A widening corruption scandal that has touched India’s prime minister sent the country’s stock markets down sharply on Friday and threatened to tarnish the country’s image as a rising economic power. Setting off the turmoil was a report from the country’s auditor earlier this week that about $40 billion in wireless spectrum license fees had been squandered by the government’s telecommunications and information technology minister. On Thursday, India’s Supreme Court criticized...

Media-corporate links are structural. But journalists, certainly entrenched ones, can choose whether they wish to be stenographers or not. It was gratifying to have the head of India's most reputed business house confirm the existence of crony capitalism in the country. True, others have believed this for 20 years but it carries more weight when Ratan Tata says so. As he put it in a television interview with admirable candour: “Yes,...

The Supreme Court on Tuesday took strong exception to the Enforcement Directorate (ED) filing an “unsigned” status report about its investigations into the issue of black Money stashed in foreign banks. The apex court returned the unsigned status report which was placed before it in the sealed cover to the investigating agency making it clear that “it will not accept the report which has not been signed by any official”. “We want...

In the largest act of philanthropy by an Indian, Wipro chairman Azim Premji will give about Rs 8,846 crore ($2 billion) to improve school education in India. Other donations to charitable institutions by any person or corporation in India pale in comparison to this massive endowment. It effectively silences critics who say Indian billionaires are measly donors compared to foreign counterparts, and that they focus on big-name western universities rather...

The Naveen Patnaik government is facing court strictures and opposition criticism for irregularities in grant of mining leases. WHEN Naveen Patnaik stepped into his father Biju Patnaik's shoes and donned the mantle of leadership of the Biju Janata Dal (BJD) to become the Chief Minister of Orissa for the first time in March 2000, he was seen as a crusader against corruption. In his initial years in power, he did...