The India growth story is enviable. Despite plaguing problems, India has emerged stronger and resilient to the global crisis so far. India is expected to be the world's fastest growing economy by 2018, according to Economist Intelligence Unit (EIU), the research arm of the Economist magazine. India, the second largest growing economy will overtake China as the fastest growing major economy with an average of eight per cent in the...

Could the Great Indian Middle Class be the Great Indian Mythical Class? A proposed new international definition of what constitutes the middle class in a developing country has thrown up a startling conclusion by global standards, India has no middle class. Noted economist Nancy Birdsall, president of the Center for Global Development, has proposed a new definition of the middle class for developing countries in a forthcoming World Bank publication,...

It's a myth that the global financial crisis left India virtually unscathed. In fact, India is the biggest victim of financial crisis-induced poverty, according to data obtained by TOI from the United Nations Department of Economic and Social Affairs' (UNDESA). Check out these figures. The UNDESA data estimates that the number of India's poor was 33.6 million higher in 2009 than would have been the case if the growth rates...

Angus Deaton, the Princeton economist regarded as world's foremost authority on cross-country income data, has cast serious doubts on the World Bank's last upward revision of global poverty figures and India's statistics are at the centre of the storm. The world became poorer as a result of a combination of India's economic growth and its low poverty line, Deaton, who is president of the American Economic Association, said in his...

Pratibha urges “out-of-the-box” thinking on agriculture  Involve agricultural economy more pro-actively in growth process Stress on “environment of security” for optimal attainment of growth President Pratibha Patil’s address to the nation on Monday, on the eve of the 61st Republic Day, reflected the common citizen’s worries on two counts: the unyielding price situation and challenges to internal security. She also touched upon climate change, underlining the use of “energy efficient technologies and...