The other day, I met a few carpet manufacturers from Mirzapur who were fuming about the state of affairs there. “In spite of the best weaving wages that we’re able to pay, far too many weavers have now turned to other jobs,” one complained. The recession in the West led to a massive slowdown in carpet exports, reducing the number of orders for weavers. Many found alternative jobs under the...

Sunita Laxman Jadhav is a door-to-door saleswoman who sells waiting. She sweeps along muddy village lanes in her nurse’s white sari, calling on newly married couples with an unblushing proposition: Wait two years before getting pregnant, and the government will thank you. It also will pay you. “I want to tell you about our honeymoon package,” began Ms. Jadhav, an auxiliary nurse, during a recent house call on a new bride in...

Bhopal marked the horrific beginning of a new era. One that signalled the collapse of restraint on corporate power.  Over 20,000 killed. Over half a million victims maimed, disabled or otherwise affected. Compensation of around Rs.12,414 per victim on average on the 1989 value of the rupee. ($470 million or Rs.713 crore. And that divided among 574,367 victims.) Over a quarter-of-a-century's wait. To see seven former officials of Union Carbide...

The recession was less calamitous than many feared. Its aftermath will be more dangerous than many expect IT HAS become known as the “Great Recession”, the year in which the global economy suffered its deepest slump since the second world war. But an equally apt name would be the “Great Stabilisation”. For 2009 was extraordinary not just for how output fell, but for how a catastrophe was averted. Twelve months ago,...

Government and regulators need to focus on the systemic risk engendered by excessive compensation. As calendar year 2009 draws to a close, it is bonus season for the financial sector in the West. In the last several months, the need to cap Bonuses and compensation packages has been extensively discussed in the context of limiting the future impact of the next financial sector breakdown. On December 9, 2009, the UK was...