With food inflation hovering in the double digit bracket for most part of 2010-11 and the aam aadmi up in arms, all hopes were pinned on the Union Budget 2011-12 for giving a new fillip to the farm sector. But the budget has disappointed most, in spite of finance minister Pranab Mukherjee allocating Rs 14,744 crore for agriculture. “An increase of only 2.6 per cent over last year makes the...

Pranab Mukherjee, India’s finance minister, put the rural economy at the heart of a national budget on Monday, saying ridding the farm sector of crippling supply bottlenecks would be his “focus” in the coming fiscal year.A market-neutral budget supporting agriculture, welfare schemes and the extension of banking services to more people was designed to dispel any sense that the Congress party-led government was in drift after a series of high...

India's finance minister announced on Monday a food security bill for 2011/12, a measure that would provide cheap grains for millions of India's poor but which has sparked worries of a huge fiscal cost. It was one of the first signs of populism in the annual budget as Prime Minister Manmohan Singh confronted high prices and corruption scandals as well as elections in five states this year. In his ongoing budget speech,...

How transparent and participatory is Pranab Babu’s budget For six months it evolves under a veil of secrecy. The Cabinet gets to see it just a few hours before it is tabled in the Lok Sabha. Such is the covert nature of the Union budget that accounts for about 50 per cent of all budgets in the country. Finance Minister Pranab Mukherjee wants to make the budget what such a public affair...

Although finance minister Pranab Mukherjee had promised food security and inclusive growth in his budget speech last year, hunger continues to stalk over 300 million citizens of the country. India slipped to 67th place in the Global Hunger Index 2010 rankings of 122 countries prepared by International Food Policy Research Institute. An Oxford University report said that 410 million Indians live in poverty. While there may be nit-picking over the...