There was a lot of apprehension before budget day regarding what the Union finance minister will do to reduce the deficit. Will he roll back the tax concessions implemented a couple of years ago as part of a fiscal stimulus package? Will he announce populist social sector spending in view of the major state polls coming up this year? Will he be too timid and not take any bold steps...

Budget 2011-12 marks a sharp retreat of the government from the social and economic sectors. It has cut back expenditures in sectors that matter to common people, especially the poor. On the other hand, it has given huge concessions to the corporate sector in the form of tax cuts and exemptions. Let us take the overall fiscal stance of the budget. The underlying strategy is to reduce its fiscal deficit to...

Is the chemical fertilizer-based food production system sustainable? As a result, what happens to the soil and the larger issue of food security? After a raging debate, the government finally decided to hike the chemical fertilizer subsidy, to catch up with spiralling fertilizer prices in the global market. Also, there is talk about bringing urea under the Nutrient Based Subsidy (NBS) system and decontrolling its prices. Obviously, the fertilizer industry...

Demand stronger policies and end to disinvestment of public sector A “Workers' March to Parliament” in the Capital on Wednesday saw a heavy turnout of workers of various central trade unions protesting against price rise, unemployment, labour law violations and disinvestment. The participating organisations included the Centre of Indian Trade Unions, the Indian National Trade Union Congress, the All-India Trade Union Congress (AITUC), the Hind Mazdoor Sabha, the All-India United Trade...

Pranab Mukherjee today got an opportunity to escape the drudgery of financial jargon and immerse himself in phrases such as poor, women, Muslims, farmers, weavers and prices. At an annual pre-budget exercise at the Congress headquarters, most party leaders asked the finance minister to provide relief to “the common man”, bring down inflation to a single digit, reduce Petrol Prices, lower interest rates on agriculture, housing and education loans and offer...