One of the big surprises in the 2011-2012 budget was that spending on the country’s landmark rural employment program remained flat, disappointing activists who see it as a way of redressing growing wealth disparities. The program has since 2006 guaranteed 100 days of work a year for unskilled laborers to build rural infrastructure like irrigation ditches and roads. The Congress party has made the program, known as the Mahatma Gandhi National Rural...
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A Budget for the Rich by R Ramakumar
Budget 2011-12 marks a sharp retreat of the government from the social and economic sectors. It has cut back expenditures in sectors that matter to common people, especially the poor. On the other hand, it has given huge concessions to the corporate sector in the form of tax cuts and exemptions. Let us take the overall fiscal stance of the budget. The underlying strategy is to reduce its fiscal deficit to...
More »Union Budget 2011 to bring in food bill for poor
India's finance minister announced on Monday a food security bill for 2011/12, a measure that would provide cheap grains for millions of India's poor but which has sparked worries of a huge fiscal cost. It was one of the first signs of populism in the annual budget as Prime Minister Manmohan Singh confronted high prices and corruption scandals as well as elections in five states this year. In his ongoing budget speech,...
More »Budget 2011: Pranab focuses on social sector
Union Finance Minister Pranab Mukherjee presented Budget 2011-12 in Parliament on Monday promising to stimulate growth and bring down inflation. Admitting that food inflation remains a matter of concern, Pranab said that the economy could have performed better. He said that the development needs to be more inclusive while announcing increased outlay on social sector schemes. "Total food inflation is down from 20.2 per cent last year to 9.3 per cent...
More »India slams parties to Copenhagen Accord
India today slammed the US and other parties to the Copenhagen Accord for failing to deliver "fast track" financial obligations to Least Developed Countries (LDCs) and other nations facing the risk of climate change. Environment Minister Jairam Ramesh said the United States and other parties to the Copenhagen Accord had agreed to raise USD 30 billion for helping poor nations most at risk of climate change. "The continued inability to deliver on...
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