-Newsclick.in Modi government has restrained spending of various ministries including education, social justice, environment and others. Continuing with its policy of cutting down spending, the central government has spent only 47% of the budgeted amount by the end of September 2021. That’s half of the financial year 2021-22 gone. This is a new low (see graph below), and bizarrely, it comes at a time when tax revenues have picked up. As can be...
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After 5 years of demonetisation, black money is very much around -Dinesh Unnikrishnan
-MoneyControl.com The Narendra Modi government expected demonetisation to extinguish at least Rs 3-4 lakh crore of black money. However, RBI data show that 99% of the money that was invalidated came into the banking system. Meanwhile fresh seizures of black money continue. On November 8, 2016, Prime Minister Narendra Modi appeared on national television and said that all Rs 500 and Rs 1,000 notes would become invalid at midnight. The announcement at...
More »Stop chasing profits at customers' expense, RBI Deputy Governor tells MFIs
-The Hindu The RBI deputy governor reminded the industry that their customers often have lower level of financial awareness and literacy and ‘are often too desperate to turn away any source of credit’. Micro-finance lenders must refrain from chasing profits and introspect on the ‘negative consequences’ of pushing their borrowers into a debt trap, using harsh recovery practices and harassing customers as this could undo the sector’s progress, a top central banker...
More »Water is not a commodity and financial asset to be exploited, says UN human rights expert
--Press release by Office of the United Nations High Commissioner for Human Rights dated 20th October, 2021 GENEVA (20 October 2021) – Water is increasingly being treated as a mere commodity and even as a financial asset, a UN human rights expert told the UN General Assembly today, undermining the human rights to safe drinking water and sanitation and the sustainability of the environment. Pedro Arrojo Agudo, the Special Rapporteur on the...
More »Parameters of climate finance and technology transfer remain undefined: FM Nirmala Sitharaman -Sriram Lakshman
-The Hindu Developed countries have committed under the Paris Agreement to allocate $ 100 billion per year from 2020 onwards to facilitate emission cuts in poorer countries and also to effect technology transfer in this context. Questions around how the $100 billion yearly commitment towards climate finance will be measured, and related technology transfer accounted for, remain unanswered, Union Finance Minister Nirmala Sitharaman said at the conclusion of the Washington DC leg...
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