We Indians implicitly believe in India’s great past. Recently, that past has been given a statistical underpinning by Angus Maddison. To celebrate the beginning of the 21st century, Maddison wrote a book called The World Economy: A Millennial Perspective. There he says that India was the world’s largest economy in the first millennium AD. It produced one-third of the world’s income in the first century, and 29 per cent in...

The RBI has reason to be concerned. Banks’ exposure to mutual funds (MFs) has more than trebled, from Rs 45,000 crore to Rs 1,64,000 crore, during March-November 2009. The RBI is worried that stock market volatility could impact banks and, hence, endanger financial stability. Hence, the overall cap on stock market exposure as part of macro-prudential regulation. Currently, the aggregate exposure of a bank to the capital markets in all...

Nearly 37,000 expatriate Keralites have already lost their jobs due to recession. How do you plan to combat the effect of the latest Dubai crisis on Gulf NRIs? This is not going to be on any scale as with Kuwait during the Gulf War. But nevertheless, it is a matter of serious concern. It is better to be prepared than underprepared. We are planning two schemes. One, we are constituting...

The President of International Fund for Agricultural Development stresses that access to funds for developing countries will help them make ethical decisions in the quest for food security. Just days before the UN Climate Change summit at Copenhagen, Kanayo Nwanze, President of IFAD (International Fund for Agricultural Development), stresses that access to funds for developing countries will help them make ethical decisions in the quest for food security. Nwanze was...

India continues to be one of the most corrupt nations in the world with many of its public institutions given to rampant misdeeds. Corruption is India's bane and threatens to derail its rapidly growing economy. The country ranks a dismal 84th in a list of 180 countries, according to Transparency International's 2009 Corruption Perceptions Index, a measure of domestic and public sector corruption. The corruption watchdog says that many African,...