In what may change the way banks and cellphone companies as well as official agencies collect and process information about individuals, the government is proposing legislation that will empower citizens with sweeping rights to legal recourse against any misuse of personal data. The first draft of the proposed legislation has been released for public debate by the department of personnel and training (DoPT). The main aim of the umbrella legislation will be...
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Project to improve dams in State to be taken up in 2011-12 by T Ramakrishnan
The World Bank-funded Rs.745-crore Dam Rehabilitation and Improvement Project (DRIP), covering 104 dams in the State, will be launched in the next financial year (2011-2012). Of the total number of dams, 66 belong to the Water Resources Department (WRD) of the Public Works Department (PWD) and 38 to the Tamil Nadu Generation and Distribution Corporation (TANGEDCO), successor-entity of the Tamil Nadu Electricity Board. In the first year, 18 dams — WRD's...
More »India Microcredit Faces Collapse From Defaults by Lydia Polgreen and Vikas Bajaj
India’s rapidly growing private microcredit industry faces imminent collapse as almost all borrowers in one of India’s largest states have stopped repaying their loans, egged on by politicians who accuse the industry of earning outsize profits on the backs of the poor. The crisis has been building for weeks, but has now reached a critical stage. Indian banks, which put up about 80 percent of the money that the companies...
More »Obama: after the gush and the drool by P Sainath
Fifty thousand jobs? The U.S. economy has lost that many every week, on average, for a straight 140 weeks since December 2007. Now that the media's gush and drool over the Obama visit has run dry — thanks to other far more interesting events — it might be worth looking at a couple of ‘outcomes' that much of our media seemed pretty taken with.‘Twenty deals worth 10 billion dollars that create...
More »New loan sharks by S Nagesh Kumar
The rural poor in Andhra Pradesh, a State showcased as a model for SHG-bank linkage, are caught in the vortex of microfinance. WITHIN a decade of their coming into operation, microfinance institutions (MFIs) have dealt a serious blow to the economy and the well-being of thousands of families in rural Andhra Pradesh. Harassment by their collection agents has allegedly driven at least 60 borrowers to death, and the number is...
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