Methane Gas has been adjudged as not manufactured by the Supreme Court in one of the latest judgements[1].

Like India, Canada too has also decided to adopt International Financial Reporting Standards (IFRS) from the year 2011.

Ruffling feathers
A recent decision of the Indian Revenue to tax capital gains earned by an American arm of AT&T has ruffled many feathers.

A Planning Commission report points at lack of empowerment of local communities as the main reason for the fast spread of the Naxal movement.

While there have been significant achievements in almost all disciplines, it must be appreciated that there is a definite capacity constraint in DRDO.

For many months now the airport-bound public, supported by graphic media accounts, have been shouting from the rooftops about the outrageous conditions prevailing at the country's main airports but the mountain of evidence seems to have been water off a duck's back.

That panic has set in among policy makers is suggestive of the worst being over in global inflation.

Back in the early 1990s, the well-known Chicago economist Rudigar Dornbusch came to India and told a packed audience in New Delhi that India should simply stop trying to do cautious, step-by-step reform and go for a big bang approach.

Goaded by commentaries of retired CEAs and RBI executives also living in the past, the counterproductive beliefs of our ignorant leaders are bolstered.

Given that the political season has begun in earnest and that inflation is dangerously high, it is clear that we will see nothing but tactical moves on the economy over the next several months.

Let us not overstate the importance of inflation targeting in ensuring high growth.

There is little to suggest inflation levels will come down since you hardly see the same levels of seasonality in prices that were there earlier.

Unforeseen developments seldom offer such an opportunity to build a better future as does the massive Maoist electoral victory in Nepal.

Improving returns on our reserves is less important than agreeing why we hold them.