Report of presumed loss in radio waves allocation created a storm in Parliament JPC will delay the inquiry and politicise the matter, feels government Manmohan Singh has offered to appear before PAC if required Comptroller and Auditor-General (CAG) of India Vinod Rai will appear before Parliament's Public Accounts Committee (PAC) on Monday in connection with the 2G telecom controversy. The PAC has been examining the CAG's report of a presumed loss of Rs.1.76-lakh crore...
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Revamping foodgrain policy by CSC Sekhar
THE issue of foodgrain management policy has assumed renewed importance with several reports in the media of large-scale wastage and diversion from the public distribution system (PDS). In a cogently-argued paper recently, Prof Kaushik Basu, a well-known economist and the chief economic adviser in the MINISTRY OF FINANCE, has argued for foodgrain to be released in lots of much smaller size into the market, than is presently done by the...
More »Worried Centre abolishes import duty on onions by Sujay Mehdudia
Stung by the skyrocketing retail prices of onion in the country, the Centre on Thursday announced abolition of import duties and banned its exports for an indefinite period. Cabinet Secretary K.M. Chandrasekhar, who is personally monitoring the situation, asked the State governments to take strong action against hoarders. He asked the Commerce Ministry to import onions to cool down prices. The government directed its three trading companies — STC, PEC and MMTC...
More »Banks want RBI to watch MFIs
Fearing a default from Andhra Pradesh-based microfinance institutions (MFIs), whose cash flows have been disrupted by new laws, lenders have asked RBI to ensure stability by bringing the sector under its purview. In a meeting called by the Reserve Bank to discuss funding of MFIs, it asked banks whether the institutions were repaying loans on time and if the end-borrower was suffering because of the credit crunch faced by them. RBI...
More »PM stings Pawar with onion order
The Prime Minister’s Office has given direct orders to top officials of Sharad Pawar’s department to get cracking after the food minister said it would take “two to three weeks” for onion prices to stabilise. Sources said an annoyed Manmohan Singh has conveyed to Pawar that the time frame set by the minister is too long, especially since prices have skyrocketed within a week. Expressing deep concern over the “extraordinary price rise...
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