Senior BJP leader Murli Manohar Joshi says in an article that the Rs 60,000 crore loan waiver announced by the UPA government recently may benefit some people but it has left out a large mass of poor people. Besides, there are many other discrepancies in the waiver scheme, he says.

THEUS economy could contract in the first half of this year but should then pick up as aggressive interest rate cuts stimulate growth and financial and housing market woes recede, Federal Reserve chairman Ben Bernanke said on Wednesday.

MEDIA reports have talked of a

INFLATION LED BY SUPPLY-SIDE CONSTRAINTS, MONETARY TIGHTENING WON'T HELP Neelakshi Rana NEW DELHI THERE seems to be a near consensus among economists that containing inflation through monetary tightening would prove counterproductive. Unlike in February 2007 when RBI checked inflation by raising rates, they argue, this time inflation is largely led by supply constraints and not demand pull driven. Any credit squeeze would, therefore, hurt both demand and supply, leaving the gap largely unchanged.

Asian growth is expected to cool in 2008, as the region grapples with a global downturn and soaring inflation expected to hit decadehigh levels, the Asian Development Bank said. Fast-rising rice and oil prices as well as a worldwide slowdown will have a strong impact, the Manila-based ADB said in its annual outlook report for the economies of the region excluding Japan. But while it said it expected 7.6% growth in 2008 and 7.8% in 2009

After the Sixth Pay Commission recommendations for Central employees, the Government is set to put in place a commission to determine salaries, allowances and perks of Members of Parliament. The Cabinet is expected to clear a proposal to this effect at its meeting scheduled for tomorrow. Since the new arrangement will require an amendment in the existing law, The Salary, Allowances and Pension Act of Members of Parliament, 1954, the Government will move a bill after the Parliament resumes the budget session April 15.

Q. We need to create true fiscal and monetary federalism in this country. Do you have any ideas in this direction?