It would have been dismal if the low expectations for the United Nations climate change conference at Cancún had not been exceeded. This weekend’s unexpected, last-minute accord from nearly 200 countries will not save the planet. Huge obstacles remain. Nonetheless, the meeting produced the first UN-adopted pact to cut carbon emissions since Kyoto in 1997. Cancún was a success, albeit a modest one.It is not surprising that there is no...

The Finance Ministry has begun its maiden investigation into over 100 offshore "financial structuring deals" undertaken by Indian business entities in foreign tax havens to allegedly evade the taxman's net. The multi-pronged probe has been undertaken by the international taxation wing of the Income Tax department and the foreign taxation unit in the Central Board of Direct Taxes (CBDT). A number of investments and deals to the tune of billions of rupees...

Appreciating the country's commitment towards universalising health coverage for the people, health economist Robert Yates has said the country needs to increase its public spending on health either by health insurance schemes or taxation.“The entire exercise of constituting a high-level expert group on universal health coverage that India has undertaken has been done at an appropriate time when the economy is growing and the country is getting wealthier as a...

The UN climate summit reached the Cancun Agreement here early Saturday - but there was no mention of the extent to which industrialised countries would commit to reduce greenhouse gas (GHG) emissions after 2012, when the Kyoto Protocol's commitment period ends.Nor was there any agreement on a second commitment period of the protocol, only a decision to keep talking about it. The Kyoto Protocol is currently the only legally binding...

The Unique Identification Authority of India is already seeing a massive explosion for bank accounts among people enrolling for Aadhaar or the unique IDs issued by the authority, its chairman Nandan Nilekani said. Some 80% of people enrolling for the IDs want bank accounts, he said at a lecture here organised by the Indian Institute of Banking & Finance on Thursday. “If we are able to provide every such person with...