INDIAN ECONOMY: No need for stimulus to combat impact of crisis: Rangarajan!

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PTI / The Hindu / NEW DELHI, August 9, 2011.

Chairman of Economic Advisory Council to Prime Minister Dr. C. Rangarajan during a press conference in New Delhi on Monday - PTI.

Prime Minister’s economic advisory panel has said there was no need for any stimulus package to help the industry tide over the impact of the crisis following downgrade of the U.S. credit rating by Standard and Poor’s.

“I don’t think industry needs any fiscal stimulus,” PMEAC chairman C. Rangarajan told PTI, when asked whether fiscal incentives would be needed to help the industry to combat the impact of the global crisis.

Echoing similar views, Yes Bank President and Chief Economist Shubhada M. Rao said, “The U.S. downgrade is not expected to impact Indian industries in a significant manner,” adding, “as such, we do not expect the government to consider doling out any fiscal stimulus package for the industry”.

Industry, however, have started clamour for stimulus to deal with the fallout of the global financial crisis following lowering of the sovereign rating to AA+ from AAA by Standard and Poor’s.

“A slow pace of recovery in the US could also prompt hard hit sectors in India to call for another stimulus package by the government to boost investments and demand”, said Assocham Secretary General D.S. Rawat.

May be no stimulus is required but until and unless the local Oil Prices are reduced in tune with the World Oil Prices, the economy will not look up!

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http://www.thehindu.com/business/Economy/article2339580.ece

PRICE RISE & INFLATION: Jayalalithaa hits out at UPA on price rise issue

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PTI / The Hindu / CHENNAI, August 3, 2011.

Tamil Nadu Chief Minister J. Jayalalithaa. File photo - The Hindu.

Slamming the UPA government for the price rise, Tamil Nadu Chief Minister Jayalalithaa on Wednesday said it was the Centre’s responsibility to bring down the prices.

“It is the Central government which is responsible for rise of prices all over India. It is upto the government to take appropriate steps to bring down prices,” she told reporters after inaugurating the renovated Press Room at the state Secretariat here.

She said the Centre has to take steps to bring down prices to help the common man.

Her comments came on a day when the Opposition initiated a debate on price rise in the Lok Sabha.

The Press Room, according to a State government release, was renovated at a cost of Rs 25 lakh.

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http://www.thehindu.com/news/states/tamil-nadu/article2319202.ece

MONSOON SESSION: If this is growth, please skip it: BJP in price rise debate!

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NDTV Correspondent, Updated: August 03, 2011 17:30 IST.

New Delhi:  The Opposition got down to business today, challenging the government to explain why it has not been able to control rising prices.  
A debate on the issue in the Lok Sabha will be followed by a vote. The discussion was initiated today by the BJP's Yashwant Sinha, who delivered a series of body blows. "We do  not agree that growth is related to prices. If growth means a rise in prices, then we do not want such growth," he said. Then he pulled out the C-stick that the Opposition wants to beat the government with in this parliament session.


"Corruption is the biggest cause of price rise,"  Mr Sinha said.  He  pointed out that food grain is rotting in warehouses instead of being distributed to the poor

Mr Sinha said  his party "urges the government to overcome its inertia" to introduce a comprehensive food pricing and management policy. "This will not only bring relief to the common man but will also serve as an antidote for the growing economic imbalances in the country."

The BJP also offered some advice to the government.  "When I was Foreign Minister," Mr Sinha added, "I would move around the world, my photos would get published. But when I went to a remote village in my constituency, asking for votes, an old lady asked me 'What's the price of kerosene?' I had no answers. And we lost the elections. You will meet the same fate," he warned

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http://www.ndtv.com/article/india/if-this-is-growth-please-skip-it-bjp-in-price-rise-debate-124040

MONSOON SESSION: Price debate: Govt responds to BJP's tough charges!!

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NDTV Correspondent, Updated: August 03, 2011 14:43 IST.

New Delhi:  The Opposition has formally launched its attack on the government over the issue of price rise.

A debate - that will be followed by a vote- was initiated in the Lok Sabha by the BJP's Yashwant Sinha. He said his party "urges the government to overcome its inertia" to introduce a comprehensive food pricing and management policy. "This will not only bring relief to the common man but will also serve as an antidote for the growing economic imbalances in the country," said Mr Sinha.

Mr Sinha, who has served as Finance Minister, said "Corruption is the biggest cause of price rise."  "Food grain is rotting in warehouses instead of being distributed to the poor," he said.

The Opposition will unite against the government over failing the "aam aadmi" or common man. "The worst form of taxation on the poor is prices," said Mr Sinha. "When I was Foreign Minister," he added, "I would move around the world, my photos would get published. But when I went to a remote village in my constituency, asking for votes, an old lady asked me 'What's the price of kerosene?' I had no answers. And we lost the elections. You will meet the same fate," he warned.

Mr Sinha also delivered on the BJP's promise to target the Prime Minister in its different campaigns against the government. "Those who contest elections, they should be worried. Those who don't can relax," he said.  Dr Manmohan Singh is a Rajya Sabha MP from Assam.

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http://www.ndtv.com/article/india/price-debate-govt-responds-to-bjp-s-tough-charges-123924

MONSOON SESSION: Lok Sabha to discuss price rise under voting rule today!

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K.V. Prasad, The Hindu / NEW DELHI, August 2, 2011.

The chaos that began with the monsoon session of Parliament on Monday does not seem to deter BJP leader Rajnath Singh, Samajwadi Party chief Mulayam Singh and other MPs from sharing a lighter moment on Tuesday. Photo: Shanker Chakravarty.

Government concedes Opposition’s demand, wants it to agree to a motion that can be passed unanimously

The government on Tuesday conceded the Bharatiya Janata Party-led Opposition's demand for a discussion on price rise with voting, while persuading the Opposition to agree to an “acceptable” motion that could be passed unanimously.

A discussion under Rule 184 will be held in the Lok Sabha on Wednesday on a motion to be moved by the BJP's Yashwant Sinha and Sharad Yadav of the Janata Dal (United). K.S. Rao of the Congress too submitted a similar notice.

The Congress managers worked with the Opposition to craft a text of the motion, through which the House would call upon the government to take immediate and effective steps to check inflation.

This breakthrough should help in the normal functioning of Parliament, which was adjourned for the second consecutive day after noisy scenes in both Houses. Opposition members have been demanding a discussion on price rise, corruption and other issues, including land acquisition, since Monday when the monsoon session began.

BJP leader Arun Jaitley said the government approached his party at lunch-break with a suggestion to end the stalemate, after both Houses were adjourned till 2.00 p.m.

Full Story at,

http://www.thehindu.com/news/national/article2316633.ece?homepage=true