The UPA-II has used the Budget to again play politics with hunger. But it has paid no heed to the ticking time bomb of growing social tensions as 58 million Indians living off agriculture slide deeper into poverty. The Economic Survey says more than half the population is dependent on a sector whose share in the economy is shrinking. The urban-rural income divide is therefore steadily widening, a tinder box that...
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Vodafone-Hutch deal: Retrospective change to I-T Act-Nikhi Kanekal and Kian Ganz
The government introduced a retrospective clarification to the Income-Tax (I-T) Act, 1961, virtually amending the law to ensure that cross-border transactions such as the $11.08 billion (around Rs55,735 crore today) Vodafone-Hutchison deal are taxable. The Supreme Court had ruled this deal as not being taxable in India. The amendment becomes crucial because a review petition by the government on this case is pending before the Supreme Court, which might now have...
More »Oil firms’ losses on fuel sales may spike next fiscal-Utpal Bhaskar
Government-owned oil marketing companies (OMCs) may witness a 52% jump in losses on account of selling fuel below cost at state-mandated prices to Rs.2 trillion in the next financial year, said R.S. Butola, chairman, Indian Oil Corp. Ltd (IOC), the nation’s largest fuel retailer. Such an increase will impact the financials of government-owned OMCs such as IOC, Hindustan Petroleum Corp. Ltd (HPCL) and Bharat Petroleum Corp. Ltd (BPCL), which currently register...
More »In India, A Surge in Female Voters by Neha Thirani
The results for the assembly elections held across five Indian states, announced yesterday, threw up some surprises. But a welcome surprise in these elections was the high voter turn out. Voters, and particularly women voters, went to the polls in unexpectedly high numbers. Voter turnout jumped nearly 50 percent in one state, Uttar Pradesh, and women voted at higher rates than men in all five states that had elections. Activists credit...
More »India politics: New state MPs 'face criminal charges'
-BBC More than a third of candidates elected in the recent elections in five Indian states face criminal charges, according to a study by an independent watchdog. The Association for Democratic Reforms said 35% of the legislators - 252 of the 690 - had cases pending. The ruling Congress party fared poorly in state elections that have just been held in Uttar Pradesh, Punjab, Uttarakhand, Manipur and Goa. These polls are seen as a...
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