Bihar chief minister Nitish Kumar has done what his counterparts in other states failed to do. He convinced the Centre that its policy on disbursement of funds for implementing the Mahatma Gandhi National Rural Employment Guarantee Scheme (MNREGS) was flawed and needed correction. At a meeting with Plan Panel deputy chairman Montek Singh Ahluwalia, Kumar pointed out the anomaly, which the government acknowledged and was quick to react. This resulted in...
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It’s the fisc
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...
More »Rural job plan turns 5, but wages need to grow more by Prasad Nichenametla
The Mahatma Gandhi National Rural Employment Guarantee Act, UPA’s flagship aam admi scheme, turns five on Wednesday. However, more than 30% of the rural India working under the right-to-work act would continue to receive wages below the guaranteed minimum as per the minimum wages act. On January 14, the ministry of rural development issued a notification revising the wage rates under the MNREGA from Rs 100 per day to between...
More »High food prices forcing Indians to cut other spending, says Nielsen
THE boom in demand for apparel and mobile phones may soon be over as Indians plan to spend less on fun and entertainment to deal with rising food prices, a Nielsen study says. Indian consumers are extremely cautious about rising food prices and a sizeable section may defer purchases by 6-12 months, says the latest Nielsen global consumer confidence index released on Monday. Some companies, including LG Electronics and Future Group, agreed...
More »Budgetary support to Plan spend hiked 18% by Neeraj Thakur
The ministry of finance and the Planing Commission have finally agreed on increasing gross budgetary support by 18% for the terminal year of the Eleventh Five-Year Plan (2007-2012). GBS is the monetary assistance provided by the Centre to implement schemes in five-year plans. The ministry of finance will allocate around Rs4.41 lakh crore as part of the planned expenditure in the Budget for the next fiscal, compared with an allocation of Rs3.73...
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