-The New York Times India's coalition government just celebrated the third anniversary of its Tenure with a self-congratulatory banquet that could not have been more poorly timed: India's currency, the rupee, is falling; investment is down; inflation is rising; and deficits are eating away at government coffers. While short-term growth has slowed but not ground to a halt, India's problems have dampened hopes that it, along with China and other non-Western economies,...
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The austerity of the affluent-P Sainath
A rural Indian spending Rs. 22.50 a day would not be considered poor by a Planning Commission whose Deputy Chairman's foreign trips between May and October last year cost a daily average of Rs. 2.02 lakh Pranab Mukherjee's stirring call for austerity tugs at the national tear ducts. Prime Minister Manmohan Singh has pleaded for it in the past and watched his flock embrace it creatively. With the Finance Ministry even...
More »Microfinance Bill will regulate the sector to death, to the joy of moneylenders
-The Economic Times, The Cabinet has cleared a proposed Bill empowering the Reserve Bank of India (RBI) to regulate all microfinance institutions (MFIs). A central legislation makes sense only to the extent that it over-rides draconian state-level laws. However, the Bill suffers from many infirmities. And it is unfortunate that these have been overlooked. The law, if enacted, is likely to kill small MFIs and hurt the sector that is struggling...
More »In another era, a wit that pulled no punches-Mushirul Hasan
The colonial government took a liberal view of the merciless lampooning that it received at the hands of cartoonists in the Indian press A cartoon is a written expression of the comic impulse, and the cartoonist is an artisan of nib and brush who puts down complex processes of reason and argument in drawings and pictures. His impact is that readers sit up, smile, frown, or simply laugh. In short, cartoons...
More »Special powers to be used to cancel Bauxite lease in Andhra Pradesh-Nidhi Sharma
For the first time, the Centre has urged the governor to use his special powers in Scheduled Areas to cancel bauxite mining leases given in Andhra Pradesh's Vishakhapatnam district. Linking the issue of bauxite mining to the growing Maoist violence on the Andhra-Odisha border, the Centre has asked Andhra Pradesh governor ESL Narsimhan to use special powers, bestowed to governors in Scheduled Areas under the Constitution, to cancel the leases. The Centre...
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