The 13th Finance Commission (TFC) has recommended a return to fiscal consolidation and reform in expenditure management. It has also suggested the Centre offer states a share of revenue raised from levies such as cesses and surcharges, according to people familiar with the report. TFC, a statutory body tasked with suggesting ways in which taxes should be shared between the Centre and states and drawing up a road map towards fiscal...

The Indian economy should recover from the recession caused by the global meltdown. India’s exposure to the world economy is quite limited. It is mainly through the exports market and partly through foreign investment flows either as equity or debt capital that financed private investment. The extent of the dependence, however, is quite low. The recession in the exports market affects only few sectors, such as textile and labour-intensive manufactures...

Notwithstanding controversies, it passed several important judgments The year 2009 was eventful and memorable for the Supreme Court and Chief Justice of India K.G. Balakrishnan. The Court faced several controversies, the notable being the collegium’s decision to elevate Karnataka High Court Chief Justice P.D. Dinakaran as one of its judges. This controversy was preceded by a clean chit to Punjab and Haryana High Court Judge Nirmal Yadav in the Rs....

The Right of Children to Free and Compulsory Education Act, 2009 (RTE) remains on paper today; four months after it secured presidential assent. This, after the Human Resource Development Ministry flagged its passage by Parliament as one of its achievements in the first 100 days of the second edition of the United Progressive Alliance (UPA) government. Allocation And, from all indications, the RTE — the law to operationalise the Fundamental Right...

The World Bank today finalized its Access to Information Policy, which makes the Bank a transparency leader among international institutions.  The policy was approved by the Board of Executive Directors on November 17, 2009 and will become effective July 1, 2010. The final text of the Policy paper reflects the comments and requests for clarifications sought by the Board during the November 17 discussion. “With the adoption of a progressive disclosure...