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Showing posts from August, 2015

India pitches for rating upgrade by S

India pitches for rating upgrade by S My VIEW:   This refers to the report “India Pitches for S&P Rating Upgrade on Strong Macro Data” (September 1). For a country like India, it does not give much comfort, if time and again top level politicians and bureaucrats have to beg better rating from rating agencies which have their own constituency interests. Such a situation arises because we have not developed in-house expertise to market the country’s strengths and explain the context of the nation’s weaknesses. At this stage of development, NITI Aayog should take the responsibility of marketing ‘Brand India’ in a convincing manner. This will need setting up a cent per cent Indian Rating Agency which will learn, understand and speak the language of international rating agencies. Gradually, we will understand our own strengths and weaknesses which will increase the pace of corrective action. The country’s domestic resources have not been mapped yet. This include surface

Listening as a dying art - The Hindu

Listening as a dying art - The Hindu My VIEW: Something very relevant in today’s ‘post-industrial’ world. Beautifully presented. I entirely agree with the view: “Unless we put down the weapons of disagreeing and refuting, we may never be able to understand others’ perspective and opinion. Indeed, most of our problems would be resolved if we stop arguing and start listening. ” Most of the life’s lessons are passed on by word of mouth, by parents and grand-parents. Many of the problems of today’s world, whether it be about relationships or world peace will get solved, once the spirit of this article is imbibed by those involved. M G Warrier, Mumbai

The problem with Modi’s ‘Team India’ - The Hindu

The problem with Modi’s ‘Team India’ - The Hindu My VIEW: The writer's knowledge of English and the analysis of Modi's speech with reference to use of English words makes the first half of the article interesting reading. I would like to concede that by 'Team India', Prime Minister Modi meant 'WE THE PEOPLE'(Refer Preamble of the Indian Constitution...) and luckily, so far, no one has contested the figure 125 crores of people though figures released after August 15, 2015 puts India's population at a lower figure! Whether you call it Team India or Team Modi, now there are more people who have become aware of India's needs and understand that there is no escape from 'Growth with Equity or distributive justice. M G Warrier, Mumbai

Slow pace of reform could lead to greater risk in banking system, says Rajan - Moneylife

Slow pace of reform could lead to greater risk in banking system, says Rajan - Moneylife My VIEW: RBI Governor’s view that “we should recognise that PSBs undertake public interest activities (like the rollout of accounts under the Pradhan Mantri Jan Dhan Yojana) that are not always fully compensated. Government should endeavour to keep the competitive playing field level by fully compensating banks for activities it wants undertaken in the public interest." should be viewed in a wider context. The present tendency is to burden public sector organisations including public sector banks, LIC and Railways to share social sector responsibilities which are not always remunerative and many a time loss-making, when their private sector counterparts enjoy the profitable creamy layer of business. Government has a temptation to milk public sector organisations dry without caring about their intrinsic health. M G Warrier

Lessons from Black Monday - The Hindu

Lessons from Black Monday - The Hindu

Resolve the OROP agitation - The Hindu

Resolve the OROP agitation - The Hindu

Kamadenu: New forever series #krishnafortoday

Kamadenu: New forever series #krishnafortoday : New forever series #krishnafortoday See my comments also. M G Warrier

One Rank One Pension protests: Decision delayed is defence denied - The Hindu

One Rank One Pension protests: Decision delayed is defence denied - The Hindu Also read my letter "Rank and Pension" published in The Hindu, August 28, 2015 (An earlier posthere) M G Warrier

Slow pace of reform could lead to greater risk in banking system, says Rajan - Moneylife

Slow pace of reform could lead to greater risk in banking system, says Rajan - Moneylife

Rank and pension - The Hindu

Rank and pension - The Hindu Please read this letter and respond M G Warrier

Govt looking for successor to Sinha as SEBI chief - Moneylife

Govt looking for successor to Sinha as SEBI chief - Moneylife My VIEW: Succession plans for top level in statutory bodies and PSUs should get more attention. At this stage of development, induction of external talent at various levels in organisations which have to handle a variety of specialised work needing different skills, though should not be made a regular feature, cannot be avoided. For government with constraints including those about compensation and need for transparency in procedures, it becomes all the more tough to fill top level vacancies like the one now advertised for. In the present scenario, government should consider formalising maintenance of ‘Talent Pool’ for different specialised jobs, from atomic research to field level studies for improving agriculture practices, which could be accessed by organisations in public and private sectors and government in times of need. While procedures and processes are unavoidable, maintenance of such talent pools for different d

Comment: Missing the bigger picture on OROP - The Hindu

Comment: Missing the bigger picture on OROP - The Hindu My VIEW: August 27, 2015 OROP struggle is a symptom This refers to the article “Missing the bigger picture on OROP” (August 27). The present struggle for fulfilling the promises on OROP is again only a symptom and the real ‘disease’ lies hidden elsewhere. The reforms era in India has witnessed total neglect of the public sector and government employees. It served well for certain vested and some political interests. Leaving the wider issues, let us look at pension-related developments. Centre, even before there was any legislative sanction, discontinued a well-established pension scheme effective January 1, 2004 through a notification. Even at that time, GOI was aware of the sensitivities of the issue and shrewdly excluded defence services while making New Pension Scheme applicable to all central government employees. The ‘divide and rule’ worked and as the employees on the roll as on December 31, 2003 were not aff

N. Ram speaks Sri Lankan Prime Minister Ranil Wickremesinghe on Tamil question, devolution and the 13th Amendment - The Hindu

N. Ram speaks Sri Lankan Prime Minister Ranil Wickremesinghe on Tamil question, devolution and the 13th Amendment - The Hindu

Regulators: Pension Advance Companies in the US Deceived Veterans - Moneylife

Regulators: Pension Advance Companies in the US Deceived Veterans - Moneylife Shape of things to come!

Subir Roy: A banking revolution | Business Standard Column

Subir Roy: A banking revolution | Business Standard Column My VIEW: Excellent analysis. It is Prime Minister Modi's way of expressing his wishes or rather 'vision', to ask people get started at least with one in a constituency or one per branch. I am refering to the call to finance 'start-up' ventures. Actually such targets need to be fixed wherever organisations (in this case banks) source funds from public. Now what is happening is, private sector banks get away with the creamy layer of business in cities and towns and PSBs are 'directed' to do all uncomfortable work. As mentioned in the article, small banks and investment banks will revolutionise Indian financial sector. One wishes NABARD takes note of the changes happening on the banking scene and support cooperatives and remaining RRBs to modernise and accept technology and best practices so that the institutional system which has done much in the rural India does not become extinct too soon. M G War

NITI Aayog against free health care, bats for more private sector role | Business Standard News

NITI Aayog against free health care, bats for more private sector role | Business Standard News My VIEW: More such views are likely to emerge as planning and policy formulation become part of arithmetical exercise dependent on IT software and comparisons are with situations in countries with high literacy rate, populations ranging from 50 lakhs to less than ten crore and per capita income much higher than India. The Kolkatta declaration (February 2010) made a plea to convert the constitutional guarantees on human rights which include right to life and therefore right to minimum healthcare into public services. The updated (draft) National Health Policy keeps this suggestion in view, when it proposes increase in public expenditure on healthcare. A country which has less than $3 as ‘prescribed’ minimum wage for a day’s job, cannot easily discontinue subsidizing immunisation programmes, food and healthcare. The intervention should not be seen as subsidy, but as a price natio

Stock market mayhem: Dalal Street Disaster — The crash of the markets - The Hindu

Stock market mayhem: Dalal Street Disaster — The crash of the markets - The Hindu My VIEW: A well-balanced view, which we can expect only from The Hindu! I am a cinique when it comes to market behavior, observations by international rating agencies and comments by analysts who are wiser after the event. I see this just as part of a correction and there could be more rises and falls during the current quarter as market reacts to hearsays and rumours about happenings in US and China and sometimes tiny countries like Greece. Next shock is likely when real estate prices fall. Market players account only losses and forget past gains! M G Warrier

Sensex down 5.94%; What to expect? - Moneylife

Sensex down 5.94%; What to expect? - Moneylife My VIEW: Looks a studied analysis, which may help players in the market make more guesses. I am a cinique when it comes to market behavior, observations by international rating agencies and comments by analysts who are wiser after the event. I see this just as part of a correction and there could be more rises and falls during the current quarter as market reacts to hearsays and rumours about happenings in US and China and sometimes tiny countries like Greece. Next shock is likely when real estate prices fall. Rich people account only losses and forget past gains! M G Warrier

India has forex reserves to stabilise currency volatility: RBI - Moneylife

India has forex reserves to stabilise currency volatility: RBI - Moneylife My request; Please read  the full report M G Warrier

C.R.L. Narasimhan column on PJ Nayak Committee: Big-bang? Hardly - The Hindu

C.R.L. Narasimhan column on PJ Nayak Committee: Big-bang? Hardly - The Hindu My VIEW: This is about INDRADHANUSH. My moneylife article has also covered thisCommittee. M G Warrier.

'Making the dragon-elephant tango possible' | Business Standard Column

'Making the dragon-elephant tango possible' | Business Standard Column

Le Yucheng: China won't forget India's support | Business Standard Column

Le Yucheng: China won't forget India's support | Business Standard Column My VIEW: I enjoyed reading this article. M G Warrier

Kamadenu: Vaatsalyam series. #krishnafortoday

Kamadenu: Vaatsalyam series. #krishnafortoday : Vaatsalyam series. #krishnafortoday

Amartya Sen's seven wishes for India | Business Standard News

Amartya Sen's seven wishes for India | Business Standard News Curtain raiser: Amartya Sen’s SEVEN WISHES FOR INDIA* 1.      A greater role for humanities in Indian education 2.      A strong and flourishing right-wing party that is secular and not communal 3.      Stronger left-wing parties, more clear-minded and much more concentrated on removing severe deprivations of the really poor and downtrodden people of India 4.      Media to be more responsive to the needs of the poorest people, and less single-minded in their coverage of the world of glitzy entertainment and shining business opportunities 5.      All children must have decent schools to go; every person must have medical care beginning with preventative care; women should not have to live more deprived life than men; the country should not be full of undernourished children; every child has to be fully immunised; everyone should have a home with a toilet; and there should be generally good higher educat

Payments banks - The Hindu

Payments banks - The Hindu My VIEW: Till such time someone who understands Rural India comes, Such experiments will go on. Quite possible that 'locals' will perish and the new breed will survive. But, Indian soil is different. Let us have faith in INDIA. M G Warrier

Banks for the unbanked - The Hindu

Banks for the unbanked - The Hindu

The biggest threat to 'acche din': Raghuram Rajan - Moneylife

The biggest threat to 'acche din': Raghuram Rajan - Moneylife My VIEW: Let me restrict my comment to issues which are relevant from a policy perspective (The article carries more personal comments on Dr Rajan). Based on the August 2015 Monetary policy statement, I have made the following observation: According to RBI assessment, liquidity conditions have been very easy in June and July. A seasonal reduction in demand for currency and increased spending by Government coupled with structural factors such as low credit deployment relative to the volume of deposit mobilisation contributed to surplus conditions in the money markets. This resulted in a significantly lower average daily net liquidity injection under the fixed rate repos under LAF, and variable rate term repo/reverse repo and MSF at 477 billion in June, down from 1031 billion in May. In July there was net absorption of 120 billion through these facilities. In response to the reduction in the policy repo ra

Merits of experimentation | Business Standard Editorials

Merits of experimentation | Business Standard Editorials My VIEW: The Indian financial sector needed some innovation and some revamp. For quite some time, the focus has been on the regulatory environment. Depending on where the viewer stood, blame for the slow growth and inadequate spread of bank credit was directed towards RBI or government. Institution building has been part of the development initiatives of RBI since 1950's. The payment banks and small banks are new experiments and it is quite natural that existing players are talking about poaching and even using words like 'cannibalise'...Things will stabilise and each institution that survives will find its slot and those whoch do not take off will move to other pastures. M G Warrier

The doctor’s tales - Thiruvananthapuram - The Hindu

The doctor’s tales - Thiruvananthapuram - The Hindu My VIEW: Please see earlier posts on "Happy At Heart" here M G Warrier

Letters: Let RBI be autonomous | Business Standard Letters

Letters: Let RBI be autonomous | Business Standard Letters My VIEW: The one page feature on Indian Financial Code 2.0 (August 18, 2015) referred to in this letter could form the background note for further debate on (Draft) Indian Financial Code circulated by finance ministry. That long time after the damaging Financial Sector Legislative Reforms Commission report was inked and submitted in a hurry, the aftermath(the proposed legislation in the form of IFC) has attracted the attention of stakeholders, media, economists and analysts is a welcome signal. The analysis has rightly pointed out that with the exception of (a) putting in place an arrangement for consumer protection (b) addressing opacity in decision making and (c) establishment of a resolution corporation, the remaining seven objectives of the IFC could be achieved by revamping existing institutional arrangement. Even the consumer protection arrangement will lose teeth, if separated from the central bank which has some carr

No Indian dairy among world's top 20 | Business Standard News

No Indian dairy among world's top 20 | Business Standard News My VIEW: August 20, 2015 Misleading comparisons This refers to the report “No Indian dairy among world’s top 20” (August 20). In a competitive world environment, there is no way to avoid comparisons and growth perhaps has become dependent on competition. In the process, what we forget is monetary comparisons have become so misleading that reality gets concealed. From the report, it is not clear how the value of turnover is arrived at. Comparison can be made more realistic by revealing the quantity of milk processed. Price of milk in the countries where the dairies are headquartered should be compared with the price for the same quantity of milk in other countries. I had purchased 45 grams of peanuts in Hong Kong for $35 (equivalent of Rs 280) last year! M G Warrier, Mumbai

3 missing links of Indradhanush, the banking reform blueprint - Moneylife

3 missing links of Indradhanush, the banking reform blueprint - Moneylife My VIEW: Online comments posted on August 20, 2015: I agree with Gopalakrishnan. As I had mentioned in my article on the same subject, outsourcing and transfering work to other agencies or private individuals will do more harm in financial sector where skill needs are different from, say, construction industry or coal mines! Employee morale, continuous learning at all levels (this is where we feel the loss of institutions like Bankers Training College where middle level management personnel were groomed) and in general HR management from recruitment to retirement are areas which are presently neglected as decisions are taken by generalists with no banking background. M G Warrier

OROP demand - The Hindu

OROP demand - The Hindu

Radical Steps Required! - Moneylife

Radical Steps Required! - Moneylife This response has been published: Support from a Section of the Media? This is with regard to “Name Games” by Sucheta Dalal. Moneylife and Sucheta Dalal deserve special thanks for persevering in the thankless job of creating awareness about the ‘games people play’ just to mislead consumers with the primary idea of earning profit. Misleading advertisements and brand names get support from a section of the media, as they are dependent on advertisements for revenue. Even government-sponsored advertisements, which are misleading or misrepresenting, are accepted by ‘big’ newspapers and channels that claim to be ‘investigative’. Celebrated artists in film industry and sportspersons who have become popular also do not mind receiving some pocket money, by being part of these games. MG Warrier 

Sanjaya Baru writes: the sprouting of the ‘Look West’ policy - The Hindu

Sanjaya Baru writes: the sprouting of the ‘Look West’ policy - The Hindu My VIEW: The concluding para says it all: "Stepping away from religious extremism and accepting pluralism and multi-culturalism as the defining principles of a modern state is the only way forward for each of the countries of Asia — from West to East. India’s appeal to Asia as a whole is built on these foundational principles of its Constitution." Modi has been trying to say the right things loudly and clearly. Whether it is about toilets in schools or about sponsored terrorism. World is listening. And today there are means to reach out to the world. M G Warrier

What the seven colours of ‘Indradhanush’ should have stood for - Moneylife

What the seven colours of ‘Indradhanush’ should have stood for - Moneylife Please read my response to INDRADHANUSH M G Warrier

Decoding the Indian financial code 2.0 | Business Standard News

Decoding the Indian financial code 2.0 | Business Standard News My VIEW: Revamping regulatory norms The one page feature on Indian Financial Code 2.0 (Business Standard, August 18) could form the background note for further debate on (Draft) Indian Financial Code circulated by finance ministry. That long time after the damaging Financial Sector Legislative Reforms Commission report was inked and submitted in a hurry, the aftermath(the proposed legislation in the form of IFC) has attracted the attention of stakeholders, media, economists and analysts is a welcome signal. The analysis has rightly pointed out that with the exception of (a) putting in place an arrangement for consumer protection (b) addressing opacity in decision making and (c) establishment of a resolution corporation, the remaining seven objectives of the IFC could be achieved by revamping existing institutional arrangement. It is not yet too late for GOI to have a re-look at the whole approach to revampin

Young people and eye care challenges - The Hindu

Young people and eye care challenges - The Hindu

Going beyond inflation targeting - The Hindu

Going beyond inflation targeting - The Hindu My VIEW: IFC is an off-shoot of Financial Sector Legislative Commission report. FSLRC report itself, a hurriedly prepared one, need to be revisited, giving a second reading together with the notes of dissent and the relevance of the recommendations in the present Indian context. Especially because, dissent within the Commission was handled roughly by the Chairman and even the brief dissenting notes recorded by members of the Commission did not get the attention they deserved. There is need for fresh debate for which this article and the observations made by the two former Deputy Governors mentioned earlier can form the basis. RBI's autonomy or independence of monetary authority within the contours of government policy is not an issue just affecting those at the helm of the central bank. The stability of India's financial sector and the country’s image outside are  dependent on that. India was inspired when Prime Ministe

Lunch with BS: Tarun Rai | Business Standard Corporate

Lunch with BS: Tarun Rai | Business Standard Corporate

Nitin Pai: Why military must use economic reasoning | Business Standard Column

Nitin Pai: Why military must use economic reasoning | Business Standard Column My VIEW:  After this article came in print, Prime Minister Modi announced from the ramparts of Red Fort on August 15 that his government was for OROP ‘in principle’ and an acceptable solution was being worked out. Those who find fault with the methodology being followed by retired defence personnel need to take into account certain realities on the ground that existed during the pre-reform days. These include: (i)                 Those who joined defence and civil services and organisations in the public sector did not have option to bargain and decide their service conditions including remuneration package. What attracted them to the service was the job security and social security including healthcare and post-job income by way of pension and family pension. (ii)               Till GOI decided not to offer the benefit of defined benefit pension scheme to employees who joined service after De

On a recovery path - The Hindu

On a recovery path - The Hindu

Letters: North Block vs Mint Road | Business Standard

Letters: North Block vs Mint Road | Business Standard THIS LETTER WAS PUBLISHED IN BUSINESS STANDARD IN JANUARY 2013! M G Warrier

Communication — the name of the game | Business Line

Communication — the name of the game | Business Line My VIEW: This article was published before Modi’s Independence Day speech on August15, 2015, in which he referred to interaction with people through various means and the feedback he received through letters, emails etc. In a section of the media, there has been criticism that Modi government was targeting media and the NDA dispensation in Delhi was bypassing traditional mainstream media by interacting directly with people. We should welcome the transparency in communication adopted by Modi. Both media and India Inc did help the change of guard in 2014 elections and perhaps did not get a proportionate ‘quid pro quo’ they expected. Both are visibly disappointed post-Election, not necessarily for the same reasons. M G Warrier

Govt launches mission 'Indradhanush' to revamp PSU banks | Business Standard News

Govt launches mission 'Indradhanush' to revamp PSU banks | Business Standard News My VIEW: This seven-step initiative which include include appointments, board of bureau, capitalisation, de-stressing, empowerment, framework of accountability and governance reforms, is a welcome move. But if the benefits are to percolate down the line and reach ground level clientele, the real owners, the depositors and the users of credit, there has to be much more changes on the HR front, covering recruitment, career planning, wages, incentives and disincentives. M G Warrier 

Rebuilding institutions | Business Line

Rebuilding institutions | Business Line

Thoughts for Independence Day - The Hindu

Thoughts for Independence Day - The Hindu My VIEW: Fifty per cent of India is kept in dark, literally in terms of electricity provided and fifty percent kept illiterate. also fifty per cent are kept hungry. These three categories are not mutually exclusive, though! Unless the enlightened Indians inside the country and abroad make conscious efforts to change this situation, we can continue to blame, politicians, corruption and external interference for the state of affairs. M G Warrier

Kamadenu: Vaatsalyam series. #krishnafortoday

Kamadenu: Vaatsalyam series. #krishnafortoday : Vaatsalyam series. #krishnafortoday

Talent Pool

August 13, 2015 Talent pool This refers to the feature “She’s Got RBI’s Numbers” (ET, Money & Banking, August 12). RBI’s present approach to monetary policy has evolved under the leadership of individuals like Dr C Rangarajan, S S Tarapore, S L Shetty, Narendra Jadhav and Michael Patra(present Executive Director). It is true that Dr Subbarao when he was Governor lamented over the unreliability of obsolete data for policy formulation. Mostly the problems were not about collating or analyses of data within RBI, but about the unreliability of outsourced data (there is no escape from outsourcing data in a country with 1.25 billion people!) which were sometimes outdated also. Induction of external talent for specialised work, though not a regular feature, has been part of RBI’s policy. In the present scenario, government should consider formalising maintenance of ‘Talent Pool’ for different specialised jobs, from atomic research to field level studies for improving agriculture practi

Can we follow Indian numbering system for simplicity and good order? - Moneylife

Can we follow Indian numbering system for simplicity and good order? - Moneylife

Reserve Bank of India's accountability with autonomy - The Hindu

Reserve Bank of India's accountability with autonomy - The Hindu My VIEW: I have posted online comments. M G Warrier

BY CHANGING ONE THING...

Response published in Business Manager, August,2015 issue A collector’s item July 2015 issue of Business Manager is a ‘collector’s item’. If someone asks me if there was one thing by changing which the pace of growth of India can be doubled, my answer would be ‘our approach to HR’. There is an immediate need to change our approach to HR practices, which include selection of candidates for appointment as President of India to handling issues like fixing minimum wages. The Legends of HRD introduced in the anniversary issue of BM had the vision to bring about changes in their organisations and areas of research which they integrated into their work for social benefit. Sooner those at the helm of policy formulation allow Human Resources Management and Development the position it deserves in the running of government and organisations, the better for the country. M G Warrier, Mumbai

Kalam, a man, his vision and his message - The Hindu

Kalam, a man, his vision and his message - The Hindu

Letters: Think of RBI's future | Business Standard Letters

Letters: Think of RBI's future | Business Standard Letters My VIEW: This refers to Sukumar Mukhopadhyay’s letter captioned “Think of RBI’s role” (August 11). This excellently sums up the possible rational approach to RBI's role in general and the proposed Monetary Policy Committee in particular. In the Indian context, with due respect to T C A Srinivasa-Raghavan’s association with RBI, one has to beg to differ with the analogy of "Fly in the bottle"and point out that RBI happens to be the “Curd in the Pot”, if at all an analogy was needed to explain RBI’s position. There has been unending disputes about whether curd is dependent on the pot for its existence or whether the pot gets value addition because it contains curd ( Thakrasyaadhaaram Ghatam vaa Ghatasyaadhaaram Thakram ?). Government and people of India, like the pot, are dependent on the central bank for retaining the strength of the economy. Y V Reddy’s oft-quoted observation that the contours of RBI’s  auto

Capitalising banks not enough - The Hindu

Capitalising banks not enough - The Hindu

Financial tips for single mothers

Financial tips for single mothers My VIEW: The financial tips here, mutatis mutandis, are adaptable by all earning individuals irrespective of their age or profession or marital status. These days, the need for day-to-day assessment of existing finances, periodic re-planning and re-prioritising goals, keeping one’s personal assets legally secure, planning loans to keep liability manageable in any eventuality, having adequate life cover and ensuring post-job financial security are mantras that will help anyone live a healthy, peaceful happy life. My personal view is, these are more relevant for men who become rich overnight and start living like 19th Century Maharajas (not all Maharajas were living reckless lives). I hold the view that men are more susceptible to vices that can wash out their health, assets and mental peace in no time. M G Warrier, Mumbai

Famous last words? Say them before it’s too late - The Hindu

Famous last words? Say them before it’s too late - The Hindu My FINAL WORD: HEALTH, PEACE AND HAPPINESS FOR ALL BEINGS LOKAH SAMASTHA SUKHINO BHAVANTHU M G Warrier, August 9, 2015

The widening vortex of global finance - The Hindu

The widening vortex of global finance - The Hindu

RBI should have majority in monetary policy panel or governor must've a veto: C Rangarajan | Business Standard News

RBI should have majority in monetary policy panel or governor must've a veto: C Rangarajan | Business Standard News

Trust between govt, RBI governor critical: Reddy | Business Standard News

Trust between govt, RBI governor critical: Reddy | Business Standard News

Pension regulator to invite bids for fund managers for NPS - The Smart Investor

Pension regulator to invite bids for fund managers for NPS - The Smart Investor My VIEW: This short report is indicative of the uncertainties the post-2003 entrants to public service (excluding defence) are facing in regard to their savings for post-retirement life. The New Pension Scheme (later rechristened as National Pension System), even after eleven years of survival with ventilator (read GOI) support, is trying to learn things from first principles. NPS has strangled or annihilated existing pension schemes in government (except for defence services) and public sector organisations. It is in the process of messing up schemes managed by Employees Provident Fund Organisation. It could not put in place a dependable social security system for survivors of those who die in harness.  If reports are to be believed, the management of funds NPS has accumulated from subscribers in its captive clientele, nearing one lakh crore rupees, is not yet in safe hands. Uncertainties galore. From ch

T C A Srinivasa-Raghavan: RBI - A fly in the bottle | Business Standard Column

T C A Srinivasa-Raghavan: RBI - A fly in the bottle | Business Standard Column My VIEW: In the Indian context, with due respect to the writer’s association with RBI, one has to beg to differ with the analogy and point out that RBI happens to be the “Curd in the Pot”. There has been unending disputes about whether curd is dependent on the pot for its existence or whether the pot gets value addition because it contains curd ( Thakrasyaadhaaram Ghatam vaa Ghatasyaadhaaram Thakram ?). Government and people of India, like the pot, are dependent on the central bank for retaining the strength of the economy. Y V Reddy’s oft-quoted observation that the contours of RBI’s autonomy is decided by government cannot be disputed. But stifling a statutory organisation’s functional autonomy within the pre-decided mandates, by back-seat-driving by any forces, brings down the reputation of both the institution and the owner, in this case GOI. RBI's autonomy or independence of monetary a

Letters: Make amends | Business Standard Letters

Letters: Make amends | Business Standard Letters This letter for which 'credit' has been given to me, was not submitted by me. M G Warrier, Mumbai mgwarrier@gmail.com

Murder in the cathedral | Business Line

Murder in the cathedral | Business Line My VIEW: Please see comments on Mehta's article on IFC M G Warrier

A financial idea whose time has come | Business Line

A financial idea whose time has come | Business Line My VIEW: Letters August 7, 2015 Hurry slowly with the (Draft) IF Code This refers to the articles “Murder in the cathedral” by S S Tarapore and “A financial idea whose time has come” by Pradeep S Mehta (Business Line, August 7). While the former has argued strongly the case for caution in going ahead with dismantling existing structures before one is sure about ‘equal’ if not better replacements, the latter who has outsourced ‘inputs’ has depended on an observation by  20 th Century common law judge Lord Denning who preferred dwelling into the unknown to status quo. I will go with Mehta’s view that ‘no power on earth must be allowed to stop reforms in India’. But I beg to differ on Mehta’s view that the Code (the Indian Financial Code in the form now in circulation) must be urgently adopted. India was inspired when Prime Minister Modi, speaking from the ramparts of Red Fort on August 15, 2014, said that Planning Comm

Rajan links future rate cut to sub-6% inflation | Business Standard News

Rajan links future rate cut to sub-6% inflation | Business Standard News My VIEW: August 6, 2015 Decoding the (Draft) Code This refers to the report “Rajan links future rate cut to sub-6% inflation” (August6). Having accepted an inflation target with an upper limit of 6%, RBI Governor’s expression of intention to consider measures, that he considers may have an adverse impact on inflation, only when he is sure about inflation remaining within manageable level/s, should not surprise anyone. This season, media and analysts are going round and round on ‘rate cut’ and a couple of proposals in the (Draft) Indian Financial Code(IFC) circulated by GOI. In this context, RBI Governor Dr Rajan’s observation that as these need legislative changes, it may take years to materialise is a studied one. While the (Draft) IFC(now in circulation) has 94 chapters in over 200 pages, the major public controversy and debate surrounds only the composition of Monetary Policy Committee and setti

5 Kinds of Financial Illiteracy - Moneylife

5 Kinds of Financial Illiteracy - Moneylife

Trademarks and names that mislead unsuspecting consumers - Moneylife

Trademarks and names that mislead unsuspecting consumers - Moneylife My VIEW: Moneylife and Sucheta Dalal deserve a special thanks for the thankless job of creating awareness about the 'games people play' just for misleading consumers and clientele with the primary idea of earning profit without the effort usually profit-making is all about. Misleading advertisements and brandnames get support from a section of the media also as media is dependent on advertisement for revenue. Even government-sponsored advertisements which are misleading or misrepresenting are accepted by 'big' newspapers and channels which claim to be 'investigative' professionally. Celebrated artists in film industry and sportspersons who have become popular also do not mind receiving some pocket money by being part of these games. M G Warrier

No issue with veto power on key rates being taken away: Rajan | Business Line

No issue with veto power on key rates being taken away: Rajan | Business Line My VIEW: The elegance with which RBI Governor Dr Raghuram Rajan and Minister of State (Finance) Jayant Sinha fielded questions on the controversies arising from the proposals contained in the Draft Indian Financial Code circulated by Finance Ministry about composition of Monetary Policy Committee (MPC) on Tuesday is worth emulating by the political leadership in Delhi on umpteen other disputes coming up every other day. Both did not make any new revelations, but emphasised the need for mutual trust. While Sinha tried to differentiate between proposals and conclusions, Dr Rajan fielded the question on MPC arguing that if veto power is retained, it doesn’t change status quo. But Governor did not forget to acknowledge the respect with which GOI treated RBI all along. By asserting that RBI has always enjoyed de facto independence in policy formulation, he has also indicated, where the buck should stop, in regar

Of men, women and relationship conundrums - The Hindu

Of men, women and relationship conundrums - The Hindu My VIEW: I am in full agreement with the philosophical view: "But philosophically speaking, at the heart of the conundrum lies the unmitigated level of mistrust in human relationships. Be it private realm or public sphere, every relationship is suspect, therefore relationships are increasingly becoming ‘unsafe’. And we are ending up, voluntarily or involuntarily, reiterating our biases and prejudices." Solutions are not in sight. Only silver-lining is "Life's train will definitely come to a grinding halt, though it is no respector of schedules". M G Warrier

Life support training - The Hindu

Life support training - The Hindu

Letters: Fresh debate needed | Business Standard Letters

Letters: Fresh debate needed | Business Standard Letters

Prudence will pay | Business Line

Prudence will pay | Business Line

Problems aplenty - The Hindu

Problems aplenty - The Hindu

President Abdul Kalam … Some personal reminiscences - Moneylife

President Abdul Kalam … Some personal reminiscences - Moneylife Dr B M Hegde regularly writes for Moneylife. This article is interwoven with the feel he got of Kalam whom he met in 1950's and kept meeting/watching ever since!

Dr. A.P.J. Abdul Kalam: versatility personified, writes S. Vaidhyasubramaniam - The Hindu

Dr. A.P.J. Abdul Kalam: versatility personified, writes S. Vaidhyasubramaniam - The Hindu My VIEW: Yadaa sattwam pravrddhe tu pralayam yaati dehabhoot Tadottamavidam lokaanamalaanpratipadyate (Gita 14.14) When a man dies during the preponderance of Sattwa, he obtains the stainless ethereal worlds (heaven etc.,) attained by men of noble deeds.  ***   ***   ***  A poem by V Madhusoodanan Nair published in Mathrubhumi Vaaranthappathippu (August 2, 2015) reflects India’s thoughts. An attempt is made here to convey what the poet said: The Fire has taken Wings! The fire has taken wings, and flown Beyond the skies, beyond boundaries of the Skye! HE appeared, responding to the prayers Walked across, spreading the Almighty’s message With conviction of a teacher, in his eyes Making wards keep their eyes open Filled his words with fire Made listeners dream awake, and Move to realising their dreams By replacing work for slumber! He made India’s SOUL pierce through the skies Making the worl

T C A Srinivasa-Raghavan: Why the CPI-M must oppose the IFC | Business Standard Column

T C A Srinivasa-Raghavan: Why the CPI-M must oppose the IFC | Business Standard Column My VIEW: Online comments postedon August 2, 2015: As pointed out in the article, former RBI Deputy Governor Usha Thorat in her recent article in the Indian Express has brilliantly argued the case for not rushing through the IFC at this stage. Economist and former Deputy Governor S S Tarapore has consistently argued the need to retain the present capabilities of RBI unscathed. Views of these two ex-RBites and the approach of this article, incidentally, reflect the thinking of those who are aware of the evolution of RBI as a performing central bank in the Indian context. This institution cannot be compared with central banks in other countries with limited central banking functions. GOI has been dependent on RBI on several occasions in the past for coming out of tricky situations. It is not accidental that GOI, irrespective of political colour, has been ensuring strong leadership for RBI. We need n

The FIRE has taken WINGS!

What follows is my appreciation of a Malayalam poem on Kalam by V Madhusoodanan Nair To Shri V Madhusoodanan Nair August 2, 2015 Dear brother I have attempted making a ‘free English rendering of the thoughts contained in your poem “Avanivideyilla!” published in The Mathrubhumi Vaarandappathippu dated August 2, 2015 for the benefit of my son and daughter. Thought I will share with you. Copied later is my July 28, 2015 Blog on Kalam also. If found ok you can share with friends who may have children/grandchildren who may not be reading the poem in Malayalam. Warm regards Yours affectionately M G Warrier The Fire has taken Wings! The fire has taken wings, and flown Beyond the skies, beyond boundaries of the Skye! HE appeared, responding to the prayers Walked across, spreading the Almighty’s message With conviction of a teacher, in his eyes Making wards keep their eyes open Filled his words with fire Made listeners dream awake, and Move to realising their dreams By replacing work for slu