Union Finance Minister Pranab Mukherjee presented Budget 2011-12 in Parliament on Monday promising to stimulate growth and bring down inflation. Admitting that food inflation remains a matter of concern, Pranab said that the economy could have performed better. He said that the development needs to be more inclusive while announcing increased outlay on social sector schemes. "Total food inflation is down from 20.2 per cent last year to 9.3 per cent...
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Food inflation creeps up to 11.49%, PM readies plan
Food inflation moved up to 11.49 per cent for the week ended February 12 as compared with 11.05 per cent for the previous week even as prices of certain items fell marginally. Despite the increase, Prime Minister Manmohan Singh today said while inflation has been a concern for the last 18 months, it will come down to 7 per cent by the end of the current fiscal. According to the Wholesale...
More »Worth its weights
Economists often tell the story about the drunk, the coin and the lamp-post. A drunk is searching around a lamp-post for a coin. On being asked where he dropped it, he waves unsteadily in the darkness beyond reach of the lamp-post’s light. Why not look there? Because, he tells you, the light’s over here. The point, for economists, is that our approach to problems is frequently warped by what data...
More »Government put out a new price index, but annual nos. only next Jan
The government put out a promised new price index on Friday that will capture changes in prices of goods and services sold at the retail level, helping the government and the central bank get a better grip on policy tools while tackling inflation. Central banks world over rely on retail prices while framing monetary policy, but the Reserve Bank of India has had to consider mostly the wholesale price index...
More »Galloping Growth, and Hunger in India by Vikas Bajaj
The 50-year-old farmer knew from experience that his onion crop was doomed when torrential rains pounded his fields throughout September, a month when the Indian monsoon normally peters out. For lack of modern agricultural systems in this part of rural India, his land does not have adequate drainage trenches, and he has no safe, dry place to store onions. The farmer, Arun Namder Talele, said he lost 70 percent of...
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