(January 30/31, 2016, No. 5/2016)
Feel free to mail your views on this edition of WL to mgwarrier@gmail.com
Listen to the President

Excerpts from President’s speech on the eve of Republic Day, 2016

**  **
There will be, amongst us, occasional doubters and baiters. Let us continue to complain; to demand; to rebel. This too is a virtue of democracy. But let us also applaud what our democracy has achieved. With investments in infrastructure, manufacturing, health, education, science and technology, we are positioning ourselves well for achieving a higher growth rate which will in the next ten to fifteen years help us eliminate poverty.
**  **
For revitalizing the forces of growth, we need reforms and progressive legislation. It is the bounden duty of the law makers to ensure that such legislation is enacted after due discussion and debate. A spirit of accommodation, cooperation and consensus-building should be the preferred mode of decision-making. Delays in decision-making and implementation can only harm the process of development.
**  **
Peace is the primary objective of a rational consciousness as well as our moral universe. It is the foundation of civilization and a necessity for economic progress. And yet, we have never been able to answer a simple question: why does peace remain so elusive? Why has peace been so much more difficult to attain than degenerate conflict?
**   **
Each of us has the right to lead a healthy, happy and productive life in India. This right has been breached, especially in our cities, where pollution has reached alarming levels. Climate change has acquired real meaning with 2015 turning out to be the warmest year on record. Multiple strategies and action at various levels is necessary. Innovative solutions of urban planning, use of clean energy, and changing the mind-sets of the people call for active participation of all stakeholders. Permanence of such changes can be ensured only if people own these changes.
**  **

The generational change has happened. Youth have moved centre-stage to take charge. March ahead with Tagore’s words from Nutan Yuger Bhore:

Move ahead, the roll of drums announce your triumphal march;
With feet of glory, you shall cut out your own path;
Delay not, delay not, a new age dawns.


The Hindu Business Line, January 27, 2016
Heed the expert
This refers to Aarati Krishnan’s brilliant analysis in the book review, ‘Reforming financial reforms’ (January 25). It brings together what Tarapore has been saying about the half-baked report of the FSLRC; the aggressive, single-handed efforts of Justice Srikrishna, brushing aside dissent expressed by his own colleagues; and the need to tread cautiously while dismantling the institutional structure which is presently handling the mandated responsibilities relating to regulation and supervision of the financial sector fairly well.
Whether inside the RBI, handling sensitive areas such as monetary policy or management of forex reserves, or as a regular columnist SS Tarapore drew one hundred per cent on his resources which comprised mainly knowledge derived from work experience and own research, to guide policymakers, always keeping the Indian context in view. He never tried to please the establishment. His suggestions and pleas were always prescriptions for healing the wounds suffered by the financial sector due to diversions taken by authorities to make compromises with stakeholders. Just think about the benefits the Indian economy would have derived had the RBI moved forward with the proposal he made in the early 1990s to establish a gold bank. Now, the Centre and the RBI are trying to learn ‘gold management’ from first principles.
MG Warrier

Gold Monetisation Schemes

The media report about government having mobilised 900 kg of gold under gold monetisation scheme, by mid-January 2016 is encouraging. The quick response from GOI and RBI to stakeholders’ sentiments make the chances of survival and success of the three gold schemes under implementation (Sovereign Gold Deposit Scheme, Gold Monetisation Scheme and Gold Coin Scheme) brighter. After decades of hesitant approach to gold management, India is now exhibiting the country’s determination to exploit the past savings idling in the lockers of families, institutions and religious centres, and bring them to the mainstream economy, to which gesture, people are responding positively.
The initiative taken by GOI to exploit the potential of domestic gold stock to country’s advantage, if pursued with will and determination, will have a great impact on the growth story of India. When credibility in the government’s ability to manage country’s resources without leakages is restored, temples and other institutions with whom large stock of the yellow metal lie idle will plough it back to mainstream economy. That is their interest also.
Centre is yet to institutionalise a system to manage country’s gold stock. Let us wait for the Budget 2016-17, for a formal announcement on this. RBI should quickly revisit the 1990’s proposal to establish a Gold Bank which can, as an apex body, coordinate the demand and supply sides of gold management professionally.
M G Warrier, Mumbai



A prayer while getting up in the morning(Optional!)
Samudravasane Devee
Vishnupriye Namasthubhyam
Paadasparsham Kshamaswa Me
The prayer is addressed to Planet Earth:
Mother Earth, attired with oceans and seas
With several mountains and hills on you
I bow to you, plant Tulsi*
Forgive my walking over you!
*Mother earth is considered as Vishnu’s consort also. Vishnupriya is a paryaya for Tulsi plant. Leaving divinity, one can also, if one wants, interpret this as a praise of the environment that protects us.

Another slightly different version:

Samudra-Vasane Devi Parvata-Stana-Mannddale |
Vissnnu-Patni Namas-Tubhyam Paada-Sparsham Kssamasva-Me ||

1: (Oh Mother Earth) The Devi Who is having Ocean as Her Garments and Mountains as Her Bosom,
2: Who is the Consort of Sri Vishnu, I Bow to You; Please Forgive me for Touching You with my Feet.

Stanza 27 of Saundaryalahari By Shankaracharya
Japo jalpah shilpam  sakalam api mudra-virachana
Gatih pradakshinya-kramanam ashanadya-ahuti-vidhih |
Pranamah samveshah sukham akhilam atmarpana-drisha
Saparya-paryayastava bhavatu yan me vilasitam ||
– Soundarya Lahari 27
Benefits: Realization of the Self, the Ultimate Truth.
Meaning: Shridevi! May my:
– prattle be your prayer,
– forms of my body in my manual work be holy gestures (mudras of your worship,
– loitering be clock-wise revolution(pradakshina) around you,
– eating be offering of holy oblations in your worship,
– lying down be prostrations to thee,
– attending to all other comforts be a dedication of my entire Self to thee.
(Finally,) May all the actions of mine be your worship!

Stanza 27 of Sivanandalahari By Shankaracharya
In your hand is the Meru mountain, Oh Girisa,
 Kubera is near you, the group (consisting of) the wish-yielding tree,
 cow and gem are in (your) home.
On your head is the moon and
in your feet are all things auspicious.
What object shall I give (you, then)?
Let my mind be yours.


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