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'It would be imprudent to take the fiscal deficit higher than 6% of GDP'
A year after India ushered in reforms in 1991, C Rangarajan, then a member of the Planning Commission, was picked by then Finance Minister Manmohan Singh to steer Reserve Bank of India for five crucial years till 1997. Then, Rangarajan, who had taught in University of Pennsylvania and management institutes in India, headed the Twelfth Finance Commission, which paved the way for fiscal consolidation, and also the Prime Minister’s Economic Advisory Council (and was, for five years, Governor of Andhra). In an interview with Sapna Dogra Singh and John Samuel Raja D, he says there are some encouraging signs in the economy, but the real recovery will come only in 2010-11.

Jairam's diversity
Environment Minister Jairam Ramesh gave evidence of his considerable talent while addressing a press conference on biodiversity. In response to a question on how his ministry was planning to take up the issue of patents of biological materials, he replied, “Aapko kabhi jaundice hua hai? Jab mujhe hua tha tab mujhe kisi ne mooli khane ko kaha tha jisse mera jaundice 4-5 hafton mein chala gaya. Aise hi jab mujhe chicken pox hua, meri mother-in-law ne karipatte ke leaves mere face par ek mahine lagayi thein” (have you ever had jaundice? When I did, I was asked to have radish and this cured me in 4-5 weeks; when I had chicken pox, my mother-in-law rubbed curry leaves on my face for a month). He added conspiratorially, “I won’t give more examples otherwise these things will be commercialised. There is immense oral knowledge in our country. We only need to transform it into written knowledge.”

News of the day

Ajai Shukla: Stealing lollipops from babies
Ajai Shukla / New Delhi November 3, 2009, 0:58 IST
Small Business

C&C Construction in talks with hotel chains for Mohali prop

Infrastructure company C&C Construction Ltd today said it is developing a four-star hotel near Mohali entailing a total investment of Rs 60 crore and is in talks with international and domestic hospitality groups for its management. - M"rashtra wants Centre to amend CRZ for infra projects - Infra-focussed PE fund raising to gain steam in 2010 - RIL Haryana SEZ among 11 others asked to seek fresh licence - Core sector expands 5.3% in November - DoT asks 3G auctioneer to furnish details on ties with Malaysia unit - Infra industries expand by 5.3% in November "We are talking to Hilton, Golden Tulip, Fortune and Palm Springs and for management of our hotel. The deal will be finalised in about a month," C&C Construction Chairman G S Johar told PTI. The 100-room property will be completed by 2012. This will be part of Mohali"s Bus Terminal that the company is upgrading at a cost of Rs 500 crore. "The entire bus terminal will be developed in three years. The total development entails 15 lakh sq ft out of which about 6 lakh sq ft will be for parking," Johar said. Talking about other plans, he said the company said it has cleared the technical qualification stage for several highway projects worth around Rs 20,000 crore in the country. The company also plans to focus on road projects in West Asia to increase earnings from international business. Johar said the company would concentrate on road projects in countries like Oman, Saudi Arabia, Libya and the Central Asian nations of Kazakhstan and Kyrgyzstan "to take our overall revenue share from global business to 25 per cent in five years from 15 per cent currently". At present, the company has an order book of Rs 3,100 crore for various projects.


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