Microfinance - From utopia to dystopia

In his valedictory address at the Microfinance India Summit in New Delhi on Wednesday, Rural Development Minister Jairam Ramesh may have called microfinance “a discredited model” in “a danger zone”. But it is the politician-intellectual complex (PIC) that will fix anything to suit its purpose — especially if the thing has evolved on its own and is effective. Microfinance in Andhra Pradesh is one such victim of PIC’s fixation with welfarism.

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