Microcredit lifted 10 million Bangladeshis out of poverty between 1990 and 2008, according to a report. The work of Grameen Bank and others helped many families to raise their income above $1.25 a day, said the US-based Microcredit Summit Campaign. The study follows recent criticism of microfinance, which works by providing small loans to people to invest in generating their own incomes. Some experts argue the report may have missed the bigger picture. They...

Many scandals have surfaced recently, which highlight the immaturity of India’s economic development model. India lurched somewhat reluctantly into the economic reform process nearly two decades ago. If China has been on the path for the last 33 years, the fact is that we have been at it for 20 years, too. This is a good a time to assess whether we are making sufficient progress along the many dimensions...

The key to the United Progressive Alliance’s return to power in 2009 lay in its promise of “inclusive growth” centred on the aam aadmi. On top of the launching of the Mahatma Ga­ndhi National Rural Employment Guarantee Act (NREGA), this gave the UPA immeasurably greater appeal and legitimacy than its rivals. But it also entailed obligations to implement other rights-based programmes, on food security, education and healthcare, am­ong others. The National...

Despite its slackening industry, the common perception of West Bengal as a backward state has little substance when one looks at the facts. Most of us are conditioned to view economic development in terms of industrialisation. While industrialisation is essential for economic transformation, it is not as if economic growth is not possible without it. The sectoral structure of India's gross domestic product (GDP) and its slow transformation makes a good...

Heading for further confrontation with Prime Minister’s Office, Sonia Gandhi headed National Advisory Council will soon issue a paper to counter the PM’s Expert Committee’s claim that its proposed National Food Security law cannot be implemented. In its first indication of the confrontation, the NAC on Friday issued a draft of the proposed food security law as per its recommendations to the government in October 2010 to cover 75 % of...