The 13th Finance Commission (TFC) has recommended a return to fiscal consolidation and reform in expenditure management. It has also suggested the Centre offer states a share of revenue raised from levies such as Cesses and surcharges, according to people familiar with the report. TFC, a statutory body tasked with suggesting ways in which taxes should be shared between the Centre and states and drawing up a road map towards fiscal...

The food price inflation in India, measured by the wholesale price index of food items, touched a 10-year high for the week ended November 28, 2009 when it crossed 19% on point-to-point basis over the corresponding week a year ago. The cereal prices were up by about 13%, but pulses are up by 42%, and vegetables by 31%, although potato prices shot up by 102%. This is getting way beyond...