India’s rapidly growing private microcredit industry faces imminent collapse as almost all borrowers in one of India’s largest states have stopped repaying their loans, egged on by politicians who accuse the industry of earning outsize profits on the backs of the poor. The crisis has been building for weeks, but has now reached a critical stage. Indian banks, which put up about 80 percent of the money that the companies...
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Noted economist L C Jain dead
Noted Gandhian and economist L C Jain passed away on Sunday afternoon at the age of 85 after a courageous battle against cancer. L C Jain — organizer, commentator, activist — was born in 1925, the child of India's first freedom movement. He spent more than six decades of his life as an impassioned crusader for what Gandhi called India's second freedom struggle. Jain was known as a fierce opponent of...
More »CWG revenue is 80 p.c. less than expected
OC's expenditure overshot its budget by Rs. 638 crore The OC has taken Rs. 2,307.82 crore in loan, well above the originally approved amount M.S. Gill admits that there were no earnings from advertisements as such The Commonwealth Games Organising Committee (OC) has fallen more than 80 per cent short of its revenue target, according to Union Sports Minister M.S. Gill. While the OC was expected to generate Rs. 1,708 crore, it only managed...
More »No stay against minimum wages for MNREGS workers: CP Joshi by Vidya Subrahmaniam
The Union Rural Development Ministry appears to have painted itself into a corner on the issue of paying minimum wages to workers employed under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MNREGS). The ministry has so far insisted that it is not obliged to pay minimum wages to MNREGS workers. This despite an Andhra Pradesh High Court order requiring the government to pay them statutory minimum wages. In a further...
More »Jean Dreze, Development Economist interviewed by Vaibhav Vats
The Food Security Act was UPA-2’s flagship programme. Jean Dreze, member of the National Advisory Council, has publicly criticised the government. He tells VAIBHAV VATS what’s gone wrong. Much like the Mahatma Gandhi National Rural Employment Guarantee Act in the first term of the United Progressive Alliance, the Food Security Act was its most ambitious social welfare programme. Since discussions on the Act in the National Advisory Council began, its provisions...
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