-The Indian Express The Centre plans to fix minimum national monthly wages at around Rs 15,000 for all jobs in both the formal and informal sectors in the country. The National Minimum Wages Act, 1948, lays down minimum wages for 45 listed economic activities, which also serve as minimum wages for these activities in the states. However, states can specify minimum wages for over 1,600 economic activities. Raising floor wages to Rs 15,000...

-Down to Earth Grand old party of India renews some old promises and makes some new ones, but will Congress live up to its promises if it wins a third term? The Indian National Congress (INC) presented its manifesto for the upcoming Lok Sabha elections on Wedneday. The manifesto committee claimed the 48-page document was prepared after wide consultations by engaging millions of people, grassroots congress workers and every section of the...

-PTI Allaying fears of a spurt in public expenditure ahead of Lok Sabha polls, finance minister P Chidambaram on Wednesday said government will not compromise on fiscal discipline, notwithstanding the defeat of Congress in four states, including Delhi and Rajasthan. Inaugurating the Delhi Economic Conclave, Chidambaram blamed the states for "inaction" to check hoarding and said the incumbent government pays a price for high inflation. "The agenda, therefore, will be obvious. At the...

-The Economist Government borrowing generates inflation, widens the external deficit and crowds out much-needed investment. Can India now overcome its debt addiction? INDIA has grappled with its public finances for long enough. When presenting its first budget after independence in 1947, the finance minister of the day insisted that the country was not living beyond its means. Yet every budget since has failed to produce a surplus. India borrows more heavily...

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...