Without policy efforts to deal specifically with issues such as reduced incomes and unemployment, the global economic crisis will be far from over. FOR most economic commentators, 2010 begins on an optimistic note. Just a year ago, there was much gloom about the world economy. The worst financial crisis since the Great Depression had broken out in full fury; asset markets in the United States, Europe and then most developing...

The New Year began with very good news about the Indian economy. During the last five years, 2004 to 2009, India’s most backward states have shown remarkable growth. Bihar, which grew at 4.5 per cent a year between 2001 and 2005, showed a growth rate of 11.3 per cent between 2005 and 2009. Similarly, Odisha increased its growth performance from 4.94 to 8.74 per cent between these two periods; Jharkhand...

Are income-tax returns filed by individual citizens open to public scrutiny under the Right to Information? Yes, says the Central Information Commission. In a controversial December 14 ruling with far-reaching implications, the CIC held that individual assessees could not invoke privacy concerns to prevent an unrelated “third party” from inspecting returns filed with the Income-Tax Department. Sources in the Commission said the ruling must be seen as a trendsetter that could...

Matriculate Trained Teachers, who make up 87% of school teachers in India, get Rs 775 in UP Rs 892 in Assam and Rs 1,507 per month in Punjab. Even in the most highly rated schools, the average salary is Rs. 7,225 p.m. Nearly 200,000 teachers in Bihar draw a salary less than that of a peon in the government. Teachers with post graduate degrees teaching primary to higher secondary levels, draw...

The finance ministry has quietly initiated the process of opening up the income tax files of politicians belonging to all parties and tallying their income statements with the affidavits filed by them with the Election Commission during the 2009 parliamentary polls. Verification of the assets declared by the Lok Sabha candidates, many of whom have now become MPs and even ministers, will help the department to assess if they had...