Even as the Finance minister recently stepped in to issue an advisory to curtail unnecessary expenditure, it is learnt that the Finance ministry has already used up more than 80 per cent or four-fifth of its funds allocated for foreign travel in the first two quarters itself. According to senior government officials, Rs 3.3 crore was allocated to the ministry in the Budget this year for foreign travel with an...

Did we just miss a major opportunity? For short while, it seemed that the global financial crisis would focus minds on what is wrong with the current economic growth model and how we can go about changing it. Unfortunately, that moment seems to have passed, at least until the next crisis comes along (which, in current trends, will not be long, since all the major forces that led to the...

India’s growth is not falling, although it is not as high as before If there is a crisis, there should be economics to deal with it; what use are economists if they are not around to help out when things get bad? And it is not enough to have economics. There was plenty of economics in 1929. As output and employment plummeted, economists said, this is good. It will take...

The details of agreements signed by governments with private organisations to execute projects can no longer be kept secret, the Central Information Commission (CIC) has ruled. If a right to information (RTI) application is moved seeking the relevant information, it will have to be provided. The decision is likely to have far-reaching and potentially damaging implications as private companies may well shy away from such close scrutiny of their financial...

The Prime Minister’s Independence Day address to the nation was particularly disappointing this year. The Prime Minister has said, yet again, that "the country needs another Green Revolution". But what’s distressing is that his government has not even formulated a draft strategy for such a revolution in the last five years, let alone launch it. Why? Largely because the agriculture minister has not shown the slightest interest in a "Second...