Food Prices | Centre for Science and Environment

Food Prices


Think differently, Mr Finance Minister

As I write this piece, the finance minister has dispatched the Union Budget 2011. The press is busy reflecting the views of business and industry lobbies, as they quibble over duty exemptions, insist on financial stimulus and other incentives, and cry for big-ticket reform—foreign direct investment in retail and insurance. The only other discussion is about the growing fiscal deficit: will the finance minister give in to populism while extending the programmes for the poor? Or will he raise taxes to pay for the growing developmental needs of the country? The finance minister, it would seem, is caught between two battles: of checking the bulge in fiscal irresponsibility and of meeting the need for delivering governance.

Fatal disconnect

The World Economic Forum—the gathering of power glitterati each year in Davos—has assessed the top risks the world faces in 2011. According to this analysis, climate change is the highest-ranking risk the world will face in the coming years, when its likelihood and impact are combined. What’s even more important is the interconnections between climate change and the other top risks: economic disparity (ranked 3), extreme weather events (ranked 5), extreme energy price volatility (ranked 6), geopolitical conflict (ranked 7), flooding and water security (9 and 10). The world—even according to the richest men—is in deep and desperate trouble.

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gobar times