Close on the heels of the recent controversy surrounding over the microfinance institutions, Karnataka government has decided to foray into the micro finance business with an initial corpus of Rs 500 crore. With this, Karnataka will join the league of Andhra Pradesh to have its own state-funded microfinance institution. The government plans to lend at the rate of 4 per cent interest per annum to unorganised sector workers. “There are about 3.5...

The government must stop dilly-dallying over the project and apply the law regardless of the fact that it is India's single largest foreign investment proposal. TWO giant metallurgical projects, both in Orissa. Both promoted by big multinational corporations with tremendous influence. Both opposed by environmental and tribal rights activists because they would displace vulnerable people and destroy fragile ecosystems. Both backed strongly by State-level and national lobbies that claim they...

The famous carpet belt of Bhadohi-Mirzapur had been freed from child labour, claimed minister of state for textiles Panabaka Lakshmi and textile secretary Rita Menon. They were in the city on Friday to take part in the inaugural function of the four-day India Carpet Expo, being organised in the premises of the Sampurnanand Sanskrit University. In a chat with Reporters, the minister said no child labour was engaged in the carpet...

India's telecommunications minister has rejected calls that he resign over claims that licences were improperly allocated to mobile phone firms. Opposition anger over A Raja's alleged role in the sale of second generation (2G) licences has been growing. Mr Raja's ministry issued licences on a "first-come first-served" basis instead of auctioning them, reports say. Federal auditors reportedly estimate billions of dollars were lost as a result. Mr Raja denies any wrongdoing. In May, India's...

A senior government official told Reporters here on Thursday that Posco might shift to Karnataka, which was making active overtures to the Korean company. This gives a new twist to the ongoing tussle between the Ministry of Environment and Posco. The Ministry had recently asked Posco to stop work in Orissa, where the company has been trying to start operations for many years. Asked about the delays and Posco's predicament, the official said...