Food Corporation of India (FCI) today asserted that loss of foodgrain stored at its godowns is minimal and said the government would add 16 million tonnes of capacity within the next two years. "It's not true to say that storage loss is as high as 30 per cent...Storage loss is less than 0.4 per cent for rice and none for wheat," FCI CMD Siraj Hussain said at a conference. "Bulk wheat-producing states...
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Farmers protest cartelisation by cotton traders
It is two weeks now that the state cotton federation has launched procurement but not a single farmer has turned up to sell cotton at its collection centres because of the huge gap between minimum support price and the open market rates. But private traders are now being accused of cartelising in order to pull down prices as it has become a buyers` market. Nearly half a dozen incidents of clashes...
More »A cut above the rest, MFIs in East ease borrowers’ pain by Atmadip Ray
Amid the heat and dust over high interest rates charged by microfinance institutions and reports of coercive recovery methods by some lenders in Andhra Pradesh, MFIs in eastern India are trying to strike a more cordial note with borrowers by lowering interest rates. At least three MFIs based out of Kolkata are on the verge of slashing lending rates by nearly 500 basis points to 19.1% per annum, on reducing balance...
More »Shortchanged by Manoj Mitta
For Sonia Gandhi, the change could not have been more dramatic. Just last year, her contribution in pushing for the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) was hailed as the single largest reason for the fresh mandate received by a government avowedly dedicated to the aam aadmi. Yet, last week, Gandhi, as chairperson of the National Advisory Council (NAC) was reduced to lodging a complaint with Prime Minister...
More »Andhra reply to MFI ordinance soon by B Krishna Mohan
Tight liquidity continues; rise in bank rates likely for such lending. The Andhra Pradesh Government will take some time to reply in the high court to the petitions filed against the Andhra Pradesh Microfinance Institutions (Regulation of Money Lending) Ordinance, issued last month. The Microfinance Institutions Network (MFIN), SKS Micro Finance and Spandana Sphoorty Financial have filed petitions saying the ordinance threatens to disrupt their business. The government sought an extension after...
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