The economic resolution adopted by the All India Congress Committee at the Burari session is a reiteration of the party’s last two election manifestos. It combines a commitment to rapid economic growth with that to redistributive policies that would help make the growth process socially inclusive. There is a helpful explanation of the three sources of inflation — excess demand, improved prices to farmers and global commodity price inflation —...

FAO has warned that 2011 may witness a global food crisis. Proactive action is needed to meet the challenge of price volatility, chronic hunger, agrarian despair and climate change. The Food and Agriculture Organisation of the United Nations (FAO) has alerted developing countries about possible steep rises in food prices during 2011, if steps are not taken immediately to increase significantly the production of major food crops. According to FAO, “with...

It will have no impact on domestic prices, says Pawar Union Food and Agriculture Minister Sharad Pawar on Wednesday said that the government will allow export of 5 lakh tonnes of sugar under Open General Licence by the end of this month after working out the modalities. All sugar mills would be allowed to take advantage of higher domestic sugar production and high global sugar prices.Mr. Pawar also announced a hike...

Edible oil imports have surged to a record 9.24 million tonnes last year and were estimated to be nearly Rs 38,000 crore. They have emerged as the third most important import item, next only to petroleum products and gold. India is now the world’s largest importer of cooking fats, meeting more than half of its requirement through overseas supplies. Considering the country’s huge and fast-growing demand for cooking oils, such...

A projected global population of 9 billion concentrated mostly in the developing world and a higher income level alone are enough to put pressure on world’s supply of food grains. But with changes in temperature levels and rainfall pattern beyond an acceptable limit on account of climate change, the pressures on food prices can be expected to enormous. World prices of staple food grains are projected to rise from anywhere...