A prolonged dry spell in most parts of India is hurting the sowing schedule for paddy, a major kharif crop, raising the country's anxiety about monsoon rains, as parched fields urgently need moisture to plant crops. The weather office has forecast normal rainfall in the June-September monsoon, but showers in the months before the rainy season are vital for soil moisture required to raise paddy nurseries and subsequently to sow the...

-PTI With key UPA ally Trinamool Congress averse to FDI in retail, finance minister Pranab Mukherjee today said the Centre is trying to build a consensus on it and other contentious issues. "We are working to build a policy consensus on a number of pending issues such as introduction of Goods and Services Tax, further liberalisation of FDI, including in retail, and deepening and strengthening of financial markets for long term investments,"...

Most states now levy greater tax on petrol than the central government, without having to share the subsidy burden. After last week’s increase in prices, state sales tax/VAT on petrol is more than central excise in most cases. The central government levies a fixed excise duty of Rs 14.78 on every litre of petrol. But, states levy an ad valorem tax which, in absolute terms, increases with every price increase of...

A day after the steepest ever petrol price hike of Rs. 7.54 sparked protests by UPA allies and Opposition parties in several parts of the country on Thursday, there were strong indications that the government would cushion the blow for the common man. Petrol prices may come down by Rs. 3-4 a litre in the next few days as state governments readied plans to slash local taxes and oil companies...

-PTI Jan Myrdal, son of the celebrated Nobel laureate couple--Gunnar and Alva Myrdal--is banned from visiting India because the government believes he is a Maoist supporter. The government of India is contemplating a ban on the future visits of 85-year-old Jan Myrdal, whose parents were close friends of former Prime Ministers Jawaharlal Nehru and Indira Gandhi, for his alleged backing of pro-Maoist ideology. The home ministry has found that the Sweden-based author had attended...