The National Advisory Council (NAC) recommendation to guarantee foodgrain to two-thirds of the country’s population could bloat the government’s food subsidy spend by 26 per cent to over Rs 72,000 crore — equivalent to over 1 per cent of the gross domestic product. The foodgrain guarantee is part of the proposed National Food Security Bill. This is a conservative figure, compared with the Rs 78,000 crore estimated by Deutsche Bank in...

Eminent economist and Vice-Chairman of the Kerala State Planning Board Prabhat Patnaik said on Saturday that the euphoria in official circles over financial inclusion has risen because of the “systematic scaling down of institutional credit to the peasantry and other productive sectors in the last two decades”. Delivering the centenary lecture dedicated to the memory of Prabhat Kar, a pioneer of the trade union movement in the banking industry, Mr....

Businesses and policy-makers need to recognize the tremendous economic value of ecosystems, as well as the social and economic costs of losing such natural resources as forests, freshwater, soils and coral reefs, a new United Nations report released today said. The report by the Economics of Ecosystems and Biodiversity (TEEB), a body hosted by the UN Environment Programme (UNEP), seeks to galvanize the world to recognize the economic consequences of failing...

One billion people worldwide still live in extreme poverty Agricultural growth remains central to poverty reduction, as one billion people worldwide continue living in extreme poverty, many of them in rural areas, a World Bank Group on agriculture, the Independent Evaluation Group (IEG), said in a report released on Tuesday. Drawing on the World Bank Group's (WBG) experience in supporting agricultural growth in the past decade, the report — Growth and Productivity...

Asia Pacific nations agreed on Sunday to boost the region’s agricultural productivity through technology transfer and information sharing as climate change and a fall in arable land threaten future food supplies. The 21-member countries of the Asia Pacific Economic Cooperation (Apec) also called for “responsible” agricultural investment as rising acquisition of farmland in developing countries by other nations to ensure their own food supplies is causing friction with local people. “Climate change...