Outlook Cover story
This week’s Outlook Cover Story, written by Ramesh Ramanathan of Janagraha fame. He delves into the screwed up delivery systems, focusing on food, housing and livelihoods to argue his case. Very very well written. Urge you to read it.
….A study that we are just completing suggests that the unmet credit needs of the lower half of urban residents in Bangalore alone is Rs 2,000 crores; this is being completely met by the informal sector, at interest rates anywhere between 5% per month to 10% per day.
Way above what Ratan Tata and Mukesh Ambani are borrowing at.
Hardly a week goes when I am not reminded of the opportunity and neeed for micro-financing. Once again, I have to hate the fact that I haven’t a disciplined bone in my body. I really admire Ramesh Ramanathan. He is very intelligent, grounded to reality, articulate, sincere, and most of all, he seems to truly care.