Eminent economist and Vice-Chairman of the Kerala State Planning Board Prabhat Patnaik said on Saturday that the euphoria in official circles over financial inclusion has risen because of the “systematic scaling down of institutional credit to the peasantry and other productive sectors in the last two decades”. Delivering the centenary lecture dedicated to the memory of Prabhat Kar, a pioneer of the trade union movement in the banking industry, Mr....

The government is divided over allowing foreign direct investment (FDI) in multi-brand and foodgrain retailing. While the Ministry of Finance is opposed to any change in the existing retail FDI policy, the Agriculture and Consumer Affairs Ministries, along with the Planning Commission, are open to the proposal mooted by the Ministry of Commerce and Industry. At present, FDI in these areas of retailing is banned. The finance ministry’s position gains significance in...

Paan kheti [betel vine cultivation] is our lifeline…why does the government want to destroy it and force us into being labourers?” asked Niranjan, a 60-plus-year-old farmer who would lose his betel vines to the Posco steel project in Orissa. This is one of the questions that haunted us,when we, a group of US-based researchers interested in the new Economy of globalised India, started looking into the Posco project. We had...

Businesses and policy-makers need to recognize the tremendous economic value of ecosystems, as well as the social and economic costs of losing such natural resources as forests, freshwater, soils and coral reefs, a new United Nations report released today said. The report by the Economics of Ecosystems and Biodiversity (TEEB), a body hosted by the UN Environment Programme (UNEP), seeks to galvanize the world to recognize the economic consequences of failing...

Claims about the benefits of Posco's $12 billion integrated steel project to Orissa's Economy and job market come from a study by an “independent” research organisation — but was paid for by Posco itself. In January 2007, the National Council of Applied Economic Research (NCAER) published a report on ‘Social Cost Benefit Analysis of the POSCO Steel Project in Orissa,' which claimed that the project would directly and indirectly generate 8.7...