The Comptroller and Auditor-General has slammed the Narendra Modi government for financial irregularities, particularly for mismanagement of public sector undertakings, resulting in losses of over Rs. 16,000 crore. It has come down heavily on the state-owned Gujarat State Petroleum Corporation (GSPC) for extending “undue benefits” to the Chief Minister's “favoured few,” mainly Adani Energy and Essar Steel companies, which coupled with its poor management and faulty agreements on exploration of oil...

In a landmark decision, India’s intellectual property office on Monday allowed Hyderabad-based Natco Pharma Ltd to make and sell a copycat version of German drug maker Bayer AG’s patented cancer treatment Nexavar. It’s the first time that an Indian company has been granted the so-called compulsory licence to market a generic version of a patented drug. The drug, patented by Bayer in India in 2008, is used in the treatment of...

-Reuters India's move to strip German drugmaker Bayer of its exclusive rights to a cancer drug has set a precedent that could extend to other treatments, including modern HIV/AIDS drugs, in a major blow to global pharmaceutical firms, experts say.  On Monday, the Indian Patent Office effectively ended Bayer's monopoly for its Nexavar drug and issued its first-ever compulsory license allowing local generic maker Natco Pharma to make and sell the drug...

No one will deny that the least a democratic government can do for its people in a civilised society is to ensure access to food at affordable prices. Ensuring food security is, therefore, a fundamental responsibility of the state. Public distribution system (PDS) is the instrument through which food grains are made available to targeted beneficiaries. Government's resolve to provide for food security is laudable.  At the same time, it does...

-The Hindustan Times   The government is drafting the framework of a “white paper” on black money that it is likely to present before Parliament in the forthcoming budget session. The white paper, however, is unlikely to disclose any names of individuals or entities, despite the opposition’s demand to make public the names of those who are found have to stashed money in banks in overseas tax havens, sources told HT. The finance...