In India, commercial banks, both public and private, are required to direct a large chunk of their net credit to designated “priority sectors” seen as having a positive impact on India’s economy, and wider society – to ensure funds flow into areas the government deems important, but might otherwise be neglected. These sectors – designated by the Reserve Bank of India – currently include broad areas of agriculture, small scale industries,...

Developed countries at the 15th Conference had committed themselves to providing around $30 billion for 2010-12 The fund is for supporting developing countries' climate efforts No clarity on how donors will channel the fast-start funds Developed countries are failing to meet the funding pledges that they made at the Climate Summit in Copenhagen last December to support developing countries' climate efforts. At the 15th Conference of the Parties (COP-15) in Copenhagen, developed countries...

Being obsessed with Google, a betel shop owner has exposed the Mahatma Gandhi National Rural Employment Guarantee Act (NREGA) scam in Porbandar where most of the laborers mentioned in the list of beneficiaries were affluent NRIs, doctors in real life, who had never been a part of any job scheme. They have been shown as unemployed village labourers holding NREGA job cards, reports Hiral Dave of the Financial Express. The...

The mass migration of farmers moving to urban India is becoming a worrisome trend, said planners at a seminar in the Indian Capital. “Many peasants want to leave agriculture, sell land and migrate to cities,” Arvind Mayaram, Additional Secretary and financial advisor to the Ministry of Rural Development told the India Economic Summit of the World Economic Forum on Monday. Seventy per cent of India’s 1.1 billion people currently live in villages,...

The Orissa High Court on Tuesday quashed all the land acquisition procedures for the Vedanta University that was proposed to be established on a sprawling 8,000 acres near the Konark-Puri marine drive. Terming the State government's notifications made to acquire and award the land in favour of the Anil Agarwal Foundation (AAF) for the proposed varsity as ‘illegal' and ‘bad in the eye of law,' a Division Bench of the court...