-The Hindu   Deputy Chairman of the Planning Commission Montek Singh Ahluwalia said on Friday that the 12th Five Year Plan, which commences in 2012, would have to contend with a “severe water crisis.” “The water crisis is even more serious than the energy problem,” Dr. Ahluwalia said at a two-day regional consultation meeting of the southern States. Urging for a political consensus on the adoption of the Public Trust Doctrine in 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...

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...