Reserve Bank of India Governor D. Subbarao on Thursday deposed before the Public Accounts Committee (PAC), which is looking into the Comptroller and Auditor General (CAG) report on the 2G spectrum allocation scandal. PAC chairman Murli Manohar Joshi said the committee had some questions to ask related to Dr. Subbarao's stint as Finance Secretary in 2007-08 just before he became RBI Governor. At a previous meeting of the PAC, another former...

The government has a plan to reach welfare to the poor without wasting money. It wants to put hard cash in their hands instead of spending on welfare programmes. To begin with, it wants to end the public distribution system of food grain and give money directly to the people. Its logic: the new system of cash transfer will plug leakages and save an enormous amount of money. But is it...

In its bid to put in place a concrete anti-corruption mechanism, the government has asked the chief justices of all 21 high courts in the country to fast track pending graft-related cases by ensuring decisions are taken within a definite time period. Following the setting up of a nine-member group of ministers (GoM) to finalise a framework to tackle corruption, law minister M Veerappa Moily, in his letter to the...

Billions of dollars are being made by investors in a speculative "food bubble" that's created record food prices, starving millions and destabilising countries, experts now conclude. Wall Street investment firms and banks, along with their kin in London and Europe, were responsible for the technology dot-com bubble, the stock market bubble, and the recent U.S. and UK housing bubbles. They extracted enormous profits and their bonuses before the inevitable collapse of...

NGOs To No Go’s     * NGOs have mushroomed; so have instances of misappropriation of funds     * Not disclosing expenditure and receipts; nor revealing who funds them     * Not setting up NGO for the task it was funded for     * Flocking to 'hot' topics, inviting accusations of singing to industrialists’ tunes     * For every NGO supporting a cause, another springs up against that cause *** NGO numbers     * 3.3 million Number of NGOs...