Rangarajan panel

Government committee, led by C. Rangarajan, Chairman of the Prime Minister’s Economic Advisory Council has favoured complete decontrol of the sugar industry, dispensing immediately with the levy sugar obligation and administrative control on non-levy sugar. These recommendations are in line with the industry’s demand for easing controls.The committee also pitches for a stable trade policy and a moderate duty on imports and exports, but wants outright ban or quantitative restrictions done away with.

IMF cuts India's growth forecast

Due to low business confidence and sluggish structural reforms, the International Monetary Fund (IMF) has slashed the growth forecast of India to 4.9 per cent for 2012. Earlier, the IMF had projected a growth rate of 6.1 per cent for this fiscal. Indian economy expanded by 5.5 per cent in the first quarter of financial year 2012.

World Bank loan for RMSA

To support secondary education, World Bank has offered $500 million loan to India. This loan will be used to finance Rashtriya Madhyamic Shiksha Abhiyan (RMSA), a government initiative to support secondary education in India. OnnoRuhl, country director, World Bank (India), and Prabodh Saxsena, joint secretary, finance ministry signed the loan agreement in New Delhi.