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...

The CAG indicts Uttarakhand for pursuing hydel power projects indiscriminately without concern for the environment. IN a severe indictment of the Uttarakhand government, the Comptroller and Auditor General (CAG) of India said it was pushing the State towards a major environmental catastrophe by following a highly ambitious hydropower policy. In a report titled “Performance Audit of Hydropower Development Through Private Sector Participation”, which was released recently, the CAG substantiates the allegations...

Frequent and unrelenting protests against land acquisition seem to have compelled political parties to take the issue seriously. The Centre has promised to introduce a redrafted land acquisition Bill during the winter session of Parliament. As per official pronouncements, the Bill will provide for higher compensation to the affected parties. Besides, acquisition for private companies will be restricted to less than 30% of the total land required for the project. However,...

Comply with orders on minimum wages in two weeks, High Court tells State, Centre Justice N. Ramamohana Rao of the A.P. High Court on Tuesday gave two weeks to the State and Central governments to take steps to comply with the directions regarding payment of minimum wages to the workers engaged in NREGA works. Contempt case The judge was dealing with contempt case filed against Amita Shah, Joint Secretary, Union Ministry of Rural...

For “blatant” violation of coastal zone norms The controversial 31-storey Adarsh Housing Society in Mumbai is facing demolition, as the Union Environment Ministry issued a show-cause on Friday for “blatant” violation of coastal zone norms. The Society has two weeks to submit a written reply and a further week to meet Ministry officials and make its case. The notice asked the promoters to explain “why the unauthorised structure should not be removed forthwith.” “After...