India's industry has raised the pitched for urgent action on key reform measures, quicker decision making and more transparent governance ahead of the second leg of the Parliament's budget session that begins on Tuesday.
Himani Chandna Gurtoo reports.
India is concerned about the volatility in the prices of oil, gas and other commodities as they were not aligned to economic fundamentals, finance minister Pranab Mukherjee said today.
Indians continue to be among the world's most confident people about their economy on account of moderating inflationary pressure and the easing of tight money policy stance of the Reserve Bank, says a report.
After the flak over his remarks to a think tank in US, chief economic advisor Kaushik Basu feels India will see "some important" reforms in the next six months, including on subsidies and may be partial diesel decontrol and FDI in retail.
UPA committed but certain reforms difficult: Pranab
The World Economic Forum has said costly and inefficient subsidies are damaging the Indian economy and emphasised on the need for more transparency in the Indian energy market to attract investments.
India has proposed setting up of a working group on the feasibility of a BRICS (Brazil, Russia, India, China and South Africa) developmental bank, the decision on which was taken at their recent summit meeting in New Delhi.
The International Monetary Fund has almost doubled its "fire power" to protect the world economy against deepening debt turmoil in Europe with the Group of 20 nations, including India, pledging $430 billion in new funding.
India is working towards elimination of subsidies in all areas except for food and is also taking concrete steps to reduce massive leakages in subsidy.
Opposition attacked the government over PM's chief economic adviser Kaushik Basu's remarks that major reforms were unlikely before the next general elections. Read the political debate between the Opposition and the government and what our readers' had to say on the issue.
The government today approved 22 foreign direct investment (FDI) proposals amounting to Rs.586.137 crore ($112.5 million).
India has called upon G-20 nations, the world's top economies, to work out a "credible and ambitious" action plan to put the global economy firmly on the path of recovery as also promote strong, sustainable and balanced growth.
Major economic reforms in India would hit the roadblock and are unlikely to happen before the next Parliamentary elections in 2014, chief economic advisor Kaushik Basu has said.
Adi Godrej says both perception & reality needs to be improved. HT reports.
To prevent rising crude oil prices from hurting consumers and fuelling inflation, the government is working on a comprehensive “rescue package” that includes a significant reduction in central excise duties and sales tax levied by states on petroleum products. Anupama Airy reports. Different states, one problem