Under fire over data integrity issues, the government has tasked a panel to revise the wholesale price index (WPI) with the mandate to "enhance the reliability" of official statistics on all inflation measures.  The 31-member panel, to be headed by Planning Commission member Saumitra Chaudhuri, has also been asked to explore the possibility of getting a single agency to collect data for compiling WPI and industrial production that are hitherto dealt...

Most of us don’t even get a single shot at making history — Manmohan Singh has a second chance The fiscal deficit is an outcome, not a policy. It is the net resolution of the policies pertaining to taxes and expenditure. It is worth analysing separately the two components of the deficit. The table reports the results of relating the tax and expenditure share of GDP to per capita income for...

 The Comptroller and Auditor General (CAG) is giving final touches to two reports where it has pointed out anomalies in allocation of funds under the centrally-runJNNURM scheme and UPA government's debt waiver to farmers in 2008, something the opposition may use as a stick to beat the government during the budget session.  In the Jawaharlal Nehru National Urban Renewal Mission (JNNURM), the CAG, sources said, is reviewing how central funds were...

-The Economic Times   Internet search giants Google and Yahoo! are being investigated for possible violations of the country's foreign exchange law, a government official said, intensifying pressure on them as they wage a legal battle over screening of 'objectionable' content on their websites.  The Enforcement Directorate, which has reviewed data from the RBI, suspects the two companies of having violated provisions of the Foreign Exchange Management Act. It has begun a preliminary...

-The Business Standard   Economists question veracity of the data; say too early for RBI to cut rates. Food inflation for the week ended December 10 fell to a four-year low of 1.81 per cent, after declining to 4.35 per cent last week. The decline is much sharper than what Chief Economic Advisor Kaushik Basu expected — he had predicted less than three per cent food inflation by early January. What’s more, many...