As expected by us, inflation in terms of the consumer price index (CPI) for the month of April 2012 came in double-digits at 10.36 per cent as compared to 9.38 per cent in the month of March 2012.

Inflation in the economy continues to be a big threat and a move to cut interest rates further could worsen the inflation outlook going forward.

After growing by 4.1 per cent in the month of February 2012, the March Index of Industrial Production (IIP) has surprisingly contracted to negative 3.5 per cent.

While much has already been discussed over the apathy suffered by the OMCs, we would like to bring to the notice of our readers the crippling effect that the burgeoning subsidy bill could have on upstream companies like ONGC, Oil India and GAIL.

The BRICS position on Iran’s sovereign rights and the respect of international law is an unequivocal rejection of interventionist policies outside of the UN framework. It is interesting to briefly examine India’s motivations for adopting such a firm policy stance, given its simultaneous proximity to powers such as the US and the EU.