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...

An illiterate tribal woman from Orissa's Jagatsinghpur district is all set to play a vital role in deciding the fate of the Rs 51,000 crore Posco steel project, billed as the country's biggest FDI. The role of Meena Hembram and 20 others came to limelight after the Meena Gupta panel, which submitted its Reports to the union Ministry of Environment and Forest (MoEF) on October 18, pointed out that there were...

In a significant step towards foolproof monitoring of micro finance institutions (MFIs) and gaining first-hand information on multiple lending, excessive rural indebtedness and irregularities in the sector, the state government has constituted four working committees that would integrate various databases of SHG bank linkage, ration cards & borrowers' data being submitted by MFIs on a priority. These committees would create and maintain the website on MFIs and also help in responding...

The Centre on Thursday asked the states to appoint dedicated staff in each panchayat for effective implementation of rural development schemes, saying no goals could be achieved without them. “We are spending Rs40 lakh each year on various functionaries in Panchayats and there is no one (visible) except the gram sevaks,” union minister for rural development C. P. Joshi said while addresing a conference of state ministers on total sanitation here. “There...

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...