WEEKEND LIGHTER: I'll revise my priorities!
WEEKEND LIGHTER: I’ll revise my priorities!
(December 31, 2016/January 1, 2017, No.55/2016)*
Weekend Lighter is posted every Saturday
@mgwarrier.blogspot.in
New Year Resolution:I’ll revise my
priorities!
*Posted on January 3, 2017. This issue got delayed as I was
traveling during the last weekend-M G Warrier
I
Opening remarks
I’ll
revise my priorities!
Last two weekends we were attending
two weddings, one in Nashik and another in Wayanad(Kerala). The journeys and
interaction with several people in such a short period gave opportunity to
reframe my own views about myself and the world outside. Both my own ‘insignificance’
in the whole scheme of things and the love and affection I received from people, with whom I
didn’t have any ‘lena dena’ all along, gave me enough reason to ‘be myself’ and
continue the journey in the direction I have chosen. After reading the “Eye
Opener” (Quoted in Section III here), I revised my 2017 New Year Resolution to:
“I’ll revise my
priorities”
II
Recent
responses
RBI’s
credibility
This refers to your editorial
“Regaining credibility” (Business Standard, December 29). The marginalization
of India’s central bank by GOI through finance ministry reached its peak when
Chidambaram as FM threatened ‘walk alone’, if RBI doesn’t fall in line with
Centre’s prescriptions. The then Governor Duvvuri Subbarao has recorded his
bitter experiences in his memoirs “Who Moved My Interest Rate?”.
It has to be said to the credit of Dr
Subbarao and his illustrious successor Dr Raghuram Rajan, that both took pains
to understand the legacy and role of Reserve Bank of India and were quick in
responding to any effort from outside to undermine the esteem of the central
bank. Their fast and measured responses from inside (policy angle) and outside
(through interaction with media and speeches) will be part of RBI’s history for
the current decade, when it is written.
The responsibility for the present
predicament of RBI has to be shared equally by GOI and RBI’s Central Board. Dr
Rajan who had accepted governorship for three years was in India on leave from
academia. But during the three years from September 4, 2013, he never ever gave
an impression that he was on a tenure-based short-term assignment and had given
clear indications that he was willing to continue beyond September 3, 2016, as
long as necessary to complete ‘unfinished task’. Of course, demonetization was
not being discussed at that time.
By now it is clear that the PM’s
advisors in Delhi did not bring RBI on board or did not ensure backward and
forward linkages necessary for demonetization turned out to be a multi-dimensional
huge project. Though being mocked for repeatedly changing instructions, within
the constraints, RBI and banks have cooperated with the GOI initiative and as
people were convinced about the objectives, things are still under control.
But, time is running out for GOI to ensure better coordination between Finance
Ministry and RBI so that there is no disharmony in policy approach. GOI should
also
resist the temptation to deplete
RBI’s reserves using ‘demonetization’ as a veil.
M G Warrier,
Mumbai
Rahul’s charter
This refers to the report “Rahul
seeks answers from PM, demands balm for note-ban hit” (Business Line, December
29). Once you are able to ask right questions, right answers will emerge from
somewhere. One regrets that the Congress leader waited and watched what happens
to the post-demonetisation India for
long fifty days, instead of raising these questions and suggesting solutions
when parliament was in session. Let us have a look at the charter he has
presented at the press conference yesterday:
i)
Waive farm loans; provide farmers 20
per cent bonus on MSP: Poor repaying capacity of the farmers and low MSP are issues that existed
even before November 8, 2016 and as a responsible opposition, Congress should
have raised them in parliament.
ii)
Deposit Rs25,000 in the account of
every female listed under the BPL: Good suggestion. Here the
opposition need to appreciate the present government’s
initiatives for financial inclusion and efforts to open JanDhan accounts in the
first place. How to help those below poverty line could be discussed in the
Budget session of parliament.
iii)
Raise the number of days and double wages
under MNREGA: This
is a straight admission that the scheme doesn’t meet its objective. Again, there
should be debate in parliament on resources mobilization for the purpose and
restructuring the scheme to meet its objectives.
iv)
Provide 50% relaxation in sales tax
and income tax to small traders: Excellent suggestion. Resources can come by rationalizing tax
exemptions to corporates and bigger organizations. The budget papers will give
an idea about the kind of exemptions/relaxations they have been enjoying
routinely(add to this the tax exemption enjoyed by big farmers on agricultural
income). All these need serious deliberations in parliament and its committees
and their functioning effectively depends on opposition’s cooperation.
v)
Release a white paper on
demonetization:
Congress can publish a ‘white paper’ on the basis of information available. Let
GOI come out with official view later.
Beyond arguments, the point being
made is, a functional democracy needs both treasury benches and the opposition
to do their homework and ‘pandemonium’ cannot be a substitute for parliamentary
debates.
M G Warrier,
Mumbai
III
LEISURE
Time: Most precious resource
************
*Source:
Forwarded by Madan Gauria, Exrbites Group
|
Welcome, 2017
Ring out the old, ring in the new
Alfred Tennyson
Ring out the old, ring in the new,
Ring, happy bells, across the snow;
The year is going, let him go;
Ring out the false, ring in the true.
Ring, happy bells, across the snow;
The year is going, let him go;
Ring out the false, ring in the true.
Ring out, wild bells, to the wild sky,
The flying cloud, the frosty light:
The year is dying in the night;
Ring out, wild bells, and let him die.
The flying cloud, the frosty light:
The year is dying in the night;
Ring out, wild bells, and let him die.
Ring out the grief that saps the mind,
For those that here we see no more;
Ring out the feud of rich and poor,
Ring in redress to all mankind.
For those that here we see no more;
Ring out the feud of rich and poor,
Ring in redress to all mankind.
Ring out false pride in place and blood,
The civic slander and the spite;
Ring in the love of truth and right,
Ring in the common love of good.
The civic slander and the spite;
Ring in the love of truth and right,
Ring in the common love of good.
Ring out a slowly dying cause,
And ancient forms of party strife,
Ring in the nobler modes of life,
With sweet manners, purer laws.
And ancient forms of party strife,
Ring in the nobler modes of life,
With sweet manners, purer laws.
Ring out old shapes of foul disease;
Ring out the narrowing lust of gold;
Ring out the thousand wars of old,
Ring in the thousand years of peace.
Ring out the narrowing lust of gold;
Ring out the thousand wars of old,
Ring in the thousand years of peace.
Ring in the valiant man and free,
The larger heart, the kindlier hand;
Ring out the darkness of the land,
Ring in the Christ that is to be.
The larger heart, the kindlier hand;
Ring out the darkness of the land,
Ring in the Christ that is to be.
*********
Blog Post No. W2493/03012017
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