A bench of the Supreme Court recently said: “When you say it is the world’s oldest profession and when you are not able to curb it by laws, why don’t you legalise it?” Really? While dealing with a PIL filed by Bachpan Bachao Andolan about large scale child trafficking in the country, a Supreme Court bench of Justice Dalveer Bhandari and Justice AK Pattnaik are reported to have advised the...

Government and regulators need to focus on the systemic risk engendered by excessive compensation. As calendar year 2009 draws to a close, it is bonus season for the financial sector in the West. In the last several months, the need to cap bonuses and compensation packages has been extensively discussed in the context of limiting the future impact of the next financial sector breakdown. On December 9, 2009, the UK was...

Referring to China in 1947, Nehru declared, “A new star has risen in the eastern horizon,” and some years later predicted, “If you peer into the future, the obvious fourth country in the world is India.” One of the countries he had in mind has disappeared, and he did not imagine that the emergence of India and China on the global stage would lead to mutual friction. The Chinese are...

Sahyadris have been documenting the changing climate for 40 years The latest joke among the Mahadeo Koli tribals living in the Bhimashankar area of Maharashtra’s Pune district is: “Ovni zali ka? (Have you transplanted your paddy?)” In the rain drenched Sahyadri range, where the main food crop is paddy, the unseasonal rains brought on by cyclone Phyan in late November have caused the harvested crop of fragrant Raibhog paddy to sprout...

We Indians implicitly believe in India’s great past. Recently, that past has been given a statistical underpinning by Angus Maddison. To celebrate the beginning of the 21st century, Maddison wrote a book called The World Economy: A Millennial Perspective. There he says that India was the world’s largest economy in the first millennium AD. It produced one-third of the world’s income in the first century, and 29 per cent in...