-PTI India’s monsoon, vital for Asia’s third-largest economy, has been 22% deficient till June 26, official data showed, adding to the government’s worries and prompting Prime Minister Manmohan Singh to consult key aides on measures to tone up the economy on Wednesday. In a revised forecast, the Met department predicted the rains would be 96% of the long-term average, lower than its April forecast of 99%. Rainfall is considered normal if...
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Four National Advisory Council members dropped from panel-Nitin Sethi
-The Times of India The UPA is likely to rejig the Sonia Gandh-led National Advisory Council(NAC) with four members of the government think-tank for social sector reforms — Jean Dreze, M S Swaminathan, Harsh Mander and Madhav Gadgil — being dropped at the end of their second year tenure. Dreze, an economist and one of the most prominent faces of the NAC, who had strongly advocated for a universal food security, had...
More »NREGA's non-existent impact on migrant labourers-Rukmini Shrinivasan
PATIALA/SANGRUR: Everyone agrees that theNREGA is causing a shortage of agricultural labour. Everyone, that is, except the workers themselves. For the last two years, the "success" of the Mahatma Gandhi National Rural Employment Guarantee Scheme (commonly referred to as NREGA) in reducing the number of men migrating out of India's poorest states has become something of a truism. In Punjab, this has resulted in dozens of news articles about the shortage...
More »e-Payment must for public sector banks from July 1-Dheeraj Tiwari
The finance ministry has asked state-run banks to stop making payments to their customers through cheques from July 1 and to "migrate totally" to electronic payment channels, a move aimed at cutting costs in a sluggish economy. In a circular issued to chairmen of public sector banks and regional rural banks, the ministry said all payments to customers, staff, vendors and suppliers as well as disbursement of loans and payments towards...
More »What killed our boom-Ashok V Desai
-The Telegraph Ashok V. Desai,consulting editor of The Telegraph and chief consultant to the finance minister when Manmohan Singh launched the economic reforms, takes a deep dive into statistics to figure out what is wrong with the economy as Pranab Mukherjee leaves the finance ministry and Singh takes charge The growth rate of gross domestic product is reported to have come down. What does that mean? Before the question can be answered,...
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