The Food and Agricultural Organization said Wednesday that the world faces a "food price shock" after the agency's benchmark index of farm commodities prices shot up last month, exceeding the levels of the 2007-08 food crisis. The warning from the U.N. body comes as inflation is becoming an increasing economic and political challenge in developing countries, including China and India, and is starting to emerge as a potential problem in developed...

Once the unique identification (UID) project is fully launched, it will also serve as the number to track PF accounts of individuals. Most importantly , this number will not only help in online checking of the status of the account but also to ensure a smooth transfer once a person changes jobs. Labour secretary P C Chaturvedi says this will happen in the second phase of digitization of EPFO but the...

Even as the media celebrate the Mercedes Benz deal in the Marathwada region as a sign of “rural resurgence,” the latest data show that 17,368 farmers killed themselves in the year of the “resurgence.” When businessmen from Aurangabad in the backward Marathwada region bought 150 Mercedes Benz luxury cars worth Rs. 65 crore at one go in October, it grabbed media attention. The top public sector bank, State Bank of India,...

Congress President Sonia Gandhi's five-point plan to counter corruption, announced during the recent plenary session of the party and Prime Minister Manmohan Singh's offer to appear before the Public Accounts Committee (PAC) on the spectrum scam are, on paper, reasonable measures aimed at reversing the toll the series of scams and controversies have taken on the government. But without concrete action and setting up of mechanisms which can effectively implement counter-corruption...

Prime Minister Manmohan Singh offered Monday to appear before a committee investigating a telecommunications scandal that has rocked India’s political establishment. He rejected claims by opposition parties that he had been trying to avoid any questioning. “I wish to state categorically that I have nothing to hide from the public at large,” Mr. Singh said on the final day of a plenary session of the Indian National Congress Party. “As proof...