The situation is unlikely to improve in the near- to medium-term, as the crop outlook is far from satisfactory in most of the major wheat-exporting countries. Matters have got even worse because some of the other cereals, notably maize, are being diverted to bio-fuel production as a response to spiralling crude oil prices. The worst-affected, predictably, are the low-income, food-deficit countries, mostly in sub-Saharan Africa, who face 25 per cent rise in their food bill.
The issue of increasing inequality on the consequences of the economic policy trajectory has featured prominently in the public debate since the early 1990s. It came to a head during the general elections of 2004.
Analysis by the Business Standard Research Bureau shows that, of 128 sectors, the market capitalisation of 54 sectors on Wednesday was below the level in May 2006. Likewise, nearly 47 per cent of stocks are languishing.
After the resounding success of ipod, sales of which have crossed the 100 million mark, everyone started asking why Apple was not bundling a phone with it to compete with other multimedia phones.
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