Surging food inflation, decline in agriculture growth rate and the impending food security bill are expected to be at the centre of the coming Union budget. With a bumper wheat harvest expected this rabi, there are projections of a turnaround in the farm sector from the present growth rate of 0.2 per cent. Food prices, which grew at an unprecedented rate of nearly 20 per cent in January, are expected...
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Finance panel wants deficit cut back by Sanjiv Shankaran and Utpal Bhaskar
The 13th Finance Commission (TFC) has recommended a return to fiscal consolidation and reform in expenditure management. It has also suggested the Centre offer states a share of revenue raised from levies such as cesses and surcharges, according to people familiar with the report. TFC, a statutory body tasked with suggesting ways in which taxes should be shared between the Centre and states and drawing up a road map towards fiscal...
More »India Focuses on Education and Health by Heather Timmons
Prime Minister Manmohan Singh pledged Sunday to spend more on health care and education and make it easier for foreign investors to participate in India’s $1.2 trillion economy, one of the fastest growing in the world. At a World Economic Forum meeting in New Delhi, Mr. Singh said that public sector spending on health care would more than double to 2.5 percent of gross domestic product, and education spending would...
More »Farmers’ suicides continue in Vidarbha despite relief package
Five farmers committed suicide from the Vidarbha region of Maharastra within the last two days of the month of August, 2009. The farmers who committed suicides belonged to the districts for which special relief package was being announced recently. According to a press note circulated by the Vidarbha People’s Movement Committee, within the last 48 hours of August, farmers were forced to commit suicide as they faced crop failures owing...
More »Surprisingly good news by Ashok V Desai
India’s growth is not falling, although it is not as high as before If there is a crisis, there should be economics to deal with it; what use are economists if they are not around to help out when things get bad? And it is not enough to have economics. There was plenty of economics in 1929. As output and employment plummeted, economists said, this is good. It will take...
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