New Delhi: It had been another brutal day for the rupee on the foreign exchanges as India's economic crisis escalated and, travelling home from a visit to Myanmar last week, Prime Minister Manmohan Singh summoned journalists on his plane for a briefing. The one statement he had prepared for the media that night, however, concerned allegations of corruption levelled against him and his cabinet ministers - not the economy. Quizzed...
09:02 AM, Jun 04, 2012
The Prime Minister's Chief Economic Advisor Dr C Rangarajan has admitted that a hike in diesel and LPG prices is imminent despite a steep hike in petrol prices last week. While speaking to Karan Thapar on 'Devil's Advocate', Dr Rangarajan said the government can soften the blow but fuel price hike is the need of the hour to contain the fiscal deficit. Karan Thapar: Hello and welcome to the Devil's...
12:01 PM, Jun 03, 2012
New Delhi: The Prime Minister's Chief Economic Advisor Dr C Rangarajan has admitted that a hike in diesel and LPG prices is imminent despite a steep hike in petrol prices last week. While speaking to Karan Thapar on Devil's Advocate, Dr Rangarajan said the government can soften the blow but fuel price hike is the need of the hour to contain the fiscal deficit. Here's an excerpt of the interview:...
07:17 AM, Jun 02, 2012
Amid raging protests by parties cutting across the political spectrum for a partial rollback on the petrol price hike, Chief Economic Advisor Kaushik Basu has said that a rollback of any kind will hurt India's fiscal deficit target badly, leading to price increase in general. In an interview with Karan Thapar on 'Devil's Advocate', the Chief Economic Advisor said that oil price regulations had to be made in such a...
08:10 PM, May 26, 2012
Chief Economic Advisor Kaushik Basu has said that a partial rollback in petrol prices will hit India's fiscal deficit target adversely. ...
10:28 PM, May 25, 2012
Amid speculation that a partial rollback of petrol prices is likely due to political pressure, Chief Economic Advisor Kaushik Basu has said that a rollback of any kind will adversely affect the fiscal deficit target leading to price increase in general. In an interview with Karan Thapar on 'Devil's Advocate', the Chief Economic Advisor said that oil price regulations had to be made in such a way, that in the...
04:28 PM, May 25, 2012
Mussoorie: Describing the upsurge in inflation in April as a "surprise" development, the Reserve Bank on Thursday said it will take into consideration the emerging price situation and accordingly decide on policy action in its review next month. The central bank has also asked the government to take action to reduce the fiscal deficit, which rose to 5.9 per cent of the GDP in 2011-12. "We noted that inflation has...
03:29 AM, May 25, 2012
New Delhi: Finding fault with the railway budgetary mechanism, Comptroller and Auditor General (CAG) has observed the national transporter is continuously incurring expenditure over and above the budgetary provisions sanctioned by Parliament. The CAG report of the fiscal 2010-11 also found railways at fault for not presenting any of the statements of fiscal policy in Parliament as defined in the Fiscal Responsibility and Budget Management Act 2003. The Audit also...
04:56 PM, May 15, 2012
While 'The Avengers' opened with a collection of 75 per cent, 'Tezz' opened with just 30 to 40 per cent. ...
06:39 PM, May 01, 2012
New Delhi: Finance Minister Pranab Mukherjee on Wednesday said hard decisions cannot be delayed anymore as the times are difficult now. "We are passing through a difficult time... Nation as a whole... we will have to be tough... we cannot delay the process of taking hard decisions," Mukherjee said at an award function. The Indian economy is facing tough times as the industrial activity has slowed down, impacting the revenue...
01:02 AM, Apr 12, 2012
New Delhi: Planning Commission Deputy Chairman Montek Singh Ahluwalia on Monday said problems of the industry, reeling under high interest rate regime, are linked to fiscal deficit that needs to be contained. "I am willing to accept that high interest rate are a burden, but it is not going to be solved having interest subvention for this or that sector. It will be solved by bringing fiscal deficit down so...
08:44 PM, Apr 09, 2012
Mumbai: Concerned over impact of rising deficit on the economy, Reserve Bank Deputy Governor Subir Gokarn on Friday said it was imperative for Centre as well as states to follow the path of fiscal prudence. "The important thing in this year's budget is the commitment to return to the rule-based approach and the current macro-economy is much threatened by fiscal expansion," Gokarn said while speaking at the 14th Annual Conference...
01:14 AM, Apr 07, 2012
Mumbai: India's budget lacks new solutions to address the country's fiscal constraints, global rating agency Moody's Investor Service said on Monday. "A dependence on corporate tax revenue and vulnerability to commodity prices and exchange rates weakens the government's credit profile," Moody's analysts said in a note to clients. The budget is credit negative for the sovereign and is mixed for banks and corporates, they wrote. New Delhi avoided bold reforms...
10:43 AM, Mar 19, 2012
New Delhi: Finance Minister Pranab Mukherjee sees fiscal deficit at 5.1 per cent of the gross domestic product (GDP) for the fiscal year 2013. The number was on expected lines but the market borrowing figure of Rs 4.79 lakh crore (93 per cent of deficit) was higher than most analyst expectations. The fiscal deficit for 2011-12 was projected at Rs 4,13,000 crore, which was to be financed by market borrowings...
01:27 PM, Mar 16, 2012
The Economic Survey 2011-12 suggests policies to put India on a surer footing for sustained, inclusive growth and all-round development. The survey takes note of the Government fighting malaise of inflation with numerous calibrated steps which constituted a combination of policies to improve supply, especially of food and basic agricultural products and curb fiscal and revenue deficits. Independently, the Reserve Bank of India tightened the monetary policy. While the battle...
03:49 PM, Mar 15, 2012
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