A significant proportion of the country’s official below poverty line (BPL) population cannot be termed ‘poor’. Fathom this: around a fourth of the 14 million odd BPL households in urban India own a two-wheeler, a third of them a colour TV and almost two-third a pressure cooker. Almost one in five urban BPL households has at least one well-educated, graduate or above, member. The 56 million-strong rural BPL population too exhibits...
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UPA to try 'de Soto model' for slum development by Saubhadro Chatterji
The day Kumari Selja assumed charge as the Union minister for housing and urban poverty alleviation in the second United Progressive Alliance government, she got an unusual gift: a set of two books from none other than Prime Minister Manmohan Singh. The books, The Other Path and The Mystery of Capital, were by eminent Peruvian economist Hernando de Soto, hailed as the “poor man’s capitalist”for his work on the informal sector....
More »The multiple dimensions of poverty by Rajesh Shukla
In June 1991, the country embarked on a bold adventure by exposing to market vicissitudes its insulated manufactories, regulated (but pockmarked with soft spots) financial markets and inexperienced economic players. An economy, in those days, was about people, not giant factories and ships with riches. Though successive governments have secured the reformative underpinnings of the liberalisation process, it is to the credit of players in India that the sublime quest...
More »Poll-wary Left gives land right to squatters
The Left Front government today tried to woo back poor voters by enacting a law that confers land rights on impoverished families who have forcibly occupied plots and built homes there. Two lakh families, categorised in the bill as agricultural labourers, fishermen and artisans and described as “very poor’’, will benefit from the law. The settlement rights will be given only up to five-and-a-half cottahs and only if the squatters have...
More »Rich getting richer: 120k Indians hold a third of national income by Rukmini Shrinivasan
Last year may have been a cruel year for much of the country with slow growth and double-digit food inflation, but India's high net worth individuals (HNWIs) prospered — just over 120,000 in number, or 0.01% of the population, their combined worth is close to one-third of India's Gross National Income (GNI). HNWIs, in this context, are defined as those having investable assets of $1 million or more, excluding primary...
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