The Comptroller and Auditor General (CAG) is giving final touches to two reports where it has pointed out anomalies in allocation of funds under the centrally-runJNNURM scheme and UPA government's debt waiver to farmers in 2008, something the opposition may use as a stick to beat the government during the budget session. In the Jawaharlal Nehru National Urban Renewal Mission (JNNURM), the CAG, sources said, is reviewing how central funds were...
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Centre to set up Rs. 1,000-crore fund to promote housing for poor by P Sunderarajan
It will provide credit risk guarantee to banks on the loans Prime Minister Manmohan Singh on Tuesday announced that the Centre was considering setting up a credit risk guarantee fund with a corpus of Rs. 1,000 crore, to start with, to encourage banks to lend to the poor for housing. Emphasising that developing housing for the poor was critical for sustainable urban development, he said: “To encourage banks to lend in significant...
More »PM mulls Rs.1,000 crore corpus for housing poor
-IANS The government is considering creating a corpus fund of Rs.1,000 crore ($18.7 million) in the current fiscal that would encourage banks to give housing loans in 'significant volumes' to the urban poor, Prime Minister Manmohan Singh said Tuesday. Addressing a conference on the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) here, Manmohan Singh said the corpus of Rs.1,000 would be set aside to create a credit risk guarantee fund that could...
More »The failure of a hopeful idea
-Live Mint The poor remain poor because they lack resources. And the formal finance sector does not want to lend them because they are too poor, costs are high and they hardly have anything to offer as collateral. That is, they are trapped in the vicious circle of poverty. This was so until the arrival of microfinance—successfully demonstrated by the Bangladesh model that the poor are “good” borrowers. It was held...
More »Watts in it for me? by Tusha Mittal
A LEAFY VILLAGE in Kerala, Pathanpara, never found access to India’s electricity grid. That is why for the last several years, this village has been generating its own electricity. Raju, a dhoti-clad cashew nut farmer, operates Pathanpara’s five kilowatt (KW) micro hydropower plant. He lives in the village and earns a salary of Rs 2,250, paid by the People’s Electricity Committee (PEC). The power generated is shared equally by the village,...
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