The PMEAC has revised economic growth rate upward to 7.1% for FY'12, up from 6.9% projected in advanced estimates.
According to data released on Thursday, Wholesale Price Index-based inflation rose to seven per cent in October from 6.46 per cent in September.
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.
Retail inflation in February has come down to a 25-month low of 8.1 per cent.
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.
Chief Statistician T C A Anant says this a unique crisis and should be dealt with keeping the current situation in mind.
Industry chambers also sought conducive policies for completion of large infrastructure projects in time.
The MPC headed by RBI Governor Shaktikanta Das will announce the resolution of the meeting at around noon on Thursday.
The rupee has recovered to trade at 63 level after hitting its life-time low of 68.85 towards August-end.
The Prime Minister's Economic Advisory Council has projected India's GDP growth at 5.3 per cent in 2013-14.
'Fiscal and monetary space is more constrained in developing countries because of inflation and high borrowing cost.'
The Reserve Bank's decision to cut interest rates will stimulate investment and help in anchoring inflationary expectations, Prime Minister's Economic Advisory Council (PMEAC) Chairman C Rangarajan said.
Finance, oil ministry tussle over exports.
Inflation measured by the Wholesale Price Index had declined to 6.62 per cent in January. It was 7.18 per cent in December and 7.24 per cent in November.
'The terminal year could yield nine per cent.'
Wholesale Price Index for the month ended March moderated to 3-year low of 5.96 per cent against Reserve Bank's projection of 6.8 per cent.
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.
The government should act quickly to raise diesel rates to bring them in line with global prices in order to reduce its subsidy bill, Prime Minister's Economic Advisory Council Chairman C Ranagarajan has said.
According to sources, Ahluwalia and Rangarajan separately briefed Singh about the economic situation.
Modern organised retail will be helpful in containing inflation and allowing foreign direct investment (FDI) in multi-brand retail leads to development of back-end infrastructure that will benefit farmers, according to C Rangarajan, Chairman of the Economic Advisory Council to the Prime Minister.
'The real lifting of the economy will happen only if this momentum sustains in the coming months.'
Rangarajan says there was no need to change the inflation comfort level from four-five per cent.
D Subbarao reiterated concerns over rising gold imports and its pressure on current account deficit.
FDI in retail would have a limited impact on small retailers, Chairman of PM's Economic Advisory Council C Rangarajan said.
The overall inflation in March fell to 5.96 per cent.
Gems & jewellery exports seen rising, too, as demand remains strong in all markets except Europe.
Gold prices had touched the all-time high of Rs 32,975 per ten gms on November 27, 2012.
The Indian economy grew at a faster pace of over 8 per cent in two consecutive fiscal before falling to a nine year low of 6.5 per cent in 2011-12.
'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.'
Industrial growth, as measured by Index of Industrial Production slowed to 2.7 per cent in August, from 3.4 per cent in the corresponding period last year.
High gold imports had contributed to high CAD which stood at 5.4 per cent in the second half of 2012-13 and was creating pressure on the rupee.
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 proposed move would lead to dismantling of the administered price mechanism.
India's trade deficit has fallen to 10-month low of $14.9 billion in February on improving exports and a sharp drop in imports.
Why phasing out the fertiliser subsidy will affect small farmers.
While eyeing inorganic growth, the company is considering setting up skilling centres in Africa, Bangladesh and Pakistan.
On Tuesday, the partially convertible rupee, the worst performing currency among the major global economies, dropped as much as 3.1 percent to 68.12 per dollar.
Although the government had pegged fiscal deficit for the current financial year at 5.1 per cent of the GDP in the budget, it has revised the target to 5.3 per cent in view of subdued revenue collection and rising fuel and food subsidy bills.
The food ministry has supported the suggestion of Rangarajan panel to allow export of 2 million tons of wheat from government stocks immediately to ease pressure on storages, the Rajya Sabha was informed on Monday.
Although the government had pegged fiscal deficit for the current financial year at 5.1 per cent of the GDP in the budget, it has revised the target to 5.3 per cent in view of subdued revenue collection and rising fuel and food subsidy bills.
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