-PTI Amid widening fiscal deficit, Prime Minister's economic advisory panel today suggested aligning diesel prices to global market in a phased manner and also raising excise and service taxes to pre-crisis level of 12%. Releasing the Review of the Economy: 2011-12, Chairman of Prime Minister's Economic Advisory Council (PMEAC) C Rangarajan also pitched for deregulation of urea prices. Expressing concern over high fiscal deficit which is expected to overshoot the target of 4.6%...

In an indication that the ruling Congress may be looking to evolve a comprehensive social security package ahead of the next general election, the Sonia Gandhi-led National Advisory Council (NAC) has started a consultative process with four central government ministries aimed at linking existing and new schemes for the huge unorganized sector. The plan, according to an NAC member, is to issue one entitlement card to every worker in the unorganized...

The government's zero transparency enabled Nuclear Safety Regulatory Authority (NSRA) Bill has got thumbs down from a Parliamentary standing committee. The Atomic Energy Department had introduced NSRA Bill for setting up independent nuclear safety watchdog in Parliament last year with specific clauses limiting the applicability of the Right To Information (RTI) Act, the government's first such move. The Bill propose to incorporate additional proviso in section 8 --- listing exempted clauses ---...

The Union Ministry of Women and Child Welfare is planning to do away with the age of consent in case of sexual relations with girls aged between 16 and 18. The ministry, which is currently finalising the draft of the Protection of Children From Sexual Offences Bill for the consideration of the Cabinet, is of the opinion that the age of consent clause should be removed. This is as per the...

The huge expenditure on the food bill, with the attendant leakages, could well make fiscal recovery impossible In the first part of this article, we have estimated the actual cost of implementing the food security Bill in its current form. In this part, we now examine the fiscal sustainability of the same. The current state of the revenue and expenditure trends of the Central government (refer table) show that while revenue...