India needs to increase the investment rate to 34-35 per cent from 31-32 per cent currently to achieve a growth rate of 7 per cent and above, said S Mahendra Dev, chairman, economic advisory council (EAC) to the Prime Minister, on Wednesday.
Economic Advisory Council to the Prime Minister (EAC-PM) member Sanjeev Sanyal on Thursday said he is not concerned about the rupee at all, arguing that even China and Japan witnessed exchange rate weaknesses during their high growth phases.
The Economic Advisory Council to the Prime Minister (EAC-PM) has distanced itself from its member Bibek Debroy's article suggesting embracing a new constitution, and said the article in no way reflects the views of EAC-PM or Government of India.
The next Census' findings will help identify the extent of India's ageing population and vulnerability levels.
Former Prime Minister Manmohan Singh's 1991 budget unshackled India's economy, significantly enhancing the economic prospects for hundreds of millions of Indians, first deputy managing director of the International Monetary Fund (IMF) Gita Gopinath said on Friday.
Using the same methodology as the EAC-PM study, the fastest-growing religious population is, in fact, the Buddhists. The Buddhist population increased by over 1,600 per cent between 1950 and 2015.
The council wants the government to stick to its fiscal consolidation road map.
Janardan Choudhary, a key advisor to Adani Green Energy Limited (AGEL), was named as one of the seven non-institutional members by the Union Environment Ministry when it reconstituted the Expert Appraisal Committee for hydroelectricity and river valley projects in September.
Economic Advisory Council to the Prime Minister (EAC-PM) chairman Bibek Debroy passed away this morning, a senior EAC-PM official said. He was admitted to AIIMS. Debroy (69) was educated in Ramakrishna Mission School, Narendrapur; Presidency College, Kolkata; Delhi School of Economics; and Trinity College, Cambridge.
'The focus of the legislation will be to minimise user harm and increase the accountability of platforms, while also promoting innovation.'
Prime Minister Narendra Modi's goal of making India a high-income economy by 2047 is unlikely to be achieved, but the country should become an upper middle-income nation by then, Financial Times chief economics commentator Martin Wolf said on Friday. Wolf further said that India would also become a superpower by 2047. "India wishes to become a high-income country by 2047.
Muslims' share in the reservation will keep on increasing also because of "conversion and infiltration because they are having a secular cover from them (the Congress)", he added.
The share of the Hindu population declined by 7.8% to 78.06%.
In contrast, the share of the Muslim and Christian populations increased by 43.15% to 14.09%, and by 5.4% to 2.36%.
Economic Advisory Council to the Prime Minister (EAC-PM) chairman Bibek Debroy on Tuesday said the government was losing revenue due to the GST, which should be revenue neutral with a single rate. Speaking at an event organised by the Calcutta Chamber of Commerce in Kolkata, he however said that GST has led to a lot of simplification. "The ideal GST is one that has a single rate, and it was meant to be revenue neutral.
The government on Wednesday reconstituted the Economic Advisory Council to the Prime Minister (EAC-PM) under existing chairman Bibek Debroy, for a period of two years. V Anantha Nageswaran has been dropped, Rakesh Mohan (former deputy governor of RBI), Poonam Gupta (director general of NCAER) and TT Ram Mohan (professor, IIM Ahmedabad) have been appointed as part-time members of the reconstituted EAC-PM. The other part-time members of the Council include Sajid Chenoy, Neelkanth Mishra and Nilesh Shah.
The Economic Advisory Council to the Prime Minister, of which he is chairman, has quickly sought to distance itself and the government from Dr Debroy's views.
The project involves development of a military-civil, dual-use airport; international container trans-shipment terminal; a gas, diesel, and solar-based power plant, and a township.
The Prime Minister's Economic Advisory Council warned of serious fiscal risks from growing off-Budget liabilities, which are estimated at 5 per cent of gross domestic product in 2008-09. This would be much more the budgeted central government deficit of 2.5 per cent of GDP for the year.
Sajjid Chenoy, India economist at JP Morgan is the new part-time member.
Among possible new members, former chief economic advisor Arvind Virmani's name is doing the rounds.
The redevelopment project of the Central Vista -- the power corridor of the country -- envisages a new triangular Parliament building, a Common Central Secretariat and the revamping of the three-km-long Rajpath from the Rashtrapati Bhavan to India Gate and new residences for the prime minister and the vice president.
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.
In a paper, EAC-PM accused Subramanian of "cherry-picking high-frequency indicators" to express his skepticism about the growth rates after 2011-12.
India's economy is moving towards a higher growth trajectory and is likely to grow at around 10 per cent in 2021-22, Economic Advisory Council to the Prime Minister (EAC-PM) chairman Bibek Debroy said on Wednesday. "I am confident that we are on a path towards a higher growth trajectory, higher poverty reduction, higher employment, and a prosperous, more developed and better governed India. "I think it is, more or less, agreed that the real rate of growth this year (FY2022) is going to be around 10 per cent," Debroy said at an SBI event. At the beginning of FY2021-22, the forecasts for real growth were in the 8.5-12.5 per cent range, he noted.
Bhalla will succeed former RBI deputy governor Subir Gokarn, who died in the US on July 30 after a brief illness.
'This government has always been fiscally conservative. It never resorted to fiscal profligacy.'
The panel noted that the macro-economic fundamentals of the economy are sound but challenges remain, several of which are structural in nature.
With the expert panel's recommendations, the project comes a step closer to getting the environment clearance (EC), to be given by the Union Environment Minister.
Headed by NITI Aayog member Bibek Debroy, the EAC includes NITI Aayog's Principal Advisor Ratan Watal as its member and economists Surjit Bhalla, Rathin Roy and Ashima Goyal as part-time members.
Subramanian's paper comes at a time when concerns have been raised in various quarters about the official economic growth numbers. The Economic Advisory Council-PM said the Base Year of India's income calculations were shifted to 2011-12 on the basis of recommendations of several committees with experts in national income accounting.
Fortis Healthcare has already received binding offers from four entities - KKR-backed Radiant Life Care, IHH Healthcare, Manipal/TPG consortium, and Munjal and Burman family offices.
Ahmadis are designated non-Muslims in Pakistan's Constitution and their beliefs are considered blasphemous in most mainstream Islamic schools of thought.
The country's economy will start witnessing a growth of 6.5 to 7 per cent from fiscal 2023 onwards, helped by various reforms undertaken by the government so far and also as COVID-19 vaccination drive progresses, Chief Economic Advisor Krishnamurthy Subramanian said. He said the second wave of COVID-19 is unlikely to have a very significant on the economy. The country's economy contracted by 7.3 per cent in fiscal 2020-21. "Together with the reforms and focus on vaccination, I expect growth to start hitting close 6.5 to 7 per cent from FY23 onwards and accelerate from there on," Subramanian said at a virtual event organised by Dun & Bradstreet.
Under the new Monetary Policy Framework, the central bank aims to contain inflation at 4 per cent with a band of (+/-) 2 per cent.
India lags behind many nations in managing exchange rates, including China and Singapore.
The Department of Post, Tech Mahindra, Videocon Group and stock exchange NSE have joined big corporates like Ambanis and Birlas to seek entry into banking business through newly created niche category of Payments and Small Finance Banks.
Economic Advisory Council to the Prime Minister has identified ten themes, including economic growth and job creations that need attention.
''Even without major reforms, with a business as usual scenario, and with current inflation trends, we should be clocking around 11 to 12 per cent nominal growth.' 'That is not happening and is a source of worry,' Rathin Roy tells Arup Roychoudhury.
In many cases, all that is required is a final letter from the ministry
Three simple ways to reduce your loan burden.
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