This report is sure to come as a shocker for all those who thought the worst was over after believing that the recession is petering out. The recently released World Economic Situation and Prospects 2010 (WESP) of the United Nations (UN), predicts that the economic growth in the developing world will remain well below the pre-crisis pace of more than 7 per cent per annum. China’s and India’s economies are...

It's a myth that the global financial crisis left India virtually unscathed. In fact, India is the biggest victim of financial crisis-induced poverty, according to data obtained by TOI from the United Nations Department of Economic and Social Affairs' (UNDESA). Check out these figures. The UNDESA data estimates that the number of India's poor was 33.6 million higher in 2009 than would have been the case if the growth rates...

Angus Deaton, the Princeton economist regarded as world's foremost authority on cross-country income data, has cast serious doubts on the World Bank's last upward revision of global poverty figures and India's statistics are at the centre of the storm. The world became poorer as a result of a combination of India's economic growth and its low poverty line, Deaton, who is president of the American Economic Association, said in his...

From Bihar to America, via rickshaw. That’s the feat Irfan Alam has pulled off, winning an invite from President Barack Obama for his work with rickshaw-pullers and proving that Lalu Prasad isn’t the only Bihari worth a toast for his business acumen. The 35-year-old IIM Ahmedabad graduate, who has redesigned and smartened up rickshaws and helped boost the pullers’ earnings and dignity, is one of 79 “unique” entrepreneurs from across the world...

The poverty line that the Tendulkar Committee proposes depends on reduced calorie consumption, and fails to provide for reasonable household expenditures on schooling and health.  For some years, the Government of India has been under pressure to change the norms for calculating the official poverty line. Current norms have resulted in gross and manifest underestimation of the numbers of the poor, and, consequently, in the exclusion of hundreds of millions...