The government plans to cut its subsidy bill to under 2% of the gross domestic product (GDP) in 2012-13, finance minister Pranab Mukherjee said in his budget speech on Friday. High crude oil prices and burgeoning fertilizer subsidies, primarily on account of imported non-urea Fertilizers, have meant India’s subsidy bill has zoomed to Rs2.16 trillion, or 2.5% of the GDP. Mukherjee has set an ambitious target to reduce this to under 1.75%...
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Downward slide in the summer of our discontent-Sitaram Yechury
An opportunity has been forsaken to strengthen our economic fundamentals while improving the lives of the people, increasing the divide between India Shining and India Suffering. While the people were hoping for relief in the current budget, the Finance Minister was faced with the task of reversing the slowing growth rate and raging inflation. He had a choice in this budget. He, however, chose a path that is going to worsen...
More »FM ushers in cash transfers of direct subsidies through UID by Surabhi Agarwal
Finance minister Pranab Mukherjee ushered in a regime of cash transfers for the payment of subsidies for food, Fertilizers and kerosene, along with social welfare payments, by accepting the recommendations of a panel headed by Nandan Nilekani, chairman of the Unique Identification Authority of India. The recommendations, submitted last month, had prepared a blueprint for transferring cash directly into the bank accounts of the beneficiaries by linking these to their unique...
More »Fertiliser subsidy bill for the current fiscal set to cross Rs 70,000 crore by Deepshikha Sikarwar
The government is likely to peg fertiliser subsidy for next financial year at Rs 66,000 crore, lower than the actual outgo in 2011-12. "A moderate increase is likely," said a government official. The actual subsidy bill for the fiscal is likely to come at over Rs 70,000 crore though the government had budgeted for just Rs 49,997 crore in the budget 2011-12. Private analysts had soon after the presentation of the last...
More »Is nuclear power the demon it's made out to be? by Susan Davis
The water used to cool the Rawatbhata reactor was pumped back into Chambal river. Before and during my pregnancy, I drank the tap water supplied to us from the same river. I didn't go even so far as to boil this water. Nothing went wrong. Kudankulam has been in the news and how! Little did I imagine in 2002 that this remote area of southern Tamil Nadu where there are more...
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