In a step to alleviate the plight of millions of people affected by the 2008 Kosi floods, the Bihar government on Wednesday signed a $220-million agreement with the world bank. The government will chip in with $39 million for the $259-million Bihar Kosi Flood Recovery Project aimed at supporting the State's recovery efforts, reducing risks of flooding and boosting emergency responses in the event of future disasters. At a function here, World...

Microcredit is losing its halo in many developing countries. Microcredit was once extolled by world leaders like Bill Clinton and Tony Blair as a powerful tool that could help eliminate poverty, through loans as small as $50 to cowherds, basket weavers and other poor people for starting or expanding businesses. But now microloans have prompted political hostility in Bangladesh, India, Nicaragua and other developing countries. In December, the prime minister of...

In a packed special court that hears consumer complaints, Hansraj Sharma nervously shuffled through a pile of papers that told the story of his decade-long battle against a car dealer and a bank. District and state-level consumer courts twice sided with Sharma, awarding him $800 for a shady loan scheme. But the defendants repeatedly appealed. Now, after 58 court appearances, his case still drags on. "They keep asking for adjournment on some...

There is a suggestion circulating in the corridors of our apex monetary regulatory authority, the Reserve Bank of India, that food inflation is beginning to look more ‘structural’ than ‘seasonal’, and it can only be tackled by addressing the supply side. We need to address both demand and supply sides simultaneously to tackle food inflation. While we must be happy that more and more poor eat fruits and cook vegetables...

Safai karmacharis are set to end their two-decade-long movement for a life of dignity on a victorious note. DECEMBER 31, 2010. As revellers across the world prepare to celebrate the end of the first decade of the new millennium and the start of a new year, a million women across India will be celebrating not the end of a calendar year but the end of a centuries-old degrading and inhuman...