The Union finance ministry’s mid-year fiscal Review, tabled in Parliament last week, notes very correctly that the “current period represents a crossroads for the Indian economy”. Having weathered the global economic downturn, the Indian economy has performed better than expected. Hence, the Review’s upbeat tone is understandable. Yet, the Review offers an honest account of the challenges ahead, hence the view that India is at a crossroads. Much of the...

It was a night out under the stars. These were not city slickers but a group of villagers from Salona. On the way down from Chikhaldhara hill station in Amravati district, the darkness of the cold night is lit by small fires. Groups of people huddle around the flickering flames. Their children lie swaddled in thin bedclothes which cannot keep the chill away. Shivlal Belsare and his wife are finishing off...

The collapse of the Dubai dream is not without any implications; it may be an indication that the travails of finance capitalism are not over. GLOBAL capitalism is in a phase in which it must deal with the fruits of the overextension during the previous boom, and there is no doubt that this is going to be painful. The financial crisis in the United States and some other developed countries...

The Central Bureau of Investigation (CBI) on Thursday registered a disproportionate assets case against a senior IAS officer, presently posted in the Delhi Development Authority (DDA) as Commissioner, after raiding his residence and other places allegedly owned by him in the capital region. The investigating agency also claimed to have recovered huge assets disproportionate to his known source of income. The officer, Manoj Kumar Agarwal, 43, is posted as Commissioner...

Government and regulators need to focus on the systemic risk engendered by excessive compensation. As calendar year 2009 draws to a close, it is bonus season for the financial sector in the West. In the last several months, the need to cap bonuses and compensation packages has been extensively discussed in the context of limiting the future impact of the next financial sector breakdown. On December 9, 2009, the UK was...