-The Times of India NEW DELHI: An expert committee under chief economic advisor Raghuram Rajan has identified 10 parameters for a new Composite Development Index, whose adoption by the Centre will change the way thousands of crores are transferred annually and can potentially set the stage for realignment of political forces in Bihar before the 2014 polls. The new index seeks to rate states on the basis of their distance from the...

-Outlook Expressing concern over the recent tragedy in Uttarakhand, the Supreme Court today prohibited setting up of any new hydroelectric power project in the state and directed the Centre to constitute an expert body to study environmental degradation caused by such projects. The court directed the Ministry of Environment and Forests and the Uttarakhand government not to grant any further environmental or forest clearance for any hydroelectric power project until further orders. "We...

-The Hindu The quality of mercy, Shakespeare would be disappointed to learn, seems highly strained in India. If Maganlal Barela, a convict on death row in Jabalpur Central Jail, is still alive, he has a newspaper report that broke the story of his imminent hanging to thank for the temporary reprieve. Barela was sentenced to death in 2011 by the Madhya Pradesh High Court for murdering his five infant daughters,...

-PTI NEW DELHI: Rising prices of onions and other vegetables pushed inflation to a five-month high of 5.79 per cent in July even as the government and RBI battled to stabilise the rupee. Inflation based on the Wholesale Price Index (WPI) was at 4.86 per cent in June. In July 2012, it was 7.52 per cent. The July number is above the Reserve Bank's comfort level of 4-5 per cent inflation. This is...

The declining trend in food price inflation globally may not hold true for inflationary trends faced domestically due to a weakening Indian Rupee vis-a-vis the US Dollar. The recently released FAO Food Price Index (nominal) has shown a declining trend in July for the third consecutive month owing to lower international prices for grains, soy & palm oil, meat, dairy and sugar. (See links below) Based on FAO Food Price...