The govt. has set up a panel to review the investments and savings in the Indian economy. The panel will review financial savings and suggest improvements.
The government will implement recommendations of the committee chaired by Dr C Rangarajan, chairman of the Economic Advisory Council, to the prime minister, when it submits the final report.
Petroleum ministry rejects conclusions of two reports ahead of EGoM.
The gross NPAs of some public sector banks, including State Bank of India and Punjab National Bank have crossed 4 per cent of the total assets at the end of March, 2013.
Rajya Sabha member and former Chairman of Prime Minister's Economic Panel C Rangarajan on Monday said he expects inflation to ease to 10 per cent by December. He said inflation last year was moderate almost at the end of December, so base effect will be to heighten inflation in the current year.
He helped contain the policy of blindly financing large deficits by printing more money but this may not be enough to contain the current inflationary spiral.
The Prime Minister's Economic Advisory Council on Wednesday favoured more income tax sops as also a revision in indirect tax rates on consumer durables in Budget 2008-09 to fire up the economy.
"For some more time inflation can increase. It could touch 13 per cent, but by December it will start declining and is likely to moderate to 8-9 per cent by March 2009," said outgoing chairman of the PMEAC C Rangarajan while releasing the Economic Outlook for 2008-09.
Inflation can drop below 8 per cent if confluence of factors like fall in global crude oil followed by a good monsoon work, Prime Minister's Economic Advisory Council chairman C Rangarajan said.
The paper projects that there will be zero unemployment in 2009 if the economy grows at 9.1 per cent and the labour force continues to grow at 2.93 per cent.
C Rangarajan, chairman of the economic advisory council to the prime minister, has called for revisiting subsidies, dividend distribution tax and tax exemptions.
A study has singled out poverty and growth as the biggest hurdle facing Kashmir.
The Prime Minister's Economic Advisory Council Chairman C Rangarajan has said the hike in interest rates will not impact the high economic growth in the face of strong fundamentals.
Pointing out that inflation rate is a little beyond comfort zone, the Prime Minister's Economic Advisory Council said the current situation is not favourable for a cut in interest rates. The inflation rate stood at 5.11 per cent for the week ended March 1. For the second week in a row that the rate was over 5%. The RBI aims to limit average rate of inflation for the current fiscal at 5 per cent. When the inflation rate is rising, it is always critical to bring down the rates.
Last month, the government approved the proposal of doubling gas price from RIL's KG basin from $4.2 mmbtu to $8.4 mmbtu from April 1, 2014.
The panel, headed by former RBI governor C Rangarajan, in its economic outlook for 2007-08 also projected inflation to remain within 4 per cent.
An international seminar on accounting practices opened on Monday with Finance Commission chairman C Rangarajan asking the government to ensure better expenditure control for containing fiscal deficit.\n\n\n\n
The Prime Minister's Economic Advisory Council has scaled down its growth projection for the Indian economy for 2007-08 to 8.9 per cent from 9 per cent on account of slow expansion in manufacturing and energy generation. Dr C Rangarajan, head of the group of economists released the review of the economy of 2007-08 and said that the economic growth of India would be hovering around 8.5 per cent during 2008-09.
The Prime Minister's Economic Advisory Council has approved Reliance Industries' 4.33 dollars per mBtu price of gas from KG-D6 fields, saying it was in line with industry practices.
However, the prime minister has told confidants that he was unable to do justice to the foreign affairs portfolio and admitted the need for a full-time foreign minister.
Sajjid Chenoy, India economist at JP Morgan is the new part-time member.
The Finance Commission on Monday suggested a re-look into the issue of decentralisation in view of the lack of transfer of resources to local bodies, but said the exercise should not "rob" the autonomy of local governments.
The Prime Minister's Economic Advisory Council Chief further said that 'inflation is showing signs of coming down and therefore attraction of financial products will be greater'.
Prime Minister Manmohan Singh may convene a meeting of Finance Minister P Chidambaram and Oil Minister Murli Deora within a week to discuss fuel pricing and taxation regime on the sensitive products.
The Twelfth Finance Commission chairman C Rangarajan said on Tuesday that he was in favour of an early implementation of the value added tax regime.
C Rangarajan, chairman, 12th Finance Commission, will head the committee, J&K Finance Minister Muzaffar Hussain Baig said in Srinagar.
The 12th Finance Commission on Monday held a meeting with leading economists and economic administrators in Chennai to elicit their views on current issues concerning inter-governmental resource transfers.\n\n\n\n
It is time for the three finance ministers of the 1990s to reveal the real hero, says T C A Srinavasa-Raghavan.
The government on Tuesday extended the term of Twelfth Finance Commission by five months till December 31 this year.
The 12th Finance Commission report on sharing of funds between Centre and states, scheduled for submission by July end, is likely to be delayed due to the elections, C Rangarajan, chairman of the commission, said on Friday.
The Twelfth Finance Commission is ready with its report and has sought time from the President to submit the recommendations, its chairman C Rangarajan said on Saturday.
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