The robust 9 per cent –plus growth in South Asia till 2010, driven largely by India, where it came down to around 7 per cent in 2011-12, had one major qualifier: it was mostly associated with a rapid rise in labour productivity rather than an expansion in employment, according to the latest report Global Employment Trends from International Labour Office. Up until the end of the millennium, that is just a...

NEW DELHI: It could be a second innings for special economic zones, especially those held up for years, with the commerce department proposing fresh tax concessions and a cut in the minimum area requirement to a quarter of the present specifications. The department has suggested that any zone that is not built around the identified 40 million-plus cities and state capitals would be eligible for duty benefits on capital investment for...

-The Telegraph   The New York Times has reported that Wal-Mart, the US-based retail giant, hushed up an internal investigation sometime after the company was told of a bribery campaign to obtain licences and facilitate rapid expansion in Mexico. Some of the alleged instances of bribery are certain to ring a bell in India where it is not too difficult to bend rules for a price. The New York Times said its “examination...

India is coming under increasing pressure from the U.S. and the European Union for the strict patentability criteria it applies for medicines. AS was only to be expected, the two landmark decisions made by the Indian patent office in recent times concerning pharmaceutical patent cases have not gone down well with the multinational drug industry. First, there was the rejection in 2006 of the patent application by the Swiss multinational...

The RBI’s monetary policy statement for 2012-13 has said that penetration of banks in rural areas has increased. It said that banks are now providing banking services in rural areas through 1,38,502 outlets. This includes 24,085 rural branches, 1,11,948 business correspondent outlets, and 2,469 outlets through other modes. In early March 2010, banks had only 21,475 brick and mortar branches in rural areas. No-frills accounts No-frills accounts have increased to around 99 million with...