-Live Mint High on hype, the budget speech of the Union finance minister today is merely a statement of account. As India’s economy diversifies—with the private sector playing an increasingly important role—this annual feature has assumed much lower salience. Not only have fiscal policies lost the space they enjoyed in earlier years, even major policy announcements are restricted to being mere statements of account. Examples from other arenas include “activism” on...

In recent times the Supreme Court of India, with a series of remarkable decisions, has earned our admiration, respect and gratitude. Alas, it has now come out with an extraordinary order on the Inter-Linking of Rivers (ILR) Project, which has caused consternation and dismay to many of us. In 2002, in a post-retirement explanation, a defensive Justice Kirpal had said that his order on the river-linking project was not a direction...

Water is the most critical of all natural resources on which modern economies depend. Water scarcity and rapid economic advance cannot go hand-in-hand. Yet, with its per-capita water availability falling to 1,582 cu m per year, India has become water-stressed.  In 1960, India signed a treaty indefinitely setting aside 80% of the Indus-system waters for downstream Pakistan - the most generous water-sharing pact thus far in modern world history. Its 1996...

The National Food Security Bill has the potential to make a significant difference to the lives of the poor if properly implemented. However, the Bill in its present form has some easily correctible flaws that could cause huge problems in the future. A couple of simple amendments would greatly simplify the implementation and also allow innovation in the delivery of food subsidy. First, the proposed framework based on three categories of...

India moved a step closer to implementing cash transfers of direct subsidies and social welfare payments after a high-level panel presented the blueprint for effecting it through an Aadhaar-based payment gateway. Accepting the report, which details how all payments and cash transfers can be made electronically, finance minister Pranab Mukherjee indicated that it will be the key to plug leakages and ensure more targeted spending under the government’s social welfare programmes. The...