The reform compulsion and its pitfalls
In a fit of optimism, corporate India expects the beleaguered Vajpayee government — which continues to be on the defensive after the Tehelka expose — to come out with new reform initiatives. These make for good economics, but they cannot be implemented in the current fluid political situation.

Calcutta yesterday, Delhi today
The first serious stories on air pollution appeared in Calcutta in the early eighties. There were no NGOs interested in air pollution as yet and the stories appeared in The Telegraph, most importantly on the front page, thanks to the fresh vision of the paper and its dynamic editor.

Fund cries foul
A team of analysts from the International Monetary Fund is in India this week as part of the annual Article IV consultations with the union finance ministry and the Reserve Bank of India.

Signs of stagflation?
The Indian economy runs the risk of stagflation, with inflation broadly hovering close to 7-8 per cent along with a comprehensive slowdown in the growth rates of the core sectors, which witnessed negative growth in February this year.

The Odyssey of Mir
The spectacular splashdown of Russia's Mir in the southern Pacific writes the last chapter of a truly magnificent space history. Mir's 15-year presence in space, housing Russian and US astronauts for extended periods for observation and study of the cosmos.

Figuring out asset price bubbles
Is there a correlation between low interest rates and inflation rates and market crashes or formation of asset price bubbles? Conventional economic wisdom says lower inflation and interest rates should spur economic growth by fuelling investment activity helped by lower cost of capital.