Time magazine picked him as one of 100 people shaping our world. Today, he’s held responsible for bringing an exciting, inspirational business into disrepute. Oh, and his wife says he beat her and snatched their son. There could not be a more controversial torchbearer than Vikram Akula for an industry as quintessentially Indian as microfinance, the business of providing the poor with loans, as small as R5,000, secured not with...

India has lost nearly a half-trillion dollars in illegal financial flows out of the country, says a new study by Global Financial Integrity. India is losing nearly Rs.240 crore every 24 hours, on average, in illegal financial flows out of the country. The nation lost $213 billion (roughly Rs.9.7 lakh crore) in illegal capital flight between 1948 and 2008. However, over $125 billion (Rs.5.7 lakh crore) of that was lost in...

Here is a background on the 2G spectrum controversy that resulted in Communications and IT Minister A. Raja of DMK resigning on Sunday: The issue dates to 2008 when nine Telecom Companies were issued scarce airwaves and licenses for second generation (2G) mobile phone services at Rs1,658 crore (less that $350 million) for a pan-India operation. As many as 122 circle-wise licenses were issued. The opposition said that by giving the airwaves...

The heat on telecom minister A Raja is rising, with the Comptroller and Auditor General holding him personally responsible for the sale of 2G spectrum at dirt cheap rates in 2008, resulting in a loss of up to Rs 1.70 lakh crore to the national exchequer. The damning indictment stacks the odds even higher against Raja, who is already under intense scrutiny by the telecom watchdog, civil society and the Supreme...

The Union Minister of State for Communications & IT, Shri Sachin Pilot has said today that nationwide random testing of radiations emitted by mobile towers will commence from November 16, 2010 onwards by the Telecom Engineering and Resource Monitoring (TERM) Cells. The progress in this regard and compliance levels will be monitored centrally, and non-compliance will result in fines and penalties envisaged in existing guidelines and amended license conditions, including...