The microcredit revolution has been celebrated for helping poor women in developing countries start small businesses. By borrowing money for purchases such as a buffalo or sewing machine, the women were able to help lift their families out of poverty. But critics say the microcredit model has been perverted by commercial greed in India, with reports of abusive collection methods and sky-high interest rates. "What began as a simple, innovative model...

The Posco tale got another twist on Thursday with the environment ministry's forest advisory committee deciding to rethink whether it should ask the ministry of tribal affairs to verify the violations of Forest Rights Act or it should do so itself. In a meeting held on October 25, the FAC had concluded that it would recommend that the tribal affairs ministry take a final call on whether the Orissa government had...

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...

Farmers who grow the well-known Bhalia wheat variety in the southern Ahmedabad district are getting ready to resist plans for a chemical park in their premises — a project they had fended off 13 years ago. A public hearing for the Bhal Industrial Park, slated to house 500 chemical units among a total 712 units, will be held on Friday. Kantri Makwana, a farmer from Pishavada, a village which falls within a...

The National Advisory Council (NAC), led by Congress president Sonia Gandhi, may have suggested doubling food subsidies to keep an electoral promise, but the country’s food and agriculture minister, Sharad Pawar, is not amused. Pawar has expressed frustration at the NAC’s suggestion to provide subsidised food to 75% of the population. “It (the NAC proposal) reminds me of an old AICC (All Indian Congress Committee) resolution when I was a young...