The microfinance bubble has burst. The AP government ordinance, the AP oppositionfs campaign asking borrowers not to repay and the sheer public hostility towards MFIs . all these have put the brakes on MFI activities for now. We need to rethink the role of MFIs in the rural economy . In order to do so, we must first grasp some of the myths on which the MFI sector has rested...

The poster boy of microfinance is now seeking some anonymity. In Andhra Pradesh, the epicentre of the worst crisis faced by microfinance in India, SKS Microfinance is playing down its identity and going into preservation mode. At its modest office in a residential colony in Warangal district, India’s largest microfinance company has taken down its board. At its head office in upmarket Begumpet in Hyderabad, it hung a cloth mesh...

The latest Human Development Report, or HDR, (2010), marking its 20th anniversary, is both remarkable and useful. Remarkable because it brims with intellectual confidence, born out of a sense of vindication over the “conceptual brilliance and continued relevance” of Mahbub ul-Huq’s original human development paradigm set out in the first sentence of the 1990 report — “People are the real wealth of nations.” The idea of human development, which, through...

Eight Indian States are home to 421 million multidimensionally poor people, more than the figure of 410 million in 26 poorest African countries. The Multidimensional Poverty Index — which identifies serious simultaneous deprivations in health, education and income at the household level in 104 countries — brought out in the latest United Nations Human Development Report has calculated that South Asia is home to half of the world's multi-dimensionally poor population,...

He came, he spoke, and he got 54,000 jobs. This was on Day One of his India visit. By the time he flies out of New Delhi on November 9, US President Barack Obama would have charmed his way through to force open Indian agriculture to American corporations . And therein hangs the fate of millions of small and marginal farmers. Top on the agenda is the push to make Prime...