India has lost nearly a half-trillion dollars in illegal financial flows out of the country, says a new study by Global Financial Integrity. India is losing nearly Rs.240 crore every 24 hours, on average, in illegal financial flows out of the country. The nation lost $213 billion (roughly Rs.9.7 lakh crore) in illegal capital flight between 1948 and 2008. However, over $125 billion (Rs.5.7 lakh crore) of that was lost in...
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Activists reject “minimalist” framework of Food Security Bill by Gargi Parsai
NAC failed to address hunger and malnutrition: Right to Food Campaign Current proposals only offer window-dressing to present Targeted Public Distribution System Arguments suggesting lack of resources cannot be accepted, wrote Campaign members The Right to Food Campaign activists are “extremely disappointed” with the recommendations of the National Advisory Council (NAC) on the proposed Food Security Bill and have said they would continue their struggle for a Comprehensive Food Security Act. Urging the NAC...
More »Five myths about microfinance by TT Ram Mohan
The microfinance bubble has burst. The AP government ordinance, the AP oppositionfs campaign asking borrowers not to repay and the sheer public hostility towards MFIs . all these have put the brakes on MFI activities for now. We need to rethink the role of MFIs in the rural economy . In order to do so, we must first grasp some of the myths on which the MFI sector has rested...
More »‘NAC failed to address hunger and malnutrition' by Gargi Parsai
The Right to Food Campaign said on Thursday that it was “extremely disappointed” with the recommendations of the National Advisory Council (NAC) on the proposed Food Security Bill and that it would continue its struggle for a Comprehensive Food Security Act. Urging the NAC to “reconsider” its decisions, the Campaign said that the main objective of the proposals seems to be to minimise the budgetary and foodgrains burden of the [proposed]...
More »Micro finance, macro objectives by Krishnamurthy V Subramanian
Sample some data on the microfinance performance in India: According to the data provided by www.mixmarket.org, microfinance in India reached close to 270 lakh active borrowers in 2009, with the average loan size close to Rs 8,000. This translates into total borrowing to over Rs 20,000 crore. Though this number seems large, it represents only 0.3% of our GDP. Thus, large swathes of poor, both in our villages and urban...
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