Referring to China in 1947, Nehru declared, “A new star has risen in the eastern horizon,” and some years later predicted, “If you peer into the future, the obvious fourth country in the world is India.” One of the countries he had in mind has disappeared, and he did not imagine that the emergence of India and China on the global stage would lead to mutual friction. The Chinese are...

India needs to initiate a number of steps to manage the emerging situation.  After three consecutive good years, agricultural production has faltered in the last two years. There was a fall in production to the tune of 1.6 per cent in 2008-2009 compared to the previous year. This year, again, agricultural production is likely to be down by 2 per cent or more. The deceleration in the growth of foodgrain...

For about a week after the Dubai crisis broke, international financial markets chose to ignore it. Stock-markets climbed, commodity prices rose and the dollar continued to be beaten down. It is not too difficult to explain this initial indifference. For one, the magnitude of the Dubai crisis appeared piffling, at first glance, compared to the “subprime” crisis or the meltdown following “Lehman’s bust”. When global banks had run up losses...

Spewing summit The Copenhagen summit will generate more carbon emissions than any previous climate conference, equivalent to the annual output by 2,300 Americans or 660,000 Ethiopians. Delegates, journalists, activists and observers from almost 200 countries have gathered at the December 7-18 summit and their travel and work will create 46,200 tonnes of CO2, most of it from their flights to Copenhagen. This would fill nearly 10,000 Olympic swimming pools. The calculation includes...

Since state financial corporations are set up to encourage the establishment of industries by providing loans on liberal terms, the recovery of debts from chronic defaulters is seen by courts from two angles. One is that public money is lent for starting private enterprises and, therefore, the financial institutions should be tough on the debtors. The other approach is that these units benefit the public and, therefore, the endeavour should...