Microfinance is an effective tool for financial inclusion. Here are some elements of the recently embattled sector The recent controversy surrounding the microfinance sector has entirely eclipsed the fact that it is the first effort in India to have delivered financial services to remote corners of the country in a self-sustaining manner. The stakes are high for India’s poor, and we have to pave the way for orderly growth in the...

Even after five-and-half years since its inception, the biggest foreign Direct Investment (FDI) for the country, the  POSCO steel project has failed to take off due to widespread opposition from several quarters. Now, the 51,000 crore project has run into more trouble as the environment clearance to the project seems unlikely. But the Orissa government has come to the fore, not just supporting the project but also moving the Supreme Court, filing...

The Orissa government on Friday moved the Supreme Court challenging the Orissa High Court order that quashed its decision to permit South Korean steel major Posco to mine iron ore in Sundergarh district of the state. The matter is likely to come up for hearing in November end. The state government had recommended the grant of prospecting licence (PL) to Posco India for the Khandadhar mines for its 12-million-tonne steel plant...

Orissa Chief Minister Naveen Patnaik today said the POSCO project, which has been a hanging fire for the last five years, has a potential of earning huge revenue for the Centre as well as the state and will create many employment opportunities for the country. Patnaik also said the implementaion of the Rs 51,000-crore project is also the responsibility of the central government. "It is also the responsibility of the Centre. The...

Prime Minister Manmohan Singh will reassure South Korea President Lee Myung-bak that India will address all issues related to Pohang Steel Company’s (Posco’s) proposed $12-billion steel project in Orissa in a “constructive manner.” Posco India, which first announced the setting up of the massive plant five years ago, is facing environment roadblocks. Lee is likely to take up Posco’s case with Singh tomorrow. The two leaders, who are here for the East...