Foreign direct investment (FDI) rules in agriculture may be relaxed, albeit only in non-farm wasteland and degraded lands. The Union ministry of agriculture and the department of land resources under the ministry of rural development have given "in principle approval" to a proposal of the Department of Industrial Policy and Promotion (DIPP) to invite FDI for developing non-arable land through better technology into fertile and cultivable land. Currently FDI in agriculture is...

Four-pronged approach to understand compliance issues from taxpayers' perspective Challenge is to develop focussed programmes to reduce compliance costs Seeking to tackle the issue of black money in a proactive manner, the Finance Ministry has set up a “study group” to improve voluntary compliance and address the issue of revenue leakage by suggesting appropriate measures to motivate tax evaders to disclose their unaccounted income. The decision comes in the backdrop of Finance Minister...

The government may levy duty on two important drug ingredients imported from China and Mexico to protect local suppliers. The move could increase prices of popular antibiotics for consumers besides threatening business of about two dozen small drugmakers. The Commerce ministry has recommended anti-dumping duty on Penicillin G Potassium and 6 APA, after Indian suppliers complained Chinese and Mexican firms are shipping it at a low price to kill competition from...

Despite its slackening industry, the common perception of West Bengal as a backward state has little substance when one looks at the facts. Most of us are conditioned to view economic development in terms of industrialisation. While industrialisation is essential for economic transformation, it is not as if economic growth is not possible without it. The sectoral structure of India's gross domestic product (GDP) and its slow transformation makes a good...

An innovative mechanism to save farmers from exploiting traders, which India implemented as a national model in the 70s, is now being blamed for rising vegetable prices.     Agricultural produce marketing committees (APMCs) have become archaic and vegetables and fruits need to be taken out of these local market hubs, analysts say. “They have turned into platform for hoarders, rather than a buyer-seller platform,” farm expert Sompal, who was formerly union agriculture...