-Reuters Inflation may have accelerated at its fastest pace this year in May, driven by higher food and fuel prices, impeding chances of a rate cut by the central bank at its review next week, a Reuters poll showed. The wholesale price index, India's main inflation gauge, is expected to rise 7.60 percent in May versus a year ago, compared with April's 7.23 percent, the poll of 31 analysts showed. Forecasts ranged from...

Desired outcomes can be reached through a series of ‘imperfect’ small initiatives What is to be done? How can we untie the Gordian knot that has so entangled the political economy of petroleum product prices? This is the question that now exercises our most experienced politicians and our ablest economists. Most well informed people know that a country that imports 80 per cent of its oil requirements cannot de-link itself from the...

Weather conditions promoting El Nino persistent, says Met department; drought feared In its first monsoon forecast in late April, the India Meteorological Department (IMD) had announced that monsoons would be normal this year and there was a little chance of El Nino—associated with dry spells west of the Pacific—arriving in the second half of the season. But of late, IMD seems to have shifted its stand. Now the weather agency is...

-The Economic Times For nearly two decades, the Government of India has implemented a stingy pension programme for the elderly poor. "An insult to the dignity" of the elderly is how rural development minister Jairam Ramesh describes the pension amount of Rs 200 per month given under the Indira Gandhi National Old Age Pension Scheme (IGNOAPS). A few states provide a somewhat generous supplemental pension, most provide a tiny supplemental amount, some...

The World of Work 2012 report presents a bleak picture of the global job situation. FOUR years after the global crisis erupted in 2008, organisations such as the International Labour Organisation (ILO) believe that labour markets still have not fully recovered. The world economy is not expected to grow at a sufficient pace over the next couple of years to overcome the crisis. These organisations present some depressing facts: those...