The Rs.3,884-crore package for the handloom sector, which includes one-time waiver of overdue loans and interests, approved by the Union Cabinet, is expected to benefit about 3-lakh weavers and 15,000 cooperative societies, which would have access to institutional credit once again. However, the package will benefit only those who took loan before March 31, 2010. “There would be many weavers who had no access to institutional credit in the past and...

The Reserve Bank of India on Friday expressed the hope that foreign direct investment in multi-brand retail would help in bringing down inflation. “...Certainly it (FDI in multi-brand retail) would help improve supply chain and we hope it should also contribute to reducing inflation,” Reserve Bank of India Governor D. Subbarao told reporters on the sidelines of a memorial lecture here. Dr. Subbarao said 51 per cent FDI in multi-brand retail would...

-The Hindu   The Communist Party of India (Marxist) on Thursday refuted the “specious explanations” on inflation given by Finance Minister Pranab Mukherjee saying his statement hid the government's failure to check price rise. Reacting to his November 22 suo motu statement in Parliament, the CPI(M) Polit Bureau said: “It is nothing but an exercise in deception to conceal the utter failure of the UPA government in checking the relentless price rise.” While referring...

Rural development minister Jairam Ramesh today questioned the policy of providing free electricity to farmers in certain states, saying excessive pumping by cultivators had led to a depletion in groundwater levels. “In district after district, groundwater tables are falling. And there is no doubt that free electricity has caused excessive use of water. Our policies on pricing of water also do not lead to conservation. So we have to rethink on...

Consider this. Every time petrol prices rise, oil companies end up losing more money. How? The price differential between petrol and diesel increases further; people start buying diesel-powered vehicles so oil firms bleed more. Even worse, we all bleed because dieselisation adds to toxic pollution in our cities. This, in turn, adds to the health burden and costs. This is all very well accepted. Yet, nobody has done anything to fix...