Larry Summers, the recently departed Chairman of US President Barack Obama’s National Economic Council, posed the following question before his trip to India last November: “What is the self-perception of the Congress as a political party?” In fact, this broad question provokes three specific ones in the domain of economics. Is the Congress the party of Jagdish Bhagwati or Amartya Sen; Nehru or Indira Gandhi; or Aruna Roy or Nandan...

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,...

The budget is a “mixed bag” for the Sonia Gandhi-led National Advisory Council, said members. It promises to bring in the National Food Security bill that the Congress chief hopes will signpost UPA-II’s continuing commitment to social and economic inclusion in the way that the Mahatma Gandhi National Rural Employment Guarantee Act did UPA-I. But finance minister Pranab Mukherjee’s restatement of the Centre’s position on indexing MNREGA wages to the consumer price...

On the eve of the presentation of the Union Budget by Finance Minister Pranab Mukhrejee, Janata Dal (United) President Sharad Yadav said here on Sunday that his party wanted an agriculture-friendly budget and that emphasis be given to protect the fertile land of the country. “The Budget should take measures to save the agricultural sector of the country for the sake of food security. Steps should be taken to save the...

On the eve of the Union Budget on Sunday, thousands of farmers and hundreds of farm widows staged a strong protest at Pandharkawda in Yavatmal district by hanging effigies of union finance minister of finance Pranab Mukherjee and agriculture minister Sharad Pawar. The protesters wanted to draw attention of the government towards its 'anti-cotton farmer policies.' They demanded lifting of ban on cotton export, a bailout package for dying cotton...