-Hindustan Times Many years ago, Jagdish Bhagwati, a very distinguished economist long before he became one of the patron saints of the NDA, published an important paper on what he called Directly Unproductive Activities or DUP. These bore a close relation to what his friend and well-known South Asia scholar, Anne Krueger, had called rent-seeking activities in some slightly earlier work. Both made the important point that the social cost of...

-The Telegraph New Delhi: Prime Minister Narendra Modi today used his monthly radio broadcast to reach out to farmers and defend the controversial land acquisition bill, asking them not to be misled by the Opposition's "lies". He denied that his government's intended amendments to the UPA-steered 2013 land law favoured corporate houses and would deprive farmers even of the right to move court against a takeover of their land. Modi's speech launched the...

-Outlook Corporate karza maafi reaches new heights, social spending new lows This year's budget write-off in customs duty on gold, diamonds and jewellery (all aam aadmi items, of course) is Rs 75,592 crore. That's well over twice the "record" amount allocated to the Mahatma Gandhi National Rural Employment Guarantee Scheme. As Prof Jayati Ghosh points out, the MNREGA has given billions of person-days of work to tens of millions of poor...

-The Times of India NEW DELHI: The Cabinet on Tuesday cleared introduction of the black Money Bill later this week, including a provision to allow the government to launch a one-time compliance scheme for those with black money abroad to come clean before the new law kicks in. The details of the compliance scheme, including the penalty, are expected to be announced as part of the rules. The offer for full disclosure...

-The Indian Express There seems to be emerging a fair consensus across the political spectrum that it is not prudent to tamper with the ongoing process of land market reform that began a decade ago. The earlier "revenue laws" that governed the registration of titles came from a century-old colonial legislation. The imperial government of India kept almost complete control over land title and use - in order to dispense...