Top economic advisor in the finance ministry on Wednesday blamed cartels among traders for the skyrocketing prices of onion. “There are forms of implicit cartels working among the traders that block the movement of new entry, the appearance of new players,” chief economic advisor Kaushik Basu said while explaining the reasons behind the onion price rise. The price of the vegetable, which is ruling at Rs 60 per kg, went up...

The Food and Agricultural Organization said Wednesday that the world faces a "food price shock" after the agency's benchmark index of farm commodities prices shot up last month, exceeding the levels of the 2007-08 food crisis. The warning from the U.N. body comes as inflation is becoming an increasing economic and political challenge in developing countries, including China and India, and is starting to emerge as a potential problem in developed...

The Census Bureau took a baby step toward redefining what is considered poor in America on Tuesday when it released several alternative measurements of poverty, fundamentally revising a one-size-fits-all formula developed in the 1960s by a civil servant. Under a complex series of eight alternative measurements, the Census Bureau calculated that in 2009, the number of Americans living in poverty could have been as few as 39 million or as...

Over five crore Mahatma Gandhi NREGA workers across the country will enjoy a 17 to 30 per cent rise in wages with their wage rate being linked with the Consumer Price Index for Agricultural Labour(CPIAL) with immediate effect. The Ministry of Rural Development issued the notification in compliance with the directives of Prime Minister Manmohan Singh who had, however, differed with NAC chairperson Sonia Gandhi's recommendation for a hike in statutory...

Prime Minister Manmohan Singh has shot down the Sonia Gandhi-headed National Advisory Council's recommendation that the National Rural Employment Guarantee Scheme (NREGS) workers be paid the minimum wages set by states. The prime minister, in his December 31 letter to the UPA chairperson, clarified that the wage rate fixed by the central government would be indexed to inflation but not linked to the Minimum Wage Act. The PM's letter says...