Further hike will depend on the RBI's assessment
The divestment of HPCL and BPCL may be delayed by at least three years because of "existing hurdles", prime minister's economic advisory council committee member and BJP national executive member Jagdish Shetigar said on Thursday.
Chairman of the Economic Advisory Council to the Prime Minister (PMEAC) Chakravarthi Rangarajan has resigned following the defeat of the Congress-led UPA in the general elections.
NITI Aayog has a dual role of a monitor and advisor.
The panel noted that the macro-economic fundamentals of the economy are sound but challenges remain, several of which are structural in nature.
'The growth drivers are mostly invisible, but the growth is undeniable at least for now,' notes Debashis Basu.
With the unanticipated floods across Tamil Nadu catching the unprepared administration unawares, Stalin finds that some of the early positives that had rubbed on his initiatives have been lost, observes N Sathiya Moorthy.
The plan could mature into either an umbrella programme for urban youths similar to the Garib Kalyan Rozgaar Abhiyaan or a modified urban-focused version of MGNREGS.
'The real lifting of the economy will happen only if this momentum sustains in the coming months.'
The GDP growth for 2013-14 has been lowered to 5.3%, from 6.4% in April.
Under the new Monetary Policy Framework, the central bank aims to contain inflation at 4 per cent with a band of (+/-) 2 per cent.
Ahmadis are designated non-Muslims in Pakistan's Constitution and their beliefs are considered blasphemous in most mainstream Islamic schools of thought.
There are various estimates of India's debt to GDP ratio, but the consensus is that that it would be over 80 per cent at the end of the current fiscal year.
Data earlier on Thursday showed the annual consumer price inflation rose to a higher-than-expected 11.24 per cent in November from 10.17 per cent in October.
Indian markets may see some weakness in stocks post Fed hike.
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The stock market responded to his speech by going up by over two per cent; the rupee also gained in strength, by about 1.45 per cent, against the dollar.
According to the Central Statistics Office data, the jump in the retail inflation based on Consumer Price Index was mainly due to rise in prices of kitchen items like vegetables, meat and fish.
'Since the NDA took office in 2014, and aggressively since 2019, the Union government seems hell bent on centralising all power and resources, only to fail spectacularly.'
The chief minister still has time to repair the damage but he will have to act all-round, both at the government and party levels, suggests N Sathiya Moorthy.
There has been criticism of the official statistics ever since MoSPI came out with new methodology to estimate the GDP on the base year of 2011-12 compared to earlier 2004-05.
Good intentions and elaborate roadmaps apart, there is an urgent need for the Tamil Nadu chief minister to come up with branded schemes like MGR's meal scheme, asserts N Sathiya Moorthy.
The noted economist said some of the bad loans are due to a slowdown in the economy and asset restructuring companies are part of the solution.
The going is not going to be easy for the DMK and its allies in Elections 2024. Despite the seats sweepstake in the 2021 assembly polls, the vote-share difference of 5.6% (DMK's 45.38% versus AIADMK-BJP's 39.72%) is not insurmountable on a bad day, points out N Sathiya Moorthy.
'We are looking at the Budget with the hope that it will address all issues even at the cost of exceeding the fiscal deficit target.'
India's economic growth rate is expected to be at least 6 per cent in the 2013-14 fiscal, Prime Minister's Economic Advisory Council (PMEAC) Chairman C Rangarajan said.
An official said that people in the government were aware of the benefits as well as the drawbacks of issuing overseas sovereign bonds, and there will be consultations with all stakeholders.
Economists want the government to focus on jobs, farms, and fiscal consolidation. They also favour re-imposition of the long-term capital gains tax on listed securities and mutual funds.
The Centre is grappling with the question of its fiscal roadmap not only for this year but for 2018-19
The rupee ended higher for the second consecutive week.
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The food inflation in July softened to 11.24 per cent from 11.84 per cent in the previous month, according to the official data released on Monday.
On the reduction in the SLR ratio, he said it was a signal from the point of view of long-term reforms.
India needs a National Trade Policy Council, chaired by a minister who reports directly to the PM, says Jayanta Roy, former economic advisor to the Union commerce ministry.
Most economists were of the view that the NSSO should release the data, as any move to withhold it will dent the image of country's statistical system.
An official announcement to this effect would be made next week. The vice-chairman would be of Cabinet rank.
At the pre-Budget meeting at Niti Aayog, Modi called for a focussed effort from all stakeholders in order to achieve the target of $5 trillion economy. The participants urged the government to focus on credit expansion, exports growth, governance of PSBs, increasing consumption and job creation.
Earlier in his address, he said with over 500 million bank accounts in the country, it is estimated that the Indian banking system produces over one billion transactions a day.
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