Indian Finance Minister Pranab Mukherjee said Friday he intends to regulate but not strangle the microfinance industry, which is in crisis because of new regulations and political attacks in its biggest Indian market, the southern state of Andhra Pradesh. In comments at the Hindustan Times Leadership Summit in New Delhi, Mr. Mukherjee said a committee of the Reserve Bank of India is looking at all aspects of microfinance, which has come...

In India, commercial banks, both public and private, are required to direct a large chunk of their net credit to designated “priority sectors” seen as having a positive impact on India’s economy, and wider society – to ensure funds flow into areas the government deems important, but might otherwise be neglected. These sectors – designated by the Reserve Bank of India – currently include broad areas of agriculture, small scale industries,...

The government today ordered an inquiry into the alleged irregularities in wage payments under NREGA in Kotda village in Gujarat's Kotiyana district. Rural Development Minister C P Joshi asked the National Level Monitor (NLM) to examine the alleged misappropriation of funds related to NREGA wage payments in Kotda village and submit a report by November 30. The direction came following media reports about an e-literate panwala in the village stumbling upon a...

Unique features of the public wage programme turn it into a magnet for women More women than men work under the national programme that guarantees employment to rural people. In the current fiscal till October, women availed of more than 50 per cent of employment created under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA). Their participation has been growing since the inception of the Act in 2006. This is...

The Union government intends to launch by January end a scheme aimed at improving the status of women as agriculturists and open up opportunities for their empowerment. The scheme, to be taken up by the Ministry of Rural Development, has been named Mahila Kisan Sashaktikaran Pariyojana (MKSP). It will be launched as a sub-component of the renamed, but yet to be launched, National Rural Livelihood Mission (NRLM), which was earlier known...