In a bid to check wasteful fuel and fertiliser subsidy and reach it to the intended beneficiaries , the government has set up a task force to suggest a suitable mechanism of direct transfer of subsidy to the consumers. The task force will be headed by Nandan Nilekani , Chairman, Unique Identification Authority of India ( UIDAI )) and has been asked to submit an interim report within four months....

Despite partial decontrol of two classes of fertilisers from April last year, the total fertiliser subsidy requirement for the fiscal is likely to go up by about Rs 10,000-15,000 crore from the Rs 54,981 crore already provided as fertiliser consumption has shot up due to a good monsoon. Besides, importers of phosphatic and potash fertilisers have recently raised prices in line with rising global prices. The finance ministry is likely to...

The face of agriculture in India is changing fast. It needs to become not only sustainable but also profitable for farmers especially the young to stay on the land and cultivate it. The farmers must understand how markets respond to agricultural produce. He should not stop by spending all his life's energy and resources on creating the agricultural produce, but should know how to get good returns for his efforts. This is...

The European Commission’s decision to exclude two key ozone-depleting gases from the purview of carbon trading from 2013 would have negative implications for global warming. The two industrial emissions marked for this purpose are Hydrofluorocarbon-23 (HFC-23), essentially trifluoromethane, and nitrous oxide. These are highly potent greenhouse gases (GHGs) that together account for the bulk of the trade under the EU’s emission trading system, which is, by far, the world’s largest...

While monetary policy is an important element of the artillery against inflation — and with the 25 basis point hike, the RBI did part of what it was expected to do to tighten policy — there is the fiscal task too. As Raghuram Rajan, adviser to Prime Minister Manmohan Singh, points out, the Centre must control expenditure, cut subsidies and not start new spending programmes. Fiscal deficits are large and rising...