The Union Finance ministry’s mid-year fiscal Review, tabled in Parliament last week, notes very correctly that the “current period represents a crossroads for the Indian economy”. Having weathered the global economic downturn, the Indian economy has performed better than expected. Hence, the Review’s upbeat tone is understandable. Yet, the Review offers an honest account of the challenges ahead, hence the view that India is at a crossroads. Much of the...

Brazil and India are now among the top five government supporters of research into third-world diseases, according to a study issued last week, which found that middle-income nations are taking on more of the burden of ills afflicting their poorest citizens. The study, by the George Institute for International Health, based in Australia, found that nearly $3 billion was spent last year on new drugs or products for such diseases. Brazil...

Finance minister Pranab Mukherjee has assured a delegation of J&K MPs that the government will oppose a disclaimer clause put up by World Bank in return for a Rs 740 crore loan it has sanctioned for a watershed project in the state. The Bank has asked the state government to give an undertaking that the loan would not be treated as a certificate that the "disputed territory" was an integral...

How much ground India conceded at the climate summit will depend on which of two sets of words packed in a single sentence of the Copenhagen Accord dominate in the negotiations ahead, experts have said. The Copenhagen Accord indicates that actions by developing countries to curb emissions of greenhouse gases would be open to interna tional consultations and analysis. India has in the past asserted — as articulated by environment...

Borrowing was both the shaky foundation of global growth and the cause of its collapse. It started with a bust and it ended with an even bigger bust. In between was sandwiched an unsustainable boom. Banks have been humbled. Economists have been found wanting. Geopolitical power began to shift from west to east. That was the noughties that was. It barely seems five minutes ago that policymakers were fretting about the...