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'It would be imprudent to take the fiscal deficit higher than 6% of GDP'
A year after India ushered in reforms in 1991, C Rangarajan, then a member of the Planning Commission, was picked by then Finance Minister Manmohan Singh to steer Reserve Bank of India for five crucial years till 1997. Then, Rangarajan, who had taught in University of Pennsylvania and management institutes in India, headed the Twelfth Finance Commission, which paved the way for fiscal consolidation, and also the Prime Minister’s Economic Advisory Council (and was, for five years, Governor of Andhra). In an interview with Sapna Dogra Singh and John Samuel Raja D, he says there are some encouraging signs in the economy, but the real recovery will come only in 2010-11.

'Our gas price is fair, our costs are competitive'
RIL Director PMS Prasad addresses the many charges laid at the company’s door

News of the day

ONGC opposes FinMin directive to park surplus funds with PSUs
Oil and Natural Gas Corporation (ONGC) has opposed finance ministry directive of parking its surplus funds with only PSU banks saying it is losing Rs 360 crore of interest revenues annually as state-run banks offer lower interest rates when business is given to them on nomination.
Management

India Inc for national media policy

The creation of a single national media policy and a single-window clearance for companies involved in the media and entertainment sector will give required fillip to the domestic media industry, says India Inc. - "There will be 1 billion mobiles by 2013, if not earlier" - India"s per capita emission 70% below world avg: report - Assocham calls for consolidation of banks - Private hospital sector may touch Rs 2 lakh cr by 2012: Study - Bring petrol, diesel under uniform VAT: Assocham - Assocham suggests setting up coal trading In a white paper, to be presented at "Focus 2009", the third global summit of the media and entertainment sector, industry body Assocham has urged the government to formulate a single national media policy on the lines of the National Telecom Policy (NTP) of 1999. "Focus 2009" will be held in the capital over the enxt two days, jointly organised by the Ministry of Information and Broadcasting (I&B) and Assocham. The all-in-one media policy, according to the Assocham paper, should lay down a distinct roadmap covering the various segments of the media and entertainment sector.


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