The government is divided over allowing foreign direct investment (FDI) in multi-brand and foodgrain retailing. While the Ministry of Finance is opposed to any change in the existing retail FDI policy, the Agriculture and Consumer Affairs Ministries, along with the Planning Commission, are open to the proposal mooted by the Ministry of Commerce and Industry. At present, FDI in these areas of retailing is banned. The finance ministry’s position gains significance in...
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NAC-govt divide surfaces at think tank's meet by Nitin Sethi
The rift between the National Advisory Council (NAC) members and the government, especially the Planning Commission and the PMO, came out in the open on Saturday with Jean Dreze dissenting against the pruning of the think tank's earlier proposals on National Food Security Bill. The simmering anger among members of the council, who have also spearheaded the Right-to-Food campaign, had been palpable over the past four months with the government wanting...
More »NAC consensus on food security by Smita Gupta
75% of population to get 35 kg of foodgrains; 20 kg for rest After months of hard bargaining with the Planning Commission and the government, the Sonia Gandhi-led National Advisory Council (NAC) on Saturday appeared to have got a consensus on a universal food security system with legal guarantees, even though with differential entitlements. However, the NAC has expanded the concept of below the poverty line (BPL)-PDS beneficiaries, virtually doubling their number...
More »Implement food security scheme in two phases: NAC by Smita Gupta
The framework for food security, cleared by the Sonia Gandhi-led National Advisory Council on Saturday, if implemented, will entail an additional expenditure of Rs.15,137 crore annually in the first phase. It is slated to kick off next year and will cost Rs. 23,231 crore annually when the entire population is covered by March 2014. Assuming an offtake of 85-90 per cent, the procurement will have to go up from 55 million...
More »‘Financial inclusion a result of overall exclusion'
Eminent economist and Vice-Chairman of the Kerala State Planning Board Prabhat Patnaik said on Saturday that the euphoria in official circles over financial inclusion has risen because of the “systematic scaling down of institutional credit to the peasantry and other productive sectors in the last two decades”. Delivering the centenary lecture dedicated to the memory of Prabhat Kar, a pioneer of the trade union movement in the banking industry, Mr....
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