Liquor baron Ponty Chadha’s mercurial rise is all ‘Maya’ A reclusive liquor baron may seem like an anomaly in these never-ending good times. But Gurdeep Singh Chadha—better known by the moniker Ponty Chadha—fits the bill. Often called “Mayawati’s financier”, the 57-year-old Ponty has been making large (if silent) waves for the political patronage he enjoys in Uttar Pradesh. Any bottle of liquor sold in India’s most populous state goes through his...

-The Telegraph Income tax officials today searched the house and two dozen properties of a liquor baron said to be close to Mayawati, the simultaneous raids apparently throwing up a chest that needed gas-cutters to prise open. TV reports claimed the chest — found in the basement of a Noida mall said to be owned by Gurdeep Singh Chadha — could be stashed with notes worth over Rs 100 crore, but late...

-The Economic Times   The IMF wants to increase its lending capacity by $1 trillion, to rescue distressed countries in the eurozone plus those hit by aftershocks from the eurozone.  But US is struggling with fiscal problems of its own, Japan now has the highest debt/GDP ratio in the world (over 200%), and Europe is moving into an austerity phase. Clearly, a significant chunk of the new trillion will have to come from...

-Economic and Political Weekly   The Reliance/Network18 deal should make us wake up to the impending threat to media plurality. Few are discussing it. India has just seen one of the biggest media deals, where the country’s leading industrial and business giant has bought into the largest network of news and current affairs TV channels. Yet, the fact that this could mark the beginning of a trend leading to private media being controlled...

-The Indian Express   Even as the UPA’s effort to introduce 51 per cent FDI in multi-brand retail fell on its face, the proposal to allow 100 per cent FDI in single-brand retail is through. Just before the finance minister goes to the US to speak to investors, this decision is something of a face saver. The department of industrial policy and promotion formally announced the decision, with the condition that in...