-The Indian Express Urjit Patel has voiced concern publicly over the latest loan waiver — saying it engendered a moral hazard and undermined the honest credit culture. In February 1990, in the months preceding the build-up to the balance of payments crisis the next year, Madhu Dandavate, Finance Minister in V P Singh’s National Front government, announced a debt relief scheme for farmers to fulfill a promise made by the alliance in...
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Why Are Banks Deducting Money From Farmers' Accounts Without Permission? -Nitika Kakkar and Deepak Vaishnav
-TheWire.in Banks are deducting ‘crop insurance premiums’ from farmers’ current accounts without their knowledge. In the Bhivani district of Haryana, a 49-year-old farmer, Bansi Lal, complained that Rs 2,480 was deducted from an account that was linked to his Kissan Credit Card (KCC), without his knowledge. Upon enquiry, the bank informed him that the money was deducted under the Pradhan Mantri Fasal Bima Yojna (PMFBY). But when he told the bank that...
More »Social sector may be victim of inadequate budget -Bappaditya Chatterjee
-IANS Kolkata: Lack of policy directions for ensuring quality implementation of programmes makes the Union Budget 2017-18 allocations to ailing core social sectors like education and health inadequate in delivering the benefits, experts say. Schemes like Swachh Bharat-Urban and the National Social Assistance Programme saw no increase, Sarva Shiksha Abhiyan got a mere 4.4 per cent rise in allocation, while the Integrated Child Development Services got an enhancement of about five per...
More »Oxfam's Inequality Report Has Big Flaws, But That Doesn't Narrow India's Stark Wealth Divide -Rukmini S
-Huffington Post Global inequality data may be skewed by debt, but Indian inequality really is as bad as it says. Mark Zuckerberg is wealthier than the poorest 40% of Indians, and Mukesh Ambani is worth more than the poorest 30% of Indians, a new report by Oxfam says. While Oxfam might be misstating some facts on global inequality, the data on Indian inequality really is that bad. The report, released on Monday morning,...
More »Richest 1% own 58% of total wealth in India: Oxfam
-PTI In signs of rising income inequality, India’s richest 1 per cent now hold a huge 58 per cent of the country’s total wealth — higher than the global figure of about 50 per cent, a new study showed on Monday. The study, released by rights group Oxfam ahead of the World Economic Forum (WEF) annual meeting here attended by rich and powerful from across the world, showed that just 57 billionaires...
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