The Union budget estimates the nominal rate of growth for the Indian economy to be 12.5 per cent during the current fiscal. While it is impossible to figure out the manner in which this number was arrived at, the government has predicted further that the inflation-adjusted real growth rate for the same year will be eight per cent. Simple arithmetic requires that the difference between the nominal and real growth...

In June 1991, the country embarked on a bold adventure by exposing to market vicissitudes its insulated manufactories, regulated (but pockmarked with soft spots) financial markets and inexperienced economic players. An economy, in those days, was about people, not giant factories and ships with riches. Though successive governments have secured the reformative underpinnings of the liberalisation process, it is to the credit of players in India that the sublime quest...

The National Advisory Council (NAC), headed by UPA chairperson Sonia Gandhi, will consider ways to boost Indian agriculture as part of its drive to review the draft food security Bill on July 1. “The NAC will address the sorry state of Indian agriculture, which recorded negative (-2 per cent) growth in 2010, and try to find ways to boost it in the long term,” said an NAC member. “The idea is...

GlaxoSmithKline, Merck and Novartis have taken the top three spots again on the Access to Medicine Index, which ranks pharmaceutical companies on how readily they make their products available to the world's poor. It was the second time the rankings, which were created in 2008, have been issued. This time, 95 per cent of the brand-name companies approached by the Dutch foundation that started the index agreed to provide information;...

Human trafficking is one of the most lucrative illicit businesses in Europe, according to a United Nations report launched today at an event where Spain became the first country on the continent to join the UN Blue Heart Campaign against trafficking in people. The report Trafficking in persons to Europe for sexual exploitation, issued by the UN Office on Drugs and Crime (UNODC), shows that criminal groups make around $3 billion per...