The economist and political commentator who was appointed to a four-member team of the UN to recommend reforms to the global financial system critiques Budget 2010 Economist and political commentator Prabhat Patnaik, currently vice-chair of the Kerala Planning Board, is a strong critic of the government’s economic policies. In 2008, Patnaik, who has taught at JNU since the 1970s, was appointed to a four-member team of the UN to recommend...

The Central Statistical Organisation estimate of overall GDP being likely to grow at 7.2 per cent this year has brought back the confidence of the industry and policymakers that the economy has truly turned the corner. But the growth of the farm sector is almost flat (-0.2 per cent), though this too is a pleasant surprise given that it was exposed to the worst drought since 1972. The real worry...

Making a virtue out of the inevitable would appear to be the way forward in climate change negotiations. After the US agreed to reduce aggregate emissions 17% over 2005 levels by 2025, and China agreed to reduce the carbon intensity of its growth (emissions per unit of output) by 40% on a voluntary basis, there is pressure on India to place its own emission reduction targets. India should oblige. It...

The European Commission (EC) has called for an open discussion between India and the European Union on how to deal with social and environmental issues, child labour and related matters for the successful conclusion of the ongoing India-EU Free Trade Agreement (FTA) negotiations. “It is very clear for us that promoting sustainable development is not a veiled attempt of protectionism. On the contrary, trade negotiations are designed to eliminate barriers...

Energy security is a major objective of all countries. Some are proactive and aggressive in this pursuit, like China; others like India are slow and procrastinate on major decisions and allow hope to overtake realistic assessments. This makes energy security in the foreseeable future an uncertain goal for India. Any discussion of energy security must keep in mind the Indian realities. Although in overall terms of commercial energy use to...