Chennai (Tamil Nadu), Nov. 14 : Acknowledging the government for its introduction of the demonetization of currency in the economy, Former RBI governor C. Rangarajan on Monday said the Government's move to demonetize is a standard direction to extinguish reduction in circulation of black money.
Speaking to ANI, Rangarajan said, "This is a common step taken whenever an effort is made to curtail the circulation of black money or unaccounted income."
"In India, it is not the first time that it has been done, such steps have been taken in the past also. This time apparently there are three targets; one is to attack those who hold black money as a citizen."
The possibility of a cut in key policy rates by the Reserve Bank of India (RBI) depends on inflation numbers, Prime Minister's Economic Advisory Council (PMEAC) Chairman C Rangarajan said.
Mr. Rangarajan said that the central bank could cut policy rates if rate of inflation continued to trend downwards.
Speaking on the topic, he said, "I think that it (whether RBI should cut interest rates) will depend on inflation numbers. If inflation continues to trend downwards then it will give room to Reserve Bank of India (RBI) to cut rates."
Indian Stock Market opened positive on Monday and BSE Sensex was trading with a gain of 100 points at 18620 during afternoon session. The stock markets were higher as majority of blue-chip stocks were trading positive. NSE Nifty was up by 20 points.
C Rangarajan, Chairman PMEAC has expressed positive sentiment about financing of the current account deficit. Rangarajan expects the CAD to decrease to $70 billion. He added that the decline in gold imports will help the CAD numbers.
New Delhi, July 5 : The price for natural gas in India for the April-June quarter of this year comes to $6.83 per unit, as per the government's new gas pricing policy, the petroleum ministry said Friday.
The June 28 approval by the Cabinet Committee on Economic Affairs (CCEA) of a new price for domestically produced gas was based on a formula suggested by the C. Rangarajan committee constituted by Prime Minister Manmohan Singh.
"As per the Rangarajan formula, the price will be fixed on the basis of average of netback price of Indian gas imports and also the weighted average of the price at international hubs (markets).
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.
C. Rangarajan, the head of the Prime Minister's Economic Advisory Council has said indicated that the worst might be over for the Indian economy and said that he expects the economy to record a growth of 6.4 per cent in the current financial year.
While releasing a report from the Prime Minister's Economic Advisory Council on the state of the economy in the current financial year, he said that the gross domestic product is expected to grow at the rate of 6.4 per cent this 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.
C Rangarajan, Chairman of the Prime Minister’s Economic Advisory Council, has said that India’s current account deficit would slip down to 3.5 per cent of the country’s gross domestic product (GDP) by the end of this fiscal year.
Speaking at an interactive session at the Merchants’ Chamber of Commerce, Rangarajan added that the government was making efforts to keep the current account deficit close to the manageable level of 2.5 per cent over the medium term.
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.