Half-hearted reforms can create more problems than they solve. The fertiliser sector is a typical victim of such reforms. 


Half measures

Business Standard

The Reserve Bank of India has finally bitten the bullet. Its decision to increase the cash reserve ratio (CRR) by 50 basis points is a clear signal that it has reversed its long-standing easy money

Interest rate signal

If the unchecked rise in inflation isnt reason enough for worry, we now have another: the official wholesale price index (WPI) is often off the mark. <BR><BR>It is something every housewife in the

What price accuracy?

The decades old global textile quota regime is set to become history from January 1, 2005. <BR><BR>But it is not time yet to begin celebrating. Reason: many of the poor and least developed countries,

Textile quotas hiccups

With a big rally taking it to all-time highs, the NSE Midcap 200 index has been the focus of attention in the stockmarket in recent weeks. 


Midcap celebrations

The Prime Minister conveys an air of satisfaction at the end of his visit to Britain and the US. Some of this could be the after-glow of high-level meetings, which seem to have gone well. 


How historic?

The controversy over foreign consultants (Indian nationals mostly) on the consultative committees of the Planning Commission has reached ridiculous proportions, with Jyoti Basu calling Planning

Patriot games

That the price of crude oil would hit $50 in the international market had become a near-certainty a couple of weeks ago. The questions now are how high the price will go, what it will do to the global

Oil at $50

The framework accord hammered out at the World Trade Organisation (WTO) General Council meeting at Geneva on Saturday has managed to salvage the Doha development agenda, which seemed headed for the

Back on track

From a revenue surplus of about Rs 1,500 crore in 1980-81 to a revenue deficit of around Rs 50,000 crore in 2003-2004, the story of state finances (as compiled recently by the Reserve Bank) is a

Disastrous course

The significant outcome of Prime Minister Manmohan Singhs visit to Bangkok last week was the agreement on an early harvest list of items for trade between India and Thailand. 


Thai manoeuvre

It may be worrying, but it is not particularly surprising that the inflation rate has moved up sharply, by about three percentage points in the past three months. 


The 7.5% shock

The conclusions of the Report of the Task Force on the Implementation of Fiscal Responsibility and Budget Act, 2003 (FRBM Act) are varied. I am only considering the ones on customs, excise, value

Sukumar Mukhopadhyay: Kelkar II: Where's the 'grand bargain'?

The Telecom Regulatory Authority of Indias (TRAIs) recommendations that FM radio channels move from the existing fixed-licence fee regime to a revenue-sharing arrangement, hasnt come a day too soon

The right frequency

The huge amount of wealth destruction that occurred during the last quarter is amply illustrated by the fact that liquid funds have been the best performers among all investment categories in the

Forgettable quarter

It is not often that an industry like sugar, known for its constant breast-beating, admits to improved health and finances. It is even rarer to see an industry in the pink of health being targeted for

Sweet or sour?

The reduction in the customs duty on steel has drawn a sharp response from spokesmen for the Indian steel industry. They have claimed that this will prove to be a disincentive for expanding

Hastening slowly

Even by the standards of rating agencies, Standard &amp; Poors latest upgrade of Indias foreign currency outlook to positive is woefully behind the times. 


Slow & Ponderous

The inflation rate, as measured by the wholesale price index (WPI), almost touched 8 per cent in the week ended August 7. The last time this weekly measure crossed the 8 per cent mark was in February,

Riding out the storm

The hike in the US Federal Funds rate by 25 basis points on Wednesday had little impact on either the US or world financial markets, indicating that it had already been priced in. 


As expected

The pre-Budget buzz reflects the expectation that the finance minister will abolish the current capital gains tax and replace it with a turnover tax on capital market transactions.


Taxing transactions

Incisive columns and editorial comment by top opinion leaders

Page 348 - Editorial Comment