Business/Economy
Warts and all, micro finance is working - PN Vasudevan, Hindu
Though micro finance has existed in India for a long time, it has emerged as an organised sector only in the past decade or so. Micro finance is about giving small loans on reasonable terms to people, mostly women, from low income groups who do not have access to loans from banks. Most people from low income groups are self-employed and tiny loans help them meet the working capital needs of such activities, besides consumption smoothing.
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A hydel boom runs dry - M Rajshekhar, Economic Times
Failing the urbanization test - Elizabeth Roche, Liz Mathew & Shamsheer Yousaf, Mint
839 FM channels to come up in 294 small cities - Himanshi Dhawan & Nitin Sethi, Times of India
China's rebalancing act - Ila Patnaik, Indian Express
Seeking coal comfort - Ashok Malik, Times of India
Govt's anti-black money dept left toothless - pradeep thakur, Times of India
India Inc short on sales, long on profits - Krishna Kant, Business Standard
Imports from Pak touch $500-m mark for 1st time - Kirtika Suneja, Financial Express
India seeks to benefit from Afghanistan reconstruction - Huma Siddiqui, Financial Express
In the ‘pharmacy of the world’ - PT Jyothi datta, Business Line
Fate of key economic Bills hangs in the balance - Shishir Sinha, Business Line
Cos with captive coal mines may be allowed to produce & sell surplus - Subhash Narayan, Arun S, Financial Express
IMD forecasts normal monsoon at 98% of long period average - P Sunderarajan, Hindu
'History-sheeters, shady builders running channels' - Times of India
Saradha-hit govt plans ordinance teeth for Sebi - Subhomoy Bhattacharjee, Indian Express
Jet-Etihad deal shows again why Naresh Goyal is the king of the policy jungle - Javed Sayed, Economic Times
A strange way to price gas - M Ramesh, Business Line
The flesh was weak - Bhupesh Bhandari, Business Standard
Posco plods along despite setbacks - Dillip Satapathy, Business Standard
Cheat fund: State failed, but so has centre - Vinay Pandey, ET
How the Jet-Etihad deal was struck - PR Sanjai, Mint
The answer to the CAD lies within - Sajjid Z Chinoy, Financial Express
Land lease is an idea whose time has come - N C Saxena, Business Standard
India should cut rates, take on Chinese goods: Roubini - Ruchira Roy & Gayatri Nayak, Economic Times
Rs 4,000 cr at stake, SEBI asks Bengal to probe five more chit fund companies - Madhuparna Das, Indian Express
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Verbatim

There was for years an old "social contract" between politicians and business. This provided for complex rules and regulations that made it impossible to do business honestly in many fields. But it was possible to do business dishonestly, through pay-offs . Some called this "efficient corruption" : politicians took money and delivered clearances. However, the anti-corruption mood of the courts, and new fears of getting caught (like Pawan Bansal) have ended "efficient corruption" . Politicians may still take money but not deliver on clearances , what some call "inefficient corruption" that freezes investment and growth. The old social contract has broken down.
Swaminathan SA Aiyar
 

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