Monday, October 5, 1998
Rising interest rates
Short-term interest rates are on their way up. The Reserve Bank of India's (RBI) sharp increase in the cut-off yield on 14-day and 91-day T-bills is a clear signal that it is comfortable with higher short-end rates.
A candid report
The latest World Development Report (WDR), 1998-99, puts knowledge at the centre of development efforts, arguing correctly that this will bear fruit in two areas. The first is the increased social benefits in the shape of health, nutrition and education among the poor.
Give collectors more financial powers
Over the last 50 years, the country has blindly followed the British establishment system of the collector as the head of each district, reporting to a commissioner in charge of a few districts, who in turn reports to a administrative secretary in the state capital.
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