Last year may have been a cruel year for much of the country with slow growth and double-digit food inflation, but India's high net worth individuals (HNWIs) prospered — just over 120,000 in number, or 0.01% of the population, their combined worth is close to one-third of India's Gross National Income (GNI). HNWIs, in this context, are defined as those having investable assets of $1 million or more, excluding primary...

India should be able to lift the ban on non-basmati rice imports this year as a bumper crop is expected due to a positive outlook on monsoon rain, traders said on Tuesday. India, the world’s second largest exporter of rice after Thailand banned exports of non-basmati rice in 2008, as high prices of the grain put pressure on domestic supply. “India should come online this year as the harvest is expected to...

Companies that do not set up a sexual harassment complaints committee within their organization can be penalized under sweeping provisions proposed in a draft Bill to check sexual abuse at the workplace. The Bill, cleared by the law ministry and expected to be discussed in the Cabinet by mid-July, also seeks to make false complaints of sexual harassment punishable under service rules. In an effort to cover every working woman...

The ministries of environment and science seem to have resolved their differences over who will govern the entry of genetically modified (GM) crops in India. The controversial genetic engineering approval committee, or GEAC, which currently gives the nod for the commercial release of GM crops, is likely to be integrated with a biotechnology regulator proposed by the science ministry, two ministry officials said on condition of anonymity. This will relegate GEAC, which...

The Human Resource Development Ministry has refuted allegations of misuse of grants provided by the U.K. Department for International Development (DFID) for the Sarva Shiksha Abhiyan (SSA), as reported in the media. In a statement issued here, the Ministry said expenditure under the SSA was incurred as per well-defined norms articulated in the SSA Framework of Implementation and the Manual of Financial Management and Procurement. Up to 6 per cent of...