The Central government suffers an annual loss of Rs1,800 crore on account of thousands of coal mafia, which involve themselves in illegal mining across different states, an official said on Sunday. “Thousands of coal mafia (gangs) active in coal-producing belts, including that of Coal India Ltd (CIL), plunder about six million tonnes of coal annually. Going by current prices in the domestic market, this amounts to Rs 1,800 crore a year,”...

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...

India's food price index rose 12.92 per cent in the year to June 19, while the Fuel Price index climbed 12.90 percent, government data released on Thursday showed. The pace of increase in food prices slowed from the previous week's annual rise of 16.90 percent, while Fuel Price inflation eased from last week's annual rise of 13.18 per cent. The primary articles index was up at 14.75 per cent. Wholesale price...

Indicating a new-found determination to stay the course on politically sensitive reform measures, Prime Minister Manmohan Singh not only defended the recent decontrol of petrol prices but also said diesel rates would also be freed of government control. In comments while returning from the G20 summit in Toronto, the PM seemed to be in an assertive mood despite the Opposition calling a bandh to protest Fuel Price hikes. "The fact...

The Indian government has opted to scrap its subsidy of petrol prices in an effort to cut its budget deficit. Ministers also voted to raise the price of other fuels, including diesel and kerosene gas in an effort to raise money. India's fiscal deficit is forecast to hit 5.5% of GDP by 2010-11. But the move is likely to be politically unpopular, and there are concerns that higher Fuel Prices will...