Dairy farmers and contractors in western Uttar Pradesh and Punjab are on a warpath after private milk companies reduced procurement prices to take advantage of a bumper milk production. Farmers allege that companies are profiteering because they have not simultaneously reduced consumer prices. But companies say they have huge stocks of unsold milk and milk powder and a cut in procurement prices is to bring pressure on government to allow exports.  Cooperatives...

Inequality in India is worsening and clearly following the US pattern India is a “relatively low-income inequality country” – to borrow an expression from a World Bank publication – when compared to China or Brazil, but there is no doubt that disparities have been widening of late. Planning Commission officials have admitted that inequality has risen in the first decade of the new millennium, although the factors responsible for it need...

India’s Bt cotton dream is going terribly wrong. For the first time, farmer suicides, including those in 2011-12, have been linked to the declining performance of the much hyped genetically modified (GM) variety adopted by 90% of the country’s cotton-growers since being allowed a decade ago. Policymakers have hailed Bt cotton as a success story but a January 9 internal advisory, a copy of which is with HT, sent out to...

Token relief to individual taxpayers will cost the exchequer Rs. 4,500 crore In a “pragmatic and domestic growth-oriented” budgetary exercise aimed at shoring up investor confidence and investment, Union Finance Minister Pranab Mukherjee on Friday sought to tap indirect taxes, especially service tax, to rake in an additional Rs. 45,940 crore into his kitty. Presenting the budget for 2012-13 in Parliament, Mr. Mukherjee provided a token relief to individual taxpayers that will cost...

-The Economic Times The NGOs and experts working in water sector have welcomed the idea of promoting private investment in irrigation sector. "There is need and large scope for participation of private sector in the irrigation sector. The success will however will depend upon how the details are worked out taking views of local people and NGOs into consideration," said Dr Madhav Chitale, former secretary, Ministry of Water Resources.  The Finance Minister...