Union finance minister Pranab Mukherjee has been able to convey the impression that the agricultural sector was a key area of policy focus for his budget, but just about. He has chosen some good policies and programmes to boost agricultural development, but has done so in a half-hearted manner. Whether the agricultural sector actually benefits from his attention remains to be seen given that he has been niggardly in the...
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Windfall for farmers continues, loan disbursal target raised to Rs 4,75,000 crore
Farmers can continue to reap a financial harvest that first came as a windfall loan waiver of Rs 60,000 crore in 2008. Finance minister Pranab Mukherjee raised the target for loan disbursal to the farmers from the present Rs 3,75,000 crore to Rs 4,75,000 crore in 2011-12, nearly a 27% jump.Mukherjee has raised the target consistently in 2010-11, the loan target was raised by over 15% at Rs 3.75 lakh...
More »No cap on MFI interest rates by Shishir Arya
Amidst hue and cry over micro-finance institutions (MFIs) charging the rural poor exorbitant interest rates, Reserve Bank of India norms continue to allow these entities a free hand in determining their charges. The banks lending to MFIs too continue to have full discretion in fixing their rate of interest. RBI has issued a latest master circular reiterating its earlier stand on micro-credit on February 14. Master circulars are like ready-reckoners on...
More »Microcredit in Bangladesh 'helped 10 million'
Microcredit lifted 10 million Bangladeshis out of poverty between 1990 and 2008, according to a report. The work of Grameen Bank and others helped many families to raise their income above $1.25 a day, said the US-based Microcredit Summit Campaign. The study follows recent criticism of microfinance, which works by providing small loans to people to invest in generating their own incomes. Some experts argue the report may have missed the bigger picture. They...
More »Crops hit by frost, 5 farmers end lives by Suchandana Gupta
Their crops destroyed by frost between January 5 and 9, five farmers in Madhya Pradesh committed suicide while three are battling for their lives after consuming pesticide. The weather destroyed their standing crops of wheat, soyabean, gram, peas, opium and oranges in just five days. Their crops gone, farmers in the state, like their counterparts in Andhra Pradesh, also faced the prospect of defaulting on repayment of loan from banks...
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