There has been a significant pick up in credit flow to industry, services and personal loan segments during the current financial year. However, credit flow to agriculture has declined further, data released by the Reserve Bank of India as part of Macroeconomic and Monetary Developments Second Quarter Review 2010-11 shows. While credit flow to industry was highest at Rs 1,07,386 crore, credit flow to agriculture contracted by Rs 13,481 crore during...

The Union Rural Development Ministry appears to have painted itself into a Corner on the issue of paying minimum wages to workers employed under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MNREGS). The ministry has so far insisted that it is not obliged to pay minimum wages to MNREGS workers. This despite an Andhra Pradesh High Court order requiring the government to pay them statutory minimum wages. In a further...

They narrate their accounts of pain and humiliation “We will never again go back to that life of shame and indignity” Provide quota for community in higher education: Aruna Roy The capital's Constitution Club resounded on Monday to cries of “Jai Bhim” as a huge gathering of former manual scavengers rose as one to demand an apology from the government for the wrongs done to the community. “Apologise now for the violation of...

Microfinance is an effective tool for financial inclusion. Here are some elements of the recently embattled sector The recent controversy surrounding the microfinance sector has entirely eclipsed the fact that it is the first effort in India to have delivered financial services to remote Corners of the country in a self-sustaining manner. The stakes are high for India’s poor, and we have to pave the way for orderly growth in the...

It is the latest face off between Sonia Gandhi led National Advisory Council and Manmohan Singh led UPA government. The Council and the Rural Development Ministry have come to blows over what should be the minimum wage under the National Rural Employment Guarantee Scheme. The NAC's resolution that endorses the urgent need for increasing wages is in direct conflict with the position taken by the Rural Developemnt Ministry. At the heart...