The Planning Commission has offered an objective assessment of the unsatisfactory situation as far as Indian agriculture is concerned in its mid-term appraisal of the 11th Five-Year Plan. The commission has done well to remind us that the farm sector is still subject to strangulating controls that dissuade private investment in key areas, including logistics and storage. The government’s agricultural pricing policies, which have rendered minimum support prices (MSPs) the...

WELL before Budget 2010-11 was presented, inflation had emerged as the principal economic problem in the country. With food-price inflation running at close to 20 per cent, even the United Progressive Alliance (UPA) government at the Centre had been forced to recognise it as a problem that deserved as much attention as the objective of achieving a 9 or 10 per cent rate of growth, if not more. In fact,...

The economist and political commentator who was appointed to a four-member team of the UN to recommend reforms to the global financial system critiques Budget 2010 Economist and political commentator Prabhat Patnaik, currently vice-chair of the Kerala Planning Board, is a strong critic of the government’s economic policies. In 2008, Patnaik, who has taught at JNU since the 1970s, was appointed to a four-member team of the UN to recommend...

“THE world’s attention is back on your cause.” That was Bill Gates talking to agricultural scientists gathered recently to honour the late Norman Borlaug, father of the Green Revolution. The tycoon-turned-philanthropist was right. This week, the world—in the guise of 60-odd heads of state including the pope—held the first United Nations food summit since 2002. As the world’s attention turns from the receding financial crisis, it is switching to one...

When the Indian government met the largest economic crisis the world has faced in nearly 80 years with tax cuts, aid for rural workers and interest rate cuts, critics said it was not enough. Now, though, it looks as if the policy makers may have offered too much. India’s $1 trillion economy, largely insulated from the global crisis by low reliance on exports and a heavily regulated banking system, has exceeded expectations...