-Live Mint High on hype, the budget speech of the Union finance minister today is merely a statement of account. As India’s economy diversifies—with the private sector playing an increasingly important role—this annual feature has assumed much lower salience. Not only have fiscal policies lost the space they enjoyed in earlier years, even major policy announcements are restricted to being mere statements of account. Examples from other arenas include “activism” on...

-The United Nations   Hundreds of millions of children in cities across the world are growing up in poverty and enduring deprivation, according to a report unveiled today by the United Nations, spotlighting social exclusion and calling for measures to give the youngsters access to basic services and opportunities for a better future. ‘The State of the World’s Children 2012’ report released by the UN Children’s Fund (UNICEF), highlights the hardship that many...

India moved a step closer to implementing cash transfers of direct subsidies and social welfare payments after a high-level panel presented the blueprint for effecting it through an Aadhaar-based payment gateway. Accepting the report, which details how all payments and cash transfers can be made electronically, finance minister Pranab Mukherjee indicated that it will be the key to plug leakages and ensure more targeted spending under the government’s social welfare programmes. The...

-The Economic Times A panel headed by Nandan Nilekani, chairman of the Unique Identification Authority of India, has suggested all government payments above Rs 1,000 be gradually made or received electronically to cut graft, and bring about greater transparency and accountability.  The panel has also recommended creation of a network of 10 lakh interoperable micro-ATMs operated by business correspondents to allow people to access their accounts at their own convenience and said...

-The Business Standard   A Nandan Nilekani-led task force on an Aadhaar-enabled unified payment infrastructure has recommended setting up a network of one million interoperable micro-ATMs across the country. The ATMs will be operated by business correspondents. The task force, headed by the Chairman of Unique Identification Authority of India, submitted its report to Finance Minister Pranab Mukherjee on Thursday. The panel has suggested that in order to set-up this network quickly, a last-mile transaction...