The world economy has slipped into a state of stagflation, says Reddy.
In an earlier analysis for the period till April 26, it had been found that of the 365 items in the WPI, the index for as many as 166 items had not been revised for more than four months. The latest analysis as of June 21 shows that the index for around 55 of these 166 items has been revised. In effect, only one-third of the items have seen an index revision. During this period, headline inflation has moved from 8.27 per cent to 11.63 per cent.
The students have now written to their university to involve more students in similar initiatives in the rural areas where they can use their knowledge for development. Agilent is planning to go bigger this year with more students from other institutions to be involved in the education for development drive.
The move aimed at blunting Finance Ministry, RBI's opposition to monthly reporting.
The average number of workers a business unit employs is declining for both urban and rural areas.
The bauxite-rich Gandhamardan hill in Orissa is likely to become the centre of an environmental and cultural controversy again after two decades. In 1986, India's third-largest alumunium producer Balco had applied for a mining lease in the area when it was a government company. This year, the hill is being sought by Balco again, but this time as a private company owned by London-based commodities entrepreneur Anil Agarwal's Vedanta group.
The Foreign Investment Promotion Board, the nodal body for approving foreign direct investment in the country, has given its nod to a proposal from Germany-based Deutsche Bank to buy a 5 per cent stake in the Delhi Stock Exchange.
The panel has also decided to increase the weight of manufactured items and the fuel group in the new index. Accordingly, the new WPI series, with a revised base year of 2004-05, will see the weight of manufactured items go up to around 65 per cent from 63.75 per cent in the present series.
A high-level committee on External Commercial Borrowings chaired by Finance Secretary D Subbarao is expected to take a final view on the matter this week. The committee comprises officials of the ministry of finance and the Reserve Bank of India. A high-level committee on External Commercial Borrowings chaired by Finance Secretary D Subbarao is expected to take a final view on the matter this week.
The Bhopal Gas Relief and Rehabilitation Department is talking to the Indian Army and the Delhi-based National Institute of Disaster Management to help remove the toxic waste lying in the premises of the closed Union Carbide for the last 24 years. Last month, the department requested the Indian Army to help dispose of the waste.
This lack of regular and detailed disclosure by companies or respondents lies at the core of the problem, one that has gained ground in recent weeks.
Fodder prices have shot up since 2000, thanks to exports and central excise duty on molasses, which is used to make fodder. The recent inflationary trends have only added to the woes. The molasses used by the cattle-feed industry attracts central excise duty at the rate of Rs 500 per million tonne since 1998. In Karnataka and Andhra Pradesh, the government has intervened to cushion the dairy producers against inflation by raising the support prices marginally.
An internal note obtained by activists from the Prime Minister's Office and dated February 2 this year says that the Ministry of Law believes that 'irrespective of the manner in which Union Carbide has merged or has been acquired by Dow, if there is any legal liability it would have to be borne by Dow Chemicals.' The note also puts a question mark on the prospects for future investments by US-based Dow in India.
A nation-wide housing price index may be a reality soon. The National Housing Bank, in collaboration with the National Council of Applied Economic Research, is close to finalising the methodology to be adopted for the index, named NHB Residex.
The two issues that remain are whether Dow inherited Union Carbide's liabilities and why the government never cleaned up Bhopal after settling with Carbide
High food prices have driven inflation to new highs, leading the Centre to clamp down on export of farm commodities.
The International Monetary Fund has reduced India's contribution to world gross domestic product in purchasing power parity terms to 4.6 per cent in 2007 from the earlier estimate of 6.4 per cent.
The latest report says the forest cover is around 20 per cent of the land in the country, 3 per cent less than the area under the forest departments. But the report does not make a distinction between tree cover, commercial plantations and natural forest cover. To qualify as "forest cover", the Forest Survey of India considers 10 per cent tree canopy area and one hectare. So, if a householder has, say, a hectare of coconut palm, his land would qualify as forest cover.
Even as the government grapples with a surge in prices, a three-year old initiative to recast the index that measures wholesale prices is not getting anywhere fast. The revised index is likely to take at least another year to implement and may spill over into the tenure of the next government.
The duty cuts and export restrictions imposed by the government to control inflation may only have a marginal impact, economists have said. The long-term solution, they say, is to boost agricultural production to enable the sector to ride out of the current slump.
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