The Finance ministry is putting shape to a new social security scheme for unorganized sector workers, creating for the first time a safety net for millions of underpaid and overworked people, many of whom living in abject poverty.  The ministry has discussed with the Life Insurance Corporation (LIC) and the four state run non-life insurance companies the contours of this scheme that will provide life insurance, health cover and retirement pension...

The govt has thus rejected the recommendation of the parliamentary standing committee on Finance that the 26% FDI cap be a part of the Bill The cabinet on Wednesday cleared amendments to the Pension Fund Regulatory and Development Authority Bill, 2011, capping the overseas investment limit in the sector at 26%, but retaining the flexibility to raise this limit by stating that it would not form a part of the legislation. The...

Opposes changes in bid norms, extra land acquisition and move to allow bidders to develop more than one UMPP The government’s auditor has come down hard on irregularities in the government’s policy on so-called ultra mega power projects, or UMPPs. The report of the Comptroller and Auditor General of India (CAG), parts of which have been seen by Mint, is with the power ministry for its comment, and could cause further embarrassment...

The promotion of the PDS as an Aadhaar application would fundamentally alter its form and character. NO scheme of the Indian government would be transformed more fundamentally by Aadhaar than the public distribution system (PDS). The nature of this transformation appears to be taking the form of a virtual dismantling of the PDS; even if a skeletal fair price shop (FPS, or ration shop) system continues to exist, it is likely...

The annual report of the International Institute for Labour Studies projects a grim future for employment prospects. WITH the United States and much of Europe grappling with the slowdown in their economies and the resultant social unrest, the publication of the World of Work Report 2011: Making Markets Work for Jobs could not have come at a more opportune moment. Brought out by the International Institute for Labour Studies, which was...