'Modi govt's assault on dissent': Foreign funds of top finance NGO blocked

By Rajiv Shah

In a surprise move, the Ministry of Home Affairs, Government of India, has cancelled the foreign funding license of the well-known advocacy group, Centre for Financial Accountability (CFA), known for critically examining India's finance and banking sectors from human rights and environmental angle.
Ironically, CFA lost its license under the Foreign Contribution Regulation Act (FCRA) even as it completed seven years of Finance Matters (FM), its widely appreciated column in the CFA website. In a statement, CFA said, "We are happy that somebody in power is reading our weekly newsletters. We assure them that we will continue to enrich their reading in future too!"
According to CFA, "The past seven years of FM coincided with the regime whose economic policies created a havoc for the common people. Demonetisation, ill-conceived GST and a reckless lockdown broke the backbone of the informal sector and unemployment peaked as never before. Dwindling income and skyrocketing inflation burnt a hole in the poor people’s purses exhausting whatever was left of their household savings."

It continued, "While we slipped in the global hunger index, the policies of the government sold off pieces of the country to the Adanis and the Ambanis, and gave the corporates massive tax breaks and write-offs fattening their pockets. While all of this was unfolding over the last decade, keeping quiet or looking the other way was never a choice. We joined others in holding this government to account."
According to CFA, "Through its weekly editions, Finance Matters has consistently provided a platform for informed commentary on crucial financial issues affecting our nation and world today. From dissecting the implications of global economic policies to unravelling the complexities of banking regulations, the newsletter has empowered its readers with valuable insights and perspectives."
Especially referring to the weekly column of former general secretary of the All India Bank Officers’ Confederation and steering committee Mmember at the Global Labour University Thomas Franco, Random Reflections, it said, it has been "one which is awaited for by many for the insights and analysis of Indian banking and the economy. Started towards the end of 2019, the column has been consistent and reproduced by many mainstream media."

Calling Finance Matters "a trusted source of information for policymakers, financial professionals, academics, and concerned citizens alike", CFA claimed, it has played a pivotal role in "advocating for and amplifying responsible financial practices and socio-economic, environment and climate accountability within the financial institutions."

Seeking public donations to continue its advocacy work, the statement underlined, "At a time when the government clampdown on civil society organisations (CSOs) has increased with a vengeance, in addition to false cases on and illegal incarceration of activists, throttling dissent and democratic rights, CFA will continue to speak truth to power.

In a separate statement, the Peoples’ Commission on Public Sector and Services, a civil outfit comprising of eminent academics, jurists, erstwhile administrators, trade unionists and social activists, the denial of renewal of FCRA registration of the public-spirited NGO "reeks of mala fide intent and vindictiveness."

Expressing solidarity with CFA, a "fraternal organisation with which it has collaborated closely in the last several years", the Commission said, the "latest action" is yet another confirmation that "the Modi government in its third term continues on a path of extinguishing dissent."

"The Commission notes with deep concern the manner in which the Ministry has been suspending/ revoking FCRA registration of several NGOs for minor infractions, while, shockingly, allowing political parties unfettered access to foreign donations", it underlined.

Stating that the Commission has highlighted how the current regime has worked on removing legislative hurdles to accessing foreign funding to political parties, it said, "This is clearly anomalous: there is one set of rules for political parties accessing foreign funds, while public-spirited NGOs face the weight of the state."

The Commission noted, "The CFA, a fledgling institution, in its short life span of 7 years, has distinguished itself in the cause of undertaking research that has provided analytical inputs to academia, journalists, social activists and the ordinary folk at a time when the mainstream media has sold its heart and soul to the powers that be."

It added, "In particular, its detailed fact sheets on specific issues ranging from demonetisation to inequities of the Indian tax regime have been revelatory for many. It has served a great public cause by shining a light on the misdeeds of Big Business, particularly their collusion with the ruling regime."

Comments

From Kerala to Bangladesh: Lynching highlights deep social faultlines

By A Representative The recent incidents of mob lynching—one in Bangladesh involving a Hindu citizen and another in Kerala where a man was killed after being mistaken for a “Bangladeshi”—have sparked outrage and calls for accountability.

What Sister Nivedita understood about India that we have forgotten

By Harasankar Adhikari In the idea of a “Vikshit Bharat,” many real problems—hunger, poverty, ill health, unemployment, and joblessness—are increasingly overshadowed by the religious contest between Hindu and Muslim fundamentalisms. This contest is often sponsored and patronised by political parties across the spectrum, whether openly Hindutva-oriented, Islamist, partisan, or self-proclaimed secular.

When a city rebuilt forgets its builders: Migrant workers’ struggle for sanitation in Bhuj

Khasra Ground site By Aseem Mishra* Access to safe drinking water and sanitation is not a privilege—it is a fundamental human right. This principle has been unequivocally recognised by the United Nations and repeatedly affirmed by the Supreme Court of India as intrinsic to the right to life and dignity under Article 21 of the Constitution. Yet, for thousands of migrant workers living in Bhuj, this right remains elusive, exposing a troubling disconnect between constitutional guarantees, policy declarations, and lived reality.

Aravalli at the crossroads: Environment, democracy, and the crisis of justice

By Rajendra Singh* The functioning of the Ministry of Environment, Forests and Climate Change has undergone a troubling shift. Once mandated to safeguard forests and ecosystems, the Ministry now appears increasingly aligned with industrial interests. Its recent affidavit before the Supreme Court makes this drift unmistakably clear. An institution ostensibly created to protect the environment now seems to have strayed from that very purpose.

'Festive cheer fades': India’s housing market hits 17‑quarter slump, sales drop 16% in Q4 2025

By A Representative Housing sales across India’s nine major real estate markets fell to a 17‑quarter low in the October–December period of 2025, with overall absorption dropping 16% year‑on‑year to 98,019 units, according to NSE‑listed analytics firm PropEquity. This marks the weakest quarter since Q3 2021, despite the festive season that usually drives demand. On a sequential basis, sales slipped 2%, while new launches contracted by 4%.

'Structural sabotage': Concern over sector-limited job guarantee in new employment law

By A Representative The advocacy group Centre for Financial Accountability (CFA) has raised concerns over the passage of the Viksit Bharat – Guarantee for Rozgar and Ajeevika Mission (VB–G RAM G), which was approved during the recently concluded session of Parliament amid protests by opposition members. The legislation is intended to replace the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA).

Safety, pay and job security drive Urban Company gig workers’ protest in Gurugram

By A Representative Gig and platform service workers associated with Urban Company have stepped up their protest against what they describe as exploitative and unsafe working conditions, submitting a detailed Memorandum of Demands at the company’s Udyog Vihar office in Gurugram. The action is being seen as part of a wider and growing wave of dissatisfaction among gig workers across India, many of whom have resorted to demonstrations, app log-outs and strikes in recent months to press for fair pay, job security and basic labour protections.

India’s universities lag global standards, pushing students overseas: NITI Aayog study

By Rajiv Shah A new Government of India study, Internationalisation of Higher Education in India: Prospects, Potential, and Policy Recommendations , prepared by NITI Aayog , regrets that India’s lag in this sector is the direct result of “several systemic challenges such as inadequate infrastructure to provide quality education and deliver world-class research, weak industry–academia collaboration, and outdated curricula.”

The rise of the civilizational state: Prof. Pratap Bhanu Mehta warns of new authoritarianism

By A Representative Noted political theorist and public intellectual Professor Pratap Bhanu Mehta delivered a poignant reflection on the changing nature of the Indian state today, warning that the rise of a "civilizational state" poses a significant threat to the foundations of modern democracy and individual freedom. Delivering the Achyut Yagnik Memorial Lecture titled "The Idea of Civilization: Poison or Cure?" at the Ahmedabad Management Association, Mehta argued that India is currently witnessing a self-conscious political project that seeks to redefine the state not as a product of a modern constitution, but as an instrument of an ancient, authentic civilization.

Search This Blog