Work on a new base year will start the moment the government starts releasing key economic data such as the Wholesale Price Index (WPI) and the Index of Industrial Production (IIP) with 2004-05 as the reference point within a few months. The National Statistical Commission (NSC), under C. Rangarajan, has recommended that the base year be updated every five years. Officials in the ministry of statistics and programme implementation (Mospi) say...

India has opposed suggestions that countries that have cap-and-trade schemes to control carbon emissions—mostly developed countries—impose a carbon tax on imports from nations that don’t have such measures in place, made at the ongoing global climate talks in Bonn. “The matter of any unilateral trade measure on imports in the name of climate action raises some concerns regarding the success of our discussions,” Vijay Sharma, secretary, ministry of environment and forests,...

The proposed land acquisition Bill should adopt scores of suggestions coming from judges. Few laws have drawn criticism from the Supreme Court with such regular frequency as has the Land Acquisition Act, all the more so in recent times as the weak links in the archaic law have led to continuing legal and political battles and bloodletting. Last month, the Supreme Court identified five areas of conflict arising from the inadequacies of...

Noting that it was committed to extending social security cover to all sections, the Government on Tuesday said it had decided to set up a National Social Security Fund for workers in the unorganised sector. “The National Social Security Fund for workers in the unorganised sector would cover weavers, toddy tappers, rickshaw pullers and bidi workers with an initial allocation of Rs. 1000 crore,” the UPA government's Report to the People...

The revised estimates of national income by the Central Statistical Organisation for 2009-10 present a generally positive picture of the economy. During the year, the economy grew by 7.4 per cent, marginally higher than the 7.2 per cent projected in February's advance estimates. A better-than-expected 8.6 per cent growth during the fourth quarter is the main reason. Industry has been a star performer. The strong performance of the crucial segments...