Government sat on grain stocks while food prices shot up   In july 2008, when inflation rose to a 10-year high of 11 per cent and industry was hit by a range of factors, including economic recession, the Union government responded immediately. There were day-on-day monetary interventions. Since July 2009, inflation, as calculated by the prices poor consumers pay for their daily needs, has hovered around 11 per cent, again a 10-year...

Borrowing was both the shaky foundation of global growth and the cause of its collapse. It started with a bust and it ended with an even bigger bust. In between was sandwiched an unsustainable boom. Banks have been humbled. Economists have been found wanting. Geopolitical power began to shift from west to east. That was the noughties that was. It barely seems five minutes ago that policymakers were fretting about the...

The Copenhagen summit on global warming and climate change has commenced. Instead of a leadership role, we will now be playing a followers’ role. We fell behind the emerging consensus curve. We held on for too long to outmoded positions of merely harping on per capita emission and common-differentiated obligation while disregarding many other significant factors. The recent decision of China, announcing a 40 per cent cut in its energy...

Recently there has been considerable media discussion about the issue of rise in prices of essential commodities and the problem of food inflation. In a country like India, where the cost of food forms major part of the monthly or daily expenditure incurred by an average family, this is a debate which acquires poignant significance. This is a government that came into power based on a concern for and commitment...

SOMETIMES, TO accentuate the intransigence of the present, one must revisit the past. So first, a flashback. The year is 2006. An ordinary November evening in Delhi. A slow, halting voice breaks into your consciousness. “How shall I explain? It is not a punishment, but my bounden duty…” A haunting phrase in a haunting voice, made slow with pain yet magnetic in its moral force. “My bounden duty.” What could...