Planning Commission deputy chairman Montek Singh Ahluwalia said on Monday that authorities need to see if there was any overheating of the economy. We have to see whether there is any overheating, Ahluwalia told reporters while forecasting an 8.5% economic growth rate in fiscal 2010-11. That growth rate is seen despite doubts about global economic recovery, especially in the US, Europe and Japan, which are the destination for most of Indias export goods. He made the comments ahead of Sep 16 mid-quarter policy review by RBI. Ahluwalia praised the central bank for its monetary stance thus far in balancing economic growth with inflation control. I personally think RBI has done a pretty good job in reading the signals, Ahluwalia said about RBIs calibrated steps in tightening liquidity in stages.
FDI inflows down 18% to $10.78 billion
Indias foreign direct investment inflows from January to June this year were down 18% to $10.78 billion from a year ago, industry secretary RP Singh said on Monday. June FDI inflows were down 46.5% to $1.38 billion from a year earlier, he said.
'Direct tax mop-up to touch Rs 5 lakh core'
The countrys direct tax collection for 2011/12 is expected to be around Rs 5 lakh crore, if current rates hold, revenue secretary Sunil Mitra said on Monday.
Sutanu Behuria named fertiliser secretary
Sutanu Behuria, a 1976 batch IAS officer from Himachal Pradesh, will take over as fertiliser secretary from September 1. Behuria, now a special secretary in the ministry of commerce and industry, has already received the letter of appointment from the Prime Ministers Office, a source in the ministry said. Behuria will replace the incumbent Fertiliser Secretary S Krishnan, who retires on August 30 after attaining superannuation.
Punjab & Sind Bank to rope in anchor investors
State-run Punjab & Sind Bank may consider the participation of anchor investors for its initial public offer, through which the public sector lender targets to raise upto Rs 600 crore. Punjab & Sind Bank would be the second government-run entity after Coal India Ltd (CIL) that may seek anchor investors to support its initial public offering.
The Bank may allocate up to 30 per cent of the qualified institutional portion, to anchor investors, on a discretionary basis, as per the lenders draft red herring prospectus filed with the capital market regulator Sebi.