While inflation has been hitting people hard across the country, the rate of price rise has been the most in Kerala, Orissa and Meghalaya, as per government data released today. In all three states, the consumer price index (CPI) overall stood at 108 in January from a base of 100 in 2010, suggesting inflation of 8 per cent. Incidentally, even richer states like Maharashtra, Gujarat, Haryana, Delhi and Punjab reported a...
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RBI tracks money trail
The Reserve Bank of India (RBI) has started investigating the Rs 300-crore fraud by Citibank manager Shivraj Puri after receiving a report from the bank. Officials at Citibank said the RBI had been regularly updated on its internal investigations since the fraud came to light. “We have shared all the details with the RBI. The RBI will now investigate the matter further,” the Citibank official said. An RBI spokesperson confirmed that the probe...
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...
More »Bengal ration shops threaten stir by Rohit Khanna
Faced with acute shortage in supply of foodgrain in the public distribution system (PDS), all fair price shop owners in the state have decided to down their shutters from September 20 for an indefinite period. Three year ago, ration shops were gutted and many dealers had to go underground after food riots due to shortage. Surprisingly, minister of food & supplies Paresh Adhikari appeared to be unaware of the situation. “We...
More »Govt raises monsoon forecast by Ruchira Singh and Mayank Bhardwaj
India’s annual monsoon rains, key to farm output and economic growth, are expected to be better than previously forecast, raising prospects of good harvests and possibly helping to cool double digit food inflation. The monsoon rains, which deliver 75-90% of the country’s rainfall, were expected at 102% of the long-term average, government officials said on Friday, raising an earlier forecast of 98%. Bountiful rains despite slow progress of the June-September monsoon will...
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