IT WAS a windfall five years ago that taught Panchali Satyavva the power of a lie. It happened one Monday afternoon in Someshwar village of Nizamabad district in Andhra Pradesh. It was raining in sheets and she had just placed a bucket under the steady trickle of water from the roof of her hut. Two men were at her door, holding umbrellas and offering her an unsolicited Rs. 5,000. They...
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India-EU Deal Threatens Mom-and-Pop Retail by Ranjit Devraj
Retail giants pushing the European Union-India free trade deal promise consumers a "new and dynamic retail experience" but ignore the fate of India’s "mom-and-pop" stores and some 40 million people they employ. Four years in the making, the EU-India Bilateral Trade and Investment Agreement made serious headway during Indian Prime Minister Manmohan Singh’s visit to Brussels Dec. 10 and is due to be signed and sealed early 2011. But the negotiations have...
More »Interest-free banking urged
Indian Centre for Islamic Finance delegation makes presentation at Yojana Bhavan The Indian Centre for Islamic Finance (ICIF) has made out a strong case before Prime Minister's Economic Advisory Council member V. S. Vyas for introducing interest-free banking in the country at the earliest to ensure “inclusive growth with innovation” in accordance with the recommendations of the Planning Commission's Raghuram Rajan Committee. An ICIF delegation from New Delhi, led by its general...
More »Labourers selling MGNREGA cheques in Jharkhand: official
In the absence of adequate banking services in rural areas in Jharkhand, some labourers sell their MGNREGA cheques to “middlemen” for a discount to get the money on the spot, a top official suggested on Wednesday. “Recently I went to Chatra and learnt that a MGNREGA labourer had sold his Rs. 100 cheque to get Rs. 70,” state Chief Secretary Ashok Kumar Singh said at a programme in presence of RBI...
More »Each Unique ID number costs Rs.100: Nilekani
It costs the Unique Identification Authority of India (UIDAI) Rs.100 to generate each 'aadhaar' number, which will help address the challenges of inclusion, the authority's chief Nandan Nilekani, said here Thursday. It costs the authority Rs.50 to enrol each individual for the Unique ID (UID) and another Rs.50 on back-end costs, he said. In his address at the annual Rajinder Mathur Memorial Lecture here, Nilekani said that the aadhaar number will help...
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