Microcredit is losing its halo in many developing countries. Microcredit was once extolled by world leaders like Bill Clinton and Tony Blair as a powerful tool that could help eliminate poverty, through loans as small as $50 to cowherds, basket weavers and other poor people for starting or expanding businesses. But now microloans have prompted political hostility in Bangladesh, India, Nicaragua and other developing countries. In December, the prime minister of...

In post-globalisation India, middle-class heroes are usually entrepreneurs who make a fast buck, stars that glitter brightly and talk glibly, cricketers who hit the ball hard. In an aspirational world of consumer goods, fine dining and malls, values such as service, integrity, simplicity are becoming rare. Perhaps that is why the story of Binayak Sen, the skilled doctor who turned his back on material success to work among the poor...

Accusing Union Telecom Minister Kapil Sibal of “trying to whitewash” the 2G spectrum allocation scam, Communist Party of India (Marxist) general secretary Prakash Karat on Sunday said that the people of India would not buy the Minister's argument that the Comptroller and Auditor-General's (CAG) finding on the loss of Rs.1.76 lakh crore was “utterly erroneous and without any basis.” “Now we understand why Kapil Sibal has been put in charge of...

The Communist Party of India (Marxist) on Friday described as “highly unfortunate” the Supreme Court judgment upholding the Kerala High Court order banning public meetings and rallies on roadsides. The ruling, coupled with earlier restrictions on demonstrations and strikes, did not augur well for a democracy, the party's Polit Bureau said in a statement. It was a common practice for political parties and other public organisations to hold meetings on roadsides. Since...

“Mistakes are obviously committed while undertaking big projects and we are open to corrections,” said Lavasa Corporation Limited (LCL) Chairman Ajit Gulabchand for the time first time on Friday since the controversy over the hill city started. However, he added that “these corrections should not make business impossible.” Mr. Gulabchand was speaking to the media after meeting a team of experts from the Ministry of Environment and Forests (MoEF) which was...