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.
In an interview with Business Standard, he says investments would pick up and inflation would fall in the next financial year, providing the Reserve Bank of India the room to cut rates.
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.
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.
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.
The recent issues dogging West Asia have become a major cause for concern due to the spike in the crude oil prices.
Fiscal correction is needed even after the changes that have been made now, otherwise the fiscal deficit would tend to be high.
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.
The accounting system of the central and state governments may change considerably, with a high-level committee suggesting sweeping changes in how expenditure is classified in Budget documents.
PM's new vigour should revive investment - but may not return India to nine per cent growth.
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.
C Rangarajan, former governor of Reserve Bank of India, was speaking on the topic `the growth path and some concernson the way' at a function at Federation of Gujarat Industries on Monday.
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.
Prime Minister's Economic Advisory Council Chairman, C Rangarajan, on Wednesday echoed leading personalities saying the deteriorating quality of governance may come in the way of India achieving high growth on a durable basis.
I think the overall growth rate of the economy will be between 5.5-6 per cent, says C Rangarajan.
Continuing its dismal performance, industrial growth fell further to 1.9 per cent in September, mainly due to poor output from the manufacturing sector.
PM's economic advisory council chairman C Rangarajan has asked microfinance institutions (MFIs) to overhaul their "flawed" business model for sustainability.
Rangarajan also called for improvement in the country's corporate-bond market saying that this will help even small companies to raise adequate funds.
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.
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.
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.
Prime Minister's economic advisory panel has said there was no need for any stimulas package to help the industry tide over the impact of the crisis following downgrade of the US credit rating by Standard and Poor's.
Slow growth of the US and Europe will have some adverse affect on Indian exports.
Amid the crisis in Libya, increase in fuel prices would become 'inevitable' if crude oil remains at $100 per barrel, Prime Minister's Economic Advisory Council chairman C Rangarajan said on Monday.
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.
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India's CAD -- the gap between inflow and outgo of foreign exchange -- widened to a record high of $88 billion or 4.8 per cent of the gross domestic product for the fiscal ended March 31, from $78.2 billion in 2011-2012, about 4.2 per cent of the Gross Domestic Product.
Any attempt to push growth beyond 9.5 per cent in the 12th Plan period that begins next year may lead to higher inflationary pressures and current account deficit woes, says Chairman of the Economic Advisory Council to the Prime Minister, C Rangarajan.
Among possible new members, former chief economic advisor Arvind Virmani's name is doing the rounds.
'We can go somewhere between 35 per cent and 40 per cent.'
Prime Minister's economic advisory panel chief C Rangarajan has described the dip in factory output in September as 'disappointing' and said industry may grow by just 6 per cent in the current fiscal, as against the earlier projection of 7 per cent.
Food inflation is an area of concern for the common man and government with rate of price rise touching as high as 18.32 per cent in the last week of December mainly fueled by mass consumption items like vegetables, milk and protein-based items.
Inflation, as measured by the Wholesale Price Index, stood at 8.66 per cent in April.
Rangarajan's reaction came after the release of the latest data, which showed headline inflation going up to 9.06 per cent in May from 8.66 per cent in April on the back of rising prices of manufactured products and petrol.
The central bank is slated to review its credit policy on January 25.
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.
Prime Minister Manmohan Singh last month had said inflation would moderate to 5-6 per cent by the end of the calender year.
The committee will suggest an action plan for abolishing the present system of classifying expenditure into plan and non-plan, an official statement said.
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