The Economic Times

Darks clouds are gathering on the financial horizon. The world economy is slowing, and may suffer a double-dip recession. Stock markets are plunging in India and the world over. Privatisation of HPCL and BPCL looks  off the agenda. Standard and […]

Readers are familiar with the concept of jobless growth. But India is now demonstrating a less familiar phenomenon, which, for want of a better phrase, can be called industryless growth. This was unsurprising last year, when the global recession forced

Most developing countries are both integrating with the world economy and devolving power to local governments and communities. This combination of globalisation and localisation is best called glocalisation. The centralised nation-state is giving way to both supra-national and sub-national institutions.

How should we tax agricultural income? The Constitution allocates this function to state governments, which generally levy nothing on farmers, though many levy hefty rates of tax on plantations. There is a tax on land, called land revenue. But competition