Warrier's Collage Sunday February 6, 2022

Welcome To Warrier's COLLAGE On Sunday, February 6, 2022 Palaces in India https://m.photos.timesofindia.com/news/india/20-images-of-magnificent-palaces-in-india/kowdiar-palace-thiruvananthapuram/amp_articleshow/84752615.cms Simple Standing Yoga Exercises for seniors* https://youtu.be/q_nsKip_VLw *Demonstration by Sudha & M G Warrier This Video uploaded by Reshmy Warrier last year has just crossed 1000 views. Thanks 🙏-Warrier Happy Birthday to all readers having Birthday during the week ending Saturday February 12, 2022. Best Wishes 🙏 C1- Sunday Collage : V T Panchapagesan responding to R Jayakumar on Positive/Practical Thinking Nice Day M G Warrier AA Messages 1) Lest we forget : M G Warrier 1) AAP Then and Now https://www.moneylife.in/article/aam-admi-party-dilemma-of-accepting-current-political-practices/30092.html My Comments : M G WARRIER 9 years ago AAP or for that matter, any political party or social organisation in India, in the present situation, may not be in a position to insulate against the kind of infiltration or misuse of platform of the kind mentioned here. What could be tried is, transparent functioning, vigilant approach to feedbacks like this and online corrective measures. It may not be teething trouble and may last longer. But let us hope, as competition from new generation banks compelled old banks to provide better services, the vision and mission being announced by AAP will give opportunity for introspection and reform for major political parties which are trying ‘coalition’ tactics on a day-to-day basis. 2) An interesting statement http://mainstreamweekly.net/article12022.html?utm_source=feedburner&utm_medium=email 3) Media Response : M G Warrier Letters February 5, 2022 Comprehensive Review of Law Book This refers to the report "Private member Bill introduced in RS to repeal four labour codes" (February 5). Actually, our Statute Book, from Constitution to the latest "Case Laws" need constant ongoing reviews by experts. Those who get an opportunity for this include legislators and broadly, members of bench and the bar. The people concerned are overburdened with the agonies of day-to-day work pressure and seldom get any free time for the kind of research needed in this area. Result is, precious time is wasted in legislatures and in courts at all levels, attending to many contradictions existing in diverse law books and case laws. Unlike in literature or history, serious research is not encouraged much even in Law Schools. Beyond resolving contradictions and flaws, a review of the nature of grievances and remedies including punishment that should be covered by executable legal provisions is also overdue. M G Warrier Thiruvananthapuram A My Story So Far 2* : M G Warrier Day Two in Thiruvananthapuram M G Warrier Whole of August 1963, I worked as a teacher and received the whole month's salary, Rs one hundred, on August 30, as Onam vacation started from next day. I resigned the temporary teacher's job on getting regular job with the Regional Provident Fund Commissioner's Office Thiruvananthapuram from September 6, 1963. My first salary for the first month of my service, Rs100, was sufficient to meet my preparatory and journey expenses to join the regular job as Lower Division Clerk I got on a pay scale of Rs110-3/7-131-4/11-5-180. As the Onam vacation had started on August 31 and I had left the School on August 30 evening, school authorities later asked me to refund Rs3.55 (Salary for one day, August 31, 1963) which amount had been paid in excess of my eligibility. I sent the amount from Thiruvananthapuram by Money Order to the Head Master during the last week of September 1963. My first month's salary in RPFC's Office was Rs132.50(Basic Pay, 110.00 + Dearness Allowance, 15.00 + House Rent Allowance, Rs7.50) minus Provident Fund Recovery. The first night experience in Thiruvananthapuram still haunts me. After returning from office, as advised by the owner of the hotel where I stayed, I went to Trivandrum Central Railway Station, with a helper in the hotel who will carry my luggage to be collected from the Railway Cloakroom. By the time we returned with the luggage, the store room of the hotel in which I will be staying till accommodation in one of the rooms become available had been partly cleaned up, making space to keep my steel trunk box and the bench having been made free, on which I can sleep. Bhaskara Pillai, owner of Hotel Lakhsmi Nivas explained the terms of my stay : "Normally, I charge Fifty Rupees per person per month which includes food and accommodation. As you will not be taking lunch on week days, you can pay twelve rupees less, that is Thirty-eight per month. Breakfast will be limited. Details, serving boys will tell you. You will get one key of the the room when you are allotted a bed. Today, you may be tired. Sleep early" Soon after I had my dinner, I returned to the allotted space in the store room, spread my folded quilt on the bench and I didn't know when I slept. Suddenly, I woke up to loud noises and there was bright light and a crowd sitting in the room. I was terribly scared for few minutes until I located the Hotel Manager Pillai among the 6 or 7 people who were playing cards in the remaining space in the store room. Pillai signalled advising me to turn to the other side and sleep. I obeyed. Slept again comfortably! Second day I got up from bed with less uncertainties. Got ready and completed breakfast by 8 a m. Got out alone and decided to go for a walk. Previous day I had not identified the buildings I saw on my way to office and back. Today in almost one hour, I saw Secretariat, University College, Palayam Church and Museum Building (which I first thought was a temple!). Reached back in the hotel by 9 a m and walked down to office to reach there by 9 40 a m. First day in office was eventless. Some seniors took all those who reported for work that day to a hotel for lunch. A vegetarian lunch cost Fifty Paise and extra twenty to fifty paise was charged for non-vegetarian dishes. Each one of us was asked to pay separately. We were allowed to leave office exactly at 5 p m. Second day at 10 a m six of us who had reported the previous day were directed to Administration Division where we signed the Attendance Register for two days. I was asked to go to Cash Section where Namboodiripad was in charge. He had several clerk's working with him. He introduced me to another senior clerk, Shri Potty with whom I was to work. I was in for a surprise. Potty asked me to go to the PF Commissioner with him. Commissioner's Chamber was a big room with a Mini Office outside where two typists were busy typing something. I will come to know later that one of them was Commissioner's Secretary after getting whose nod Potty guided me to enter the Chamber. Both of us were offered seats. Commissioner C N Menoky whom I had met in very formal dress when I was interviewed in the Kozhikode Employment Exchange was almost in informal attire with a pleasant face. He said : "Warrier, now you will work with Potty for few weeks. They have some pending work which needs attention. After returning from my recruitment tour I told these people that I have identified you to help them. Don't let me down! Namboodiripad and Potty will tell you the rest. Ok Potty, from tomorrow I will attest the postings in the Cash Book. Afternoons, every Friday send Warrier with Cash Book to me." Back in the Section, Potty showed me the heavy Cash Book and a small bundle of Treasury Challans received from a bank branch. My job was to enter the names of institutions with amounts with dates of remittance in the Cash Book. Commissioner will attest every entry. Then Potty took me to a corner of the room where sackloads of Challans were dumped. He explained how to sort them month-wise and the time available for completion of the "arrears of work". I started in right earnest and next day when I carried the Cash Book and posted Challans to him, the Commissioner was happy. *** ***. *** *This is in continuation of "Arrival in Thiruvananthapuram" : https://timesofindia.indiatimes.com/readersblog/warriersviews/arrival-in-thiruvananthapuram-40435/ published on January 10, 2022 B Reader's Contribution Fear : Vathsala Jayaraman Fear is a tricky human emotion. It can keep you small and at the same time keep you safe. Sometimes employees are teased beyond a limit by the abusive boss. Instances are not uncommon, when the employee gathers the fear and defends themselves so courageously not withstanding the fear. Fear tells us we are in danger. Therein lies the clue. What do psychologists advise? 'Love your fear.' That's all it needs. It only grows when you let it consume you and that usually happens when we forget how helpful our fear is trying to be. It really wants our best. There is the positive side of fear and benefits of fear. Fear is not necessarily a bad thing; it is one of the inbuilt human survival instincts. Our biggest fear is the fear of failure and as a result we push ourselves hard and set high targets. Persevering through and in spite of fear stems from a determination to succeed and make a difference in your life and those of other people. Fear heightens your senses and awareness; it keeps you alert and helps in better preparation. We may not eradicate fear.But we can transcend and rise above fear. When we have to make do or die decisions, fear inspires intense focus. Fear keeps you alert, it keeps you surviving and progressing, it is a thermometer that lets you know you are moving into a hot area and doing something beyond the normal. It is fear that highlights the distance between where we stand and the goal to be achieved. Fear prompts us to consider various options, analyze them and evaluate the best course of action. Sometimes it may be too high and far fetched goal. Fear provides an opportunity to dissect the most extreme, worst case, risky and dangerous outcomes and identify a perfect course of action that is feasible under the situation. The quote given below captivated me a lot. "Fear is a gate; you control the password to unlock the fear gate. Overcoming fear is not an one off event instead it is a step by step process where as you unlock one small fear gate, you gain confidence to unlock another gate and another one. Thereby increasing confidence and moving away from your comfort zone towards higher possibilities.” Instead of avoiding fear, we pass through all gates of fear. Actually these entries are examinations to make a thorough study of all impediments, obstacles and threats. Presence of fear when undertaking a big goal tells you are stretching yourself and getting out of your comfort zone. It is rehearsal to leave a comfortable zone and entering an adventurous field. It is fear that points to our shortfalls, the inadequacy of our skills and make us think about more of spade work we have to do before actually proceeding on a task. It acts like an alarm clock giving due signals. But more often fear is stated to be the reason for Negative Thoughts and Pessimism. Anger and fear are the two setbacks in our lives. They are derived from our desires and attachments. Letting go of these two emotions help growth in life. Mahatma Gandhi motivated the entire India to violate the laws of tax on salt through walking towards the sea and making salt. He had no fear in his heart and could motivate many to do so. He also openly admitted violating the law whenever the judges asked about it. He fought for the rights and against draconian laws. Nelson Mandela was imprisoned for 28 years by the Apartheid South African government but they could not break his courage to get the rights of the blacks they deserved because he had no fear. Many patriots despite facing threat to their own lives, signed the Declaration of Independence in the United States. The one who lives in fear all his life dies 1,000 times. Fear is the biggest enemy for self-confidence. Fear is the cause for depression. Fear is the cause for physical sickness. Everyone gets this emotion but quicker we get out of it, better the quality of life will be. Fear is the only reason why Psychologists thrive and no wonder they recommend fear as a positive emotion. It is a cash cow for them. Mahatma Gandhi and Nelson Mandela are people with unique attributes. Exceptions cannot be generalized. I agree that psychologists thrive on fear psychosis of people. But we cannot set aside their researches and opinions based thereon as totally false. Even if one reads the biography of Mahatma and other leaders, it is very difficult for common man facing day to day problems to follow their path and adhere to their teachings in letter and spirit. We have to agree that fear is there everywhere and how we have to accept the weakness and get along, though eradication is the best solution. I view fear as a signal for us to proceed cautiously. I don't consider that fear is totally a bad thing. “If you expect life to be easy, challenges will seem difficult. If you fear that challenges may occur, life will be easier.” Vathsala Jayaraman Bonus from M G Warrier Handling Fear https://timesofindia.indiatimes.com/readersblog/warriersviews/handling-fear-40112/ C Faith/Spirituality 1) V T Panchapagesan SUNDAY COLLAGE What is Practical thinking and its merits......? Our colleague, Sri Jayakumar has asked this pertinent question.. Which is relevant in today's living..... I have analyzed this as a Nonagenarian. Its merit and demerits........ I share this with you all for your consideration....its merit or otherwise.. We developed some Faith without knowing whether it is blind or genuine one First of all let us know What is Positive Thinking.. Lord Krishna in Gita Chapter 2, Verse 47 says.. Your right is to work only, but never to the fruit thereof. Be not instrumental in making your actions bear fruit, nor Let your attachment be to inaction.... Dronar was living in Mahabharat period with his positive thinking in the beginning. But later on he had to lower down, one step below for his sustenance learning Archery which was not his profession...practical outlook. Rama, a human being was living like you and me and showing us the way how one had to live. Positive in action...with practical living..in life.. But Krishna though a human being also lived, but his way of living could not be followed or attempted by us all...because he had no egocentric desires.. He taught us the way in human form with righteousness in action....for all. Both had lived Practical as well as Positive in action. But in different ways.. In today's mundane world we all know Mahaperiaval who lived in our midst.. We glorify him in various anecdotes / incidents without practicing any of his ideals.... What do we gain by this? Who is benefited ? No one... Instead, if we understood practical thinking by our action which would elevate our thoughts In right direction, then our living instead of making a life, our living would be blissful Towards realization of self within...... Mind is always agitated as we all know due to strong mind, average mind, And Weak Mind.. Mind has to motivate individual nature's divinity... If this is understood, Our mind without agitation directs us to Buddhi which Is Intellect, internal telling evolving concentrated thought towards Godliness Which is the ultimate reality...to perfection. Beyond Body, Beyond Mind and Beyond Intellect , one has to explore Self within which means Subtle Envisaged Luminous Focussed. Practical application in action takes us towards Perfection. Trifles make Perfection. But Perfection is not Trifle. Dengya, Japanese priest 9th century says this: Mi-Zaru. Do not see evil Kika-Zaru. Do not hear evil Iwa-Zaru. Do not talk evil We say this in a different way. Sound emanating from the base throat Impulses rolled in the mouth. Silence through closing the lips.... This is the practical thinking one has to attempt having born in this world as we are all a Spark from the Supreme Force . Our living is gainfully monitored towards the end..by the unknown.. Conclusion : I am strong because I know my weaknesses. I am handsome because I am aware of flaws. I am Fearless because I learnt to recognize illusion from REAL. I am wise because I learn from my mistakes. I am a Lover because I have felt Hate and have known Sadness. In short, Positive thinking is my final Journey with practical thinking in my outlook... V T Panchapagesan 2) Dr Charan Singh charan singh (@CharanSingh60) Tweeted: Unity in Diversity - 151 भगति भाइ भरपूरु रिदै उचरै करतारै गुरु गउहरु दरीआउ पलक डुबंत्यह तारै What is Guru like: Heart full of devotion, chanting virtues of God Full of virtues like a deep river, instantly can save the drowning Bhat Keerat, 1395, SGGS https://twitter.com/CharanSingh60/status/1488980555685191680?s=20&t=8Cq77r7WbMSj_ryILKqydQ charan singh (@CharanSingh60) Tweeted: Unity in Diversity - 152 आदि जुगादि अनादि कला धारी त्रिहु लोअह अगम निगम उधरण जरा जमिहि आरोअह Primal Lord, from beginning, through ages, supports life on land, water, space Those following scriptures, rise above weaknesses, vices, negativities Bhat Salh, 1406, SGGS https://twitter.com/CharanSingh60/status/1489310798938001409?s=20&t=rFrss9-prLW-rYLTN1dBfw 3) Ganesh Jayanti 2022 https://www.freepressjournal.in/spirituality/ganesh-jayanti-2022-date-tithi-significance-heres-all-you-need-to-know "February 4 marked the celebration of the auspicious day of Maghi Ganesh Jayanti or simply, Ganesh Jayanti. Across Maharashtra, this festival is known by many different names: Maghi Ganpati, Magha Shukla Chaturthi, Tilkund Chaturthi and Varad Chaturthi." D Response Feature : Vathsala Jayaraman Today's (February 2, 2022) Collage had an introspective article by Shri Jayakumar, -Mumbai in response to the article by Shri Panchapagesan* on Positive thinking. This topic is very much in air for the past so many decades. Very often we are advised to be very positive in our approach that will make us mentally strong and confident. That is easier said than implemented. When we start doing a thing, we may pray Lord Ganesa that everything should be completed without hurdles . But in our heart of hearts we are anxious about the impediments and negatives that may stand in the way of management of the task. Our brain seems to have some affinity towards 'negativity'. Why? Suppose a man is inside his cave, preparing for a hunt. Some dangerous sounds are heard. He has only two choices.Skip the hunt and be hungry or risk death and go outside. When you are driving off the highway, somebody cuts you off. You slam your brakes. Your anger is highlighted. This small incident is sufficient to make you terrible the whole day. You may become less productive, distracted and you may spend the day in unnecessary surfing. This is like taking short term unhappiness and investing it in a long term high yield unhappiness investment plan ensuring even career stagnation. The attitude of caveman who lived amidst fear of death everyday continues even after 3.5 billion years though there is no such fear of death at present. The brain region of the brain that regulates emotion and motivation has not changed much even after billions of years, say the neuro scientists. The brain uses about two thirds of its neurons to detect bad news, probable mishaps etc. As a result people are more likely to make career and financial decisions based, not on achieving something good but on avoiding something bad. This negativity bias, which is deep rooted in human beings for millions of years cannot be expected to change notwithstanding scriptures, personality development classes. There should be persistent efforts for unprejudiced evaluation eliminating fear of hurting anyone or being hurt. The criticism is always against the process and not the doer.Develop a mantra that you are smarter than your brain thinks you are. This will definitely help in creating positive patterns in the brain. People normally tend to create short term memory of such good things. But they don't have patience to transfer short term memory buffers into long term storage which alone is capable of formulating definite positive patterns and facilitate building new neural pathways. But we cannot set aside 'pessimism' branding it as an undesirable attribute. There are many pessimists who have been very successful in life. Every advancement or call it improvement - could be because of pessimism. It is applicable more so in medicine and engineering. Every aspect requires weighing pros and cons and options and pitfalls, the measure of which perhaps decides the dosage of pessimism and or optimism per se. An optimist invents aeroplane while a pessimist invents parachute. I fully appreciate 'Dream Big' theory of Dr. Abdul Kalam. Pessimism is stated to stand in the way of dreaming great. People with rosy outlook sometimes become over confident, refuse to see within and overlook the emergency threats. Pessimists with their expectation set at a lower level get prepared for eventualities and disappointments. Practically pessimism has a decisive role in crisis management in business, disaster management during natural calamities, epidemics, dealing with Railway and Flight accidents. Not to talk of bear trends in stock markets and the importance of Intensive Care Units in hospitals and ambulance keep up cannot be under emphasized. Every optimistic thought has an inbuilt pessimism beneath. Are pessimistic people too optimistic about the impending perils?Hasn't the world famous mechanism of SWOT ( Strength, Weakness-Opportunity and Threat) in management science, taken the essentiality based on pessimism? Vathsala Jayaraman *See Panchapagesan's Sunday Collage today (February 6, 2022) at C1. E Literature The Hindu Literary Review : Out of Print* https://www.thehindu.com/books/some-stories-stay-with-you-forever-indira-chandrasekhar/article38163852.ece Excerpts : "What are some of the other parameters for selection in your publication? We are drawn to works that have an inherent integrity, a lack of self-consciousness, an exploration of complex human emotions and relationships. They should have those “shadowy links that connect us to other people, to our pasts,” as Shashi Deshpande puts it in her essay, ‘Why Read?’ (Subversions: Essays on Life and Literature). And, if I may add, to our imagined futures and to our places in the universe. Is running an online literary magazine different from running a print one? The chief difference in the two media lies in the post-edit process. I have not run a print magazine, but in bringing out Pangea: An Anthology of Stories from Around the Globe (2012), Polymorphism and the Out of Print anthology, I have experienced the limitations that a physical page imposes that are not there in the online format. The writer need not be careful of the word count when writing for online publications. Can you list some short stories that have stayed with you? Why are they unforgettable? Some remarkable things have stood out — stories that have found new futures after being published in Out of Print, like the ones that initially appeared in a Lahore newspaper and in a higher-education textbook on English writing in Norway; stories by exciting new writers whom we develop, who go on to have notable writing careers; translations that bring works from other languages to a new audience. Even some stories we have not featured but which have stayed with me and moved me — like lost children, they stay with you forever. *Know More : http://outofprintmagazine.co.in/stories.html Excerpts : "This edition of the magazine, Out of Print 43, is an examination of the longer short story and presents works ranging from just over 4000 words to around 9000 words. This is longer than the usual length presented in the magazine. The stories are set in different time periods in India, from the ancient to the contemporary. Shashi Deshpande’s ‘Death of a Hero’ tells the story of Abhimanyu from the Mahabharata when his father, Arjuna, first learns of his death. Deeply tragic, it lays bare a father’s pain and a mother’s grief. It allows the reader to view the fear, the anxiety and the rage that may beset individuals when confronted with personal loss, but also, importantly, when they are bound, by who they are, to live by the norms of caste and gender that trap and bind them to their trajectories. Rashid Jahan’s ‘Resolve’, translated by Rituparna Sengupta, is set in colonial India. A young woman, correct and principled, shakes up the complacent status quo and the sliding scale of righteousness with her strict expectations. Her husband, a police officer, a good man, who must negotiate the fine line between pleasing his English superiors and managing a complicated, layered transactional existence is challenged by her ideals." F Leisure 1) Some Laws* that we didn't learn at school 01. LORENZ'S LAW OF MECHANICAL REPAIR Once your hands become coated with grease, your nose will begin to itch. 02. ANTHONY'S LAW OF THE WORKSHOP Any tool, when dropped, will roll to the least accessible corner. 03. KOVAC'S CONUNDRUM When you dial a wrong number, you never get an engaged tone. 04. CANNON'S KARMIC LAW If you tell the boss you were late for work because you had a flat tyre, the next morning you will have a flat tyre. 05 O'BRIEN'S VARIATION LAW If you change queues, the one you have left will start to move faster than the one you are in now. 06. BELL'S THEOREM When the body is immersed in water, the telephone rings. 07. RUBY'S PRINCIPLE OF CLOSE ENCOUNTERS The probability of meeting someone you know increases when you are with someone you don't want to be seen with. 08. WILLOUGHBY'S LAW When you try to prove to someone that a machine won't work, it will. 09. ZADRA'S LAW OF BIOMECHANICS The severity of the itch is inversely proportional to the reach. 10. BREDA'S RULE At any event, the people whose seats are farthest from the aisle arrive last. 11. OWEN'S LAW As soon as you sit down to a cup of hot coffee, your boss will ask you to do something which will last until the coffee is cold... Please keenly observe such actions in your daily life and you may surprisingly find it true. Cheers *Received from Shivram Shetty Ex-RBI Mumbai 2) Can A Word Be Its Own Opposite?* Yes! They are called Contronyms —words that are their own antonyms, depending on usage. Here are a few examples "Dust" : can mean ‘to add fine particles’ or ‘to remove fine particles’. "Left" : can mean both ‘remaining’ and ‘departed’. "Off" : can mean both ‘activated’ and ‘deactivated’. Eg:- “Set off” - Activated “ Switch off - Deactivated "Oversight" : means both ‘watchful care’ and ‘an inadvertent error’. "Screen" : can mean both ‘to show’ and ‘to hide’. "Sanction" can mean both ‘a penalty for disobeying a law’ and ‘official permission or approval for an action. That's Amazing English! (To all English- Lovers) * Received from Dr T V Surendran Mananthavady G How to become rich? : Vathsala Jayaraman It is always wiser to operate from prosperity conscious and not from being scarcity conscious.My Amma advised us to be generous and not have Daridra mentality. To create money you should learn to come from abundance . You should think rich, feel rich and be rich with higher possibilities. This is not living in the world of imagination or building castles in air. Start with A,B,C, and D. Have a great ATTITUDE. BELIEVE that it is possible. Imagine the CONSEQUENCE. DARE to live that way. Learn to be in the company of rich; Let your activities be value added activities. Constantly keep checking your attitude. Operate from a certainty that you will become rich. Actually you are in rich possibilities which have to be brought into realities. You should neither be against money nor get addicted to money. There is no need to renounce money but there is absolute necessity to renounce your addiction and craze. Money makes one rich but addiction makes him poorer. When we give charity, we tell ourselves that we are bigger or greater than money. A person who is richer than money alone can earn money and become rich in the real sense of the term. Vathsala Jayaraman H RBI Bulletin* January 2022 Reserve Bank released its monthly Bulletin on January 17, 2022. The Bulletin consists of two speeches, four articles and current statistics. The four articles are : RBI Bulletin with global Basel capital adequacy norms. These announcements are some of the important decisions that have brought in critical changes in the operations of Indian commercial banks; therefore, it is imperative to understand how the market perceives the implementation of Basel recommendations. The second working paper titled“Taking Cognisance of Households' Inflation Expectations in India” authored by Devendra Pratap Singh, Aditya Mishra and Purnima Shaw emphasises the importance of capturing households’ inflation expectations. Based on the definition of rational expectations, it studies the characteristics of inflation expectations of households in India vis-à-vis those of households or consumers in developed and emerging economies. The study indicates that the properties of inflation expectations in India are similar to those in other countries, namely, USA, England, Japan, New Zealand, South Africa, the Czech Republic, the Philippines and Russia, except for the relatively higher bias in India than for most other economies. The third working paper titled “India’s External Commercial Borrowings: Determinants and Optimal Hedge Ratio” authored by Ranjeev examines the determinants of External Commercial Borrowings (ECBs) raised by firms in India and identifies an optimal hedge ratio for the ECBs portfolio. It finds that depreciation of the Indian rupee has an adverse impact on the issuance of ECBs in the short as well as long run. The optimal hedge ratio for the ECBs portfolio is estimated at 63 per cent for the periods of high volatility in the forex market. The fourth working paper titled “States’ Fiscal Performance and Yield Spreads on Market Borrowings in India” authored by Ramesh Jangili, N.R.V.V.M.K. Rajendra Kumar and Jai Chander constructs a composite index of States' fiscal performance and examines if the constructed index can help in explaining the State Development Loan (SDL) yield spreads. Key fiscal parameters viz., deficit, debt, expenditure quality, revenue mobilisation efforts, and market liquidity of SDLs are considered for the composite index. The inclusion of both fiscal as well as market indicators makes the study unique and broadens the analysis. The fifth working paper titled “Quantifying Survey- based Qualitative Responses on Capacity Utilisation - An Analysis for India” authored by G.P. Samanta and Sayantika Bhowmick focuses on examining the efficacy of survey-based qualitative information on Capacity Utilisation (CU) in tracking or predicting quantitative estimates of CU, which helps to assess economic slack and provides useful into the overall demand situation, inflationary pressure and investment conditions prevailing in the economy. i) State of the Economy As the world stepped into the new year, the path of the recovery in India as in the rest of the global economy encountered headwinds from a rapid surge in infections due to Omicron. Nonetheless, amidst upbeat consumer and business confidence and an uptick in bank credit, aggregate demand conditions stay resilient, while on the supply front, rabi sowing has exceeded last year’s level and the normal acreage. Manufacturing and several categories of services remain in expansion. More recently, expectations that Omicron may turn out to be more of a flash flood than a wave have brightened near-term prospects. ii) Indian Agriculture: Achievements and Challenges The article highlights significant achievements of the agriculture sector and assesses that new emerging challenges warrant a second green revolution along with next-generation reforms. iii) The Impact of Covid-19 Pandemic on Consumer Confidence in India Most countries witnessed a gradual uptick in consumer confidence after the major slump encountered when the Covid-19 pandemic first hit their shores, though it is yet to return to pre-pandemic levels in most countries. This article analyses the impact of the pandemic on consumer confidence in India, as gauged by the Reserve Bank’s Consumer Confidence Survey (CCS). iv) Changing Dynamics of Foreign Direct Investment in India Foreign Direct Investment (FDI) plays a significant role in economic development of any country and supports economic growth by meeting the investment requirements of a capital deficit economy by bridging its saving-investment gap. The developed and emerging economies have made significant efforts for augmenting the information base on FDI, where valuation is a critical component. In India, major advancements have been made in this regard with the implementation of the Co- ordinated Direct Investment Survey (CDIS) of the International Monetary Fund (IMF) and compilation of Foreign Affiliate Trade Statistics (FATS). *Source : MICR received from S Thyagarajan via Group mail.

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