Export Import Bank of India has sanctioned a Libor-linked foreign currency loan to artisans in Bihar for bulk purchases of tasar silk, their raw material. Libor is London inter-bank offer rate which is being used as a benchmark for short term rates in the international capital market. Exim Bank has given the working capital loan for three months to Ecotasar Silk Pvt Ltd, an enterprise manufacturing off-the-loom tasar silk products in...

The robust 9 per cent –plus growth in South Asia till 2010, driven largely by India, where it came down to around 7 per cent in 2011-12, had one major qualifier: it was mostly associated with a rapid rise in labour productivity rather than an expansion in employment, according to the latest report Global Employment Trends from International Labour Office. Up until the end of the millennium, that is just a...

The economic crisis, the ecological crisis and the food crisis are a reflection of an outmoded and fossilised economic paradigm. It is a paradigm that grew out of mobilising resources for the war by creating the category of “growth”. It is rooted in the age of oil and fossil fuels. It is fossilised because it is obsolete, a product of the age of fossil fuels. If we have to address...

MGNREGA can only succeed if politics is taken seriously in the design of accountability mechanisms Does political competition enhance a poor person’s access to anti-poverty initiatives such as the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGA)? Just as some economists believe that competition is an effective way to improve management and productivity, in politics too, some hold that political competition is better than single-party monopoly, because it forces political parties...

-The Times of India Karnataka, reeling under severe drought, has received a body blow: the Centre has withheld its next instalment of grant to a rural job scheme citing five shortcomings in its implementation in the state. "The release of the next instalment of the central share (for the Mahatma Gandhi National Rural Employment Guarantee Scheme) to the state depends very crucially on how it is able to spend the funds...