Inflation declined marginally to a 10-month low of 8.58% in October, prompting policymakers to proclaim victory in their effort to cool prices, but economists remained sceptical saying the fight is far from over. The decline was mainly due a fall in food inflation to 14.13% from 15.71% in September and the base effect, or higher inflation of last year, data released on Monday showed. Finance Minister Pranab Mukherjee said the full impact...
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Micro finance, macro objectives by Krishnamurthy V Subramanian
Sample some data on the microfinance performance in India: According to the data provided by www.mixmarket.org, microfinance in India reached close to 270 lakh active borrowers in 2009, with the average loan size close to Rs 8,000. This translates into total borrowing to over Rs 20,000 crore. Though this number seems large, it represents only 0.3% of our GDP. Thus, large swathes of poor, both in our villages and urban...
More »Corrective steps on microfinance
Facing heat from the Andhra Pradesh (AP) government, microfinance institutions (MFIs) acting under a banner called MFI Network (MFIN) have agreed to adopt corrective measures to address concerns raised by the state government. Coming up with a 15-point corrective measures statement, MFIs have agreed to bring down the interest rates to 24% initially to the borrowers of AP only. “It’s an initial decision and our CEOs across other states will be discussing...
More »RBI data show decline in credit flow to agriculture
There has been a significant pick up in credit flow to industry, services and personal loan segments during the current financial year. However, credit flow to agriculture has declined further, data released by the Reserve Bank of India as part of Macroeconomic and Monetary Developments Second Quarter Review 2010-11 shows. While credit flow to industry was highest at Rs 1,07,386 crore, credit flow to agriculture contracted by Rs 13,481 crore during...
More »Food inflation jumps to 15.1% on supply constraints
Food inflation rose for the third week running as floods disrupted supplies, but most economists see food prices easing soon. Inflation in food articles in the new series with 2004-05 base was 15.1% for the week ended September 4, compared with 14.6% in the week before, data released on Thursday showed. The central bank chose to lift rates in its policy review on Thursday saying inflation is still a big...
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