Recent events in south Asia have led to an unexpected reversal in the narrative of microfinance, long presented as a development success. Despite charges of poor treatment of clients, exaggeration of the impact on the poorest as well as the risks of credit bubbles, the sector can play a non-negligible role in reaching financial services to low-income households. In regulating the sector, there is need for caution in setting interest...
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Cleansing the State by Krishna Kumar
The anti-corruption movement has enabled the Indian middle class to feel smug about itself. Its members have gone through a vast range of emotions during the last two decades, from self-hatred to self-righteousness. Liberalisation of the economy has created for this class an excitement of many kinds. It has meant the freedom to pursue the quest for wealth without guilt and, at the same time, it has meant feeling set...
More »States in India: Governance holds key, size is only secondary by Subodh Varma
Are smaller states easier to govern and hence better for the people? The most recent reorganization took place in November 2000 when three mega states - Uttar Pradesh,Bihar and Madhya Pradesh - were sliced up to give birth to Uttarakhand, Jharkhand and Chhattisgarh, respectively. It is more than a decade since then. The new states are now well-established. But, how are they faring compared to the 'mother' states? Has the...
More »PM meets Obama, discusses implementation of civil nuclear deal
-The Indian Express Prime Minister Manmohan Singh today declared that there were "no irritants" in Indo-US ties as he met US President Barack Obama here and disucssed the ways to implement the civil nuclear deal. Singh, who met Obama for the first time after latter's trip to India last November, also talked about strengthening the bonds of strategic ties put in place during the historic visit of the US President to India...
More »OBC creamy layer ceiling raised
-The Economic Times The Congress-led government has tried to reach out to Other Backward Communities (OBCs) by drastically relaxing the definition of 'creamy layer' and including those with an annual income of Rs 12 lakh in metros eligible for job reservations. The eligibility level in non-metros will be an annual income of Rs 9 lakh. The existing ceiling for this is an annual income of 4.5 lakh. The National Commission for Backward...
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