Planning Commission deputy chairman Montek Singh Ahluwalia on Saturday said that the government is looking to trim plan expenditure this year to ensure that fiscal deficit is reined in at 4.8% of GDP.The move may, however, pull down GDP growth, which fell to a four-year low of 4.4 percent in the quarter ended June 2013.<br /><br />
The economy grew at 5.4 percent over the same period of 2012-13.
Speaking to CNN-IBN's Karan Thapar on Devil's Advocate, Parnagariya said PM and his 'dream team' have let India down in their management of the country's finances.
In the backdrop of the declining value of the Indian rupee, Planning Commission Deputy Chairman Montek Singh Ahluwalia today said the government has not drawn any red line on the Indian rupee, which he felt has over depreciated.
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The statement came after the latest set of poverty numbers were slammed by leaders across the political spectrum.
Ahluwalia sought to distance himself from the controversial data released last week according to which<br /><br /> poverty figures declined to 21.9 percent in 2011-12 from 37.2 percent in 2004-05, saying the figures were based on the assessment of an expert committee.
The Planning Commission is ready to take a second look at poverty figures, Plan panel chief tells CNN-IBN.
Goel said this was BJP's way of protesting against Planning Commission's criteria that anybody whose consumption of goods and services in exceed Rs 33 in cities per day was not poor.
Latest data released by the National Sample Survey Organisation (NSSO) has shown poverty levels across the country has reduced by 15 percent between 2004-05 and 2011-12.
The move is in stark contrast to what industry captains and Finance Minister P Chidambaram himself have been urging the central bank to do-cut interest rates to improve growth.
Major economic policy reforms in India that require legislative changes is most likely to slip away until the next general elections, Deputy Chairman of the Planning Commission Montek Singh Ahluwalia said today.
The prime minister highlighted the need for ramping up investment in infrastructure to revive investor sentiment.
Gujarat Chief Minister Narendra Modi and the Planning Commission were on Tuesday at loggerheads at the annual plan meeting with Modi accusing the Centre of adopting 'big brother' attitude disregarding the federal structure.
"Gujarat had asked the planning commission for Rs 58,000 crore, but the commission of the opinion that Gujarat is capable of adding to the growth of the country and hence granted Rs 59,000 crore," Modi said .
"I think the turnaround on gold has happened. I think that to be reflected in smaller current account deficit this year," Planning Commission Deputy Chairman Montek Singh Ahluwalia told reporters here.
Ahluwalia assured that the government is not waiting on the sidelines and the fall in rupee will be addressed.
Planning Commission today approved Tamil Nadu's Rs 37,128 crore annual plan expenditure for the current fiscal, which is 32.8 per cent higher than the approved outlay for 2012-13
Enthused by encouraging findings of a UNICEF-SEWA joint study on direct cash transfer, Plan panel Deputy Chairman Montek Singh Ahluwalia today said its implementation in large scale will not lead to any misuse of money.