The United Nations Development Programme (UNDP) and Oxford University today launched a new index to measure poverty levels which they said give a “multidimensional” picture of people living in hardship, and could help target development resources more effectively. The new measure, the Multidimensional Poverty Index, or MPI, was developed and applied by the Oxford Poverty and Human Development Initiative (OPHI) with UNDP support, the two institutions said in a joint...

UK Prime Minister David Cameron may scale down the £250 million British aid given to India annually, saying wealthy local residents could do more to help their poor countrymen. Cameron is under pressure to reduce foreign assistance to India. International development secretary Andrew Mitchell has signalled that the “£250 million of public money spent annually on nuclear-armed India could be scaled back”. He said the rich NRI population of Britain could do more...

In April, India’s Planning Commission accepted recommendations put forth by the so-called Tendulkar Committee on a new poverty headcount for the country. Constituted by the Planning Commission under economist Suresh D Tendulkar, the committee, after four years and a new methodology, arrived at a new figure for the number of Indians living below the poverty line: 37.2 percent, ten points higher than the previous official figure. With the government’s subsequent...

The Union budget estimates the nominal rate of growth for the Indian economy to be 12.5 per cent during the current fiscal. While it is impossible to figure out the manner in which this number was arrived at, the government has predicted further that the inflation-adjusted real growth rate for the same year will be eight per cent. Simple arithmetic requires that the difference between the nominal and real growth...

India’s annual monsoon rains, key to farm output and economic growth, are expected to be better than previously forecast, raising prospects of good harvests and possibly helping to cool double digit food inflation. The monsoon rains, which deliver 75-90% of the country’s rainfall, were expected at 102% of the long-term average, government officials said on Friday, raising an earlier forecast of 98%. Bountiful rains despite slow progress of the June-September monsoon will...