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The decision to keep the rates unchanged by RBI will be a big breather for the industry and retail borrowers in particular as the markets had expected another 25 bps hike in the short-term lending rate, says Montek Singh Ahluwalia.
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CAD is a difference between outflow and inflow of foreign exchange. It was at USD 88.2 billion or 4.8 percent of GDP in the last fiscal. The Finance Ministry expects it to be at USD 56 billion or less this financial year. Last year 2012-13 it was 4.8 percent.
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The current account deficit is the difference between inflow and outflow of foreign exchange. During 2012-13, the CAD was at all-time high of 4.8 per cent of GDP or USD 88.2 billion. Government proposes to bring it down to USD 70 billion or 3.8 per cent of the GDP.
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The coal block allocation has been an area of concern and Ahluwalia thinks that government recognises that these coal block allocation decisions are bound to be subject to questioning and hence must be auctioned.
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"The committee, I think, will come to a consensus quite quickly. I believe the committee is coming to a close on making recommendations," Planning Commission Deputy Chairman Montek Singh Ahluwalia said on the sidelines of an industry event here today.
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Reserve Bank, in its mid term review of the monetary policy today, decided to hike short term policy rate by 0.25 per cent after a gap of two years and ease liquidity by reducing the marginal standing facility rate for banks.
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A sum of Rs 2,812 crore is required from the Centre to complete projects related to Simhashta (as Ujjain Kumbh mela is called), Chief Minister Shivraj Singh Chouhan said.
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Accepting Reserve Bank's stance on policy rate for what it is, Finance Minister P Chidambaram today expressed hope that declining inflation would increase the scope for rate cut by the central bank.
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Worried over the industrial unrest witnessed during the two-day nation-wide strike, Planning Commission Deputy Chairman Montek Singh Ahluwalia today today said revival in economic growth will help combat industrial tension.
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Planning Commission Deputy Chairman Montek Singh Ahluwalia today said the 12th Five Year Plan lays emphasis not merely on economic development but on inclusive growth to bring more poor and marginal people under its ambit.
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Planning Commission Deputy Chairman Montek Singh Ahluwalia today said the price-pooling mechanism should be adopted for fuel supply to power firms but solution to some of the issues involved could take some time.
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It is time for global credit rating agencies to take India off the negative watch list, Planning Commission Deputy Chairman Montek Singh Ahluwalia said today even as a leading firm last week threatened of a possible downgrade of the country within 24 months.
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Facing severe criticism over its Rs 32 cap in urban areas for determining the poverty line, the Government finally decided to remove the condition on Monday.
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A working group on PDS reforms headed by Planning Commission Deputy Chairman Montek Singh Ahluwalia has advocated the use of unique identification numbers (UID) to plug the loopholes in the public distribution system (PDS).
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Planning Commission Deputy Chairman Montek Singh Ahluwalia today backed India Inc's opposition to any mandatory contribution by corporates towards social responsibility initiatives, stating the move would tantamount to "privatising taxation".
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The government should form a clear idea about the proposed National Food Security Bill as the new poverty list may not be available soon, Planning Commission Deputy Chairman Montek Singh Ahluwalia said today.
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Water and energy, along with infrastructure, emerged as the main topics of discussion during the Plan Panel's consultation with governments of seven states and one UT of the northern region here today.
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A Group of Ministers headed by Finance Minister Pranab Mukhejree is likely to meet on Monday to vet London-listed mining group Vedanta Resources' USD 9.6 billion acquisition of Cairn India.
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With food inflation moderating for the second week in a row, Planning Commission Deputy Chairman Montek Singh Ahluwalia today forecast continuation of the declining trend.
