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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.

Gokaldas' retail initiative on the upswing
Company launches ‘Cash & Carry’ format.

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Rethinking regulators
Business Standard / New Delhi November 03, 2009, 0:48 IST
Small Business

Mamata takes on Centre for support to Bengal govt

Trinamool Congress chief and Railway Minister Mamata Banerjee today criticised the Centre for supporting to the CPI(M)-led government in West Bengal in the form of assistance for security operations in Naxal-affected regions of the state. - Trinamool to campaign against Naxals - Mamata sees red at Pranab"s Left turn - Make land losers stakeholders in development: Nirupam - TMC firm in opposing joint operations - Mamata sees red at Pranab"s Left turn - Rlys" land acquisition rules will be altered: Mamata Banerjee accused the UPA government of remaining inert despite violence in the state caused by “the nexus between the Naxalites and the Marxists” and threatened to “fight on her own in West Bengal”. “Ministry or no ministry, we will not allow bloodshed in the state. We are part of the Centre but our workers are getting killed (due to operations by state and central forces). Why?” she said, alluding to the seven central portfolios held by the Trinamool Congress, the UPA"s single-largest ally in Parliament. Banerjee said she had taken up the matter with Prime Minister Manmohan Singh, Home Minister P Chidambaram and Finance Minister Pranab Mukherjee, but to no avail. Singh and Mukherjee flew down to Kolkata on January 7 to see former chief minister and CPI(M) leader Jyoti Basu, who is battling for life. About her party"s campaign in the Naxal-affected regions to ensure the return of the “forests to the tribal population”, she said over 2000 people had died due to “state-sponsored terrorism” and said the actual identity of Naxal leaders such as Kishenji and Chhatradhar Mahato should be made public. Incidentally, she had campaigned with Mahato in February 2009 for the last general elections. She said the CPI(M)-led state administration would be answerable if the situation in West Bengal deteriorated hereafter. “The Centre can"t deny its responsibility if things worsen,” Banerjee added. Last month, during a visit to the city, Chidambaram had stressed on securing the areas affected by the Leftist ultras before undertaking developmental work.


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