UPA’s much-publicised scheme, Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), is not creating labour shortage for agriculture and dairy production alone, but the textile and handloom sectors are also facing the heat on this count. A Working Group report on textile and handloom sectors has noted that the scheme was drawing skilled weavers to ‘unskilled’ MGNREGA. It says that high-end weavers are sticking to the profession, but low-end weavers are...
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What’s Wrong and Right with Microfinance by David Hulme and Thankom Arun
Recent events in south Asia have led to an unexpected reversal in the narrative of microfinance, long presented as a development success. Despite charges of poor treatment of clients, exaggeration of the impact on the poorest as well as the risks of credit bubbles, the sector can play a non-negligible role in reaching financial services to low-income households. In regulating the sector, there is need for caution in setting interest...
More »Supine delay over representations will render detention illegal: court by J Venkatesan
Holding that procedural safeguards for protection of personal liberty must be strictly followed, the Supreme Court has quashed the preventive detention of four persons under the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act. A Bench of Justices A.K. Ganguly and J.S. Khehar, quoting a catena of decisions, held that in preventive detention cases, representations from the detenus must be disposed of expeditiously and every day's delay must be...
More »PM meets Obama, discusses implementation of civil nuclear deal
-The Indian Express Prime Minister Manmohan Singh today declared that there were "no irritants" in Indo-US ties as he met US President Barack Obama here and disucssed the ways to implement the civil nuclear deal. Singh, who met Obama for the first time after latter's trip to India last November, also talked about strengthening the bonds of strategic ties put in place during the historic visit of the US President to India...
More »Nod for 26% FDI in pension funds by Remya Nair
The govt has thus rejected the recommendation of the parliamentary standing committee on finance that the 26% FDI cap be a part of the Bill The cabinet on Wednesday cleared amendments to the Pension Fund Regulatory and Development Authority Bill, 2011, capping the overseas investment limit in the sector at 26%, but retaining the flexibility to raise this limit by stating that it would not form a part of the legislation. The...
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