Economy
The `new' Hindu rate of growth
OFFICIAL statistics have begun to reflect the slowing of economic growth in India. The CSO has revised its optimistic advanced estimates of GDP growth during 2000-01, with the provisional figures now pointing to a 5.2 per cent rate of growth rate as comp ared with 6 per cent expected earlier. This 5.2 per cent compares with the 6.4 per cent rate of growth achieved in 1999-2000, pointing to a significant deceleration. There is no area of economic activity in which GDP growth has not decelerated.

Become earthy, reap more
POLICY-MAKING, especially economic policy-making, in the new millennium, has been transformed into policy-making for the new millennium. It is now a complicated activity that involves a raft of hypotheses and a range of normative approaches aimed at mana ging growth. Fiscal and monetary management and the management of trade and capital flows have become high profile activities preceded by research and characterised by glamour. In such a setting, agriculture is unglamorous in many economies. Agriculture is a boring statistic in the analysis of national incomes.

Social conscience
SOME 1 lakh demonstrators are expected to descend on Genoa on July 18 for the G-8 meeting to protest against its policies which, in the view of the young men and women converging on the scene, are calculated to aggravate the rich-poor divide and degrade environment. The local Government has got so panicky as to order the airport and exit and entry points closed to all but those connected with the meeting or actual residents.

Editorial
Smoke out FDI
IF NEW DELHI is really against foreign direct investment in cigarettes and other tobacco products, it should without further ado see that the Industrial Policy -- which ushered in reforms in 1991 -- as also the regulations framed under the Foreign Exchan ge Management Act (FEMA) 1999 unambiguously convey its stand. BAT's indication that it might bid for a higher stake in VST -- it now holds 32.7 per cent -- through the open offer or the preferential route only shows that in its assessment the issue of FD I in this sector still remains open. Significantly, as reports suggest, an inter-ministerial meeting recently deliberated on the negative fallout of allowing FDI in tobacco products. Also, there is no clear pointer on how the Centre proposes to combat th e growing menace of smuggling of cigarettes, although it is in possession of studies which, apart from highlighting the resultant huge loss of revenue, reveal that tobacco MNCs, as part of their market-entry strategies for their global brands, adopt vari ous means to provide impetus to contraband sales.

Foreign Trade
Anti-dumping investigations -- Needed, increased vigilance
THE Government has done well to appoint a committee under the Chairmanship of Mr L. V. Saptharishi, Additional Secretary and Designated Authority for Anti-Dumping and Allied Duties, Ministry of Commerce and Industry, to facilitate and streamline anti-dum ping investigations.

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