Government and the Planning Commission had earlier projected a growth rate of 9 per cent during 2011-12, up from 8.6 per cent in the previous fiscal.
The plan panel on Thursday termed the housing finance racket, involving the chief of LIC Housing Finance and several other officials of PSU banks, as a "very small" incident as far as banking system as a whole was concerned.
India will set up a high-level committee to identify areas for expanding economic ties with the United States, from where it expects an estimated investment of $250-300 billion in infrastructure space.
Finance Minister Pranab Mukherjee is leading a high-powered team of policymakers, including Commerce Minister Anand Sharma and Planning Commission Deputy Chairman Montek Singh Ahluwalia at the India-US CEOs Forum.
Commerce Minister Anand Sharma and Planning Commission Deputy chairman Montek Singh Ahluwalia will also participate in the India-US Business CEOs Forum Meeting.
Prime Minister Manmohan Singh last month had said inflation would moderate to 5-6 per cent by the end of the calender year.
The Planning Commission has pitched for linking of domestic fuel prices with those in the international market saying it is necessary for country's global "economic reputation".
Current account deficit, which represents flow of money out of the country barring capital movements, stood at $4.5 billion in the first quarter of previous financial year.
Ahluwalia's statement comes in the backdrop of Reserve Bank of India's tight monetary policy and high inflation.
The Reserve Bank of India has already raised its key short-term rates by 25 basis points to cool inflation and many experts believe that it will make money dearer to tame inflation in its April 20 annual monetary policy announcement.
Pitching for more public-sector role in health, Planning Commission deputy chairperson Montek Singh Ahluwalia said on Monday health and education are two areas where the private sector is welcome to make investments but the government needs to be dominant.
Besides Mukherjee and Deora, the EGoM would have power minister Sushilkumar Shinde, fertiliser minister M K Alagiri, law minister Veerappa Moily and Planning Commission deputy chairman Montek Singh Ahluwalia.
The process of preparing approach paper to the 12th Plan has already been started and the panel wants that besides its experts and committees on different areas, the general people particularly youngsters share their views about how should the country should go about the next Five-Year Plan.
Concerned over rising food prices, planning commission deputy chairman Montek Singh Ahluwalia on Monday pitched for increasing supplies through imports and better use of the public distribution system.
Moreover, 'no-go' areas need not be excluded for mining activities for ever, Planning Commission deputy chairman Montek Singh Ahluwalia said.
The nation's highest policymaking body, the National Development Council, will focus on five key areas, including the Naxal menace, power reforms and water crisis, at its meeting on Saturday.
The Planning Commission on Tuesday said that inflation is not coming down as expected and it would be little higher than earlier forecast of close 6 per cent for the month of December.
Freight corridor project slipping, needs supervision revamp, says Plan panel.
Ahead of the July 24 National Development Council (NDC) meeting, the Planning Commission will come out with a report on the problems in the Naxal-hit areas and the issues being faced by tribals.
The rupee will soon join the elite currencies like the US dollar, the euro, British pound and Japanese yen in having a distinct identity.
Planning Commission Deputy Chairman Montek Singh Ahluwalia says Commerce Minister Kamal Nath had warned him in advance that he was going to criticise the apex planning body in public.
However, 10 per cent economic growth rate does not seem feasible, Planning Commission Deputy Chairman Montek Singh Ahluwalia told reporters here, a day before full Plan panel is to meet under the chairmanship of Prime Minister Manmohan Singh.
Road Transport Minister Kamal Nath said on Monday he was forewarned that the Plan panel would not allow him to achieve a 20 km-a-day road-building target.
Prime Minister Manmohan Singh said, "I do not claim victory. These are ideas which are under discussion in various fora. The sherpas have been discussing these ideas and it is a process of give and take. But I do claim some credit that in my speech, I brought the development issue into the very forefront of sustainable, manageable growth process."
Buoyed by over 17 per cent of industrial growth in April,the highest for 2010 so far, Planning Commission on Friday said the government's policies were "working" and that it should continue with gradual withdrawal of stimulus.
Planning Commission deputy chairman Montek Singh Ahluwalia and former Planning Commission member Kirit S Parikh, who heads an expert committee on fuel pricing, may join the deliberations, official sources said.
The Planning Commission deputy chairman Montek Singh Ahluwalia said on Wednesday objections to the disinvestment progammes of the government can be sorted out through discussions. Although the government has expressed its commitment to offload equity in state-owned companies while retaining 51 per cent share, the supporting Dravida Munnetra Kazhagam had raised objections to it.
Replying to a question related to the possibility of additional fiscal stimulus measures in the forthcoming Budget, Planning Commission Deputy Chairman Montek Singh Ahluwalia said: "We have started some discussion with the finance ministry. This is related to what should be an appropriate size for planned expenditure for 2009-10." In the interim Budget announced in February this year, the planned expenditure for 2009-10 was budgeted at Rs 2,85,149 crore.
Government sources in the PMO said Montek Singh Ahluwalia and other panel members will continue till the next Planning Commission is constituted by the prime minister. The apex panel plays a crucial role in the budgetary process. Finance Minister Pranab Mukherjee is likely to present the Budget in the first week of July. Though the recommendations of the Plan panel are not legally binding, the inputs are crucial in dealing with the planned expenditure by the government.
Emerging economies can expand at a "reasonable pace" in the next four to five years even if growth in developed nations is moderate, Planning Commission Deputy Chairman Montek Singh Ahluwalia said.
The Planning Commission on Thursday described the International Monetary Fund's growth projection of 8.8 per cent for India as optimistic and said the panel would stick to its outlook.
Planning Commission Deputy Chairman Montek Singh Alhluwalia has said that a person who can spend Rs 32 a day in urban India -- and Rs 26 a day in rural India -- is not poor and that he is above the poverty line.
The RBI's decision to raise repo and reverse repo (short-term lending and borrowing) rates by 25 basis points each to 5 per cent and 3.5 per cent, respectively, on Friday evening was aimed at anchoring price rise.
The Planning Commission on Monday said investment in the infrastructure sector in the Eleventh Five-Year Plan (2007-12) will be close to the target of $500 billion, thanks to a better-than-expected show by the telecom sector
His statement came against the backdrop of a controversy kicked off by his email to Ahluwalia.
The Planning Commission on Saturday sought to play down fears that the hike in excise duty on petroleum products would lead to a surge in inflation.
Broad convergence on GST rollout in NDC meet.
India should learn to live with high energy prices for rapid economic growth, said Planning Commission Deputy Chairman Montek Singh Ahluwalia after two of the state-owned oil companies hiked petrol rates this week.
If Kamal Nath launches a broadside, it is because his ministry now can no longer afford to ignore the advice that comes from Yojana Bhavan.
Indian economic growth had slowed down to 6.7 per cent during 2008-09 due to the impact of global financial crisis from average of 8.7 per cent in the previous five years.
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