-Live Mint The poor remain poor because they lack resources. And the formal finance sector does not want to lend them because they are too poor, costs are high and they hardly have anything to offer as collateral. That is, they are trapped in the vicious circle of poverty. This was so until the arrival of Microfinance—successfully demonstrated by the Bangladesh model that the poor are “good” borrowers. It was held...
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No Jobs for Bureaucrats as India's Bihar Bids to Curb Poverty
-San Francisco Chronicle Bihar's chief minister, Nitish Kumar, who runs India's poorest and one of its most corrupt regions, announced a novel bid to tackle endemic poverty: taking the state's bureaucrats out of governing. His administration placed advertisements in newspapers this week, seeking a team of professionals to manage a $1.3 billion annual budget for programs involving job creation, housing, infrastructure and Microfinance. In Bihar, a state of 103 million people in...
More »MFIs: Still in the doldrums by Shruti Sarma
MFIs in Andhra Pradesh are paying for the sins of their past. Market for new loans has dried up, banks have turned off their spigots while the AP government is content to sit back and watch. It has been eleven months since the Andhra Pradesh government issued an ordinance—later converted into the Andhra Pradesh Micro-Finance Institutions (Regulation of Money Lending) Act—which, the Microfinance industry hoped, would be the magic remedy that...
More »Some 45 million Indians rose above $1.25 a day: Report
-IANS Nearly nine million Indian households, or 45 million individuals, saw their incomes rise above the threshold of $1.25 a day, or Rs.56, in the two decades ended 2010, reflecting the success of Microfinance, says a survey. "A dramatic number of families moved out of poverty between 1990 and 2010," said the report, based on a survey of more than 15,000 Indian households, carried out by the India Development Foundation (IDF), a...
More »Want to carry my work to other down-trodden regions of India: Magsaysay award winner by Sudhir Suryavanshi
Neelima Mishra, resident of Bahardarpur in Jalgaon, 375 km from Mumbai, was presented the Magsaysay award for her tireless contribution to rural work on Wednesday. Mishra, popularly known as Didi, has been working in Parola tehsil since 2000. “The Magsaysay organisation told me a month ago that my name has featured in the awardees list, but they asked me not to share the news with many people,” Mishra told DNA over phone. “I...
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