The Copenhagen conference will definitely go down as the worst meeting in global climate negotiations. There is a complete mess here: lines of people standing outside the Bella Centre, where the conference is taking place, wanting to get in. Inside the meeting has broken down for the umpteenth time because industrialized countries refuse to commit to cutting emissions. Instead they want the global climate agreement changed, so that they do...

A professor in formal attire, driving his own Beetle to the sprawling Massachusetts Institute of Technology (MIT) campus and turning up in class to “open up visions of his students” — that’s how Bengal finance minister Asim Dasgupta remembers his teacher, Paul A. Samuelson. Samuelson, who helped form the basis of modern economics, died yesterday at his home in Belmont, Massachusetts, after a brief illness. He was 94. “He was a...

At a time when there is growing concern about the causes of increasing discontent and alienation among tribals, it is important to recall a very important law for improving the governance of the Scheduled Areas in such a way as to protect the interests of tribals. The reference here is to the Panchayats (Extension to Scheduled Areas) Act 1996 (briefly called the PESA law). If this Act had been properly...

“An India That Can Say Yes” written by columnist Praful Bidwai was released here. The book subjects India’s policy and negotiating position to a critique, analyses the National Action Plan on Climate Change and its eight Missions, and also proposes alternative equitable approaches to climate change. Instead of hiding behind the poor, and refusing anything other than a per capita emissions norm for burden-sharing, India can and should take far-reaching mitigation...

The RBI has reason to be concerned. Banks’ exposure to mutual funds (MFs) has more than trebled, from Rs 45,000 crore to Rs 1,64,000 crore, during March-November 2009. The RBI is worried that stock market volatility could impact banks and, hence, endanger financial stability. Hence, the overall cap on stock market exposure as part of macro-prudential regulation. Currently, the aggregate exposure of a bank to the capital markets in all...