Warrier's blog

How the Constitution has evolved over the years - The Hindu My VIEW: Looks a well-researched and interesting work. M G Warrier

How to protect and grow your nest-egg post-retirement - Moneylife

Former Prime Minister Manmohan Singh meets Prime Minister Narendra Modi - The Hindu My VIEW: The two statesmen have made a good beginning by starting a meaningful dialogue in a healthy environment. Since May 2014, Prime Minister Modi has been stressing the responsibility of the elected representatives to jointly take decisions on crucial issues, after due deliberations in legislatures. Each voter voted for the candidate/party considered best among the available during the election. There was no premonition about whether the candidate s/he voted would be in the ruling ‘coalition’ or in the opposition when the election was over. This disadvantage of the Indian voter, bestows a heavy responsibility on the candidates getting elected. That responsibility is of participating in the governance of the country with full involvement. Though for the purpose of parliamentary debates, treasury benches have to be responsible for the policies and those in opposition need to oppose wrong policies an...

Kamadenu: Gitacharya. #Krishnafortoday #watercolor : Gitacharya. #Krishnafortoday #watercolor

Pensions for elderly should be linked to real-value: Rajan | Business Standard News My VIEW: This report is of February 20, 2015. As quotes from this report are getting circulated in mails, thought my readers could read the text of the BS report. M G Warrier

A model son - The Hindu

The Mentor is now the mentor - The Hindu My VIEW: Letters May 27, 2015 Mentor-mentee chemistry This refers to the article “The Mentor is now the mentor” by Prince Frederick (The Learning Curve, May 27). The concept of mentor, like the concept of Family Doctor is most relevant in today’s world. Different mentors for different areas of ‘specialisation’ and juniors having to double up as ‘mentors’ for seniors or sometimes bosses are all realities we have to live with. Speaking at a function organised by RBI in Mumbai, Prime Minister Narendra Modi praised RBI Governor Rajan for his teaching abilities as evidenced at periodic briefings he gave to the Prime Minister. Not just in the areas of high profile professions, but right from the KG student to ailing senior citizens also, identifying a dependable mentor will help improve attitudes and approach to challenges they have to face every day. M G Warrier, Thiruvananthapuram

Cartoonscape - May 26, 2015 - The Hindu My VIEW: Venkateswaran was right when he said "Immages cannot be better than the original" Technology has progressed since then. Now, it is a tough job to distinguish between the original and the immage. Confused, many a time, mirrors are broken! M G Warrier

Narayana Murthy for supporting Modi - Moneylife

Decoding the new labour code | Business Standard Column My VIEW: Labour laws need tobe taken more seriously by the labour, meaning all workers who depend on wages for a living. For them, adequacy of wage, job security, working environment, social security measures like healthcare, education and skill-development, post-job life and several other related aspects are important. The present deliberations are mostly one-sided assuming workforce as an enemy or exploiter of the owner of establishment. M G Warrier

Will Modi trot or knot? - The Hindu

Will the new gold scheme succeed? - Moneylife My VIEW: Read with the comments so far, fairly detailed analysis. This scheme or some other scheme or a combination of schemes and policy initiatives have to succeed in bringing to the mainstream economy of India a substantial portion of the GOLD HOARD, and sure this will happen. Public can, according to media report share their views on the draft scheme at  http://www.mygov.in  As one who has been relentlessly campaigning through LTTE(Letters To The Editor) and articles published including at this site and The Hindu Business Line(Gold management needs a makeover, April 12/13, 2012), I am hopeful of some positive results during the next 2 to 4 years. Now that a beginning has been made from the Government’s side, it is for the stakeholders to come together and make the scheme a success. Viewed independently, every hurdle will be insurmountable. But if there is consensus that at least 2 to 3 per cent of the estimated domestic gold ...

RBI wins battle to keep debt management role - The Hindu My VIEW: May 23, 2015 Letters Debt management This refers to the report “RBI wins battle to keep debt management role”(May 22). The slightest insinuation that RBI and Finance Ministry fight a ‘battle’ whenever there is a difference of views, is most unfortunate and I would accuse that it is in bad taste when my paper ‘The Hindu’ indulges in it! Good governance is a product of healthy consultations among ministries, statutory bodies and all stakeholders in the relevant area and difference of views will always be there, if democratic functioning is allowed. When governments behave as ‘owners’ and make all other wings(judiciary, executive and so on) dance to their tunes, the rot begins. Though not yet irretrievable, some signs of such a stance had appeared. Media and statesmen should try and correct such tendencies. M G Warrier, Thiruvananthapuram

Gold management needs a makeover | Business Line My VIEW: My article published on April 13, 2012 being posted in the context of my comments on the report "Centre moves to unlock the gold hoard"(Hindu Business Line, May 20, 2015) M G Warrier

Centre moves to unlock the gold hoard | Business Line My VIEW: Great! Feeling happy, though the initiatives are coming a bit late. Idea of exploiting the benefits for Indian Economy from domestic gold stock was mooted from RBI during the late 1980's and early 1990's when Dr Y V Reddy and SS Tarapore had worked on setting up a Gold Bank which did not find favour with the then authorities. My own article "Gold Management  Needs a Makeover" was published in this paper on April 12/13, 2012. M G Warrier, Thiruvananthapuram

Happy at Heart: Dr Tiny Nair Happy at Heart by Dr Tiny Nair is a book you should buy and keep accessible 24X7. In the Amazon.com collection, the book is at 2000 plus in the Best Seller ranking, among few lakhs of books available. Said this to emphasise that the book will sell without further marketing, but every day you delay owning it, your chance of getting an extended tenure of healthy, happy life will get reduced by some percentage! The clue given in the introductory quote for Chapter 59, copied below may give you some idea about what the book can offer you: “The best feeling in the world is realizing that you’re perfectly happy without the thing you thought you needed”- Marxie Posting this on a day someone tells me, Mukesh Ambani has bought a Rs 8 crore bullet-proof car. Am I not lucky, I could live happy much longer without feeling the need for such a vehicle? And work out the cost of oxygen I have inhaled during the last 70 plus years. It came very cheap for me! M G Warrier

Bad asset blues | Business Standard Editorials

Black money and international thugs | Business Standard Column

T N Ninan: Cut Prime Minister Narendra Modi some slack | Business Standard Opinion | Business Standard Column

Pension body to invest ₹6,000 cr in exchange-traded fund this year | Business Line My VIEW: Government should encourage statutory bodies managing huge funds to build in-house expertise for fund management and allow drawing external support where necessary paving the way for top managements of such organisations decide what is best in the interest of the mandate of the organisation. Every decision being imposed from the above, finance ministry pretending itself as the omniscient owner of nation’s resources will damage the international reputation of the Indian financial system. Rs27,000 crore lying inactive in over 8 crore inoperative accounts of EPFO is no small amount. Add to this the ‘unclaimed’ premiums and maturity proceeds of policies lying with LIC and the balances in the ‘inoperative’ accounts with banks and several financial institutions which are not banks. GOI should consider freezing these balances with strict instructions to the institutions to track the right ...

BJP's labour arm softens stand on retrenchment, EPFO investment | Business Standard News My VIEW: May 16, 2015 Managing labour This refers to the report “BJP’s labour arm softens stand on retrenchment, EPFO investment”(May 16/17). It is comforting to see that there is a positive initiative from government’s side for a meaningful dialogue with representatives of workers on crucial changes in labour laws and the workers represented through their unions are reciprocating in a proactive way. The government and the unions are not still free from the hang-over of pre-2014 Election days when there were distinct positions on every issue of public interest taken by government(or the combination of political parties which were in charge) and the opposition(the coalition that failed to make numbers to form the government) and debates in legislatures or in the media were not issue-based. Ruling coalition and the opposition mustered the support of their various arms among worker...

Situation Remains Unchanged - Moneylife Read my response included here: Living Conditions of Masses This is with regard to “Who Does the Modi Sarkar Really Represent?” by Sucheta Dalal. Looks like the time is ripe for a SWOT of sorts of the India Growth Story! Just speeches can no longer sustain people’s enthusiasm. Nor can expectations about the inflow of foreign capital or slogans like ‘Make in India’. Something ‘real’ has to happen at the ground level. The negative indications are coming from the approach of political leadership which has not risen beyond caring about winning elec-tions. The country should take advantage of the support received from Narendra Modi, Vinod Rai, Arvind Kejriwal, Sitaram Yechury and Raghuram Rajan, who have opened debates during this dec-ade, which can change the living conditions of the masses in India. MG Warrier 

Bad loans haven't peaked yet: Rajan | Business Standard News My VIEW: IT’s a welcome move This refers to the report “Central bank plans IT subsidiary to check cyber frauds”(May 15). Read with the RBI central board director’s observation that “today, we have banking which uses IT; tomorrow, it is going to become an IT company that does banking”, the proposal to have an IT-dedicated subsidiary makes immense sense. If the proposal has to materialise, Dr Rajan will have to identify the E Sreedharan who can be entrusted with the job of making the impossible possible. Generally, the clients of IT-giants in Indian financial sector are already twenty years late in recognising the ills of outsourcing services which are going to be of long-term nature. It is not just the financial exploitation by the service providers that affects this category of IT-users. As the contracts have fixed tenures, this affects future planning. Long-term dependence on single service provider result...

The rupee remains fragile | Business Line

K V Kamath: A man who always challenges the status quo | Business Standard News My VIEW: I ADORE HIS ACHIEVEMENTS. BUT, FRANKLY, ENVY HIS HEIGHT ! Kamath gets into the list of 'Men to watch' which already has: Aravind Kejriwal, Narendra Modi, Raghuram Rajan, Sitaram Yechuri and Vinod Rai. Congratulations to K V Kamath. When Dr Raghuram G Rajan's name was being floated in the media, with a motive of getting Rajan retained as RBI Governor for a few more years, I had commented that the top post at BRICS Bank was not so high. India has shown to the world now that the country can offer talent to international bodies, as and when need arises, without disturbing its own institutions. Kamath will definitely take BRICS Bank to the heights the institution can grow and may set standards and norms which organisations like World Bank will have to'follow'. M G Warrier

Angels in white - The Hindu My VIEW: This refers to Dr Tiny Nair’s short poem “Angels in white”(Open Page, May 12). Many of us are very miserly when it comes to expressing our thanks. Sometimes, we are selective also, as in this case. Mother’s love, the white angel’s care(subject of this poem), the sleepless vigilance and 24X7 security provided by the men in uniform are all taken for granted, to the extent that the individual concerned  gets a shock or become suspicious of motives, if someone gracefully thanks them or try to share their concerns. A sincere smile(the way world is going, even the word smile needs to be ‘qualified’) or an open word of thanks graciously expressed, definitely gets acknowledged by efforts to serve better. Writing about father Evelyn Waugh had this to say: “My father spent the last 20 years of his life writing letters. If someone thanked him for a present, he thanked them for thanking him and there was no end to the exchange but death.” Let...

In Naxal hotbed, PM initiates projects worth Rs 25,000 cr | Business Standard News My VIEW: A welcome move...Worth watching follow up and further developments... M G Warrier

StatsGuru: Tracking the rupee's movement and what it means | Business Standard News

Modi launches three ambitious social security schemes - Moneylife My VIEW: In the anxiety to reach out to more people, which is not a bad idea in a country with a population of 1.25 billion, many of our plans, projects and schemes overlook the end-use and ultimate objective. Sometimes, the overenthusiasm to cover more numbers, give a feeling that policies are motivated by the anxiety to sustain a low-income population which is perennially willing to remain at ‘above starvation level’ with an ulterior eye on cheap labour. At some stage, government will have to think in terms of poverty elimination by ensuring adequate job opportunities, living wages, universal healthcare, improving literacy to an acceptable level, reasonable level of social security for the aged and the ‘challenged’ and make economic development more participative. If poverty alleviation is the objective, the present system where lenders and entrepreneurs are protected at the cost of workforce which has a ...

Modi repackaging UPA schemes: Congress - The Hindu

Famous works of art give Tehran a makeover - The Hindu

Celebrating an epochal 70 - The Hindu My VIEW: Dr P K Warrier This refers to the report “Celebrating an epochal 70”(May 11, 2015). Perhaps the best way people of Kerala and lovers and beneficiaries of Aayurveda the world over could honour Dr P K Warrier on the occasion of his celebrating the Saptati of his stewardship of The Arya Vaidya Sala, Kottakkal would be to listen to the concerns and wishes expressed by him on May 1, 1994 in the Preface to the English edition of Chikitsa Sangraham (Authored by Vaidyaratnam P S Varier, founder of Arya Vaidya Sala) and take forward the initiatives already taken by him to realise his vision. He wrote: “Though preliminary steps are already on for the large scale cultivation of herbs in a scientific manner, it is high time that the Government and private agencies urgently make efforts in this direction. It is a happy augury that many new projects are being formulated by the Government for the development of Ayurveda. But it cannot be...

Decoding the new labour code | Business Standard Column

M Ramachandran: Smart accountability | Business Standard Column My VIEW: The arguments in this article need to be further extended to various levels and across geographies and sectors. The results will be astounding. M G Warrier

Microfinance is no economic miracle | Business Line My VIEW: Microfinance This refers to the article “Microfinance is no economic miracle”(May 9). Generally, we find such analyses taking a view from the common man’s perspective, either in political speeches or submissions by research scholars. In the anxiety to reach out to more people, which is not a bad idea in a country with a population of 1.25 billion, many of our plans, projects and schemes overlook the end-use and ultimate objective. Sometimes, the overenthusiasm to cover more numbers, give a feeling that policies are motivated by the anxiety to sustain a low-income population which is perennially willing to remain at ‘above starvation level’ with an ulterior eye on cheap labour. At some stage, government will have to think in terms of poverty elimination by ensuring adequate job opportunities, living wages, reasonable level of social security for the aged and the ‘challenged’ and make economic development more pa...

The Hindu religion column: Vicious tendency - The Hindu FAITH VICIOUS TENDENCY In the Mahabharata, the root cause of sorrow experienced by many is that there is no due respect for one another and the tendency to cause shame and dishonour is dominant, said Swami Paramasukhananda in a lecture. When beings tend to humiliate each other, they fail to see the divine presence in every being. When one is hurt or humiliated by the words and deeds of another, it takes root in the affected person who nurtures ill will against the other person and waits for a chance to retaliate. Or at times he creates a situation when he can give back what he has received. When Drona, a Brahmin, and Drupada, a Kshatriya, happen to learn in the same Gurukula, they become thick friends and vow to remain so all their life. Childhood friendship leads to such promises that are generally forgotten when each one is led to tread different paths, vocations and callings. Drona becomes a teacher and Drupada a ruler in...

Cabinet gives approval to pension, insurance schemes - Moneylife My VIEW: Atal Pension Yojana will provide some work and funds to the administrators of NPS. If authorities are genuinely interested in providing social security, efforts to harmonise the working of Employees Provident Fund Organisation and PFRDA is essential. For workers in the organised sector, the responsibility of ensuring adequate post-retirement care should fall on the employer. Defined-benefit pension scheme should be restored in organisations which should be guided to create pension funds based on actuarial studies. The thoughtless introduction of NPS has made pension system lose its credibility. GOI should at this late hour revisit the whole issue instead of making ‘popular’ announcements about social security. Finally, the bill for providing social security will be back at the doors of the tax-payer. There will be some relief, if the employees demand and get wages with built-in retirement benefit co...

Gold monetisation: Govt scheme to involve jewellers | Business Standard News My VIEW: The well-researched analysis has covered several factors which can cause set-backs as the scheme gets implemented. The IIM Professor Errol D’Souza’s suggestion that the interest rate on gold deposits should be two to three per cent is realistic, in the Indian context. The fear of arbitrage does not stand to reason, as it will be too hypothetical to expect that anyone will take the trouble of taking gold on lease and deposit in India which temptation can easily be discouraged by appropriate disincentives. The real challenge is presenting a user-friendly scheme which will attract individuals and organisations now holding on to solid gold as a ‘secure store of value’ to trust the ability of the government and implementing agencies to ensure the liquidity and protect the gold investments valued at ‘current’ gold prices. Whether the scheme succeeds or not, another area which needs quick attention is sett...

About a rollback | Business Standard Editorials My VIEW: This is a typical 'media' response, giving out mixed signals. Before the FM himself corrected the wrong move, mainstream media did not flag the reasons for not going ahead with wholesale changes in the financial system through 'smuggled' paragraphs in the Finance Bill which does not go through the due process of legislation. M G Warrier

Laurie Baker - The Hindu May 5, 2015 Laurie Baker Many will remember with gratitude Laurie Baker and his contribution to the concept of “budget houses”, but much of it is unknown to the present generation (“Laurie baker: The man, his work and his tales”, Open Page,  May 5). The question, “Where is India, mother?” and the answer “Oh somewhere far away, across the seas,” may be all too familiar in several ‘Indian’ families abroad and the present day ‘hybrid’ Indian youth who only wait to leave India in order to learn about it! On the other hand, here was an icon who chose to discover India. My only regret is that the openness of Laurie Baker who said, ‘one need not plan a house to last for more than 50 years’ made me sceptical about the strength of Baker construction. Instead, I opted for a traditional, ‘modern’ house! M G Warrier, Thiruvananthapuram

Letters: Reliable data | Business Standard Letters

Men's rights activists demand reforms in family laws - Moneylife

Laurie Baker: the man, his work, and his tales - The Hindu My VIEW: First, gratitude to The Hindu and the author, for giving an opportunity to oldies like me to remember the life and times of Baker and his contribution to the ‘concept of budget houses’ in India and to the present generation to have a peep into a legend’s life. The question, “Where is India, mother?” and the answer “Oh somewhere far away, across the seas,” may be too familiar in several ‘Indian’ families abroad and more unfortunate, the present day ‘hybrid’ Indian youth too may be availing sabbatical for going outside India to learn about India! My regret is, the simplicity and openness of Baker who said, ‘one need not plan a house to last for more than 50 years’ made me sceptical about the strength of Baker-type construction and opted for a traditional house! M G Warrier, Thiruvananthapuram

Letters: Reliable data | Business Standard Letters

Gold management | Business Line This refers to ‘All that glitters is not gold’ by Sutanu Behuria (May 4). The purity issue needs immediate attention. Those who are in the business of encashing people’s craze for gold by selling spurious products in the absence of reliable technology to check quality have started moving to platinum and diamond jewellery. The time is ripe for the authorities to think in terms of dedicated professional institutions to 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. Such a set-up will command respect and manage skills needed to instil credibility about certifications. States like Kerala have successfully intervened in similar sectors such as chits 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. The establishment of ‘gold cor...

Modi is 100% on expectations in his first year term: Kumar Mangalam Birla | Business Standard News Positive strokes... "It is unrealistic to expect that change will happen in one year. Even if you take over a company and try to turn it around, it cannot be done in one year. Here we are talking about the whole country, a very complex country. What I see is that there is focus on the right areas and there is a lot of work going on. They (the Modi government) are doing the right things. And it is very reasonable to expect that they will take another year before we actually see the impact on the ground. Modi is 100 per cent on expectations in his first year term." KUMAR MANGALAM BIRLA  

Dispense with TDS and save tax payers from harassment! - Moneylife My VIEW: The taxation system, like the legal system continues to be extremely complicated in India. While tax is the 'bread and butter'of government which has several constitutional and social responsibilities which can be performed only if it is able to mobilise adequate resources,the method of collection can definitely be made less painful. Just one example. Just as the payment of tax on dividend has been made the responsibility of companies and the dividend declaration will factor in this outgo,all organisations which pay interest on deposits received(including banks) should be assessed on the basis of gross interest payment and the rate of interest should be net of this tax payment. M G Warrier

Equal rights | Business Line My VIEW: Excellent. M G Warrier

The central bank gold rush | Business Line My VIEW: Excerpts from my article "Gold management needs a makeover" published in The Hindu Business Line, April 13, 2012" "The Government and RBI decided rather late, or in the last quarter of 2009, to increase the gold component in the country's forex reserves by about 200 tonnes (valued at over Rs. 30,000 crore) by way of a purchase from the International Monetary Fund. MAKE GOLD TRADABLE While the overall stock position and central bank's holding of gold are not that impressive, our country imports around 800 tonnes of gold annually, which is no mean quantity. The deployment of this precious metal to the advantage of the nation makes for a sorry story. Gold should be restored its status as a store of value by making it tradable, secure and available in ‘paper' form, against actual stocks of pure and standard gold. It is high time gold is accorded the position it deserves in forex reserves manag...

All that glitters is not gold | Business Line Also read my article "Gold management needs a makeover" published in The Hindu Business Line on April 13, 2012. My response to the article: Gold management This refers to the article “All that glitters is not gold”(May 4). The purity issue raised need immediate attention. Those who are in the business of encashing the people's craze for gold by selling spurious products in the absence of reliable technology to check quality have started moving to more grey areas like platinum/diamond jewllery. 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. Such an institutional set up will be able to command respect and organise and manage the kind of skill needed to instil credibility about ...

'Now, we are at the stage of financial business' | Business Standard Column

Statistics ministry rebuts RBI's doubts over new GDP series | Business Standard News My VIEW: As RBI has to base policy decisions on hard data, it is imparative that the central bank gets information that is convincingly credible. Fortunately, RBI and CSO have experts who can sort out issues and MoSPI need to take the responsibility to ensure a system which will compile and generate reliable statistics on an ongoing basis and figures which are not stale are made available to organisations like RBI whose policy perceptions have much to do with the resources mobilisation and deployment of scarce resources including finance. Meanwhile, political leadership and social organisations should get involved in development initiatives at the grass-root level so that non-availability of minimum livelihood conditions gets highlited fast and addressing issues like families going without minimum nutrition, shelter, potable water, toilet facilities education facilities and electricity are not m...

How the sub-prime crisis unfolded - The Hindu My VIEW: Will be happy, if our policy makers read at least this excerpt from this review: "What happened in the U.S. in the 2000s had already happened in Japan in the 1990s. What is needed is that a country not only learns from the mistakes of its own past, but also learns from the mistakes of other nations. This would be very relevant for emerging countries as they would start going through the phases which some of the developed nations have already gone through." M G Warrier

Public debt plan - The Hindu My VIEW: Please read my response to the same story, mailed to The Economic Times on April 29, 2015: April 29, 2015 Public Debt Match-Season I This refers to the report “RBI, Govt One All in Public Debt Match”(April 29). Intentions behind the proposal for an independent Public Debt Management Agency ‘outside’ RBI and GOI are indeed noble. Beyond expertise, ultimately, as the agency will have to handle ‘debt’ which is dependent on credibility and clout of the borrower, for the moment, it is better to continue status quo. Every time a new initiative or decision is taken affecting financial sector, we have a legacy of vested interests trying to tilt the decision in their favour by putting a wedge between GOI and RBI. It is comforting to see that the present RBI Governor and Finance Ministry have understood the game and are working in tandem. It would be expedient to allow RBI to continue public debt management at least for another decade. Reason...

May Day 2015…Where the Mind is Without Fear… Where the Mind is Without Fear… By Rabindranath Tagore Where the mind is without fear and the head is held high; Where knowledge is free; Where the world has not been broken into fragments By narrow domestic walls; Where words come out from the depth of truth; Where tireless striving stretches its arms towards perfection; Where the clear stream of reason has not lost its way Into the dreary desert sand of dead habit; Where the mind is led forward by thee Into ever-widening thought and action— Into that heaven of freedom, my Father, let my country awake.

Charity, a Good Karma - Moneylife

Building a young nation of character - The Hindu My VIEW: Comforting to see that, of late, at least some loud thinking on such issues is happening! M G Warrier