Faced with a massive public outcry and fierce opposition from tribals, the government has, in a landmark move, decided to give tribals and other affected populations a share of the profits made from exploiting mineral resources from their land. The Group of Ministers (GoM) headed by finance minister Pranab Mukherjee on Friday finalised the contours of the draft for a new mining bill, which makes it mandatory for mining companies to...

The people are showing who the boss is. The weapon in their hands is the internet, which, in the last five days, has seen frantic activism against "power brokering" by journalists in collusion with corporate groups and top government politicians. It all began with the publication of sensational tapes related to the 2G spectrum scam by two magazines over the weekend. Two high-profile journalists, Barkha Dutt and Vir Sanghvi, whose names...

The institution of Auditor General, established in 1860, became Comptroller and Auditor General of India (CAG) with the commencement of the Constitution. On the occasion of the initiation of year-long celebrations to mark 150 years of the institution, may one, as a former member of the Indian Audit and Accounts Service, put forward a few suggestions (numbered for convenience) aimed at enhancing the effectiveness of the institution? 1. It is a...

Yaga Venugopal Reddy , former Reserve Bank of India governor credited with saving the nation’s financial system from the 2008 meltdown, has said what many finance experts believed, but did not have the courage to admit publicly: microfinance is India’s subprime. “Ultimately, it’s something like subprime lending,” Mr Reddy told ET in an interview ahead of his book release. “The same incentives are operating here... it was securitisation and derivatives that...

Inspired by India’s “Green Revolution”, Malawi has sought Indian assistance in its “Greenbelt initiative” aimed at raising agricultural output. The southeast African nation is looking to India to tap its huge uranium deposits. Malawi is also negotiating to sign Double Taxation as well as Investment Promotion and Protection agreements with India. “Our main aim is to get India’s participation in our Greenbelt initiative to increase our farming capacity,” visiting Malawian Trade and...