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...
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Money For Nothing by Tushaar Shah
There is a growing chorus of views - representing some very influential writers in India and elsewhere - in favour of direct cash transfer into poor people's Bank Accounts as a more efficient social security net than the National Rural Employment Guarantee Scheme (NREGS). Economist Arvind Panagariya has called direct cash transfer ''the least costly policy to give immediate relief to the poor". Having returned from a series of field...
More »Climate Change by Ashok Mitra
The philosophy of self-aggrandisement defies social logic. Seven leading banks in the United States of America had last year incurred an aggregate loss of $82 billion; the chief executive officers of these banks nonetheless claimed and collected annual bonus to the extent of $38 billion. The economy might lie in ruins; that did not distract sharks from zooming in on their prey. Our corporate sector has shaped itself in the...
More »Lack of transparency and debate in India-EU free trade agreement by Meena Menon
Seven rounds of trade talks between the EU and India have been concluded without any negotiating texts or positions of either party being made public. The widespread optimism about the possible signing of the India-European Union (EU) Free Trade Agreement (FTA) sometime in 2010 fails to take into account the many thorny issues that remain to be resolved. Not the least of them are the tariff negotiations on goods and...
More »Postmodern principles should form the foundation of JNNURM by Sameer Sharma
THE ongoing negotiations with the World Bank provide an opportunity to urban policymakers to reinvent the present form of JNNURM (called v1.0). Thus far JNNURM v1.0 has focused on upgrading macro-level dimensions of city’s environment, ignoring the social and economic diversity (e.g., mixed uses and building types) prevailing in urban areas. The top-down urban ‘renewal’ model underlying the present version of JNNURM is largely founded on the planning practices of...
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