We’re in the midst of a global food crisis — the second in three years. World food prices hit a record in January, driven by huge increases in the prices of wheat, corn, sugar and Oils. These soaring prices have had only a modest effect on U.S. inflation, which is still low by historical standards, but they’re having a brutal impact on the world’s poor, who spend much if not...

As food prices rose for the seventh month in a row in January, contributing to recent popular unrest in the Middle East and a spike in commodities purchases by developing countries last week, some analysts are quick to make comparisons to the dry years of 2007-2008. But others warn against panic and oversimplified predictions of an impending food crisis, which contribute to price volatility. "It is important to underline – and we've...

Buoyed by high foodgrains production, the country's farm sector is expected to grow at 5.4 per cent in the current financial year, as against 0.4 per cent a year ago. A likely growth in the "agriculture, forestry and fishing sector" is due to an estimated higher production of rice, wheat, pulses, Oilseeds, cotton, sugarcane and some horticultural crops, according to Advance Estimate released by the Central Statistical Organisation (CSO). The foodgrains production...

As the murder of Malegaon additional collector Yashwant Sonawane, allegedly by the Oil mafia, once again highlights the illegal diversion of public distribution system (PDS) kerosene to the open market and industrial units, Punjab seems to have found its answer in Nandan Nilekani’s UID scheme, Adhaar. This March, as the state begins an enrollment drive to give its estimated 2.8 crore population a unique 12-digit identity, the number will also provide...

While monetary policy is an important element of the artillery against inflation — and with the 25 basis point hike, the RBI did part of what it was expected to do to tighten policy — there is the fiscal task too. As Raghuram Rajan, adviser to Prime Minister Manmohan Singh, points out, the Centre must control expenditure, cut subsidies and not start new spending programmes. Fiscal deficits are large and rising...