TODAY, India is considered around the world as a rapidly developing country posting economic growth rates of around 8-9 percent consistently over the last several years. Along with China, which is much further ahead, India is seen as a powerhouse of the global economy in the decades to come and already it is home to a very large number of dollar billionaires, perhaps the largest such number in Asia. In...

-The Economic Times The Parliamentary Standing Committee on finance has questioned the government's move to introduce a right to food bill when it did not have a single, widely-accepted definition of the poor. The "criteria of identification of the poor remains nebulous," the Yashwant Sinha-headed committee has observed. The proposed food security bill, seen as the largest such legislation anywhere in the world, hinges on the definition of the poor. The...

-The Indian Express   Reeling under the pressure of huge foodgrain stocks, well above the storage capacity across the country, the government on Thursday decided to send 50 lakh tonnes of grains to the states at much below the minimum support price (MSP), leaving a window open for export at a later date. “We will look into the issue once the Agriculture Minister is back in town,” Finance Minister Pranab Mukherjee is...

Congress expected to endorse government's stand on excluding PM from ambit of Bill Some party leaders prefer to include PM, given the strong public sentiment against corruption Government's original draft included Prime Minister Ahead of an all-party meeting on July 3 to debate the controversial Lokpal Bill, the Congress Working Committee (CWC), the party's apex body, will meet on Friday to discuss what is euphemistically being described as the “the current political situation.”...

-The Times of India   The proposed Food Security Act may not put additional burden on the government in the current fiscal year as the government can find the resources to fund the plan from the spending outlined for 2011-12 , finance ministry officials said. However, the food subsidy bill could soar to as much as Rs 75,000 crore from the estimated Rs 60,572.98 crore for the 2011-12 fiscal. Finance ministry...