kashmir based on a plan submitted by an expert panel highlighting the vast untapped potential for employment generation in the state, Prime Minister Manmohan Singh on Friday said.
With high prices remaining a concern, Prime Minister's Economic Advisory Council chairman C Rangarajan on Wednesday said all policy measures, like rate hikes and intervention in grain markets, will be undertaken to bring down inflation to comfort zone of 4-5 per cent.
Inflation, as measured by the Wholesale Price Index, stood at 8.66 per cent in April.
'...Unless we muck up our policies.' 'We have to become a modernised economy.' 'Our institutions should be stronger. And that is most important.' 'The rule of law should prevail and contracts should be enforced.' 'Above all, we have to recognise the importance of globalisation.' 'It is in our favour at this stage. We should grow and become globally competitive.'
The Prime Minister's economic panel said high food inflation reflects lacklustre performance of the farm sector, which together with infrastructure, remains the main bottlenecks to higher growth.
The high-level expert group led by former Reserve Bank of India governor C Rangarajan to formulate a jobs plan for Jammu and Kashmir is likely to meet on Friday in New Delhi. The committee was formed by Prime Minister Manmohan Singh as part of the Centre's efforts to end the ongoing cycle of violence there. The committee will initially hold a few meetings with senior officials from various ministries including home, agriculture, external affairs.
Prime Minister Manmohan Singh will be briefed on the state of the economy and the growth outlook by his economic advisory council on Friday.
The government on June 25 deregulated petrol price and said the same for diesel will be done soon. But with inflation rate continuing to remain at unmanageable levels, the government put-off the decision as any further hike in diesel price would lead to cascading effect.
As a well-wisher of the Indian Statistical System and part of the system for more than 37 years, Sunil K Sinha, former DG and CEO of NSSO, offers suggestions to improve data quality.
Driven by high growth of 8.9 per cent of the manufacturing sector, the economic growth in the current fiscal is likely to be 7.2 per cent, the CSO said in its advance estimates for the national income released on Monday.
Aakar Patel looks forward to Prime Minister Modi's speech at the bhoomi pujan for the Ram temple in Ayodhya next week. It will be entertaining and stirring, predicts Aakar, and make lots of promises that he most likely won't be able to keep.
A meeting of a ministerial panel headed by Finance Minister Pranab Mukherjee, to consider raising diesel price by at least Rs 2 a litre, was deferred twice last month and no new date has been notified yet.
Prime Minister Manmohan Singh sought an end to the cycle of violence in Kashmir while addressing an all-party meet in New Delhi on Tuesday."The key to the problem in Kashmir is a political solution that addresses the alienation and emotional needs of the people," said the PM. The prime minister proposed the setting up of an expert group headed by Dr C Rangarajan with N R Naryanmurthy, Tarun Das and others to formulate a jobs plan for the state.
The Food Security Act as proposed by the UPA government assures rice/wheat at Rs 3 a kg to BPL families as a matter of legal right.
To rein in prices, the RBI could tweak in policy rates to either suck out money supply or make borrowings costlier.
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