In a more realistic and less confusing picture of the situation, the new wholesale price data monitoring system introduced on Thursday revealed that inflation of food articles soared by 13.39 per cent year-on-year during the week ended October 24, mainly owing to a surge in potato and onion prices, even as inflation for primary articles declined by 0.11 per cent on a weekly basis. As per the new data collation system,...

When the Indian government met the largest economic crisis the world has faced in nearly 80 years with tax cuts, aid for rural workers and interest rate cuts, critics said it was not enough. Now, though, it looks as if the policy makers may have offered too much. India’s $1 trillion economy, largely insulated from the global crisis by low reliance on exports and a heavily regulated banking system, has exceeded expectations...

That the economies of Asia, in particular China, India and Australia, are responsible for whatever growth is currently taking place on the planet is now acknowledged and underlined by the West as well as by multilateral financial agencies like the International Monetary Fund (IMF) and the World Bank. The 3.5 per cent growth in the American economy in the July-September quarter has enthused many into believing that the worst of...

The government has decided to release data for manufactured goods in the wholesale price index (WPI) with a monthly frequency, even as data on primary goods and fuels would continue to be released every week. Further, the revamped WPI would cover about 900 items instead of 435 at present, and the base year is being brought forward from 1993-94 to 2004-05. These changes would make the price index more reliable...

The recession is a promising moment to expand NREGA with greater emphasis on building social capital in a big way.  Soon after assuming office, the first UPA government took an impressive step for the alleviation of rural poverty by launching the National Rural Employment Guarantee Scheme. It was, indeed, a wise move to insulate the programme from the vicissitudes of electoral politics by enacting the National Rural Employment Guarantee Act...