The Food Corporation of India (FCI) is estimated to have incurred a financial loss of Rs 484.76 crore in 2010-11 due to damage to foodgrains and storage and transit loss, Food and Public Distribution minister K V Thomas said today. FCI, a nodal agency for procurement and distribution of foodgrains, is estimated to have lost Rs 484.76 crore in 2010-11, as against Rs 437.87 crore in the previous year, the minister...

Budget 2011-12 marks a sharp retreat of the government from the social and economic sectors. It has cut back expenditures in sectors that matter to common people, especially the poor. On the other hand, it has given huge concessions to the corporate sector in the form of tax cuts and exemptions. Let us take the overall fiscal stance of the budget. The underlying strategy is to reduce its fiscal deficit to...

“To ensure greater cost efficiency, better delivery” Seeking to address the issue of subsidies not reaching the targeted groups, Finance Minister Pranab Mukherjee on Monday proposed to provide a direct cash subsidy on fuel and fertilizers to the poor from March, 2012. “To ensure greater cost efficiency and better delivery of kerosene and fertilizers, the government will move toward direct transfer of cash subsidy for people below poverty line (BPL) in a...

Poor allocation of funds to key social sectors shows the government’s lacklustre approach to inclusive growth. We are reaching the end of a remarkable fiscal year,” said the finance minister as he rose to present the Union Budget 2011-12. Agreeing with the government that the year gone by presented us with several opportunities and challenges to address critical concerns pertaining to the social sector, the overall sense is that this Budget,...

The Sonia Gandhi-headed National Advisory Council (NAC) has managed to have its way on key demands on the food security bill. Bolstered by the Congress president’s “resolve”, the panel will go ahead and draft its own version of the bill and hope that Sonia’s veto will persuade the Centre to discard its stated objections and adopt the NAC’s draft as law. “Yeh tho hona hi hai,” Sonia reportedly said. A panel member...