THE television set plays the news on mute at a microfinance executive’s home in Noida. A prime-time panel of experts is having a spirited debate about an exit strategy— how to ease coronavirus restrictions, find a way out of the pandemic, and revive the battered economy. The executive watches silently, without blinking, eyes glued to the ticker scroll running at the bottom of the screen. The branch manager of a microfinance company and his field officer were assaulted and arrested in Sarangarh district of Chhattisgarh for breaching stay-at-home orders. They were trying to recommence field operations of lending and collection of dues. Another such assault was reported from West Bengal. At the heart of any revival plan is the nation’s microfinance market, the largest in the world, catering to more than 120 million homes that have no access to financial services. Indian micro, small and medium enterprises (MSMEs) and the farm sector are the biggest beneficiaries of the microfinance institutions (MFI). And these sectors have clearly suffered a one-two punch and cannot afford any missteps. But instructions from the Centre and states to let MFIs resume limited operations aren’t clearly percolating down to local administrations. The Chhattisgarh and Bengal cases are grim reminders.
As the uncertainty over the lockdown extending beyond May 3, raising fears of more wage, job and business losses, the RBI recently offered a ray of hope with its second tranche of liquidity and regulatory measures. The package offers a special refinancing facility of Rs 50,000 crore to NABARD, SIDBI and NHB. This raised optimism for businesses and agriculturists seeking funds. But will that be enough for thousands of MSMEs, local businesses and the agriculture sector to restart operations after shuttering their doors for more than 40 days?
Diese Geschichte stammt aus der May 11, 2020-Ausgabe von Outlook.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der May 11, 2020-Ausgabe von Outlook.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Voters' Cold Wave
Heat wave, voter apathy and cyclic migration are blamed for the poor voter turnout in Bihar. Political parties are clueless about what impact will it have on election results
Occupy Ivy League
Students protesting in American universities are asking the US government to rethink its policy towards Israel
Left Side Story
Personal attacks, lower voter turnout and the BJP’s determined campaigning: how has Kerala voted this time?
Across the Pir Panjals
The newly carved-out constituency of Anantnag-Rajouri is set to witness a very close contest
Gashes in the Red Sand
Residents of the tribal district of Gadchiroli resist development models that destroy the environment
When Taps and Hope Run Dry
Peaking water scarcity and pervasive groundwater contamination have increased migration from many districts of Rajasthan.
Pilgrim's Politics
Two-time MP from Varanasi, Narendra Modi, is sculpting the eternal city in his image
Under The Model Town
Muslim ghettos in Ahmedabad are dilapidated and neglected
The Master Strategist
The Assam chief minister enjoys popularity both as an administrator and a politician despite his relentless anti-Muslim rhetoric
Missing in the Margins
The Katkari community in Raigad district has been facing issues like cyclic migration, no rights over forest land, and a dearth of basic facilities. But these concerns don’t find mention in the high-pitched political debates