Businesses are still taking time to adjust in the new tax regime, which would weigh on growth rates for the financial year closing today.
Finance Commission has got new team who are committed to growth initiatives.
'So far as supervision is concerned, there are enough powers but to take action on public sector banks, consultation with the government is needed.'
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 foreign direct investment norms to improve economic condition.
The prime minister's economic advisory council was disbanded early on, and not reconstituted.
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The CPI(M) on Thursday slammed the Planning Commission estimates on poverty levels in the country, saying these made "a mockery of life and death struggles" of the people, amidst continuous rise in prices and "massive" slashing of subsidies for the poor.
The previous high GDP growth of 8.1 per cent was recorded in April-June quarter of 2016-17.
Prime Minister's Economic Advisory Council (PMEAC) Chairman C Rangarajan may have found the Reserve Bank of India (RBI)'s inflation projections on the higher side, but independent experts agree with the central bank and expect both wholesale and retail prices to remain high.
Rangarajan said that growth has many dimensions to it.
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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.
Since 2004, Montek Singh Ahluwalia, one of the commission's longest serving deputy chairmen, has been trying to mould it to fit into the new economic order, without much to show for his efforts.
Earlier this week, the ministry had come out with a clarification, saying domestic gas producers had to stick to the earlier price of $4.2 a unit until a further notification from the new government.
Export growth picked up mainly owing to rising global crude prices, which pushed up processed petroleum exports by nearly 40 per cent, apart from a broad-based improvement in exports of major foreign exchange earners such as engineering goods and gems and jewellery.
The Reserve Bank in its first mid-quarter policy review on Monday kept the key interest rates unchanged because of elevated food inflation, rupee depreciation and uncertainty over foreign fund inflows.
Economists have cautioned that any deferment of the government's fiscal goals would prove counter-productive and raise the interest payment burden.
Road developers hoping for early relief from the government will have to wait longer.
With certain quarters demanding privatisation of public sector banks in the aftermath of the alleged fraud at Punjab National Bank (PNB), Economic Advisory Council to the Prime Minister chairman Bibek Debroy tells Sanjeeb Mukherjee, Ishan Bakshi and Indivjal Dhasmana that reducing government equity even to zero would not mean giving up of government control over these banks.
He was most recently credited as one of the brains behind labour law reforms in Rajasthan
Rangarajan, who was answering questions on onion prices touching Rs 100 per kg in some cities, said the impact on inflation would not last long.
A new formula for pricing natural gas in the domestic market was determined; the decontrol of diesel prices was announced; and the scheme that directly transferred subsidies to bank accounts of users of liquefied petroleum gas (LPG) cylinders was modified and relaunched.
In an interview to Business Standard, Rangarajan says CAD will be brought under control at around two per cent of the gross domestic product.
Govt notification on $8.4 a unit price likely by month-end
The need of the hour is to strike a balance between the capability of the conventional and the prospect of the renewable to give a realistic shape to the Prime Minister's vision, says Rajiv Mishra.
'Poor home work, and a subsequent loss of nerve.' 'This sums up the Modi government's current travails, the stall in key sectors, fading momentum, irritability,' points out Shekhar Gupta.
The Reserve Bank on Friday said the economy would grow by 5 to 5.5 per cent in the current fiscal, pinning its hopes on good farm output and improved exports.
Country's economic growth at 9% requires exports to rise by around 20%, says NSC chairman Pronab Sen
'The economy may not improve unless you admit there are some problems.'
The Supreme Court on Friday granted six weeks time to Mukesh Ambani's Reliance Industries Ltd (RIL) to respond to the final CAG report which found alleged irregularities including in payments made to the contractors on drilling of D6 wells at the Krishna-Godavari basin.
Panagariya has advocated a more liberalised spending, arguing that greater capital expenditure could relax some of the infrastructure bottlenecks facing the country.
These figures are based on purchasing power parity of 2005.
If the EC decides to put on hold a gas price revision for RIL, it would set a precedent for pricing decisions of the government and policy decisions taken but undergoing procedural delays.
Says licensing of new banks should be a continuous process instead of the current stop-go system
'Too much energy these three years has been invested in turning the party into an election-winning machine.' 'To recover its mojo, the Modi government needs a more impressive set of economic figures to flaunt,' says Shekhar Gupta.
In 2012-13, the Centre managed to cut fiscal deficit to 4.9% of GDP, lower than the Budget revised estimates of 5.2%
C Rangarajan, chairman, Prime Minister's Economic Advisory Council tells Business Standard that the measures taken by the government will lead to economic growth of at least 6 per cent in FY14 against a decadal-low growth of 5 per cent in FY13.
Four specific areas will be watched carefully in the first half of FY16
'I may not indulge in chest thumping to express my patriotism every day.' 'I may be cynical about many things happening in our country.' 'I may not roar Bharat Mata Ki Jai at the top of my voice. But I still love my country, just as one loves one's parents with all their weaknesses.' 'Does that make me any less of a patriot?' asks Shobha Warrier.
Duvvuri Subbarao recounts how his tensions with P Chidambaram and Pranab Mukherjee, then finance ministers, over monetary policy spilled over into other issues in the central bank in this excerpt from Who Moved My Interest Rate?, his memoir of his term as Reserve Bank of India governor.
This has spelt trouble for the mills. Most of them are unable to pay the farmers.
The Prime Minister's Office has clarified that the total sanctioned strength of the PMO has been around 525 in the period 2011-14. As against this, the actual strength of the PMO in the years 2011, 2012 and 2013 was in the range of 407 to 411. The number has now declined to 385.
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