Banks will have to put in place a mechanism to verify that microfinance institutes (MFI) they finance do not charge exorbitant rates to the final borrowers. The finance ministry has asked banks to ensure that MFIs, whom banks are financing, do not lend at rates more than 24% — all inclusive rates — to the ultimate borrowers. Some banks have recently inserted a clause while lending to MFIs that they...

Jagdishji Vaghela is one of hundreds of thousands of farmers standing in the way of India's breakneck economic expansion. Determined not to give up his land for an industrial park in the western state of Gujarat, the 55-year-old farmer scorns at talk of how the benefits of industrialization in Asia's third-largest economy will trickle down to people like him. Despite a nearby plant producing what is touted as the world's cheapest car,...

KEY TRENDS  • The new Cohort-based Migration Metric (CMM) shows that inter-state labor mobility averaged 5-6.5 million people between 2001 and 2011, yielding an inter-state migrant population of about 60 million and an inter-district migration as high as 80 million @* • The first-ever estimates of internal work-related migration using railways data for the period 2011-2016 indicate an annual average flow of close to 9 million migrant people between the states. Both these estimates are significantly greater than the...