-Business Standard Unpredictable weather may impact 30 per cent of the harvest India has been hit by unusual weather. Much of the country has endured unseasonal rain, even hailstorms. In the process, nearly 30 per cent of the rabi planting seems to have been spoiled, with adverse implications for food availability and inflation, as well as farmer distress. The first half of March has been unusually cool, besides being the wettest for...

-Business Standard Food ministry needlessly wary of reform The report of the Shanta Kumar committee on food management contains several cogent recommendations and these have been submitted to the Prime Minister's Office (PMO). But it is increasingly unlikely that the report will be accepted in full. In its comments on the report, the Union food ministry has either turned down or expressed reservations on the implementation of many of the reforms-oriented suggestions....

-The Indian Express By officially committing to inflation targeting through the signing of a monetary policy agreement between the finance ministry and the RBI, India has joined 28 other countries in explicitly fixing goals for annual increases in the consumer price index (CPI) and pinning responsibility on the central bank for achieving them. Interestingly, among the now 29 countries, India has the lowest per capita income. While there are as many as...

-Business Standard Environment ministry readies draft, which allows industry to fell trees in traditional forest areas without consent of gram sabhas After a lot of back and forth, the National Democratic Alliance (NDA) government is ready with a notification to dilute tribal rights that would make it possible for most industries to chop down traditional forests without the consent of gram sabhas - a precondition that exists at the moment. After the Prime...

-Press Information Bureau/ Ministry of Finance Economic Outlook, Prospects and Policy Challenges Macroeconomic fundamentals in 2014-15 have dramatically improved. Highlights are: * Inflation has declined by over 6 percentage points since late 2013. * The current account deficit has declined from a peak of 6.7 percent of GDP (in Q3, 2012-13) to an estimated 1.0 percent in the coming fiscal year. * Foreign portfolio flows have stabilized the rupee, exerting downward pressure on long-term interest...