Guns, butter and FDI
The President's address to the new Lok Sabha reads as if it is business as usual in pursuit of "faster growth with employment and equity".

Cyclical shift
For a change, since late August the foreign investment flows have turned the other way. While since November 1998 there had been a steady inflow into the Indian markets, there has been significant selling from FIIs in September this year, a trend which has accelerated in October.

Intermediate targets -- Money supply versus interest rates
The Reserve Bank of India's Annual Report for 1998-99 released recently makes some interesting reading on the monetary policy to be followed in the liberalised environment.