An environment ministry committee has confirmed that the Forest Rights Act was violated during acquisition of land for South Korean steelmaker Posco's project in Orissa. The Forest Advisory Committee, which in December 2009 had given approval for the $12 billion project, did not recommend scrapping the approval given. In August 2010, the ministry had stopped the acquisition work on the basis of a report submitted by the NC Saxena Committee, constituted to...
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Posco's chances dim as another panel says no by Nitin Sethi
The deck's being stacked against Posco. In the biggest blow yet to the South Korean giant's Rs 54,000-crore project in Orissa, a key committee of the environment ministry has recommended the withdrawal of forest clearance to the multinational's plan to build an integrated steel plant. If accepted by environment minister Jairam Ramesh, the recommendation of the forest advisory committee (FAC) could sound the death-knell for the country's biggest FDI project....
More »Big concerns over small loans by Bindu Ananth and Nachiket Mor
Microfinance is an effective tool for financial inclusion. Here are some elements of the recently embattled sector The recent controversy surrounding the microfinance sector has entirely eclipsed the fact that it is the first effort in India to have delivered financial services to remote corners of the country in a self-sustaining manner. The stakes are high for India’s poor, and we have to pave the way for orderly growth in the...
More »Microfinance under severe stress by CRL Narasimhan
The accusation of ‘coercive' practices to recover the loans has been laid at the doors of some leading players Micro Finance institutions (MFIs) that are for profits are in the news for the wrong reasons. The ‘for profit' MFIs have grown spectacularly in recent times. But along with the large profits have come allegations of sharp practices. In Andhra Pradesh, where such MFIs have a sizable presence, the climate has now drastically...
More »Parliament was misled over Adarsh issue: Medha
The Mumbai Collector had, in a letter to the Defence Estates Officer, Mumbai Circle, dated July 12, 2004, denied that the government of Maharashtra allotted any land to the Adarsh Cooperative Housing Society in Colaba. Records obtained using the Right to Information (RTI) Act by the National Alliance of Peoples' Movements (NAPM), which were released on Monday by Ms. Medha Patkar, Simpreet Singh and other activists, show that the Collector accorded...
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