The NAC lies defanged; the markets leap for joy at Manmohan’s & Co’s charge of a ‘new’ economy How swiftly things change. Just a month ago, the great Indian growth story was being written off. Now, the “new economy”, run by the PM-cum-FM, will sift through the rubble of under-seven per cent growth, find the hidden springs of recovery and throw in some reforms for good measure. A top taxman says...

-The Indian Express An intriguing paradox of contemporary Indian politics has been insufficiently noted: corporate India Finances India’s elections, substantially if not wholly, but it is unable to determine election outcomes. Money matters, but it is not always electorally decisive. The recent Uttar Pradesh elections provide the clearest illustration of this proposition. As is well known, the Congress, BJP and BSP were all better Financed than the SP which, especially after the...

-The Hindu Saving the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) — the centrepiece of UPA-I’s achievements in the social welfare sector — from its many critics in government and the media who view it as a drain on the exchequer will head the Sonia Gandhi-led National Advisory Council (NAC)’s agenda in the coming months. At a meeting of the reconstituted NAC on Friday, its members discussed the role a re-energised...

-The Telegraph The Bengal government’s hands-off stand on land has found its way into its PPP policy, the public-private partnership mantra that was supposed to neutralise adversities and make the state attractive for investors. The new triple-P policy, notified by the state Finance department on June 21, makes it clear the state government cannot acquire land for private investors even if they are willing to partner the state in its pet projects. The...

-The Economic Times This is the time of the year when the country's weakest spots are exposed; despite our high growth and emerging-economy status, we continue to depend on the rains to boost rural incomes and provide a cushion in a slow economy. All eyes are on rainfall in July, which is crucial for the kharif crop that accounts for about half the food grain output. The consequences on inflation are, of...