M G Warrier's My Page, February 2013

M G Warrier’s
My Page

A monthly bulletin from M G Warrier incorporating select published letters/articles (and some stray thoughts based on what he read/saw and wrote during the month). Mailed during the fourth week of every month. Please send your responses and views to mgwarrier@rediffmail.com

Vol III, No 2, February 2013

M G Warrier, MLR-116-B, Mangalam Lane, SASTAMANGALAM-695010 (9349319479)

Dear Reader

 My Page is also being posted on Warrier’s Blog at mgwarrier.blogspot.com Links to articles and important comments are posted at the blog as and when they are published. Those esteemed readers who have difficulty in accessing blog can contact mgwarrier@rediffmail.com

M G Warrier

M G Warrier
February , 2013

The following articles were published during December, 2012-February, 2013 (Till February 20 , 2013)

  1. Budget 2013-14, February 2013, Warrier’s Blog
  2. Need to institutionalize behaviour or service audit, February 2013, Moneylife.in
  3. Fiscal deficit: Restore credibility of institutions, February 2013, Global Analyst(A monthly magazine published by Media Five Publications, Hyderabad)
  4. Fast-track justice? The judiciary needs to do more. February 5, 2013, Moneylife.in
  5. Universal Healthcare, January 2013, Moneylife.in
  6. Introduction of Contributory Pension Scheme in Kerala, January 2013, Moneylife.in
  7. Taming inflation, December 17, 2012 Moneylife.in
  8. Will Direct Cash Transfer good for common man?, Moneylife.in, January 2013
  9. Financial inclusion: Surmounting the insurmountable, December 2012, Global Analyst(A monthly magazine published by Media Five Publications, Hyderabad)
  10. HRM in banks: Talent deficit is the product of deliberate neglect of HR issues, December 2012, Business Manager, HR magazine.


Online comments, Budget 2013-14

Economic Times: Expect India to outperform other EMs….

Online comments, February 20, 2013
With reference to the observation “The Finance Minister has to focus on pleasing the rating agencies.”, I feel that it is high time, rating agencies, or for that matter whosoever judges the performance of economies, changed their parameters, to factor in the inherent strengths and weaknesses of nations. Countries like India with huge resources including human resources and much less consumption needs as compared to ‘developed’ countries which are permanently dependent on outside markets for sustenance and perennially building up capacities for unproductive purposes like war and journey to Mars are measured on the same scale. This is unacceptable. Viewed in the above context, time is opportune for India to think in terms of setting up a rating agency of international standard which will understand India and advise stakeholders about the health of domestic financial institutions and the financial institutions and governments abroad with which India has dealings. Agencies like Standard and Poor and Moody’s are doing their work within their limitation and even they would be benefited. If FM makes a mention about his intention to set up an internationally acceptable rating agency in India, the Global Rating Agencies will be more than pleased.

Economic Times: Online comments, February 19, 2013

Budget 2013: Social sector spending may see 6% jump
*                             Story
*                             Comments (2)
Post a comment
Email this article
The ‘below moderate’ rise in plan expenditure, at 6% over the previous year, shows the saturation level GOI’s capacity to mobilize resources within the budgetary framework. But this should not dishearten FM. Money is accumulating almost with the same speed at which heaps of garbage are growing in cities and suburbs, outside the government fold. It is government’s responsibility to canalize such hoardings for productive purposes. Even if money outside government accounts are not accounted in the budget, GOI’s guidance expressed through Budget Speech should be clear about the social responsibility of people who ‘grow’ exploiting nation’s resources. Perhaps the responsibility to develop infrastructure for healthcare, transport, education, old age care and so on in geographical areas close to large industrial establishments could be entrusted to the industrialists concerned. Tata has been doing this voluntarily in certain areas.

Will be displayed

Will not be displayed

Will be displayed

Please answer this simple math question.

5 + 3 =4
For a change, I would like to do some back of the envelope, reverse accounting, keeping in mind the estimated loss of 15,000 to 20,000 crore(estimated by Assocham), if the two-day strike really happens. (i) The loss to the employees joining government and public sector services pursuant to introduction of New Pension System (ii) The recurring loss to the workforce in India due to faulty working out of and non-implementation of minimum wages (iii) The loss to the Indian consumer due to irrational and one-sided pricing policies (iv) The loss suffered by Indian citizens availing transport services from airlines, Railways and other public transport systems (Railways, sometimes, do not even care to identify the individuals who die while traveling, story of delayed and denied compensations too is agonizing). Just to remind that GDP is an aggregation of efforts made by millions of people and occasionally, those in charge should remember the roots.

M G WARRIER (Thiruvananthapuram)
Agriculture deserves more attention from planners and policy makers. This is a neglected sector for historic reasons. GOI should look at agriculture not only from the angles of farm sector production, food security and the millions of agricultural laborers who cannot migrate to urban areas. In the changed scenario, there is need to project agriculture as a sector which should graduate to self-supporting stage viewed from a ‘business’ point of view. This will need: • Land reforms including need-based cultivation of crops required for consumption and export/commercial purposes • Change in the approach to agricultural income and taxation thereof • Nationalization of idle lands which can be used for cultivation or commercial/infrastructure purposes And so on.

Letters: Senior citizens and FDs
Business Standard / New Delhi Feb 05, 2013, 00:04 IST

This refers to the report “FinMin: Cut FD rates for senior citizens” (February 1). Ideally, such instructions with industrial and social implications should have been issued through the Reserve Bank of India ( RBI) after due deliberations. North Block appears to be unaware of how interest rates evolved to the present stage. At the time of retirement in the early 1990s, retirement benefits deposited in banks or post offices gave a return of 12 per cent per annum. Now, the return has come down by 20 to 30 per cent. Hence, the 50 to 100 basis points of additional interest on deposits of senior citizens was instructed to be paid by banks by the RBI. The Senior Citizens Savings Scheme with higher than market-related interest rate and tax benefits was introduced more than a decade back. The pressure on senior citizen’s personal budget has only increased on account of negative returns on his/her savings and escalation in costs owing to inflation. Moreover, the finance ministry’s advice will have no impact on public sector banks’ profitability, since deposits already contracted may not be affected, and senior citizens may move their deposits to other avenues that give better returns.
M G Warrier Thiruvananthapuram

Online comments @VITALINFO and Commodity online, February 5, 2013(Report on proposal for setting up of Gold Bank of India)

It is comforting to see this report. Let me recall the concluding paragraph in my article “Gold management needs a makeover” (Hindu Business Line, April 13, 2012):
The time is ripe for authorities to think in terms of dedicated professional institutions at the regional/state level, which will handle gold from a banking angle. An apex body should be equipped with linkages for import and export of gold and gold products with borrowing and lending capabilities.
States like Kerala have successfully intervened in other similar sectors like chits/kuris and lotteries, which were also areas of exploitation by vested interests. Private players had to fall in line and function with discipline and self-regulation.
Establishment of ‘Gold Corporations' with state participation could also be debated. Such an institution can act as a depository where the gold possession of individuals now in bank lockers and the pledged gold can find a safe shelter, provided the purity can be ensured, and the ‘Corporation' can find the resources and skill to deal in gold and retain the customers' confidence.”

ET, 020213: HomeMin’s I-Card Plan Lands In Trouble: PM to set up Ministers’ Panel
Online comments
M G WARRIER (Thiruvananthapuram)
UID, for various reasons including inadequate funding, nonavailability of in-house expertise and resultant dependence on external agencies including banks and government departments is bound to take much more time than originally envisaged, even to cover the already identified citizens. In the circumstances, a mid-term review of the UID project was overdue. The present GOM review also may not resolve the problem of NPR Vs AADHAAR as inter-ministerial rivalry will not allow a realistic analysis. Still, it is imperative to find out whether at all AADHAAR will meet the objectives in the near term. If not, considering the huge cost and viewed from the cost-benefit angle, the project should wait for the country to mature and become rich enough for such luxuries. Meanwhile, the UID project under way should be integrated with the Census to expedite completion of NPR (National Population Register) work. The additional funding and association of people like Nanden Nilekani and integration of latest technology into the census procedure will make the process more meaningful and useful.

Home Medicine: Suggestions received in a mail from Reshmy, my daughter

Home Remedies To Stop Dry Cough At Night~

1. Garlic is one natural medicine which has its uses in the treatment of several diseases in the human body. It is well-known for its abilities to improve digestion, and it helps prevent simple cold and flu. There are multiple ways of taking garlic to get relief from dry cough. Although chewing one or two cloves at a time greatly helps, some people prefer to take it in the form of a paste. Make a thick paste of the garlic and mix with honey. Whenever you feel the urge to cough, help yourself with a tablespoon of the paste. This will cut the pain and the frequency of coughing.

2. Every morning after brushing your teeth, take a glass of warm water (not hot but warm) and mix the water with one or two teaspoons of salt and stir well. Thereafter, gargle with the water for 5 minutes or so. Take your time and gargle well. This method also helps in reducing the pain and in subsiding the cough to some extent. This method is also does great for sore throat.

3. For dry cough at night, ginger root works miracles! Every night before you go to bed, put a small piece in your mouth and chew it slowly and swallow the juice. You may feel uncomfortable in swallowing the juice, but then you can sleep peacefully with less coughing than normal. Similar to garlic, you can also prepare a paste of ginger and honey and use it when need arises.

4. Herbal tea ( Specially Green Tea) also helps in treating ailment. It not only rids your body of several antioxidants, but soothes a lingering cough as well. Add a few drops of lemon juice and honey instead of sugar and take it hot.

Letters: No time to waste
Business Standard / New Delhi Feb 01, 2013, 00:02 IST
This refers to the editorial “Now, the supply side” (January 30). We should not expect much from the graceful action of the Reserve Bank of India ( RBI), which probably tried to break the stalemate in governance in the financial sector caused by the finance ministry and the central bank, giving an impression that there was more than the permissible levels of “give and take” between them. RBI has decided to work alongside the finance ministry, since the latter was taking the economy into the wilderness. A 0.25 percentage point reduction each in the repo rate and the cash reserve ratio was in the context of both the finance ministry and RBI governor having reconciled to the fact that the Government of India and RBI could not afford to waste the pre-Budget and post-Budget days arguing about the pros and cons of tinkering with base rates, or the rights and wrongs of easing out former Deputy Governor Subir Gokarn.
M G Warrier Thiruvananthapuram

Now, the supply side
RBI does its part, government must move faster
Business Standard / New Delhi Jan 30, 2013, 01:30 IST

On Tuesday, the Reserve Bank of India released its third-quarter review of monetary policy, and relieved the markets and many in industry by cutting the repo rate by 25 basis points to 7.75 per cent. In addition, the cash reserve ratio, or CRR, applicable to scheduled banks was cut by a similar margin to 4 per cent of their net demand and time liabilities – a step which will infuse an additional Rs 18,000 crore into the system.
The RBI’s moves follow what appeared to be a commitment at the time of its last announcement that the third quarter would see monetary policy actively change stance to prop up growth. Indeed, the review says on the subject of balancing growth and inflation: “It is critical now to arrest the loss of growth momentum without endangering external stability. The moderation in inflation conditions provides the opportunity for monetary policy to act in conjunction with fiscal and other measures to stem the growth risks.” This comes at a time when quarterly growth in gross domestic product has stagnated at between 5.5 and 5.3 per cent annualized for three quarters.

While fulfilling its promise and ensuring its credibility remains unimpeachable, the RBI has also gestured at the possibility of a further cut. It says that it expects inflation to be “range-bound around current levels” as the next financial year begins, creating some space for expansionary monetary policy. However, this suggestion is carefully qualified, first by saying that any such space is limited – so no deep cuts are likely – and second by pointing out that much depends on “the evolving growth-inflation dynamic and the management of risks from twin deficits”. In other words, the government cannot take its eye off the ball. Its mismanagement of the economy has contributed to a severe problem with the current account deficit as well as the fiscal deficit, and Mint Road has stressed again that it will not clean up the mess created by New Delhi. The RBI has also warned of the dangers of suppressed inflation, saying that the correction of administered fuel prices is “incomplete”. This is a reminder to the government that its fuel subsidy problem is not over.
The review says that “the key to stimulating growth is a vigorous and sustained revival in investment”. This is indisputably true. As the review points out, recent measures from the government have lifted market sentiment and might push investment, but that hasn’t kicked in yet. What is needed is real reform that unleashes productivity gains and removes supply-side constraints. After all, it is important to remember that, while consumer price inflation is so high, financial assets are unattractive to savers. Under those circumstances, deposit growth will be slow – and so banks will find it hard to increase lending regardless of whether monetary policy is loosened.


Posted by: M G WARRIER
January 31 , 2013, 12:06 IST

Let us not expect too much from the graceful action by RBI meant probably to break the stalemate in governance in the financial sector caused by FM and RBI giving an impression that there was more than the permissible levels of ?give and take' between them and media and analysts started worrying only about base rates and inflation. Let us look at this from a different angle. RBI has, for once, being a mature organisation, decided to take FM along, as the ?walking alone' by FM was taking economy into wilderness. A 0.25 percentage point reduction each in repo rate and CRR was in the context of both FM and RBI Governor having reconciled to the fact that GOI and RBI can ill-afford wasting the pre-Budget and post-Budget days arguing about the pros and cons of tinkering with base rates or the rights and wrongs of easing out Deputy Governor Gokarn. There are more important responsibilities waiting for GOI and RBI to concentrate, in the coming days/weeks. Let us appreciate the maturity shown by Governor Dr Subbarao and hope that wiser counsel will prevail upon those in charge of managing the economy.

Posted by: Satish Kapoor
January 30 , 2013, 05:42 IST

Government is hooked to conviction that there a direct relationship between inflation and interest rates and money supply, other factors like productivity, productive distribution, development of human skills to keep pace with the technological advancements etc are irrelevant. The basic concept of Income tax is inherently unable to recognise the difference between the utilization of (profits) surplus generated by economic activity for augmenting the supply side and demand side ? in the form of investments in technological tools and development of human skills or in the form of opulence in the guise of meetings, business promotions and such unproductive business expenses, encouraged by the current form of Income Tax. It requires a paradigm shift from taxing incomes to taxing personal expenses ? in all forms ? spent at home or in business premises. It does not mean that we shift to indirect taxes of commodities and services ? such taxes are regressive and against social justice. We have understand the difference between Value addition through better Infrastructure and Value depletion with schemes like MNREGA.

Posted by: ashok
January 30 , 2013, 00:37 IST

Difficult to see the repo rate below seven per cent even in December 2013.

Letters: Cash transfer loopholes
Business Standard / New Delhi Jan 29, 2013, 00:01 IST
This refers to Shubhashis Gangopadhyay’s article “Who prefers cash transfers?” (January 26). Often, serious academic studies become redundant, since policy makers have scant respect for field-level situations and research findings. At a review meeting of progress made in the preparations to launch the direct cash transfer programme last month, the prime minister observed: “The twin pillars for the success of the system of direct cash transfers that we have envisioned are the Aadhaar platform and financial inclusion. If either of these pillars is weak, it would endanger the success of the initiative.” Those familiar with the happenings on the Aadhaar platform will have the same apprehensions briefly coming out in the prime minister’s statement. Reportedly, the government handed over the electoral rolls in respective areas to public sector banks, operating in the districts selected for launch of cash transfer from January 1, 2013, with instructions to ensure that every household in these districts has at least one bank account. One can only wonder why electoral rolls, and not Aadhaar numbers, were used.
M G Warrier Thiruvananthapuram

Shubhashis Gangopadhyay: Who prefers cash transfers?
The results of a study in Delhi on replacing the public distribution system with cash transfers
Shubhashis Gangopadhyay / Jan 26, 2013, 00:52 IST
BUSINESS STANDARD, January 26/27, 2013
There has been some discussion of late in the popular press and in certain public forums on using direct cash transfers for at least some of the items distributed to the poor through the public distribution system (PDS). In this context, a recent study in Delhi is often being referred to. This study was conducted by the India Development Foundation (IDF) on behalf of Self-Employed Women’s Association ( SEWA)1. The IDF undertook this study for two reasons. First, with Aadhaar and talk of cash transfers, the findings of the study would have obvious policy implications. Second, it allowed us to address an important research question.

There are many studies on cash transfers. Most seem to suggest that conditional cash transfers are more effective in reaching a poverty goal than unconditional cash transfers. Yet this research is not undisputed, and mainly focuses on improving school enrolment rates in Latin American countries2. One of the most controversial issues, which has attracted explicit attention both from policy makers and in academic circles, relates to conditionality. In other words, should transfers be made only if the poor undertake certain specific decisions? Alternatively, should they be given the cash transfer without any conditions attached, for they will take those actions in any case? If the second were right, it would vastly reduce the cost of monitoring the decisions by the poor. Observe that the PDS to those below the poverty line (BPL) is a subsidy to the poor only if they buy the goods distributed through ration shops. On the other hand, if the subsidy amount is directly given to the poor households, it is an unconditional cash transfer without any explicit condition attached to it on how they can spend it.
There are many who say that direct cash transfers would not have the desired effect since poor households would spend the extra cash on things other than food. In particular, men in the poor households will spend more on alcohol instead of the food they were getting from the PDS. It is important to understand the assumption behind such fears. For one, the poor, it would seem, have behaviours that are inherently different from the non-poor. They, unlike us, generally prefer alcohol at the expense of food. Alternatively, there is something triggered by poverty that makes them more vulnerable to choose alcohol over food. Whether or not this is true is an obvious research question.
In our study, we first asked how many would want to get cash in lieu of their BPL cards. We randomly divided all those who came forward into three groups. Group 1 got the cash transfer through a bank account that was opened for the woman in the household; their BPL cards were stamped by the Delhi government stating that they were not eligible to get anything from the PDS shops for one year from the date of the stamp. A bank account was opened for the woman in Group 2, but no cash was given to her and she could use the BPL card in the PDS shop. Nothing was done for Group 3. The reason for creating Group 2 was to isolate the impact of the cash transfer from that of having a bank account.
We first checked that the three groups were more or less similar in their observed characteristics and in their pre-experiment behaviours. We studied their behaviours twice more — once after six months and then again after the completion of one year. We analysed the changes in their behaviour over this year to see if, and how, the behaviour of Group 3 people was different from the other groups.
Recall that a common criticism against unconditional cash transfer in lieu of an in-kind food subsidy (or a conditional cash transfer) is that households would spend less on food and more on other things that could lead to a loss in nutrition with harmful long-term effects, especially on children. Our study does not find any evidence for this. Moreover, we find that unconditional cash transfers provide opportunities for households to shift to other nutritious options in the non-cereal segment. The BPL card primarily subsidizes cereal group items such as rice and wheat. Therefore, it is in line with expectations that unconditional cash transfers instead of a BPL card would increase the intake of other nutritious food such as pulses, milk, egg, fish, meat, fruit, vegetables, etc. What is remarkable, though, is that this increase in non-cereal food items is not compensated by a decrease in calorie intake from cereal food items. Our experiment provides empirical support to the hypothesis that unconditional cash transfers to poor people may be an important instrument to improve food security.
We also observed an interesting effect of cash transfer on those who did not receive it. This is the spillover effect. In particular, we found that the service quality of PDS shops improved over the period of the experiment. Our hunch is that this happened because the PDS shops now faced “competition” from private shops as some of their clients had now shifted to private shops. However, to fully understand this interesting result, more research is needed. 
At the very least, the study suggests that there could be poor households that would prefer the cash transfer compared to the PDS and the objectives of the PDS would not be compromised. This is true in at least those cases in which the poor have access to alternative sources of supply, as is the case in most urban centres.

1 Shubhashis Gangopadhyay, Robert Lensink and Bhupesh Yadav, “Cash or Food Security Through the Public Distribution System? Evidence from a Randomised Controlled Trial in Delhi, India”, September, 2012
2 IDF is currently carrying out a study on cash transfers to stop girls from dropping out of school
The writer is research director at IDF and director of the School of Humanities and Social Sciences, SNU

Latest Messages

January 27 , 2013, 08:57 IST

Serious studies like this become redundant as policy makers have scant respect for both field level situation and research findings. But that should not stop academic studies or media debate as these will definitely have an impact on the speed with which those in power will drive the economy into accident-prone zones! The confusion about the direct cash transfer being openly expressed by different agencies and stakeholders supports this observation. Prime Minister made the following observation at a review meeting of progress made in the preparations for launching ?Direct Cash/Benefit Transfer' programme last month: "The twin pillars for the success of the system of Direct Cash Transfers that we have envisioned are the Aadhaar Platform and Financial Inclusion. If either of these pillars is weak, it would endanger the success of the initiative." Anyone familiar with the happenings on the Aadhaar platform and those who have been following the chase after ?Financial Inclusion' since 1970's (Lead Bank Scheme era) till date will have the same apprehensions briefly coming out in the PM's observation. Reportedly, government handed over the electoral rolls in respective areas to the Public Sector Banks operating in the districts selected for launch of Cash Transfer from January 1, 2013 with instructions to ensure that every household in these districts has at least one bank account. Bank employees may not risk their jobs by not adhering to the ?instructions' from North Block. We can only wonder why electoral rolls and not AADHAAR numbers were being used. Someone says, when everything is with Elections 2014 in view, why not start with electoral rolls in the first place! If Centre's objective is more transparency and fewer leakages in reaching out the benefits to the poor, planning should start from grass-root level. The local bodies, revenue officials from the villages upwards, branches/offices of banks, cooperatives, NBFCs, social organisations operating in the respective areas should be taken on board while identifying the beneficiaries and disbursal of benefits. This programme is different from providing telephone/mobile connections or reaching out with medicine for polio. Banking is a two-way relationship with several changing dimensions. ATMs and hand-machines with Banking Correspondents cannot substitute for personal relationship a banker cultivates with his clientele over time. M G Warrier, Thiruvananthapuram

January 26 , 2013, 12:22 IST
Good research. However, knowing the ideological nature of the author, i just hope it was not unconsciously designed by the author to confirm his biases. I mean there must have been some families where the power center in the household(the male patriarch?) appropriates the direct cash transferred amount and diverts it from basic requirements of other family members to his personal inessential needs. This is not an unlikely scenario. And as to why this behavior, why the poor will behave differently from us well-off citizens? Because they are so cloe to the edge! If i as a child am neglected by my middle class parents i will still manage to get a fair nourishment! Plus it is such a small part of the middle class family income that spending it on the weaker members is not begrudged. It is only when the family income is so small that diversions for basic needs of the weaker members will be quite substantial that the patriarch might make a decisive choice in favor of personal consumption. This option would not be available with a PDS system. Makes sense?

January 26 , 2013, 01:21 IST

The poor make rational, sensible choices with their money. They cannot afford not to. That luxury is reserved for the bankers.

Thank God!

Morning, one gets up from the bed
How many hands would have worked to make the bed?
Think from the cotton field….to the one who put the sheet on it yesterday
Continue the same thought process upto the glass of water you drink or the medicine you take before going to bed….
Thought will go to thousands of invisible hands….
Let us thank all of them before going to bed again!
This will be difficult and therefore man invented God!
Thank God!!

M G Warrier

Whether you call it tax or forgoing some benefits, FM should not feel shy about asking super-rich to participate in the development process by contributing their share from the accumulated resources with them to partially ‘cleanse’ India’s Balance Sheet. A substantial portion of the ‘cash’ with the super-rich has their origin in defective policies of government. If government had ensured some self-regulation to ensure payment of ‘real’ wages, payment of market-related prices for the resources they used and reasonably transparent accounting of sources and uses of funds combined with a commitment to plough back at least a part of the profits made out of public funds and resources like land, electricity, water etc they received at subsidized rates, the position would have been different.

Chidambaram says no rift with RBI on rate cut

The writer has posted comments on this articleSidhartha Email this article
Save this articleMy Saved articles
NEW DELHI: Finance minister P Chidambaram on Wednesday sought to bury differences with the Reserve Bank of India, saying the central bank had the final call on monetary policy.

During the investor meet in Singapore, several foreign financial sector players are learnt to have pointed to the fact that the government and RBI seemed to have divergent views on interest rates, with the finance ministry backing a reduction in key policy rates to push growth, something that the central bank has not done so far. Sources present in the meeting told TOI that Chidambaram was quite quick and candid in pointing out that the views of the central bank and the Indian government were the same. At the same time he is learnt to have said that government will always look for growth, while the central bank will always want to tame inflation, which required attention.

Terming it as a "healthy debate", the finance minister said that the final call will be made by the central bank which in line with its independent existence. The statement comes days before RBI's quarterly policy review on Tuesday.

Over the four months or so, the finance ministry has gone public with its suggestion to shift to a monetary easing stance given the severe moderation in industrial growth and a decline in exports. Overall, GDP growth too is expected to hit a decade low of 5.7% this fiscal, resulting in shriller calls for a rate cut, especially from the industry. RBI has, however, stood its ground and has not opted for a rate cut, citing high inflation. Inflation based on the wholesale price index was estimated at 7.2% in December, while retail inflation was back in double-digits.)

Sort by:Newest|Oldest|Recommended (0)|Most Discussed|Agree|Disagree|Logged in CommentsNew!
M G Warrier (MUMBAI) 11 mins ago
Singapore weather and environment, it seems, has helped. How long one can walk alone? Everyone who has any stake in India’s economic development will welcome this statement coming from the country’s FM. The thought expressed is consistent with what Dr Subbarao has been telling all along. GOI has recently come to terms with the need to coexist with institutions like RBI and CAG. In a communication to a Parliamentary Committee government appreciated CAG Vinod Rai’s approach to audit and confirmed that CAG has not done any harm in the recent past. Slowly, government should also accept the criticism by Kejriwal and Rahul Gandhi about ‘centralization’ of power and respect for rule of law as it exists and review the hasty steps government took in regard to UID-linked benefit transfer even before necessary linkages were in place, introduction of NPS even before legislative support after necessary deliberations in Parliament and making hurry about Financial Sector Legislative Reforms(this list is illustrative).


Popular posts from this blog


The King of Ragas: Sankarabharanam