Several agri-experts, including noted scientist M S Swaminathan, today said the Budget 2011-12 did not address several important issues facing agriculture, although they welcomed some proposals as being pro-farm. Swaminathan, known as the father of the Green Revolution in India, said the Budget had several good proposals but it did not have a strategy to keep farmers on farm and attract youth in the agriculture sector. "It is unfortunate that in a...
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Black swan in micro-finance by Ajit Ranade
The SKS IPO and the Andhra Pradesh ordinance have suddenly changed everything. Will it be the death knell or will it usher in a reformed and healthy industry? There are three basic facts about micro-finance in India. First, most of what is described as micro-finance industry is actually micro-loans. There is hardly any provision of micro-savings, micro-investments, micro-insurance or micro-pensions. This is mostly because of regulatory reasons, i.e. accepting money...
More »New loan sharks by S Nagesh Kumar
The rural poor in Andhra Pradesh, a State showcased as a model for SHG-bank linkage, are caught in the vortex of microfinance. WITHIN a decade of their coming into operation, microfinance institutions (MFIs) have dealt a serious blow to the economy and the well-being of thousands of families in rural Andhra Pradesh. Harassment by their collection agents has allegedly driven at least 60 borrowers to death, and the number is...
More »Nearly Rs 90,000 cr credit disbursed to farmers in Q1
Banks have disbursed nearly Rs 90,000 crore credit to farmers in the April-June quarter of this fiscal, the government said on Monday. The government has fixed the credit flow target during 2010-11 fiscal at Rs 3,75,000 crore. "Agriculture credit of Rs 89,687 crore has been disbursed to farmers across the country till June 2010 in the financial year 2010-11," an official statement said. The credit disbursement in 2009-10 was Rs 3,66,919 crore against...
More »Cabinet approves short-term crop loan for farmers at 7%
In an attempt to further subsidise short-term crop loan to farmers, the Union Cabinet on Friday approved release of Rs 4,868 crore to public sector banks. The decision will ensure that farmers, in general, receive short-term crop loan at 7% per annum (5% for prompt payers) with an upper limit of Rs 3 lakh on the principal amount during 2010-11. "The Union Cabinet today gave its approval for the release...
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