Prime Minister Manmohan Singh would hold the additional charge of finance portfolio after shifting the Finance Minister Palaniappan Chidambaram, to the home ministry. The PM is an economist of international repute, who served many national and international financial assignments. Dr. Singh is known as the liberator of the Indian economy, who opened the doors for foreign investors by annulling 'License Raj' system.
The fiscal deficit of the government has increased to Rs 1,17,070 crore till October 2008. Its revenue is decreasing while spending is continuously increasing, causing heavy burden on the state exchequer. The fiscal deficit amounts to 88% of the targeted deficit estimated in the budget.
In the Q-2 of 2008-09, Indian economy grew at 7.60 per cent, as compared to 7.9 per cent in the previous quarter. In the year ago period, the services sector growth was at 9.6 per cent.
A 2.7% growth was recorded in the farm sector during Q2 of 2008-09. Manufacturing growth stood at 5%; as compared to 9.2%on a year-on-year basis.
For the Q2, the construction growth came in at .7 per cent from 11.8 per cent a year ago.
The inflation rate continues to fall in the third consecutive week. It now stands at 8.84 per cent during the week ended November 15 from 8.90 per cent in the previous week. It would bring more respite for the union government who is facing criticism on price rise and internal security issues. However, inflation rate is still high and above the comfortable limits fixed by the reserve bank. It was at 3.35 per cent during the same week of last year.
The ongoing financial crisis would not impact the flow of foreign direct investment (FDI) in India. The country is still optimistic to attract more FDI due to strong fundamentals of Indian economy. The views were expressed by the Commerce and Industry Secretary, Ajay Shankar.
The Planning Commission of India is optimistic to achieve 7 per cent growth rate in the current fiscal despite global slowdown. It wants more investment in public sector infrastructure to boost demand at local level. Planning Commission deputy chairman, Montek Singh Ahluwalia said that the commission would recommend more investment in public sector infrastructure projects as private investors are reluctant to invest due to fears of further slowdown. He was speaking at the Economic Editors' conference held in New Delhi.
Prime Minister Manmohan Singh would hold the additional charge of finance portfolio after shifting the Finance Minister Palaniappan Chidambaram, to the home ministry. The PM is an economist of international repute, who served many national and international financial assignments. Dr. Singh is known as the liberator of the Indian economy, who opened the doors for foreign investors by annulling 'License Raj' system. 
The fiscal deficit of the government has increased to Rs 1,17,070 crore till October 2008. Its revenue is decreasing while spending is continuously increasing, causing heavy burden on the state exchequer. The fiscal deficit amounts to 88% of the targeted deficit estimated in the budget. 
In the Q-2 of 2008-09, Indian economy grew at 7.60 per cent, as compared to 7.9 per cent in the previous quarter. In the year ago period, the services sector growth was at 9.6 per cent. 
The inflation rate continues to fall in the third consecutive week. It now stands at 8.84 per cent during the week ended November 15 from 8.90 per cent in the previous week. It would bring more respite for the union government who is facing criticism on price rise and internal security issues. However, inflation rate is still high and above the comfortable limits fixed by the reserve bank. It was at 3.35 per cent during the same week of last year. 
The ongoing financial crisis would not impact the flow of foreign direct investment (FDI) in India. The country is still optimistic to attract more FDI due to strong fundamentals of Indian economy. The views were expressed by the Commerce and Industry Secretary, Ajay Shankar.
The Planning Commission of India is optimistic to achieve 7 per cent growth rate in the current fiscal despite global slowdown. It wants more investment in public sector infrastructure to boost demand at local level. Planning Commission deputy chairman, Montek Singh Ahluwalia said that the commission would recommend more investment in public sector infrastructure projects as private investors are reluctant to invest due to fears of further slowdown. He was speaking at the Economic Editors' conference held in New Delhi.
