-Reuters Global food prices rose in March for a third successive month, driven by gains in grains and vegetable oils, the United Nations' Food and Agriculture Organisation said on Thursday, putting food inflation firmly back on the economic agenda. Food prices hit record highs in February 2011 and stoked protests connected to the Arab Spring wave of civil unrest in some north African and middle eastern countries. They then receded but started...

The Comptroller and Auditor-General has slammed the Narendra Modi government for financial irregularities, particularly for mismanagement of public sector undertakings, resulting in losses of over Rs. 16,000 crore. It has come down heavily on the state-owned Gujarat State Petroleum Corporation (GSPC) for extending “undue benefits” to the Chief Minister's “favoured few,” mainly Adani Energy and Essar Steel companies, which coupled with its poor management and faulty agreements on exploration of oil...

To get the Below Poverty Line figures in perspective, we need to closely monitor the numbers driving the Corporate Plunder Line. One Tendulkar makes the big scores. The other wrecks the averages. The Planning Commission clearly prefers Suresh to Sachin. Using Professor Tendulkar's methodology, it declares that there's been another massive fall in poverty. Yes, another (“more dramatic in the rural areas”). “Record Fall in Poverty” reads one headline. The record...

One man’s fiscal problem is another man’s lifeline. Trigger happy bureaucrats and economists may love shooting down subsidies because it bloats the fiscal deficit and burdens the government but the simple fact is that in a one billion strong nation, in which nearly one in every three live below the poverty line, one needs an effective and efficient method through which privileged tax payers can support the poor. Last week, finance...

The government plans to cut its subsidy bill to under 2% of the gross domestic product (GDP) in 2012-13, finance minister Pranab Mukherjee said in his budget speech on Friday. High crude oil prices and burgeoning fertilizer subsidies, primarily on account of imported non-urea fertilizers, have meant India’s subsidy bill has zoomed to Rs2.16 trillion, or 2.5% of the GDP. Mukherjee has set an ambitious target to reduce this to under 1.75%...