One of the standout features of the monetary stimulus in India has been the wide divergence between the RBI’s policy rates and the actual lending rates of banks — the latter haven’t fallen nearly as much as the RBI would have liked. On Wednesday, Governor Subbarao ticked Indian banks off for the stickiness and non-transparency in lending rates and urged them to get out of the mindset which has led...
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Whither Rural India? by Kripa Shankar
The rural population is at present estimated at 85 crores. Ten per cent of the households are completely landless. Another 52 per cent have holdings of less than 0.2 hectare. The per capita agricultural land in the rural areas has come down to 0.12 hectare. According to the National Sample Survey, the annual income of an agricultural household from farming is less than Rs 12,000 and from all sources it...
More »Of receding glaciers and lack of benchmark data of Meena Menon
From Leh, the 40-km drive to Khardungla, the highest motorable pass in the world at 18,380 feet, winds gently through mountains coated with thick snow. To the left of the pass the Ladakhis swear is the Khardung glacier which has retreated, though there is no study to confirm it. In fact, Prof. Syed Iqbal Hasnain, a leading glaciologist and a senior fellow at The Energy and Resources Institute (TERI) who...
More »Faring well
AMIT KUMAR must be one of the few bankers in the world turning away depositors. The manager of a village bank in the Indian state of Rajasthan, he was reluctant to take a cheque for 1m rupees ($21,200) from the elected head of the village, or sarpanch. The cheque was meant to pay hundreds of villagers for their work under India’s National Rural Employment Guarantee Act (NREGA), which guarantees 100...
More »Rebound in India Leaves Some to Struggle by Heather Timmons
When the Indian government met the largest economic crisis the world has faced in nearly 80 years with tax cuts, aid for rural workers and interest rate cuts, critics said it was not enough. Now, though, it looks as if the policy makers may have offered too much. India’s $1 trillion economy, largely insulated from the global crisis by low reliance on exports and a heavily regulated banking system, has exceeded expectations...
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