India’s rapidly growing private microcredit industry faces imminent collapse as almost all borrowers in one of India’s largest states have stopped repaying their loans, egged on by politicians who accuse the industry of earning outsize profits on the backs of the poor. The crisis has been building for weeks, but has now reached a critical stage. Indian banks, which put up about 80 percent of the money that the companies...
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K'taka to enter microfinance
Close on the heels of the recent controversy surrounding over the microfinance institutions, Karnataka government has decided to foray into the micro finance business with an initial corpus of Rs 500 crore. With this, Karnataka will join the league of Andhra Pradesh to have its own state-funded microfinance institution. The government plans to lend at the rate of 4 per cent interest per annum to unorganised sector workers. “There are about 3.5...
More »Ban on export of iron ore upheld
The Karnataka High Court on Friday upheld the State Government's ban on transport and export of iron ore. A Division Bench comprising Chief Justice J.S. Khehar and Justice S. Abdul Nazir passed orders upholding the Government Orders of July 26, 2010, and July 28, 2010, banning transport of iron ore and its export from ten minor ports. Thirty-two companies, including V.S. Lad and Sons, Kumaraswamy Minerals, Sesa Goa and others had challenged...
More »It's up to Manmohan to decide on MNREGS wage hike: Joshi
Union Rural Development Minister C.P. Joshi on Friday maintained that the Centre was set to increase the wage rate paid under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MNREGS), but it was for Prime Minister Manmohan Singh to address the issues raised by UPA chairperson Sonia Gandhi. Dr. Joshi said it was not for him to react to the recommendation made to Dr. Singh by Ms. Gandhi — in her...
More »Job scheme-minimum wage link opposed by Ruhi Tewari
The rural development ministry has expressed its reservations on linking wages paid under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) with minimum wages mandated by states for farm labour. In an internal note, which was reviewed by Mint, the ministry said such a step could lead to the states upwardly revising minimum wages for farm labour, an increased burden that the Central government then would have to bear. The ministry,...
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