-The Times of India   The proposed Food Security Act may not put additional burden on the government in the current fiscal year as the government can find the resources to fund the plan from the spending outlined for 2011-12 , finance ministry officials said. However, the food subsidy bill could soar to as much as Rs 75,000 crore from the estimated Rs 60,572.98 crore for the 2011-12 fiscal. Finance ministry...

Food-price inflation in India, Asia’s third-largest economy, may accelerate in the second half as farmers are paying 20 percent more to grow crops, according to the commission that helps set minimum farm-product prices. “The cost of production is going up very fast,” Ashok Gulati, chairman of the Commission for Agricultural Costs and Prices, said in a telephone interview yesterday. “The labor cost has gone up dramatically in the past one year...

-The Business Standard   Union finance minister Pranab Mukherjee was being economical with the truth when he said that last Saturday’s petrol price hike decision was entirely that of oil marketing companies (OMCs). True, the government correctly but belatedly deregulated petrol pricing several months ago, but it is clear that despite a sharp increase in global Crude oil prices in the past six months, the OMCs restrained themselves from increasing domestic...

-The Telegraph   The Trinamul Congress was silent on the petrol price hike for the second day, its leaders only saying that Mamata Banerjee would speak on the issue. While Trinamul is still working on its response to the Rs 5 rise that the Left has pounced on to attack the UPA government, of which the party is a key member, finance minister Pranab Mukherjee today said the Centre could not be...

-The Economic Times   In the steepest hike ever, state- owned oil companies today increased petrol price by about Rs 5 per litre with effect from midnight tonight. The increase in petrol price, which the oil firms had been holding since January even though Crude oil had touched a two-and-a-half-year high, came a day after election results of five state assemblies were announced. IndianOil, Bharat Petroleum and Hindustan Petroleum will hike rates between...