Thursday, September 22, 2011

India to see 8% growth this fiscal despite Q1 slowdown: Pranab

Finance Minister Pranab Mukherjee on Thursday expressed confidence that India will be able to achieve 8 per cent growth this year, even as he noted that the global economic environment remains an area of concern."We will have 8 per cent growth even this year, though the first quarter growth figure is 7.7 per cent," he told reportersin New Yorkafter meeting leading Indian industrialists at an investment forum.>He said a good monsoon could ensure agricultural growth of about "4 per cent-plus" and growth in the manufacturing and service sector "clearly indicates that it will be possible for us to have the growth at around 8 per cent for this year".
Mukherjee said India has projected 9 per cent growth for the 12th Five-Year Plan (2012-17) and the country is taking necessary steps to ensure that the momentum continues. On the outlook for the rupee, he said the Reserve Bank of India is "watching the situation".;"The RBI Governor has made it quite clear that as and when the situation warrants, the RBI will intervene-But-Sensex at the Bombay Stock Exchange posted its biggest single-day loss in over 26 months, plunging 704 points, or 4.1 percent, to 16,361, today. The Sensex had lost 232 points at the day's high and fallen 749 points at the day's low. .

Sagar31News__Union Minister of Railways, Dinesh Trivedi press conference

Sagar31News_Union Minister of Railways, Dinesh Trivedi's press conference

An Expert Group for Modernization of Indian Railways Set Up

An Expert Group for Modernization of Indian Railways Set Up
In a major move to give further impetus to Railways’ modernization plans, an Expert Group has been constituted under the Chairmanship of Mr. Sam Pitroda to recommend ways and means to modernize Indian Railways to meet the challenges of economic growth, the aspirations of the common man, the needs of changing technology and the expanding market while at the same time ensuring adequate focus on addressing social and strategic requirements of the country in consonance with Indian Railways’ national aspirations. The formation of this significant committee was announced by the Union Railway Minister, Shri Dinesh Trivedi at a Press Conference here today. Shri Sam Pitroda, Adviser to the Prime Minister of India, Shri M. S. Verma, former Chairman, SBI and a Member of this new Committee, the Chairman, Railway Board, Shri Vinay Mittal and the Board Members were among those present on the occasion.

The terms of Reference of the Committee would involve outlining strategies for modernization of Railways with a focus on track, signaling, rolling stock, stations and terminals; using ICT for improving efficiency and safety; augmenting existing capacities of Railways through indigenous development; reviewing projects and addressing PPP issues.

The Committee will inter alia address issues connected with organization, management and resource mobilization and professionalization of manpower on Indian Railways. The other eminent members of the Committee are –

 Shri Deepak Parekh, Chairman, HDFC Bank

 Shri M.S. Verma, former Chairman, State Bank of India

 Shri G. Raghuram, Professor, IIM, Ahmedabad

 Dr. Rajiv Lall, MD, IDFC

 Shri Vinayak Chatterjee, Chairman, Feedback, Infrastructure Services Limited

 Shri Ranjan Jain, Adviser (Infrastructure), Railway Board

The committee will function at Delhi and is expected to submit-its
-reportin December 2011. t

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