Manmohan, Sonia greet Nobel laureate Yunus
By UNB, New Delhi
Sat, 14 Oct 2006, 10:35:00
Indian Prime Minister Dr Manmohan Singh, Finance Minister P Chidambaram and leading newspapers eulogized Bangladesh's Mohammed Yunus, who won Nobel peace prize for economic empowerment of the poor, as a "messiah" and said India can learn a lot from his microcredit policy.Dr Singh said "this due and just honour that has been conferred upon you is a recognition of the immense commitment to the cause of peace and development".
Chidambaram said that Mr Yunus has demonstrated that "women are deserving and reliable borrowers".
"There can be no guarantee of peace and prosperity that Mr Yunus brought to a large number of people," the Indian Finance Minister further stated in his congratulatory message The Prime Minister said that he ushered in a revolution by bringing the banking system to the doors of the poor and the underprivileged. "This has brought about peaceful social and economic transformation in the lives of million of the borrowers."
In its front-page article the daily Economic Times posed a sole-searching query: If Bangladesh can do wonders in the micro-credit system, why can't India.
In an interview with the paper, Mr Yunus said the microcredit sector in India is in its infancy. The much-needed policy support for microcredit must come in the form of availability of wholesale funds. He said that India has to create an independent regulatory body to monitor the microcredit sector. It may have to bring in legislation for the formation of microcredit banks. The Indian Express in its editorial described Grameen Bank as "bank on peace'. It said that Yunus pioneered a revolution in a 'small troubled country'. His model has a few problems, though. Yunus has brought banking to some of the poorest people. "This in itself is a cause enough for celebration."
Grameen Bank has been able to provide a lifeline to millions, especially to women in rural Bangladesh. "Today the Grameen family has grown into something no less than a large corporate entity," the newspaper further stated.
The daily Pioneer in its editorial said that Yunus deserved noble prize for his amazing success in empowering impoverished women in Bangladesh by providing them with credit facilities. "He offered small amounts to start small enterprises that help women and their families to break free of the vicious cycle of poverty." This shows how determination and conviction can work wonders, the paper further stated in singing the praise of the trailblazing economic innovation.
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