Indian Centre for Islamic Finance delegation makes presentation at Yojana Bhavan The Indian Centre for Islamic Finance (ICIF) has made out a strong case before Prime Minister's Economic Advisory Council member V. S. Vyas for introducing interest-free banking in the country at the earliest to ensure “inclusive growth with innovation” in accordance with the recommendations of the Planning Commission's Raghuram Rajan Committee. An ICIF delegation from New Delhi, led by its general...
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Docs in the dock in Noida land scam
Top ICMR scientists transferred Rs 70- crore tract of govt land to themselves to build society flats If Mumbai's Adarsh scam saw former service chiefs, politicos and bureaucrats help themselves to flats meant for Kargil heroes and war widows, a multi- crore realty fraud allegedly involving senior scientists has been unearthed in Noida.The CBI has homed in on the retired top brass of the Indian Council of Medical Research ( ICMR)...
More »Anatomy of Indian capitalism by Himanshu
Ratan Tata has initiated an interesting debate on the nature of India’s capitalist class. His characterization of this class as crony capitalists may not be out of place given recent evidence on a politics, media, judiciary and corporate nexus.Crony capitalism is a system in which businesses multiply their wealth not by fair rules of the market, but through their nexus with governments. Classic examples are the distribution of legal permits,...
More »The republic on a banana peel by P Sainath
Media-corporate links are structural. But journalists, certainly entrenched ones, can choose whether they wish to be stenographers or not. It was gratifying to have the head of India's most reputed business house confirm the existence of crony capitalism in the country. True, others have believed this for 20 years but it carries more weight when Ratan Tata says so. As he put it in a television interview with admirable candour: “Yes,...
More »Black money became a reality in realty sector by Nauzer K Bharucha
We are a cash-rich company run by professionals,” says a smarmy 30-something Mumbai-based head of a leading real estate company. His company’s exponential growth in the span of just five years has raised eyebrows in industry and banking circles. The reasons are clear. The company is known to have tremendous clout in the corridors of power and with the builders’ lobby. It is backed by several important politicians in Mumbai and...
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