-The Hindu Scheme will be implemented even for borrowers who did not avail moratorium. Three weeks after informing the Supreme Court that the Centre would bear the additional compound interest on Loans of up to ₹2 crore availed by retail borrowers as well as micro, small and medium enterprises (MSMEs), the government formally communicated the modalities of the scheme to lenders on Friday. Banks and other lenders, including co-operative banks and non-banking finance...
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In Kerala village, farmers can mortgage their trees for interest-free bank Loans -Vishnu Varma
-The Indian Express The ingenious plan, a brainchild of state Finance Minister TM Thomas Isaac, was formally rolled out earlier this week in Meenangadi, a panchayat of 33,000 people curled up in the Western Ghats hills in Wayanad district. Kochi: In a bid to encourage planting and preserving trees and thereby reduce carbon footprint, a village in Kerala has kickstarted a project that will allow farmers to mortgage the trees on their...
More »Grain Drain: Farmers in Uttar Pradesh sell paddy below government rate to repay Loans -Arvind Shukla
-Gaon Connection While the central government continues to assure farmers that it will stand by the minimum support price of Rs 1,888 per quintal, farmers are being compelled to sell their paddy at Rs 1,200 a quintal or less. Jarnail Singh from Kabirganj in Pilibhit district in Uttar Pradesh has just returned from Paliya Mandi a dejected man. The 50-year-old was unable to sell his 250 quintals of ‘good quality’ paddy. “I...
More »Academics and CSOs from 87 countries call for an end to IMF's austerity drive so that countries can undertake fiscal measures for economic recovery
-Statement by over 500 organisations and academics from 87 countries against IMF's austerity drive, dated 6th October, 2020 More than 500 organisations and academics from 87 countries have issued a statement today calling on the International Monetary Fund (IMF) to stop promoting austerity and instead support policies that advance gender justice, reduce inequality, and put people and planet first. The IMF has already begun locking some countries into long term austerity-conditioned Loans,...
More »A fiscal crisis: Why FCI needs provisioning in food subsidy budget -Sandip Das
-Down to Earth Mounting expenses, under-provisioning of food subsidy budget leading to a huge debt is highly worrisome A fiscal crisis has been brewing in the last few years. Mounting food subsidy arrears — payable to the Food Corporation of India (FCI) due to ‘under-provisioning’ of food subsidy expenses in successive union budgets — has forced FCI to take Loans to finance its operations. FCI is the central agency that manages procurement, storage...
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