Prime Minister’s Economic Advisory Council (PMEAC) Chairman C Rangarajan has said that the expects the price of fold to fall in the Indian market as the falling inflation would make investment in financial instruments more attractive than investments in the shiny metal.
He also said that the steps taken by the authorities to curb the gold demand would help in reducing the current account deficit by 0.4-0.5 per cent of GDP during the current financial year. According to the latest data released, the overall inflation has fallen to the level of
State-run oil major, ONGC has said that the pricing mechanism recommended by the Rangarajan Committee are well balanced but also said that some of the aspects are too complex and needs to be simplified for implementation.
The Indian economy will grow at estimated 6.4 per cent during the current financial year, according to the Prime Minister's Economic Advisory Council (PMEAC).
Headed by former RBI Governor C Rangarajan, the top advisory body said that the economic slowdown had already reached the bottom, and that the economy would continue to grow at a faster rate.
The PMEAC's growth estimate is fairly in line with the finance ministry's forecast of 6.1 per cent to 6.7 per cent growth in the current financial year.
Mumbai, April 5 : Scrips of sugar mills rallied a day after the government decontrolled the Rs. 80,000 crore (around $15.5 billion) sugar industry in line with the suggestions of a panel headed by C. Rangarajan, chairman of the prime minister's economic advisory council.
Stocks of companies like Shree Renuka Sugars, Bajaj Hindustan, Balrampur Chini Mills and Dhampur Sugar Mills rallied at the Bombay Stock Exchange (BSE) after the government allowed the millers to sell all of their produce in the open market.
New Delhi, Feb 12 : Stressing on appropriate balance between regulation and innovation, the Prime Minister's chief economic advisor, C. Rangarajan on Tuesday predicted a growth rate of over 6.5-7 percent in the next year and over 8 percent in the subsequent years.
Saying that he is optimistic about increasing growth rate in future, Rangarajan said that what gives him the confidence is the fact that the investment trade has not gone down much to justify the slump in current growth rate.
A high level committee headed by C Rangarajan has recommended linking omestically-produced natural gas to international benchmarks such as US' Henry Hub and prices of imports.
C Rangarajan is the head of the Prime Minister's Economic Advisory and his recommendation might increase the price of natural gas produced in the country to around $8 billion per million British thermal units (mmBtu). At present, the gas produced from the Reliance Industries Ltd(RIL)-operated KG Basin offshore field is priced at $4.2 per mmBtu.
India's economic growth slowed to 5.3 per cent in the July to September quarter, from 5.5 per cent in the previous quarter and 6.7 per cent in the same quarter of last year.
Prime Minister's Economic Advisor Council chairman Dr C Rangarajan has said that the government expects the current account to be at 3.5 per cent of the GDP, which is much higher than expected.
Rangarajan said that there is a need to bring down the current account deficit to moderate levels. He said that the country's economy was going through a difficult phase and there is a requirement to reduce the current account deficit to boost economy growth.
The Petroleum Ministry has withdrawn a note opposing any increase in price of gas produced from Reliance Industries Ltd's KG-D6 oil & gas block before April 2014 as an expert committee headed by Prime Minister's Economic Advisory Council Chairman C Rangarajan is scrutinizing pricing of the fuel.
The note was circulated among the members of the Empowered Group of Ministers (EGoM) on October 10.
Speaking on the condition of anonymity, a top Petroleum Ministry official said, "Yes, the note to EGoM has been withdrawn."
The central government is likely to reduce its controls in the sugar industry after a high powered panel recommends allowing sugar producers to sell their produce freely in the market and sharing 75 per cent of their profits with the sugarcane farmers.
Dr C Rangarajan, chairman of the prime minister's economic advisory council, headed the committee that suggested that state governments should buy sugar from the open market instead of making it mandatory for sugar mills to sell 10 percent of their produce to the government at a loss.
Rising prices and blinding inflation may soon reach unprecedented heights as Indian government may announce further increase in the price of diesel.
C Rangarajan, Chairman of Prime Minister's Economic Advisory Council, has said that the potential hike could take effect any time in the next two months.
When he was asked if diesel price rise could take effect in the next two months, he said that he thought it would happen.
However, he added that the council’s role was just to recommend what needed to be done, and the final decision would be taken by the government.
India industry players have once again urged the government for a stimulus package from the government to boost the Indian economy.
Prime Minister's Economic Advisory Council (PMEAC) chairman, C Rangarajan has ruled out an economic package similar to that of 2008-09. He also said that any monetary action will be subject to inflationary pressures.
According to the latest data released, the country's consumer price inflation increased to the level of 10.36 percent during the month of April.
The consumer prices had increased 9.47 percent during mach. Consumer price-based food inflation in the month rose to 10.18 percent from 8.22 percent in February. The inflation measures by the benchmark wholesale price index rose to 7.23 percent in the year to April, according to the latest data released.
C Rangarajan, the chairman of the Prime Minister's Economic Advisory Council (PMEAC) has said that the central government is not likely to achieve its 4.6% fiscal deficit target for the financial year.
While deceiving a lecture on 'The Indian Economy: Concerns and Prospects' on the ASSOCHAM Foundation Day, he said that it might be difficult to achieve. He added that the it is important that deficit remains close to this level to maintain credibility.
Indian Prime Minister Manmohan Singh has constituted a new panel under the leadership of the former RBI governor C Rangarajan to recommend the ways to reform the sugar industry in India.
C Rangarajan, who has also worked as the chairman of Prime Minister's Economic Advisory Council, will prepare recommendations on policy changes for deregulation of the industry sector that is still under tight government control.
The Reserve Bank of India (RBI) may consider revising its key interest rates in the month of December on slowing inflation.
C Rangarajan, chairman of the Prime Minister's Economic Advisory Council (PMEAC) has said that he expects the economic growth in the country to be in the range of 7.5-8 per cent and he puts the figures at 7.8 or 7.7 per cent.
C Rangarajan, chairman of the Prime Minister’s Economic Advisory Council (PMEAC) has said that he expects the economic growth in the country to be in the range of 7.5-8 per cent and he puts the figures at 7.8 or 7.7 per cent.
India is expecting food inflation rates to rise by 8.96%, but is hoping that the monsoons will allow the rate to come down by 6.5% by March 2012.
However, if the rates continue to soar, the RBI will not change its policy. The Chairman of Prime Minister’s Economic Advisory Council, C. Rangarajan has warned the Indian Institute of Managements (IIM) that there taking autonomy for granted. He stated: “Do not take this for granted. It is not often that the government takes such a decision”.
The Prime Minister’s economic advisory council (PMEAC) has said that the government needs to withdraw fiscal stimulus to provide a consolidated budget next week. On Monday, PMEAC has informed that the inflation has become the major concern for the centre and it need to withdraw some of its fiscal stimulus. The budget session has already started and the annual financial budget will be represented next week.
The chairman of PMEAC, Mr. C Rangarajan has told the reporters that he will advice the government to rollback the fiscal stimulus and tightening the fiscal and monetary policies further to handle the situation.
Prime Minister’s Economic Advisory Council has suggested that the government should have single rate when it comes to excise duty and service tax. But that also means that it should try and implement Goods and Services tax (GST) on a faster basis.
This is important considering the fact that the government is thinking of implementing the GST by April of next year. The suggestions appeared in the economic review of 2010-11 where C. Rangarajan, chairman of the PM’s Economic Advisory Council, said that a single rate should be applicable and that should be around 10 per cent.
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