Institutional Update

March 13

Ø      In a petition filed before Mumbai HC, a petitioner has sought to have a list of properties mortgaged with the banks. This would help alleviate purchasers of properties who get conned when properties are mortgaged with the banks but there is no way of determining the same.

Ø      A World Bank Report for India actually believes that solution for removing poverty and differentiation of incomes among populace is to enhance urbanisation where people can move from less developed areas to the areas which can provide economic activities. It cites the example of Mumbai whose population doubled since mid 80s. It also sites the example of almost 3 million people from UP & Punjab who migrated to more prosperous areas of Punjab and Maharashtra. According to it providing tax exemptions to backward areas for a limited period while may bring temporary respite, but it remains just that temporary. Once the economic benefits are taken back, the development slides back.