The government plans to cut its subsidy bill to under 2% of the gross domestic product (GDP) in 2012-13, finance minister Pranab Mukherjee said in his budget speech on Friday. High crude oil prices and burgeoning fertilizer subsidies, primarily on account of imported non-urea fertilizers, have meant India’s subsidy bill has zoomed to Rs2.16 trillion, or 2.5% of the GDP. Mukherjee has set an ambitious target to reduce this to under 1.75%...
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Why this will be a reform budget-Surjit S Bhalla
Most of us don’t even get a single shot at making history — Manmohan Singh has a second chance The fiscal deficit is an outcome, not a policy. It is the net resolution of the policies pertaining to taxes and expenditure. It is worth analysing separately the two components of the deficit. The table reports the results of relating the tax and expenditure share of GDP to per capita income for...
More »Anil Bairwal, National Convenor of Association for Democratic Reforms (ADR) and National Election Watch (NEW) interviewed by rediff.com's Vicky Nanjappa
A recent report put out by the Association for Democratic Reforms and National Election Watch revealed that 47 per cent of the newly-elected Uttar Pradesh assembly has candidates with criminal cases pending against them. Barring Manipur, none of the other four states that went to polls is free of a tainted MLA. In Uttar Pradesh, the number of criminal MLAs has gone up from 37 per cent in 2007 to 47...
More »India lifts ban on cotton exports; enters riders to discourage overseas hoarding
-The Economic Times India has lifted the week old ban on cotton exports following intense political protests, but stiff riders have been put in place to discourage overseas hoarding. Exports will be allowed only of consignments that had been registered before the ban after scrutiny and revalidation to eliminate ``fictitious'' transactions while issue of fresh registration certificates has been put on hold. The group of ministers headed by finance minister Pranab Mukherjee,...
More »CPI(M) leader beaten to death by Trinamool supporters-Ananya Dutta
Another local leader of the Communist Party of India (Marxist) was beaten to death allegedly by supporters of the Trinamool Congress in a village in West Bengal's Paschim Medinipur district on Sunday. Bimal Senapati, a prominent local CPI(M) leader in the Deepagram village in Keshiary police station area was beaten up. The family members alleged that the killing was the handiwork of Trinamool Congress activists, said police sources. According to the leadership...
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