The World Bank-funded Rs.745-crore Dam Rehabilitation and Improvement Project (DRIP), covering 104 dams in the State, will be launched in the next financial year (2011-2012). Of the total number of dams, 66 belong to the Water Resources Department (WRD) of the Public Works Department (PWD) and 38 to the Tamil Nadu Generation and Distribution Corporation (TANGEDCO), successor-entity of the Tamil Nadu Electricity Board. In the first year, 18 dams — WRD's...
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India Microcredit Faces Collapse From Defaults by Lydia Polgreen and Vikas Bajaj
India’s rapidly growing private microcredit industry faces imminent collapse as almost all borrowers in one of India’s largest states have stopped repaying their loans, egged on by politicians who accuse the industry of earning outsize profits on the backs of the poor. The crisis has been building for weeks, but has now reached a critical stage. Indian banks, which put up about 80 percent of the money that the companies...
More »Marginalized communities cry for dignity by Himanshi Dhawan
India may well be on its way to becoming a superpower, but for millions of marginalized communities — transgenders, female sex workers, men having sex with men (MSM), intravenous drug users (IDUs) — the struggle to live a life with dignity and respect continues. These communities face an uphill battle for a government recognised identity card cutting access to nearly all welfare schemes. Representatives from 20 NGOs and community based...
More »India's Finance Minister to Review Microfinance by Paul Beckett
Indian Finance Minister Pranab Mukherjee said Friday he intends to regulate but not strangle the microfinance industry, which is in crisis because of new regulations and political attacks in its biggest Indian market, the southern state of Andhra Pradesh. In comments at the Hindustan Times Leadership Summit in New Delhi, Mr. Mukherjee said a committee of the Reserve Bank of India is looking at all aspects of microfinance, which has come...
More »Illegal financial flows: the great drain robbery by P Sainath
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...
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