India has lost nearly a half-trillion dollars in illegal financial flows out of the country, says a new study by Global Financial Integrity. India is losing nearly Rs.240 crore every 24 hours, on average, in illegal financial flows out of the country. The nation lost $213 billion (roughly Rs.9.7 lakh crore) in illegal capital flight between 1948 and 2008. However, over $125 billion (Rs.5.7 lakh crore) of that was lost in...

India's telecommunications minister A Raja has resigned over claims that licences had been improperly given to mobile phone firms. He said he was quitting "to avoid embarrassment to the government". He denies wrongdoing. Opposition has been protesting over Mr Raja's alleged role in the sale of second generation (2G) licences. Federal auditors reportedly estimate that billions of dollars were lost as a result. Mr Raja - who belongs to the DMK party, an ally...

India's telecommunications minister has rejected calls that he resign over claims that licences were improperly allocated to mobile phone firms. Opposition anger over A Raja's alleged role in the sale of second generation (2G) licences has been growing. Mr Raja's ministry issued licences on a "first-come first-served" basis instead of auctioning them, reports say. Federal auditors reportedly estimate billions of dollars were lost as a result. Mr Raja denies any wrongdoing. In May, India's...

The heat on telecom minister A Raja is rising, with the Comptroller and Auditor General holding him personally responsible for the sale of 2G spectrum at dirt cheap rates in 2008, resulting in a loss of up to Rs 1.70 lakh crore to the national exchequer. The damning indictment stacks the odds even higher against Raja, who is already under intense scrutiny by the telecom watchdog, civil society and the Supreme...

State-owned trading firm MMTC Ltd, the Indian Farmers Fertiliser Cooperative (Iffco) and the conglomerate Bharti Enterprises plan to join the growing number of Indian entities engaged in commercial farming in Africa. Cheap land and labour costs in Africa are attracting a number of Indian firms with interest in agriculture. A large number of people in East African countries such as Kenya work in the cultivation of tea, coffee, corn, vegetables, sugarcane,...