Introduction
In recent years, the Indian tax system has substantially rationalized its marginal tax rates, in line with international best practices, but rate rationalization measures now warrant a matching widening of the tax base, for which, tax exemption minimization, removal of ambiguous tax laws and containment of tax evasion is a must.

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The recently concluded Group of Twenty (G20) meeting of Finance Ministers and Central Bank Governors, held in Busan, was part of an ongoing series of discussions, aimed at warming up for the Fourth G-20 Summit in Toronto, Canada on June 26-27, 2010. The fifth G-20 Summit will be held in Seoul, Korea on November 11-12, 2010.

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Until recently, the Reserve Bank of India (RBI) has been in an investment boosting mode setting out a low interest regime in order to enhance investments and facilitate growth in the economy. However, by March - April 2010, the ‘whole sale price index’ based inflation had already inched up close to 10%, with food products driven inflation reaching a level close to 18% - primarily driven by increased prices of fruits and vegetables. RBI’s focus hence is slowly shifting towards increasing interest rates to arrest the growing inflation and at the same time ensuring that interest rates are not overly tampered to such an extent that the growth in the economy is curtailed.

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Introduction
The Reliance Empire, carved out single-handedly, by the extraordinary business acumen of the late Dhirubhai Ambani was divided amongst his sons Mukesh and Anil, after an acrimonious turf war in 2005.  The latest legal tussle between the billionaire brothers involves the honouring of a family ‘Memorandum of Understanding’ (a part of their business demerger scheme), regarding the supply of natural gas from Mukesh’s Reliance Industries Ltd (RIL) operated Krishna-Godavari (KG) basin, to Anil Ambani’s Reliance Natural Resources Ltd (RNRL).

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Chinese premier, Wen Jiabao, is under considerable international pressure (mostly from the U.S.) to end Yuan’s nearly two-year peg to the USD and gradually move on to a flexible exchange rate regime; an undervalued Yuan and low labour costs have powered China’s nearly 10% annual growth  in the last two decades, making it the third biggest global economy.

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On March 25, 2010 in Brussels, sixteen Eurozone nations approved an emergency bailout plan to rescue heavily indebted Greece from bankruptcy if the latter could not get credit from capital markets. The bailout plan consisted of substantial funding from International Monetary Fund (IMF) and coordinated bilateral loans from Eurozone countries. The Eurozone leaders were hoping that their promise of financial support might enable Greece to get credits at more favorable terms from markets and eliminate the need of their support. (The Greek government revealed late last year that its budget deficit was 12.7% of its gross domestic product (GDP), far exceeding the European Union (EU) limit of 3% and it aims to reduce that deficit to 8.7% this year and to reach the EU target by 2012.) However, that seemed remote.

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On May 6th, the oldest Parliamentary democracy of the world, the United Kingdom, goes to the elections. They are important in the context of the recession in the world, which has hit UK, the finance capital, hard. This year’s election follows the MPs’ expenses scandal, which revealed how politicians, from Gordon Brown's Cabinet ministers to backbenchers of all parties, exploit the system of parliamentary allowances to subsidize their luxurious lifestyles and multiple homes.

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When IPL-3 started, no one had imagined it would end with the downfall of two such iconic figures, one a charismatic politician and the other, a shrewd businessman. Media – print, television and the Internet – has been going berserk with real time news on the latest in the Tharoor-Modi tussle. The audience too has been hooked, waiting for the ‘masala,’ as each day unfolds a new chapter in deceit, rigging and corruption.

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Coimbatore Krishnarao (CK) Prahalad, one of the world's most influential management thinkers, died in San Diego, California, aged 68, after a short illness on Friday April16th 2010. A professor at the University of Michigan, Prahalad was considered one of the top 10 management thinkers and was well known for his book The Fortune at the Bottom of the Pyramid. An IIM alumnus, Prof Prahalad is known for his BoP philosophy and he pretty much saw the future of telecom revolution as well as FMCG revolution in India.

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Even as the Indian and Pakistani media were getting hysterical over the Sania-Shoaib spectacle, Pakistan started its biggest ever army training exercise. It massed 50,000 soldiers to prepare for the ‘threat’ of a conventional war with India in the Cholistan desert, eastern border. Paki army officials are reported to have said before the launch of the maneuvers that the exercise is aimed at training troops for a “conventional war”.

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Indian financial market regulators SEBI (Securities and Exchange Board of India) and IRDA (Insurance and Regulatory Development Authority) have locked horns over regulatory jurisdiction, over the popular insurance market financial product, ULIP (unit linked insurance plan) and the spat has ultimately warranted government intervention, to soothe frayed investor sentiments. What is the bone of contention, and what could be the likely repercussions of this face-off?

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Just as the world economy was reportedly moving into the path of recovery, post the global and the Dubai financial crises, there came yet another economic crisis spreading anxiety across the world. This time it was Greece, with a staggering debt of more than 300 billion euros and an immediate requirement of an astounding 25 billion euros to service its debts and other obligations.

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Higher Education in India is at a critical crossroads of nation building with the potential to yield a ‘demographic dividend’ or unleash a ‘demographic nightmare’. Pinning their hopes on policy makers are the stakeholders: the youth, parents, teachers, managers of academic institutions and others involved in the teaching/ learning process. With around 20,600 colleges and 430 universities, a Gross Enrolment Ratio (GER) of 11 percent and 1.4 crore students on rolls, India is far below the Asian average GER of 22 percent and that of the developed world average of 54 percent. The ripple effect of the Sarva Shiksha Abhiyan and the Madhyamik Shiksha Abhiyan will see Higher Education become an aspiration for nearly 50 crore young people in the 18-25 age group, by 2020.

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Many of you, who have been scanning the regular news now as you prepare for the imminent rounds of Group Discussions and Interviews at B-schools, would have certainly noticed that the increase in certain lending rates by the Central Bank have made headlines and raised concerns about how it is going to hit industry. In a release dated March 19, the Reserve Bank of India has raised the repo (repurchase) rate and the reverse repo rate by 25 basis points each to 5% and 3.5% respectively. This measure was taken primarily with a view to containing the alarming rates of inflation in the Indian economy.  But what actually is the repo rate? How does it influence inflation? And what does all this augur for Indian inflation in the current context? These are a few of the issues that we will try to simplify in this article.

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Often the word piracy conjures men in long beards and an eye-patch robbing ships on high seas. Here, however, we are talking about piracy in the context of films and entertainment, where one gets access to unauthorized reproduction or a trademarked product from sources that are considered illegal. The record and film industry is beset with piracy and long lines outside theatres before a release – watching a movie on the big screen just for its experience along with popcorn – is slowly becoming a thing of the past.

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• 2007 – A Bill that would allow foreign universities to enter India meets with a deadlock after issues related to caste-based reservations, investor expectations and legal issues
• 2008 -  The proposed Bill is stalled once again after divided views on the process of training, regulation on admission and the fee structure for deemed universities
• June 2009- A Government Panel recommends that only top 200 universities should be allowed entry in India
• July 2009 – HRD Minister Kapil Sibal, voices his intention of clearing the Bill after careful contemplation and consensus
• September 2009 – Universities from US, UK, Australia and Canada express their eagerness to set up campus in India in the wake of educational reforms in the sector
• Jan 2010 - India and UK sign five Memorandums of Understanding (MOUs), for key deals in higher education

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Revenue compulsions and fiscal prudence have apparently prompted the Congress led UPA government to go in for fuel price hike in petrol and diesel, in face of rising public discontent and strong political opposition (even from its allies), in the backdrop of rising prices; especially food inflation.

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The historic Women’s Reservation Bill was finally passed in the Rajya Sabha on March 9, 2010, after two days of deplorable scenes by the opponents, aimed at discomfiting the Congress-led UPA government.  However, only the first hurdle has been crossed. The Bill will now have to be passed by a two-thirds majority in the Lok Sabha, after which 15 Assemblies must ratify it with two-thirds majority. Finally, the President will give his approval.

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Recently, Mahatma Gandhi made news for a strange reason. James Otis, a New York collector, recently gave Antiquorum auctioneers five of Gandhi’s items: His iconic watch, glasses, a plate, a bowl and a pair of sandals for auction on March 6. Later, he also added a blood report of Gandhi from Irwin hospital in Delhi, and a signed telegram he had sent to students congratulating them on their peaceful struggle.

Interestingly, the auctioneers fixed the reserve price of the articles between USD 20,000 and 30,000, but ultimately, they got auctioned for USD 1.8 million!

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At last, a truly historic day in the saga of a troubled country! March 16 could well be touted as a watershed for Pakistan. In what has been described as a huge victory for the people of the country, the Asif Ali Zardari-led government has agreed to reinstate 12 judges, as well as the Chief Justice, Iftikhar Chaudhary.

The battle over their dismissal has been raging for about two years, since they were removed by former president, Pervez Musharraf, in 2008, during his infamous emergency. Today, Prime Minister Yousuf Raza Gilani, who was addressing the country on Monday morning, declared: "The Pakistan government has decided to reinstate the judges, including Iftikhar Chaudhary. The decision was taken in consultation with President Asif Ali Zardari." Nawaz Sharif, PML-N chief and one of the key architects of the ‘turning point’, was leading a long march in Gujranwala to protest the government’s move. When he heard the news, he immediately called off the march, and sent his thanks to Gilani and Zardari.

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The recessionary phase shows little signs of abatement now. Sagging employment and output levels in developed nations like USA, Japan and the Euro zone have failed to rise since last year. Governments around the world, including that of emerging economies such as India, have opted for expansionary fiscal policies for combating the adverse effects of the economic slump. The Reserve Bank of India, the country’s apex monetary body, has also kept a close tab on the ongoing international and national economic developments and initiated various policy measures as and when needed.

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On the 25th of February, a mutiny broke out in the Bangladesh Defence Force (BDR) headquarters in Dhaka. About 9,000 border guards rose up against their superiors from the Bangladesh Army, who head the BDR under deputation. The mutineers were asking for better pay and facilities. They used heavy artillery resulting in an unexpectedly high number of casualties within the force, as well as among civilians. Bodies of scores of officers were found stuffed into drains and buried in shallow graves at a border compound in Dhaka, and several bodies were unearthed later in the week. The normal life of Bangladesh's capital, Dhaka, was seriously affected as a result of the incident. All academic, commercial, cultural and social programmes were suspended in the areas adjacent to the BDR headquarters, which is situated in the heart of the country's capital.

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Introduction
On 24th February 2009, India’s acting finance minister Mr. Pranab Mukherjee announced a fresh round of fiscal measures for the economy, barely a week after the launch of the Interim Budget 2009-10. Rural India was the prime focus of the Interim budget, but there had been little room for cheer for the industry or urban India in general. So in view of the upcoming Lok Sabha elections, the Congress led UPA government has extended the carrot to the beleaguered industry (affected by the global recession) and urban India, including the unorganized sector therein.

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Latest IMF forecasts released on 28th January predict that the world is in for a tough global recessionary phase in 2009. Governments worldwide are scampering to resuscitate staggering economies burdened with the ill effects of falling demand, declining wealth and rising unemployment. It was in this backdrop that Mr. Pranab Mukherjee, India’s stand-in finance minister, presented the Congress led UPA government’s Interim Budget for fiscal year 2009-10 on 16th February 2009. This is a brief overview of India’s (reportedly Asia’s third largest economy) recent Interim Budget, 2009-10.

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Introduction 
The Securities and Exchange Board of India (SEBI) is India’s national regulatory body in the securities market. It seeks to protect the financial interests of the common stock market investors as well as to ensure efficient functioning of the capital markets. SEBI’s recent amendment, via a circular dated 28th January, 2009 regarding the mandatory disclosure of pledged shares by promoters, came in the wake of the Satyam fiasco (wherein promoter Ramalinga Raju pledged almost his entire shares, after intentionally inflating the share prices via profit falsification).

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What is at the epicenter of perceived change? Where does the symbol of rising hopes, inversely proportional to the sliding global economy, lie? Who is the man seen to possess a magic cure for the ills of the world? One charismatic figure: Barack Hussein Obama.

Obama seems to promise change, but will his Presidentship also mark a turning point in the actual substance of policy? Can he bring in a new era of progressive policies?

So far it appears so. Currently, he has certainly been liberal with his promises. Among many important domestic and foreign policy objectives, his announcements have promised a progressive plan to revive the economy, provide reasonable health care, strengthen public education and social security systems, work towards energy alternatives to challenge climate issues, end the war in Iraq and finish the Afghanistan mission, and work with allies to prevent Iran from developing a nuclear weapon. Obama’s plans are important as they will have a significant impact on world affairs economically, politically and even socially.

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The Kenyan Crisis
The East African nation of Kenya witnessed serious turmoil and violence starting with the declaration of victory of incumbent president Mwai Kibaki in the December 2007 elections. Kibaki’s prime opponent and rival Raila Odinga alleged that the elections were rigged, leading to large scale violence and arson. Kenya has always been divided on ethnic and tribal lines and popular perception is that the Kikuyu community (to which President Kibaki belongs) has traditionally monopolized major institutions of power. The allegations of electoral malpractice simply added fuel to the fire of discontent and anger brewing among the Luo tribe and incited its leader Odinga and his supporters to go on a rampage against the dominant community.

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A recent report titled ‘Global Trends 2025’ released by the National Intelligence Council, which is a part of the Government of the United States, analyses the challenges faced by the global economy as we stand in 2008. It also forecasts the likely trends of growth of prominent countries, how they are positioned to deal with the challenges and opportunities and makes an assessment as to how the profile of the key players would be by the year 2025. The report also brings out the major opportunities and threats faced by the world and evaluates the strengths and weaknesses of the current super-powers and other developing nations.

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