Prime Minister Manmohan Singh said on Saturday that the country needed to cut down on its dependence on debt to finance its developmental programmes and find ways to reduce the current level of subsidies. "The financing of the plan expenditure has depended far too much on debt. This must change," said Singh while addressing a meeting of the National Development Council (NDC), the country's top policy forum. To fund its...

In a development that promises to snowball into a major election issue for the first time, Patna High Court has ordered a CBI probe against Nitish Kumar and his colleagues for alleged financial irregularities. The high court today ordered investigations into irregularities to the tune of Rs 11,412 crore drawn from state treasuries. The amount was drawn between April 1, 2002, and March 31, 2008, by various state departments to...

The Congress-led United Progressive Alliance (UPA) on Wednesday moved a step closer to introducing its ambitious food security legislation after the coalition’s political leadership agreed to restrict the proposed universal public distribution system (PDS) to the poorest of the poor in the initial phase. Members of the National Advisory Council, or NAC, which serves as the political interface between the government and the Congress party and is chaired by Congress president...

The government will enact a legislation to ensure subsidised wheat and rice to the poor, finance minister Pranab Mukherjee said at a seminar titled Bringing Green Revolution to Eastern States. “We are committed to enacting a legislation on food security (called National Food Security Act). But to make it successful, we need to produce more, procure more and strengthen the delivery mechanism for making foodgrain accessible to the poor at affordable...

Finance Minister Pranab Mukherjee today said that the government will enact a legislation to provide subsidised wheat and rice to poor, but to make it a success there is a need to boost production and strengthen delivery system. "We are committed to ensure Food Security Act and to make successful, we need to produce more, procure more and strengthen delivery mechanism for making accessible and affordable," Mukherjee said while addressing...