C Rangarajan, chairman of the PM's economic advisory council, on Friday hinted at price corrections in both diesel and cooking gas over the next few months to send a strong signal to foreign investors and to ensure adequate capital flows. "I think it is necessary to act on prices of other petroleum products also," he told TOI. Rangarajan, a former RBI governor, said there was a proposal on dual pricing...

Even as the opposition took the government to task for tweaking consumption data to show that the number of poor in India has declined, as first highlighted on Monday by Mint columnist Himanshu, Planning Commission deputy chairman Montek Singh Ahluwalia defended the methodology used for the calculation by the plan panel. Ahluwalia said the inclusion of money spent on the mid-day meal scheme in so-called private household expenditure was correct because...

Critics are wrong when they say poverty has not declined. However, they are right, unknowingly though, when they say that the Planning Commission has not been entirely forthcoming about how it arrived at the poverty estimates it put out last week. The commission seems to have quietly tweaked the consumption data for 2009-10 used to estimate poverty. Hence, not only has it undercounted the poor in 2009-10 by some 18 million,...

In a bid to check wasteful fuel and fertiliser subsidy and reach it to the intended beneficiaries , the government has set up a task force to suggest a suitable mechanism of direct transfer of subsidy to the consumers. The task force will be headed by Nandan Nilekani , Chairman, Unique Identification Authority of India ( UIDAI )) and has been asked to submit an interim report within four months....

The 1,600 families in Haryana’s Panchkula district which line up at fair price shops for foodgrains and kerosene can do away with their prized ration cards, pieces of paper that entitle the poor to subsidized food and fuel. Beginning Tuesday, while they still have to queue up, these families will receive their rations after a biometric identification using smart cards. That’s a small beginning for an ambitious Rs138 crore Centrally funded project...