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...
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K'taka to enter microfinance
Close on the heels of the recent controversy surrounding over the microfinance institutions, Karnataka government has decided to foray into the micro finance business with an initial corpus of Rs 500 crore. With this, Karnataka will join the league of Andhra Pradesh to have its own state-funded microfinance institution. The government plans to lend at the rate of 4 per cent interest per annum to unorganised sector workers. “There are about 3.5...
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...
More »Microfinance: India considers rate cap on loans to poor by Amy Kazmin
In India, commercial banks, both public and private, are required to direct a large chunk of their net credit to designated “priority sectors” seen as having a positive impact on India’s economy, and wider society – to ensure funds flow into areas the government deems important, but might otherwise be neglected. These sectors – designated by the Reserve Bank of India – currently include broad areas of agriculture, small scale industries,...
More »In Rajasthan, MNREGS workers score a victory by Sunny Sebastian
After 47 days of their sit-in, government agrees to pay prevailing minimum wage From a black Diwali to a colourful Id! For hundreds of labourers who sat on dharna from October 2 near the Statue Circle here to press their demand for minimum wages under the MNREGS (Mahatma Gandhi National Rural Employment Guarantee Scheme), it was celebration time on Wednesday. After 47 days of sit-in protest, which was preceded by a...
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