“We live in a society governed by the rule of law; and we shall have to proceed as per law” I-T department recovered undisclosed income of Rs.25,000 crore in the last 24 months Amid the hue and cry on the “black money” circulating within the country and abroad, Finance Minister Pranab Mukherjee on Friday announced the setting up of a group to quantify the black money being generated. “As soon as the report...

The government is looking at allowing foreign direct investment (FDI) in multi-brand retailing as part of a slew of measures to make India more attractive to overseas investors. Senior government officials told TOI that the thinking was that a gradual opening up would be a better strategy with global chains first allowed to open stores in metros, while wholesale cash-and-carry being limited to smaller towns and cities, at least for the...

There was a lot of apprehension before budget day regarding what the Union finance minister will do to reduce the deficit. Will he roll back the tax concessions implemented a couple of years ago as part of a fiscal stimulus package? Will he announce populist social sector spending in view of the major state polls coming up this year? Will he be too timid and not take any bold steps...

Social priorities have received scant fiscal attention There is good reason to feel let down by this year’s budget for the advancement of social sectors. The disappointment is more given that the Union finance minister opened his speech by stating that “we are reaching the end of a remarkable fiscal year” and followed it up by immediate assertions that “growth in 2010-11 has been swift and broad-based”, that “the economy...

On the eve of a massive agitation by Tikait Singh-led Bhartiya Kisan Union, Prime Minister Manmohan Singh met representatives of the Union and assured them that “farmers interests will be fully protected at all times.” The Prime Minister told the delegation that he would convene a joint meeting with Finance Minister Pranab Mukherjee and Agriculture Minister Sharad Pawar to have an in-depth discussion on the various issues raised by the BKU...