Indian Economy

Over 500,000 Jobs Added During July-Sept Quarter: Economic Survey

Pranab MukherjeeAccording to the Economic survey, Indian job market made a noteworthy recovery during the second quarter of the existing fiscal with employment figures up by 500,000 as compared to a cut of 131,000 in the nation's employed personnel between April and June 2009.

The review covered eight segments including textiles, leather, metals, automobiles, gems and jewellery, transport, information technology and business process outsourcing and handloom and powerloom with the selective data being gathered from 2,873 units from 21 centres spread across 11 states.

Highlights of the Economic Survey

Highlights of the Economic SurveyNew Delhi, Feb 25 - Following are the highlights of the annual Economic Survey for the current fiscal tabled by the Finance Minister Pranab Mukherjee in the Lok Sabha Thursday:

- Gross domestic product expected to grow 8.25 percent - 8.75 percent in 2009-10

- Economic growth during next fiscal may breach 9 percent

- Government should free grain stocks if food prices rise

- Delay in market release of imported sugar led to high prices

- Calibrate exit strategy from fiscal stimulus

Consensus to hold discussion on rising prices reached by all parties

"I am very happy that political parties had reached a consensus on holding a discussion on rising prices," said Lok Sabha Speaker Meira Kumar on Thursday.

It was agreed At a meeting of all political parties convened by the speaker on Wednesday, that the discussion would be held under rule 193, under which voting is not required and which the government is insisting on. An adjournment motion on price rise is demanded by the opposition.

Kumar told reporters here," I am very happy that all parties reached a consensus on the issue of price rise. It is a very important matter. The people are heavily hit by soaring prices of essential commodities."

Survey: India's Growth Rate Encouraging, Rising Prices Major Concern

Projecting the country's growth rate at more than 8.25% by next fiscal and at double-digit rates by the next five years, India's Economic Survey Expressed its worry over growing costs and demanded urgent action to turn down the administration's fiscal deficit.

The survey said, "It is entirely possible for India to move into the rarefied domain of double-digit growth and even don the mantle of the fastest-growing economy in the world within the next four years."

In the Lok Sabha, the lower house of parliament, a day ahead of the federal budget, Finance Minister Pranab Mukherjee said, "As of now the outlook for inflation is conditioned by supply-side pressures in the near term."

Budget Session Of Parliament To Begin From Monday

With the opposition looking ready to hit the administration on different issues comprising price increase, the initial day of Parliament’s Budget meeting on Feb 22 is likely to be a stormy affair.

The conference will start with the customary President Pratibha Patil’s lecture to the combined sitting of both the Houses on Monday.

The BJP, the Left and other parties have asked that a talk on the flaming problem of growing costs be taken up on the initial day of the 90 days long assembly on Tuesday.

The BJP and the Left parties have signaled interruption of proceedings in case the problem of price increase was not taken up for conversation on February 23.

MPs Ask For Discussion On Price Increase In Parliament

MPs Ask For Discussion On Price Increase In ParliamentLeaders tracking party lines Saturday demanded a discussion on price increase in the Lok Sabha during the budget meeting that begins Monday.

At a conference presided by Lok Sabha Speaker Meira Kumar prior to the session, "all party leaders demanded discussion on price rise in the house", said a partaker who did not want to be named. "It was an almost unanimous demand."

Meira called the meeting to seek the backing of leaders to guarantee smooth implementation of the house during the budget meeting.

Highlights of economic review by PM's council

Highlights of economic review by PM's councilNew Delhi, Feb 19 - Following are the highlights of a review of the Indian economy conducted by the Prime Minister's Economic Advisory Council headed by C. Rangarajan:

- India's growth pegged at 7.2 percent for this fiscal

- Economy to grow 8.2 percent and 9 percent over next two years

- Agriculture output to decline 0.2 percent this fiscal

- Industrial production to expand 8.6 percent

- Services sector to grow 8.7 percent

- Food inflation may also push up general price level in 2010-11

Attack Black Economy or accept High Prices

Attack Black Economy or accept High PricesNew Delhi: Finance Minister Pranab Mukherjee has indicated that the Indian economy would be growing at the rate of 7.5 per cent in the present fiscal and at eight percent during 2010-11.

So also the prices. Inflation has been growing steadily and the government has been unable to control the prices. Politically, the opposition parties are making capital out of the price increase. According to reports some members of the Union Cabinet were unwilling to approve the increase in price of petrol, diesel and cooking gas.

PM's council pegs India's growth at 7.2 percent

PM's council pegs India's growth at 7.2 percentNew Delhi, Feb 19 - The Prime Minister's Economic Advisory Council Friday predicted India's growth for this fiscal at 7.2 percent, and later accelerating to 8.2 percent and 9 percent, respectively, over the next two years.

"The council expects a bounce back in agricultural gross domestic product in the next year and maintenance of the desired trend growth of 4 percent in 2011-12," Chairman C. Rangarajan said at a press conference here after a review of the Indian economy.

India’s Central Bank Hopes To Curb Inflation

India’s Central Bank Hopes To Curb InflationReserve Bank of India Governor Duvvuri Subbarao announced that steps taken by the central banking institution to control inflation will yield positive results in the long term.

Mr. Subbarao said, "We have raised the CRR (Cash Reserve Ratio) by 75 basis point in order to absorb the liquidity of 36,000 crore and we are hoping that will go a long a way towards managing inflation expectations."

Indian Govt To Look At Stimulus Packages For Weak Export Segments In April

Indian Govt To Look At Stimulus Packages For Weak Export Segments In AprilThe administration announced that it would take a call after the announcement of budget on providing a stimulus for a range of export commodities that continued to fare inadequately.

While releasing a research on a variety of aspects of the World Trade Organisation (WTO) talks, commerce secretary Rahul Khullar said, "We will provide internal stimulus to those exports which are making losses only after the budget."

RBI’s Central Board Meeting Starts In Bihar Capital

RBI’s Central Board Meeting Starts In Bihar CapitalIn order to talk about various economic matters, the Reserve Bank of India's central board meeting started in Patna today.

Mr. D. Subbarao, RBI Governor as well as top functionaries of the bank were attending the conference to discuss a variety of financial issues.

Mr. Subbarao reached Patna on Wednesday afternoon to attend the conference.

During his hour-long conference with Nitish Kumar, Bihar Chief Minister, on Wednesday night, he promised every possible assistance for the growth of the state.

India’s Food Inflation Rises To 17.97%

India’s Food Inflation Rises To 17.97%In spite of promises from the administration that food costs would shortly start reducing, the country's annual food inflation based on wholesale prices again climbed up to 17.97% for the week ended Feb 6.

According to official information released by the commerce and industry ministry today, the twelve-monthly increase in the index for food articles stood at 17.94% for the previous week.

Prices of essential items continued to ascend, with vegetables costlier by 19.56%, potatoes by 38.02%, pulses by 38.04% and fruits by 10.39% over the twelve monthly period.

Economic System May Grow Over 8% In Fiscal Year 2011, Says Pranab

Economic System May Grow Over 8% In Fiscal Year 2011, Says PranabFinance Minister Pranab Mukherjee has announced that the country's economic system may grow more that 8% in fiscal year 2011 after developing at around 7.5% during the existing financial ending March.

Mr. Mukherjee, however, exuded the assurance that inflationary figures will ease in the next few months.

Pranab To Kick Off International Seminar On Transfer Pricing

Shallow fog covers DelhiUnion Finance Minister Pranab Mukherjee will kick off the global seminar on transfer pricing at Vigyan Bhawan, New Delhi.

Being organized mutually by the Organisation for Economic Cooperation and Development (OECD) and the Central Board of Direct Taxes (CBDT), the three-day seminar will start on Wednesday.

The seminar will also be attended by Secretary (Revenue) Sunil Mitra, Minister of state for Finance (Revenue) S. S. Palanimanickam, Head of transfer pricing unit OECD Caroline Silberztein, Chairman of CBDT S. S. N. Moorthy and Michalle Levac of Canada Revenue Agency.

India's annual inflation rises to 8.56 percent in January

India's annual inflation rises to 8.56 percent in JanuaryNew Delhi, Feb 15 - India's annual rate of inflation, based on the wholesale prices index, rose to 8.56 percent in January from 7.31 percent in the previous month, driven by increasing food prices, official data released Monday showed.

The annual inflation rate was 4.95 percent in January 2009.

The latest data released by the commerce ministry showed prices of food articles jumped 17.4 percent last month, while those for primary articles rose 14.5 percent, and manufactured products was up 6.55 percent.

India’s industrial production rises, Government may start withdrawal

India’s industrial production rises, Government may start withdrawalIndia's industrial production recorded its highest rise in more than a decade indicating that the economy is recovering from the recession.

Factory out in the country rose at a much faster rate than the analyst expectations at 16.8% in December compared with a year earlier. The low base affect from last year is also believed to be the reason behind high growth recorded.

Rs 1,000 crore to be spent on tribal education by the Centre: Bhuria

Kantilal BhuriaUnion Tribal Affairs Minister Kantilal Bhuria on Thursday said that the Centre is planning to spend Rs 1,000 crore in the next fiscal eyeing upon checking dropouts and raising literacy among the tribals. After inaugurating a seminar ''We and our tribes: Caring culture and sharing thoughts''.he said that the centre is planning to spend Rs 1,000 crore for tribal education during the next fiscal.

Economy will grow 7.5 percent this fiscal: Anand Sharma

Economy will grow 7.5 percent this fiscal: Anand SharmaNew Delhi, Feb 8 - Commerce Minister Anand Sharma Monday hoped the Indian economy would grow 7.5 percent in the current fiscal.

"Hopefully, we will grow at about 7.5 percent this year. Our government is determined to further accelerate the momentum of growth," Sharma said while addressing the second India Arab Investment Conclave here.

India predicts economic growth at 7.2 percent for 2009-10

India predicts economic growth at 7.2 percent for 2009-10New Delhi, Feb 8 - India Monday forecast its economic growth for this fiscal at 7.2 percent, as against 6.7 percent achieved in the previous fiscal, despite a 0.2 percent declined predicted in farm output.

The advance estimates of the country's gross domestic product released by the Central Statistical Organisation (CSO) forecasts a growth of 9.9 percent in services and 8.9 percent in manufacturing -- the highest among the eight broader economic activities.

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