The Indian government has opted to scrap its subsidy of petrol prices in an effort to cut its budget deficit. Ministers also voted to raise the price of other fuels, including diesel and kerosene gas in an effort to raise money. India's fiscal deficit is forecast to hit 5.5% of GDP by 2010-11. But the move is likely to be politically unpopular, and there are concerns that higher fuel prices will...
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Govt to release more wheat in open mkt to check prices
The government today decided to release five million tonnes of wheat in the open market and retain zero duty on sugar and wheat imports in the wake of soaring food prices. The empowered group of ministers (EGOM), headed by Finance Minister Pranab Mukherjee, decided to offload wheat under the Open Market Sale Scheme (OMSS) at prices lower than the market price. Wheat will be sold from the government godowns between July...
More »Food inflation rises to 16.90%
India's food inflation accelerated in mid-June, maintaining pressure on the Reserve Bank of India to tighten monetary policy at a faster pace. India's food price index rose 16.90 per cent in the year to June 12, higher than the previous week's annual reading of 16.12 per cent, government data released on Thursday showed. The fuel price index remained unchanged at 13.18 percent in the year to June 12. The yield...
More »Food inflation hit war on poverty by Chetan Chauhan
Rising food prices and economic crisis have eaten into the gains made by India and the world in reducing poverty during the first half of this decade, a United Nations report released on Wednesday said. "Newly updated estimates from the World Bank suggest the crisis will heave an some 64 million into extreme poverty by end of 2010, principally in sub-Saharan Africa and South Asia," the Millennium Development Goals, 2010 report...
More »Rich getting richer: 120k Indians hold a third of national income by Rukmini Shrinivasan
Last year may have been a cruel year for much of the country with slow growth and double-digit food inflation, but India's high net worth individuals (HNWIs) prospered — just over 120,000 in number, or 0.01% of the population, their combined worth is close to one-third of India's Gross National Income (GNI). HNWIs, in this context, are defined as those having investable assets of $1 million or more, excluding primary...
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