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Showing posts from June, 2015

Don’t push | Business Line

Don’t push | Business Line My VIEW: This was in response to a report in Mathrubhumi Daily(June 30, 2015). M G Warrier

Why I’m worried, my children - The Hindu

Why I’m worried, my children - The Hindu My VIEW 'A poem is best appreciated, if the reader would have written the same way, if s/he was the poet',someone had said something like this. Remembered this after reading this piece. I quote: " If you just look around and observe society today, I’ll not have to explain what I’m lamenting about and why I’m worried of the growing-up generation. Greed and selfishness remain the driving forces behind the lives of people of the current generation, in spite of all the education we got. People confine to themselves and are ready to go to any extent for their own pleasures. Every ounce of power and authority is more often used for favouritism or selfish gains than for any social good. Though values are preached in classrooms and students score high marks in such topics, they fail to imbibe and practise what they learn. And, dear children, that precisely is my concern about the society we are meant to mould out of you. I am sure you

APAROKSHAANUBHUTI : SELF-REALISATION

APAROKSHANUBHUTI: SELF-REALISATION June 29, 2015 This page will carry notes/comments I will be recording, as I go through the book with the above title published in 1938 by Advaita Ashrama, Calcutta. The copy before me was purchased on November 13, 1987 in Mumbai at a price of Rs5.90(Rupees five and ninety paise) and belonged to sixth impression brought out in July 1982. The book has 144 stanzas in Sanskrit with English translation and brief comments (By Swami Vimuktananda), in 88 pages. Aparokshanubhuti, while presenting a brief description of Vedanta deals specially with realisation(Anubhuti) of the highest truth. Such realisation, is an immediate and direct perception of one’s own Self, which is here indicated by the word Aparoksha. Sriharim Paramaanandamupadeshtaarameeshwaram Vyapakam sarvalokaanaam kaaranam tam namaamyaham(1) I bow down to Him- to Sri Hari (the destroyer of ignorance), the Supreme Bliss, the First Teacher, Iswara, the All-pervading One and the cause of all Loka

IIMs and autonomy - The Hindu

IIMs and autonomy - The Hindu My VIEW: When Prime Minister Modi announced from the ramparts of Red Fort on August 15, 2014, that the Planning Commission is an old building which is in disrepair and that he proposed rebuilding it instead of renovating it, there was wide acceptance of the spirit behind the statement. That does not mean that truncating or replacing or the destruction of all organisations, systems and institutions which are there in their own rights will be welcomed by stakeholders. Sometime ago, the RBI Governor had put it bluntly: “Don’t fix it, if it’s not broken!” There is enough already on the drawing board to keep the government of India busy; any attempt to crowd it further without attending to pending work will only be counterproductive and disastrous. Instead, it should concentrate on a review and revamp of the National Pension Scheme, financial sector reforms, and social security schemes instead of wading deep in the muddy waters of political expediency with an

Global economy risks 1930s-type Great Depression: Rajan - Moneylife

Global economy risks 1930s-type Great Depression: Rajan - Moneylife My VIEW: One wishes, those who are managing world’s resources listen to the concerns expressed by Dr Rajan. In the introduction to his book “Fault Lines”, Dr Rajan explains the use of the metaphor of fault lines thus: “In geology, fault lines are breaks in the Earth’s surface where tectonic plates come in contact or collide. Enormous stresses build up around these fault lines. I describe the fault lines that have emerged in the global economy and explain how these fault lines affect the financial sector.” Quoted this, to flag the clarity of the teacher in Rajan in explaining the multi-dimensional economic riddles bothering governments, planners, economists and other stakeholders at this crucial stage of economic development and the acceptability of his suggestions. Dr Rajan concluded his postscript to the book with the following observation: “We have uncovered deficiencies, and we know that the system has l

Let IIMs be free of government stranglehold - The Hindu

Let IIMs be free of government stranglehold - The Hindu My VIEW: When Prime Minister Modi announced from the ramparts of Red Fort on August 15, 2014 that the Planning Commission is an old building which is in disrepair and he proposed to re-build it instead of renovating, there was wide acceptance of the spirit behind the statement. That does not mean that truncating or replacing or destruction of all organisations, systems and institutions which are there in their own rights will be welcomed by the stakeholders. Sometime back RBI Governor had put it bluntly: “Don’t fix it, if it’s not broken!” For GOI there is enough on the drawing board and for the present, any effort to crowd it further without attending to the pending work will be counter-productive. Instead, the government should concentrate on review and revamp of initiatives like NPS, Financial Sector Reforms, Social Security Schemes and so on which are now embedded in muddy waters of political expediency with an

Yoga can make the world a better place | Business Line

Yoga can make the world a better place | Business Line My VIEW: The way world has responded to the idea of accepting Yoga in right spirit is comforting and soothing in another sense! It was a great experience to watch on TV the coverage of the observance of Yoga Day the world over. The acceptance of YOGA by the world is an encouraging signal. If majority of the population in the world in the age group of 12 to 18 submit to any discipline, like Yoga, Scouts, National/Police Cadet Corps which include regular exercise and lessons of good behaviour, for 30 minutes a day, 3 days a week, the world will be a better place to live. Costs on war and preparations for war will come down drastically. AA NO BHADRAH KRATAVO YANTU VISHWATAH (Let noble thoughts come to us from all sides) M G Warrier, Mumbai

How to spend retired life - The Hindu

How to spend retired life - The Hindu My VIEW: I agree with Rajan. I retired in 2003. These days, I spend 6 months every year in Mumbai and rest of the year in Thiruvananthapuram. My Laptop helps me to remain connected with the rest of the world. Reading, writing, interacting with family and friends, watching TV…one has enough things to do to kill time. Then there are books. From Bhagavadgita to Happy at Heart (By Dr Tiny Nair: I recommend this book to you. You will keep it on your table!). After writing notes and drafts in office for 35 years, it is a welcome change to publish letters/articles and get requests/comments from editors/authors. I enjoyed reading Rajan’s article. Thank you, Open Page! M G Warrier

New Income-tax Return Forms - Moneylife

New Income-tax Return Forms - Moneylife Review The Approach! This is with regard to “Aadhaar is a disaster, says Dr Swamy”. Aadhaar, like the New (National) Pension System came in without any legal backing; hung around with support from certain vested interests; and, now, is being supported by the government. This is a government which dared to dismantle the Planning Commission. It should have reviewed the approach to Aadhaar and NPS.  MG Warrier

NATIONAL PENSION SYSTEM : Facing the Future

The Editor The Economic Times CHAT ROOM June 23, 2015 NPS: Facing the Future This refers to your editorial “NPS Must Offer Reinvestment Choice” and the piece “Designing Pension” under Citings (June 23). The New Pension Scheme which later got rechristened as ‘National Pension System’ when NPS was legitimised through legislation after more than ten years of introduction is still floating in the air searching for identity and purpose. The captive clientele created through forceful imposition of the scheme for ‘future’ employees of central government excluding defence services(the scheme introduced in December 2003 was applicable to those who joined service on or after January 1, 2004) and later made applicable to state government and public sector employees, helped the scheme survive so far. To sell, NPS needs to bring clarity on what way it is a pension scheme, different from similar schemes marketed by mutual funds or how the scheme would be more beneficial in comparison to the optio

Rajan went with the majority view to cut repo rate | Business Line

Rajan went with the majority view to cut repo rate | Business Line My VIEW: June 24, 2015 Repo rate cut This refers to the report “Rajan went with the majority view to cut repo rate” (June 24). As the Technical Advisory Committee has experts from different backgrounds, it is quite natural that individual members have different perceptions about growth, inflation and the impact of changes in policy rates on resources mobilisation and credit flow. With the exception of very few economists and analysts, there is near consensus on the delink between RBI’s base rates and the ground level realities in regard to deposit and lending rates. Of late,  the focus is shifting from forcing RBI to ‘cut’ rates again and again, and policy makers at the highest level have started acknowledging the need to ensure that the effect of cuts already done reaches the beneficiary down the line, namely the borrower who deploys the credit availed for productive purposes. It has to be clearly unders

Future BJP leadership trained at plush institute | Business Standard News

Future BJP leadership trained at plush institute | Business Standard News My VIEW: This is a welcome initiative. After the dedicated ‘freedom fighters’ generation and their immediate successors who still had enough fire in the belly to fight injustice, the feeder field for practicing genuine politics has been drying out. The present political class comprise mainly the BPL(Businessmen-Politicians-Lawyers) combine, families of politicians and ‘dropouts’ from students’ organisations of 1970’s and 1980’s. Politics as a profession is not accepted among Indian youth as first choice. Our over-dependence on erruptions like AAP for infusion of new people or ideas into politics may not always bring in positive results. The main reason for this unenviable situation is the uncertain future, if one accepts social work or politics as a career. Infusing professionalism into the business of politics and educating serving and future politicians at dedicated institutions or at existing reputed educati

Letters: The gold question | Business Standard Letters

Letters: The gold question | Business Standard Letters Please read and respond online M G Warrier

Why Does Narendra Modi Want Weak Institutions? - Moneylife

Why Does Narendra Modi Want Weak Institutions? - Moneylife My VIEW: I would rephrase the question, as that will make the answer more impartial! Why our political leadership is afraid of strong institutions? The answer is simple. They do not have to do any 'homework'. When those at the helm of institutions or for that matter the officials who are in charge of ministries/departments feel they are at the mercy of the political bosses, political leaders can dictate terms. We have examples of Seshans, Vinod Rais and so on and a couple of examples even among the 'serving' officials who dare to express their views without fear of being sacked. M G Warrier

Humanitarian crisis: 11 mn people displaced in 2014 | Business Standard Editorials

Humanitarian crisis: 11 mn people displaced in 2014 | Business Standard Editorials

In sync, harmony - The Hindu

In sync, harmony - The Hindu My VIEW: Comforting response! It was a great experience to watch on TV the coverage of the observance of Yoga Day the world over. The acceptance of YOGA by the world is an encouraging signal. If majority of the population in the world in the age group of 12 to 18 submit to any discipline, like Yoga, Scouts, National/Police Cadet Corps which include regular exercise and lessons of good behaviour, for 30 minutes a day, 3 days a week, the world will be a better place to live. Costs on war and preparations for war will come down drastically. AA NO BHADRAH KRATAVO YANTU VISHWATAH (Let noble thoughts come to us from all sides) M G Warrier

Live: International Yoga Day - The Hindu

Live: International Yoga Day - The Hindu My VIEW: Excellent coverage. Thank you, Hindu! It was a great experience to watch on TV the coverage of the observance of Yoga Day the world over. The acceptance of YOGA by the world is an encouraging signal. If majority of the population in the world in the age group of 12 to 18 submit to any discipline, like Yoga, Scouts, National/Police Cadet Corps which include regular exercise and lessons of good behaviour, for 30 minutes a day, 3 days a week, the world will be a better place to live. Costs on war and preparations for war will come down drastically. AA NO BHADRAH KRATAVO YANTU VISHWATAH (Let noble thoughts come to us from all sides) M G Warrier

INTERNATIONAL YOGA DAY, 2015

INTERNATIONAL YOGA DAY, JUNE 21, 2015 It was a great experience to watch on TV the coverage by Times Now of the observance of Yoga Day the world over. The acceptance of YOGA by the world is an encouraging signal. If majority of the population in the world in the age group of 12 to 18 submit to any discipline, like Yoga, Scouts, National/Police Cadet Corps which include regular exercise and lessons of good behaviour, the world will be a better place to live. Costs on war and preparations for war will come down drastically. AA NO BHADRAH KRATAVO YANTU VISHWATAH (Let noble thoughts come to us from all sides) M G Warrier

Does Modi do yoga? asks Russian President - Moneylife

Does Modi do yoga? asks Russian President - Moneylife Online comments: Even if Putin may not be a tough person, life up there, must be really tough for him, given the media glare and the way in which each of the spoken word and change in body language are interpreted by a 'starved' media. This is equally applicable to PM Modi! Sometime back, refering to the endless allegations Kerala CM Oomen Chandi was facing, someone said, he wondered how the CM could sleep peacefully. Perhaps, our leaders are trained to hear without listening, answer without caring about the purport of the question and smile effortlessly in good company! Most of the leaders worldwide have a sense of humour which help them out in tough situations. M G Warrier

IIM Bill: Other B-schools see red | Business Standard News

IIM Bill: Other B-schools see red | Business Standard News My VIEW: There is sense in the argument of other Management Education Institutes that if IIMs alone are given a special treatment in regard to issue of degrees/doctorates, credibility of other institutions now ranked at par with IIMs may suffer. Before creating a new denomination of certificates to be issued by IIMs, GOI should protect the interests of similarly placed organisations. There is a case for a ‘level playing field’ as in the case of public sector and private sector banks. M G Warrier, Mumbai IIMA Alumni

Allowing judges to be judged - The Hindu

Allowing judges to be judged - The Hindu My VIEW: Healthy debates This refers to Faizan Mustafa’s article “Allowing judges to be judged” (June 20). There is a need for healthy debates on the performance of every limb of the system responsible for rule of law and governance and therefore should be encouraged. The problem we are facing is the colouring of any view as pro-government or anti-government or worse still as ‘motivated’ and consequent hijacking of real issues by vested interests. The best way to silence criticism is to listen and make possible corrections where necessary or dispassionately put forth the correct perspective which might have been knowingly or unknowingly ignored by those who raise issues. M G Warrier , Mumbai 

Govt proposes to raise Rs 13,500 crore by sovereign gold bonds | Business Standard News

Govt proposes to raise Rs 13,500 crore by sovereign gold bonds | Business Standard News MY VIEW: Online comments posted on June 19, 2015: This is one of the three gold-related schemes announced in the current year’s budget by Finance Minister Arun Jaitley. The other two being gold deposit scheme to be operationalised through banks and issue of indigenous gold coins. While the other two schemes have ‘gold-content’, the Sovereign Gold Bonds Scheme(SGBS), on the face of it gives an impression that the scheme will only re-designate a part of GOI’s market borrowing programmes as SGBS. For the investor, SGBS offers all the positives of investing in solid gold plus an incentive by way of interest. Still, as there is no underlying gold supporting the ‘gold bonds’, as in the case of Gold ETFs, the scheme will only serve as a conduit for government borrowing direct from public. Though there is nothing wrong in trying out a new instrument, the absence of gold-backing may impact cre

Pension scheme deficit: Tata Steel finds the going tough | Business Line

Pension scheme deficit: Tata Steel finds the going tough | Business Line

Time for an indigenous arms industry - The Hindu

Time for an indigenous arms industry - The Hindu My VIEW: A well argued, timely plea for indegenisation of at least a part of arms production. Side by side with oil and gold defence procurement is a drain on India's resources. Dependence on 'unfriendly' producers of arms adds to risks and costs. There are recent experiences which have lessons to show that time is running out. M G Warrier, Mumbai

Subramanian, Virmani make case for rate cuts | Business Standard News

Subramanian, Virmani make case for rate cuts | Business Standard News My VIEW: UNDERSTANDING RATE CUTS M G Warrier 2005/1-D, Dreams, LBS Marg Bhandup(West)-400078  (Mobile +919349319479) The Editor Business Standard Letters June 18, 2015 Rate cuts This refers to the report “Subramanian, Virmani make case for rate cuts” (June 18). Let us first see what Subramanian said about rates. He said on June 17 that high interest rates would make the task of corporate in improving their stressed balance sheets even more difficult. According to him, resolving the stressed balance sheet problem which is currently a serious impediment to the revival of private investment at high real interest rates becomes even more difficult. Whether a further cut in the central bank’s base rates is the right solution for this problem is open for debate. With the exception of very few economists and analysts including CEA and Virmani, there is near consensus on the disconnect between RBI’s base rate

Govt's labour reforms remove shield for workers: ILO | Business Standard News

Govt's labour reforms remove shield for workers: ILO | Business Standard News My VIEW: The print media in India has been giving reasonable coverage to the back-door activities going on to dismantle whatever was left of the security and safety architecture available to unorganised workforce in India, in the name of labour reforms. It is easy to brand laws obsolete or obstructive and make them ineffective in the name of reforms. But when they relate to the survival needs of a class of workers, who, individually are incapable of comprehending the consequences of reforms or defending their own interest, government should take the responsibility of protecting their interests. The present revelations by ILO are indicative of the failure of the political leadership, trade unions and the workers to take adequate notice of the damage being done to the interests of the labour. At this late hour, all trade unions irrespective of their political allegiance should cooperate with the ILO init

Killing me softly | Business Line

Killing me softly | Business Line

When Doctors Are Away - Moneylife

When Doctors Are Away - Moneylife

President, ministers must restore people's trust in political institutions | Business Standard Editorials

President, ministers must restore people's trust in political institutions | Business Standard Editorials My VIEW: This is a timely reminder to the political leadership of all denominations and to ‘WE THE PEOPLE’ (Refer Preamble of the Indian Constitution) that there is immediate need to restore trust in the people and machinery responsible for governance. For decades now, any allegation, whether it be about law enforcement, corruption, unethical practices by public servants or just drunken driving, is countered by a set of earlier instances when someone ‘connected’ with the person/party making the allegation had faced similar allegation. Issue-based debates on merits have become a thing of the past. A healthy debate on restoring trust in governance and belief in the law of the land as also respect towards individuals and agencies responsible for providing governance has to start somewhere. At national level government should take the initiative to establish a permanent forum of

Lasting conversations: the lingering scent of the letter - The Hindu

Lasting conversations: the lingering scent of the letter - The Hindu My PAGE: This reminds me, my own experience of writing letters. During 1990's when my son went to an Engineering College in an interior Maharashtrian suburb, I started writing weekly letters to him to remain connected. As there was not much to be written every week and as, as a child and even now in my 70's, I was not very comfortable to repeat same things except when such repetetion becomes necessary when the person at the other end pretends duff, I found out another option. I started a 'My Page' in my letters to my son. It contained quotes from the books I was reading, newspapers and magazines that came to my hand on the day i was writing the letter and so on. My son thus got introduced to scriptures, politics and history as also social issues which disturbed me. From Lincon's letter to his son's teacher to Nehru's letters to his daughter, letters are a treasure worth exploring. M G Wa

Letters: Some private sector help | Business Standard Letters

Letters: Some private sector help | Business Standard Letters

Financial Scene column: Disinvestment hopes slip on stock market volatility - The Hindu

Financial Scene column: Disinvestment hopes slip on stock market volatility - The Hindu

India’s deceptive Constitution - The Hindu

India’s deceptive Constitution - The Hindu

Kamadenu: Eternal companion. #drawing #watercolor #krishnafo...

Kamadenu: Eternal companion. #drawing #watercolor #krishnafo... : Eternal companion. #drawing #watercolor #krishnafortoday

FROM THE READERS' EDITOR : An offence nonpareil - The Hindu

FROM THE READERS' EDITOR : An offence nonpareil - The Hindu

Jaitley asks banks to pass RBI rate cuts to borrowers - Moneylife

Jaitley asks banks to pass RBI rate cuts to borrowers - Moneylife My VIEW: It is comforting to find that the focus is shifting from forcing RBI to ‘cut’ rates again and again, there is someone responsible acknowledging the need to ensure that the effect of cuts already done reaches the beneficiary down the line, namely the borrower who deploys the credit availed for productive purposes. It is intriguing that all the sermons from the Finance Minister are addressed to Public Sector Banks which are burdened with heavy social sector responsibilities which add to their stressed assets and draw on their resources due to the huge number of accounts(both deposits and credit) they have to service. Last week only HDFC Bank(a major private sector bank) MD said, “…I turned digital, I got into semi-urban and rural areas, I got the brand, systems and people…” Such claims make one wonder, why the share of private sector banks in banking business is not growing fast and why the FM is s

Debashis Basu: Public sector banks: Mr Modi's nightmare? | Business Standard Column

Debashis Basu: Public sector banks: Mr Modi's nightmare? | Business Standard Column My VIEW I have no quarrel with the analysis of the need for drastic changes in the manner in which public sector banks are managed or the position taken by the author on a couple of recent initiatives of RBI including ‘management of stressed assets by banks’. But we are not still out of the hangover from the Nehruvian era when policy makers thought things can be changed by heavy investment in public sector and leaving private sector to graze freely. I am not forgetting, even then there were critiques who compared India’s ‘Mixed Economy’ (Capitalism and Socialism) to War time mixing of horse meat in England with chicken in 1:1 ratio, one horse(capitalism) with one chicken(socialism). The problem is we expect government and public sector to do all ‘dirty’ jobs and private sector to do what the opt for and make merry. This explains the private sector banks’ share in India’s banking busin

Nirupama Soundararajan

Nirupama Soundararajan GOLD MONETISATION SCHEME

Guard Yourself against Mis-selling by Banks - Moneylife

Guard Yourself against Mis-selling by Banks - Moneylife ONLINE COMMENT: Two years back, I was sitting with a middle level executive of the Thiruvananthapuram branch of State Bank of India. As he was fairly free, we were talking on general banking topics for a couple of minutes. He was not aware of my ‘RBI identity’. I casually asked him why with all sorts of complaints about ‘not very courteous services at the front desk’, why people are still crowding government-owned bank counters, leaving posh environment in new generation private sector banks. His answer was revealing. He said: “Despite all negative publicity, common man is still confident about the safety and security of his money with ‘us’. Banking works on trust and our clients, whether one approaching for a gold loan of Rs1000 or a pensioner who has an account with us, trusts the institution.” While any business has to have profit motive, when financial products are sold to unsuspecting customers without assessing their risk

More rate cuts likely from banks soon, says Jaitley | Business Standard News

More rate cuts likely from banks soon, says Jaitley | Business Standard News My VIEW: It is comforting to find that the focus is shifting from forcing RBI to ‘cut’ rates again and again, there is someone responsible acknowledging the need to ensure that the effect of cuts already done reaches the beneficiary down the line, namely the borrower who deploys the credit availed for productive purposes. It is intriguing that all the sermons from the Finance Minister are addressed to Public Sector Banks which are burdened with heavy social sector responsibilities which add to their stressed assets and draw on their resources due to the huge number of accounts(both deposits and credit) they have to service. Last week only HDFC Bank(a major private sector bank) MD said, “…I turned digital, I got into semi-urban and rural areas, I got the brand, systems and people…” Such claims make one wonder, why the share of private sector banks in banking business is not growing fast and why t

Legal eye - Markandey Katju writes: Where was the need to arrest Jitender Tomar? - The Hindu

Legal eye - Markandey Katju writes: Where was the need to arrest Jitender Tomar? - The Hindu

‘Everybody needs pension, especially the unorganised’ | Business Line

‘Everybody needs pension, especially the unorganised’ | Business Line MY VIEW: Letters June 12, 2015 Pension for all This refers to the report ‘NPS corpus grew by Rs25,000 cr in 2014-15, says PFRDA Chief’ and LIC Pension Fund CEO’s interview captioned ‘Everybody needs pension, especially the unorganised’ (June 12). Ideally, social security efforts should have ‘Pension for all’ as a long term objective. The decade old NPS which has recently earned legislative legitimacy, is yet to make any serious plans or projects for such an inclusive pension scheme. Instead, PFRDA has been consistently dismantling existing pension schemes, encroaching into fairly well managed funds like that maintained by EPFO and now there is a move to drag LIC to implement a scheme (yes, Atal Pension Yojana) which may net in millions, but unlikely to be beneficial to the subscribers in the long run. One test for Atal Pension Yojana which is being marketed with Bachan advertisements would be the presen

Pension watchdog eyes APY to boost NPS corpus by Rs 50K cr | Business Standard News

Pension watchdog eyes APY to boost NPS corpus by Rs 50K cr | Business Standard News My VIEW: Ideally, social security efforts should have ‘Pension for all’ as a long term objective. The decade old NPS which has recently earned legislative legitimacy, is yet to make any serious plans or projects for such an inclusive pension scheme. Instead, PFRDA has been consistently dismantling existing pension schemes, encroaching into fairly well managed funds like that maintained by EPFO and now there is a move to drag LIC to implement a scheme (yes, Atal Pension Yojana) which may net in millions, but unlikely to be beneficial to the subscribers in the long run. One test for Atal Pension Yojana which is being marketed with Bachan advertisements would be the present worth of the promised pension amount of Rs 5000 for those joining at ages 25, 35 and 45 discounted at the present rate of inflation. The growth of NPS Corpus by Rs 25,000 cr should be seen in the background of the captive clientele c

It’s lonely up there in Monetary Towers | Business Line

It’s lonely up there in Monetary Towers | Business Line

Bitter problems | Business Line

Bitter problems | Business Line The Hindu Business Line, June 12, 2015 Letters Positive strokes This refers to the interview with Aditya Puri (‘RBI debt restructuring scheme is a good move’, June 11) by Ram Kumar and Beena Parmar. It is comforting to see some who are in the know of things giving credit to the country’s efforts to move forward and appreciate the contribution by the political leadership. If the HDFC Bank MD’s words are to be believed, one wonders why the share of private sector banks in the banking business is not growing fast and why the finance minister is speaking exclusively to PSBs when it comes to the social sector or financial inclusion issues. It is necessary for all the stakeholders to reconcile to the reality that whether in the public or private sector, the resources belong to the country and its people, and the government and organisations have to manage them with care. MG Warrier, Mumbai

RBI debt restructuring scheme is a good move: Aditya Puri | Business Line

RBI debt restructuring scheme is a good move: Aditya Puri | Business Line Positive strokes This refers to the Aditya Puri interview (June 11). At a time when the happenings in Delhi and monsoon worries flood the media with gloom, it is comforting to see some statesmen who are in the know of things give credit to the country’s efforts to move forward and appreciate the contribution by political leadership and organisations in this regard. A turnaround for India is round the corner is not being denied by the worst critiques of the country. By habit, certain quarters always see the glass half empty and it is easier for the media to go with them, as those who are unhappy and underprivileged continue to be in the majority. If the HDFC Bank MD’s words “…I turned digital, I got into semi-urban and rural areas, I got the brand, systems and people…” are to be believed, one wonders why the share of private sector banks in banking business is not growing fast and why the FM is spea

Should RBI pay interest on CRR balances? | Business Standard On The Beat

Should RBI pay interest on CRR balances? | Business Standard On The Beat

UNDERSTANDING POVERTY: Reader's Digest

Readers' Digest, June 2015 Letters UNDERSTANDING POVERTY Most of the nations listed as former recipients of aid still have populations still living below the povertyline. In India, we need a nationally accepted method to determine this line, which may vary for geographical regions. M G WARRIER, Thiruvananthapuram Submitted version: Letters/IN MY OPINION April 4, 2015 Playing safe on poverty This refers to the article “3 Myths About the World’s Poor” (RD, April 2015). The pleasant thoughts about improvement in global poverty level are soothing. Per capita income adopted for estimation of poverty level of countries is misleading. The eleven countries listed as former recipients of aid together have a population of 51 crore and about 25 percent of the population under poverty line. Back in India (a country with a population of 125 crore of which 30 per cent still remain below the Poverty Line) NITI Aayog has taken a stand not to estimate its own poverty line. Still, poverty elim

When ‘I’ is not about myself - The Hindu

When ‘I’ is not about myself - The Hindu My VIEW: Nice analysis. The Hindu Readers' Editor gives deep insight into different dimensions of matters that matter. M G Warrier

Will the new gold monetisation scheme glitter? - The Hindu

Will the new gold monetisation scheme glitter? - The Hindu My VIEW: June 8, 2015 New Gold Monetisation Scheme This refers to C R L Narasimhan’s article “Will the new gold monetisation scheme glitter?” (Financial Scene, June 8). The straight and honest answer is ‘YES’. Once upon a time a Review Committee at the national level concluded that ‘Cooperation has failed, cooperation must succeed!’ This season, except among economists, some consensus is emerging about the need to make the new gold scheme win. I have no reason to think that the move to unearth at least a part of the estimated domestic stock of over 20,000 tonnes of gold announced by the government is just another game the government is playing. The move has in its background the need to reduce gold import, the intention to account money being invested in gold and gold jewellery and the noble objective of making a dead asset live and productive. Even assuming a large portion of domestic gold stock is in the form o

Mihir S Sharma: End the IAS | Business Standard Column

Mihir S Sharma: End the IAS | Business Standard Column My VIEW I disapprove the caption viz "End the IAS". We have several legacies of the pre-independence days, which we carry without caring to reform or repair reckoning the current challenges. IAS needs drastic reforms, and quickly. So does the political system, the attitude and approach of business community, education, healthcare, food distribution, wage structure, foreign policy, banking services, legal system, defence services and so on. But we cannot 'END' any of these, without ensuring 'BETTER' replacements. When Planning Commission was dismantled, Prime Minister Modi had a clear idea about what its successor NITI Aayog will do. On the contrary, when Indian Pension System is being replaced by National Pension System, those who are in charge of implementation have not cared to look into the findings of their own study published in 2007("Facing the Future: Indian Pension Systems") M G Warrie

Letters: Believe in gold | Business Standard Letters

Letters: Believe in gold | Business Standard Letters Submitted version: June 4, 2015 Believe in Gold This refers to the report “Will the gold for cash scheme pay off?” (June 4). The straight and honest answer is ‘YES’. Once upon a time a Review Committee at the national level concluded that ‘Cooperation has failed, cooperation must succeed!’ I have no reason to think that the move to unearth at least a part of the estimated domestic stock of over 20,000 tonnes of gold announced by the government is just another game the government is playing. The move has in its background the need to reduce gold import, the intention to account money being invested in gold and gold jewellery and the noble objective of making a dead asset live and productive. Celebrity economists/analysts have recently argued that ‘after all, even if you succeed in making people deposit gold in banks, banks will have to ‘import’ gold when gold deposits mature’. This argument does not hold good, as such an

Will the gold for cash scheme pay off? | Business Standard News

Will the gold for cash scheme pay off? | Business Standard News My VIEW: Once upon a time a Review Committee at the national level concluded that ‘Cooperation has failed, cooperation must succeed!’ I have no reason to think that the move to unearth at least a part of the estimated domestic stock of over 20,000 tonnes of gold announced by the government is just another game the government is playing. The move has in its background the need to reduce gold import, the intention to account money being invested in gold and gold jewellery and the noble objective of making a dead asset live and productive. Celebrity economists/analysts have recently argued that ‘after all, even if you succeed in making people deposit gold in banks, banks will have to ‘import’ gold when gold deposits mature’. This argument does not hold good, as such an eventuality may not arise, once a floating stock of a decent quantity of gold is built up, and once the scheme becomes a live reality, continuous inflow of d

Is thoughtless introduction making pension system lose its credibility? - Moneylife

Is thoughtless introduction making pension system lose its credibility? - Moneylife Please read and respond. Your views can bring about changes in the system, for the better. M G Warrier