A moratorium is not the magic bullet that can slay Bengal’s fiscal demons, several economists have said, pointing out that postponing the inevitable will be of little use unless backed up by a revenue mobilisation road map. Chief minister Mamata Banerjee had yesterday set a 15-day deadline for the Centre to announce a three-year moratorium on the payment of interest on the loans Bengal had taken. “A moratorium on repayment obligations can...

-AFP The Asian Development Bank (ADB) Monday urged regional governments to tackle rising income inequality with more urgency, warning any delay could undermine social cohesion and economic growth. Rajat Nag, ADB's managing director-general, said failing to address the problem now could spark further dissatisfaction and lead governments to resort to populist measures to appease their citizens. But populist measures like fuel subsidies and cash Grants are taxing on state coffers and could result...

With the Supreme Court throwing its full weight behind the Right of Children to Free and Compulsory Education Act, 2009, (better known as the Right to Education Act or RTE Act) on Thursday, the composition of students in schools as well as the economics of running schools will undergo dramatic changes. The apex court upheld the constitutional validity of the Act and directed all schools, including privately-run schools, irrespective of the...

The Supreme Court on Thursday by a majority of 2:1 upheld the constitutional validity of the Right of Children to Free and Compulsory Education Act, 2009, which provides for free and compulsory education to children between the age of 6 and 14 years and mandates government/aided/and non-minority unaided schools to reserve 25 per cent of the seats for these children. A Bench of Chief Justice S.H. Kapadia and Justice Swatanter Kumar...

All schools, barring unaided minority institutions, will have to set aside 25 per cent of their seats for disadvantaged sections in the neighbourhood, the Supreme Court ruled today. The top court settled the question by upholding the relevant clause in the right to education law, saying that “advancement of education is a recognised head of charity” and rejecting a slew of petitions filed by several unaided schools. Since the act deals with...