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India To Revise FY12 Fiscal Deficit Upwards To 5.7%

(RTTNews.com) - In the forthcoming budget, the Finance Ministry is likely to revise the fiscal deficit to 5.7 percent to six per cent for the current fiscal year and may estimate the fiscal deficit of around five percent for the fiscal 2012-13, reports said.

India To Revise FY12 Fiscal Deficit Upwards To 5.7%
 
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India promises level playing field to US nuclear firms

Noting that India will need to invest more than $1 trillion on infrastructure to continue on the high growth trajectory, New Delhi has promised US companies a level playing field, including in the area of nuclear energy.

"In order to continue on the high growth trajectory, India will need to invest more than $1 trillion in the coming years in building a world class infrastructure that could cater to the demands of a billion plus population," Indian ambassador to the US Nirupama Rao said here Friday.

"A vital input to achieving the ambitious growth targets that we have set for ourselves would be energy," she said in a wide ranging talk on "An India-US Partnership with people at its core" at the Harvard's Kennedy School of Government, India-South Asia Programme.

Noting that that nuclear energy could help India meet its energy requirements in an environmentally sustainable manner Rao said: "There are immense opportunities for US companies in this sector" and "on its part, the Government of India is committed to provide a level playing field for all our international partners."

Describing growing economic partnership as "another central driver of our relations," Rao noted a number of US firms are capitalising on the large pool of skilled engineers, scientists and researchers in India.

"Two-way trade in goods and services continues to grow steadily reaching over $100 billion last year. The US businesses are becoming strong partners in India's economic growth story; and Indian businesses are creating value, wealth and jobs in the United States," she said.

Indian companies are now contributing strongly to local State economies in the US with a presence in 43 States and having invested over $26 billion in the last 5 years in several key areas of the economy, in manufacturing as also in services, Rao said.

India's IT industry has in particular been a strong player in establishing value based mutually beneficial partnerships, she said noting Indian IT companies employ an estimated over 100,000 people in the US and the Indian IT industry supports over 280,000 jobs indirectly out of which about 200,000 are with US residents.

Noting that India-US "strategic partnership has global significance," Rao said: "Our leaders have laid out a strategic vision for one of the defining partnerships of the 21st Century. Our task is to advance this partnership, and impart it with further meaning and substance."
 
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India’s fiscal deficit is among highest in growth markets

Feb 23, 2012

The Indian government’s overall fiscal deficit (centre and states) is one of the highest among growth markets, said Goldman Sachs in a recent report (see chart below). The brokerage estimated the overall deficit at 9 percent of GDP for the financial year ending March 2012, driven largely by a slump in tax revenues and a large increase in fuel subsidies.

Why India’s fiscal deficit is among highest in growth markets | Firstpost

G7.jpg


---------- Post added at 12:46 AM ---------- Previous post was at 12:43 AM ----------

Fiscal Deficit: India's current account deficit; a major concern:

Fiscal Deficit: India's current account deficit; a major concern: Mecklai - Moneycontrol.com -
 
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chinese trolls chinese trolls chinese all the way, :lol:

With such IQ , may I ask , why they always fail!!!

Hey!! chinese trolls .... :lol:

---------- Post added at 01:18 AM ---------- Previous post was at 01:15 AM ----------

Indian economy may grow at 8 percent in 2012-13: Rangarajan

New Delhi : India’s economy may grow at 7.1 percent this financial year and inch up to 8 percent next fiscal if the global environment turns favourable, chairman of the Prime Minister’s Economic Advisory Council C. Rangarajan said Wednesday.
“We might be able to achieve 8 percent growth on our esteem, if the world environment is favourable,” Rangarajan told reporters here after releasing the Review of the Economy 2011-12.
The council has pegged gross domestic product growth at 7.1 percent for 2011-12, marginally higher than the 6.9 percent growth projected in the advance estimate early this month by the Central Statistical Organisation (CSO).
Inflation is estimated to come down to 6.5 percent by the end of the current financial year and ease further in the range of 5-6 percent in 2012-13.
“Headline inflation has shown a decline since November 2011 and more strongly in January 2012. It is projected to be around 6.5 percent at the end of March 2012. Both monetary and other public policies seem to have had the desired effect,” Rangarajan said.
This year’s projected GDP growth is substantially down from the budgetary target of around nine percent, and 8.4 percent expansion registered in the previous year.
High interest rates, fragile global economic conditions and the government’s inability to push through key reforms have stunted growth.
The growth in the agriculture and construction sectors is projected to remain higher than the advance estimates released early this month by the CSO, Rangarajan said.
The council has pegged farm sector growth at three percent, compared to 2.5 percent growth projected in the advance estimate.
A record output of rice and wheat on the back of good monsoon and strong growth in horticulture and animal husbandry segments are likely to push upward the agricultural sector growth.
The farm sector has grown by seven percent in 2010-11.
The manufacturing sector is expected to grow by 3.9 percent while construction segment is expected to expand by 6.2 percent.
“Manufacturing and construction have been sluggish during the first three quarters of 2011-12. This may show improvement in the fourth quarter,” Rangarajan said.
Strong growth in the services sector will continue with overall growth estimated at 9.4 percent for the fiscal ending March 31, 2012.
Investment activity has slowed down and as a result the gross fixed capital formation for 2011-12 has slipped to 29.3 percent, a decline of almost four percentage points over the last four years, said Rangarajan, a former governor of the Reserve Bank of India (RBI).
Rangarajan said the fiscal deficit was likely to expand beyond the budgeted estimate of 4.6 percent of GDP, mainly because of increased spending on subsidies, especially on refined petroleum products.
“The government must strive to contain and improve the efficacy of subsidies vis-Ã -vis the development needs that need to be carved out of the union budget,” the PM advisory council said in the review, emphasising on the need for fiscal consolidation.

Hill Post Indian economy may grow at 8 percent in 2012-13: Rangarajan | Hill Post
 
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24 FEB, 2012, 07.30PM IST, PTI
Delhi government to build 72,000 low-cost flats for slum dwellers in next 2 years

NEW DELHI: The Delhi government has decided to construct 72,000 low-cost flats in next two years for allotment among slum dwellers and economically weaker section, in tune with its plan to make the national capital slum-free.

Top officials involved in the mega housing project said the ground work for construction of the low-cost flats has already been started and agencies involved in it have been told to expedite process of various clearances.

Delhi government's premier infrastructure agency DSIIDC will implement the project which has been conceived as part of government's ambitious goal of making the city slum-free in next three to four years, they said. "We have set a target of completing the construction within next two years," said a top official of DSIIDC.

The Delhi State Industrial Infrastructure Development Corporation (DSIIDC) has already completed construction of 9,660 flats in Narela, Dwarka, Bhorgarh under the JNNURM scheme and another 5,184 flats are likely to be completed very soon.

The officials said the process of selecting the beneficiaries for around 15,000 flats was underway. They said people who have settled in a slum or jhughi jhopri cluster not later than March 31, 2007 will be eligible to get allotment of the low-cost houses.

In her annual address to top officials earlier this week, Dikshit had identified providing roof to slum-dwellers as one of the three major priority areas for her government for the coming financial year. The government earlier this month had started allotment of around 2,200 low-cost flats to industrial workers.

In the first batch, a total of 115 industrial workers were given allotment letters of flats built at Narela area of North West Delhi. The DSIIDC has built the flats on 'no loss no profit'. The flats have been built under Rajiv Gandhi Housing scheme for industrial workers. The remaining 2,114 flats will be alloted within next six months.

Officials said Government would make available hospitals, schools, shopping complexes and bus services in the areas where low-cost flats are coming up.

Meanwhile, Industries Minister Ramakant Goswami visited the construction site of low cost flats at Pootkhurd area of West Delhi where a total of 14,200 houses are being built.

Chief Managing Director of DSIIDC Chetan B Sanghi, who accompanied Goswami, said as per the Master Plan of Delhi 2021, the city would require to construct 75,000 low cost flats every year to provide roof to the EWS families.

He said contract has been awarded for construction of another 4,560 houses at Tikri Kalan while tender for construction of another 8,420 flats is being initiated. Preparation of the detailed project report for construction of another 4,000 houses is underway, he said.

Goswami said government would start allotment of around 14,000 houses from April. Sanghi said DSIIDC has submitted a proposal to the Centre for construction of transit accommodation for migrant workers.

A proposal to construct accommodation for 20,000 people has already been submitted to the Centre while another proposal for construction of transit accommodation for around 52,020 people will be submitted soon, Sanghi said.


Delhi government to build 72,000 low-cost flats for slum dwellers in next 2 years - The Economic Times
 
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BSNL launches 3 tablets, lowest model priced at Rs 3,250

with the cheapest model costing a mere Rs 3,250, making a quiet entry into the increasingly competitive market for the hand-held computers.

Recently, Datawind, promoted by a Canadian India, had made a much-publicised entry into the market in a tie-up with the government to provide cheap networking devices 'Aakash', priced at Rs 2,250 for students.

The three tablets launched by BSNL are priced at Rs 3,250, Rs 10,999 and Rs 13,500. Two of them come with 7-inch resistive screen with Android 2.3 operating system, while the third comes with an 8-inch touchscreen, a BSNL official said.

Made by Noida-based Pantel, these tablets will be sold with discounted data plans from BSNL, sources said.

According to Pantel, the T-PAD IS701R has 1GHz processor and 256M RAM and is wi-fi enabled. The built-in 2GB memory can be expanded by up to 32GB.

The second model T-Pad WS704C has 512MB DDRIII RAM and can be connected to TV through HDMI.

The costliest model, T-PAD WS802C is powered by a 1.2GHz processor and 512MB DDRIII RAM and also has a built-in Global Position System.

BSNL launches 3 tablets, lowest model priced at Rs 3,250
 
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The PMEACs forecast for FY13 has pegged the number at a range of 7.5% to 8%. Last year they began at 9% went down to 8.5% then to 8.2% and finally at 7.1%. Will that be a similar story in terms of direction this year as well?

:lol::lol:
 
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