At a time when agriculture production has become key to economic expansion, the Union Cabinet on Friday will consider a proposal to fulfill its promise of crop loans at a cheaper rate of 5% to farmers who make timely repayment. In the current year's budget, finance minister Pranab Mukherjee had proposed to give up to 2% interest rate subvention to farmers who do not default on their repayments, making the...
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Poverty haunts India's economic miracle
When flames from an open cooking fire raced through Fida Hussein's shack in northern India, it was a disaster for him and his poverty-stricken family. "We have nothing," said Hussein as he stood in the ruins of his hut through which the sky could be seen between the burnt roof timbers in a remote corner of Uttar Pradesh, India's most populous state. India's number of millionaires grew by 51 percent...
More »Maharashtra seeks PM package-II for Vidarbha by Rakshit Sonawane
The Maharashtra government is looking out for an independent agency to evaluate the implementation of the Prime Minister’s relief package for six suicide-prone districts of Vidarbha. The government move comes after it approached the Centre for a second PM’s relief package of Rs 7,200 crore, wherein the state has been asked to get the implementation of the Rs 3,750-crore first package reviewed by a third party. The Prime Minister had...
More »Kaushik Basu interviewed by Manav Chopra
Kaushik Basu, the current Chief Economic Adviser to the Ministry of Finance, had a 15-year-long stint as Professor of Economics at Cornell University. The Padma Bhushan awardee has been working closely with the Finance Ministry and the Prime Minister to chart the country’s future growth path. He spoke to MANAV CHOPRA about the need for better monitoring to ensure growth doesn’t happen at the expense of social justice. Excerpts: A common...
More »And yet another pro-farmer budget by P Sainath
This is a budget crafted for, and perhaps by, the corporate farmer and agribusiness. The real heroes of India's success story were our farmers. Through their hard work, they ensured “food security” for the country.— Pranab Mukherjee, interim budget speech Feb. 16, 2009 This Budget belongs to 'Aam Aadmi'. It belongs to the farmer, the agriculturist, the entrepreneur and the investor. — Pranab Mukherjee, budget speech, Feb. 26, 2010 Gee! Another pro-farmer budget....
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