Warrier's Collage on Saturday November 19, 2022

Welcome To Warrier's COLLAGE On Saturday Weekend Edition November 19, 2022 Music Fountain in Nagpur https://youtu.be/6Bw8ci0XezY Good Morning 🌄 The book on my table is "Tata's Leadership Experiment". Without hesitation, I recommend this book for all my readers for different reasons. The authors* have taken pains to do justice to the subject. Tata Administrative Service (TAS) is a working model to overhaul civil services including IAS and for modelling an Indian Financial Sector Service to support RBI and all financial institutions across public and private sectors and ministries in central and state governments concerned with financial system. The book will be useful for those preparing for selection to higher levels also. Nice Day M G Warrier *Bharat Wakhlu, Mukund Rajan & Sonu Bhasin A Messages/Responses 1) M G Warrier Mumbai Message received from DGBA WhatsApp Group* No Bank Strike on November 19 https://www.moneycontrol.com/news/business/bank-strike-deferred-after-iba-unions-agree-on-employee-demands-9562581.html Bank employee unions have deferred a nationwide strike announced on November 19 after contentious issues were resolved at a meeting held between unions and banks at a meeting called by the chief labour commissioner (CLC) in Delhi. "Understandings reached on all issues. IBA and banks agreed to resolve the issues bilaterally. Hence our strike is deferred," C H Venkatachalam, general secretary of All India Bank Employee Association (AIBEA) told Moneycontrol on November 18. *Newly formed Group. Members are Ex-DGBA -Warrier 2) V Babusenan Thiruvananthapuram I hope all will agree that Sundara kandam is the best chapter in the Ramaaayana. When I say this,I have in mind Ezhutthassan's 'Adhyaatmaraamaayana' in Malayalam and I think it will apply equally to Vaalmeeki raamaayana and other Raamaayanas. And, that chapter belongs to Sree Hanumaan. Why is Sundarakaandam called so? The popular answer is because of its special beauty, mainly on account of the chivalry of Sree Hanuman. In the 50s when I was an Intermediate student, my maternal grandpa, who was a Sanskrit scholar, told me that the word 'Sundara' in Sanskrit has another meaning too :it refers to something lost and found. We all know that the wide search for Sita Devi finally ends in Sree Hanuman finding her under the simsipaa tree in the Royal garden of Raavana's Lanka, surrounded by Raakshasees. The whole episode is described in one chapter. Apart from his deep-rooted devotion to Raama, which perhaps,has no parallel anywhere else, Sree Hanuman's utter fearlessness and sense of the appropriate have manifested in the Sundarakaanda. Who else will have the guts to tell the mighty Raavana:"Look here, Raavana, even if thousands of you put your might together and attack me, that cannot match my little finger". Much more than that is his sense of the appropriate. When, after successfully finishing his expedition in Lanka, he lands in Kishkindha where Raama, Lakshmana and Sugreeva were anxiously waiting for news, Sree Hanumaan did not say : "Sirs, I have seen Sita Devi". He said : "Saw I Sita Devi." 'Saw' was the word they wanted to hear first; others could wait. 3) TNC Rangarajan Shared a Music Link : Please like and comment on this concert by our family friends-Rangarajan https://youtu.be/R_crl9AIgjQ B RBI News : Speech by Michael Patra https://m.rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1338 Lost in Transmission? Financial Markets and Monetary Policy (Speech delivered by Michael Debabrata Patra, Deputy Governor, Reserve Bank of India - November 12, 2022 - in the Treasury Heads’ Seminar organised by the Reserve Bank at Lonavala) Excerpts : These are not the best times for central bankers to wax eloquent. From being knights in shining armour during the pandemic, they have become much maligned and are held responsible for the darkening outlook globally. The story is told of a man stuck in a traffic jam in the capital of a major economy. He asks a policeman about what is going on, and is told that the Governor of the central bank of the country is so depressed about the economy that he wants to douse himself with gasoline and set himself on fire. So, in sympathy, the crowd has decided to take out a collection for him. “How much has been collected?” asked the man. The answer: “40 gallons”. At a time when central bankers seem impervious to the imminent recession and job losses that loom ahead as they make their rational and cool-headed jumbo rate hikes, a famous central banker’s favourite joke comes to mind. A man needs a heart transplant. The doctor offers the heart of a five-year old boy. “Too young!” says the man. “How about the heart of a 40-year old treasury head?” “He doesn’t have a heart”. Then how about the heart of a 75-year old central banker?” “I will take it!” “But why?” “It’s never been used!” Yet, perhaps the only subject about which central bankers get emotional and abandon their rationality is financial markets, the plumbing of the operational architecture of monetary policy. It is for this reason that the RBI engages not only in their regulation, but also in their development. Both activities are undertaken with a view to galvanising monetary policy transmission. Through open market operations, forex interventions and provision of liquidity, the RBI becomes a market participant for this purpose. In these situations, sometimes, the RBI may have a view that may differ from those of other participants. While market participants may have a purely pecuniary motive, the RBI upholds policy priorities centred around securing and preserving macroeconomic and financial stability. In this context, it is worthwhile to pay heed to Governor’s recent assurance on liquidity: “The Reserve Bank remains agile and watchful, continuously monitoring the liquidity situation and is ready to undertake liquidity operations on either side so that overall liquidity remains adequate to meet the requirements of the productive sectors of the economy.” Furthermore, on the forex market, Governor provided prescient forward guidance: “The terminal interest rate that the US Fed is targeting is anybody’s guess, but it cannot be the case that it will tighten monetary policy endlessly. When the tightening is over, the tide will surely turn. Capital flows to India will resume and external financing conditions will ease. In this complex world in which both push and pull factors are at play, the INR, which is market-determined, should be allowed to find its level and that is what we have been striving to ensure”. In normal times, financial markets and the central bank can each pursue their own risk management and goal optimisation strategies. In extraordinary times such as now, when the world is hostage to super tornadoes and no country is immune, it pays for both to share a common set of expectations. After all, macroeconomic and financial stability involves shared benefits and for both, high stakes. C Current Affairs Young Professionals Exchange between India & UK https://www.thehindu.com/news/international/uk-and-india-to-launch-a-young-professionals-exchange-in-2023-downing-street/article66143065.ece 2) Media Response I Return on investment* November 18, 2022 Return on investment This refers to the report "At Rs18,719 cr, Centre's PSU dividend receipts close to 50% of FY23 target" (The Hindu Business Line, November 18). While some estimates and projections about dividend receipts from PSUs can't be avoided as part of budget exercises, tracking targets and comparisons in such exercises puts pressures on individual institutions. Gradually government is taking note of this and the awareness gets reflected in conservative estimates resulting in overshooting of targets in recent years. Expecting reasonable return on investment and ploughing back surplus income on a need-based basis are part of prudent resources management. Simultaneously, government need to tap the possibility of mapping resources and making industries reinvest an agreed portion of surplus income back, irrespective of whether the units are in the public or private sector. Corporates in the private sector which availed several concessions/advantages during the last Century should be encouraged to pay back to the society much beyond the CSR expectations. M G Warrier Mumbai *Published on November 19, 2022 https://www.thehindubusinessline.com/opinion/letters/letters-to-editor/article66154460.ece II November 17, 2022 Market making for G-Secs This refers to the report "Active market making needed in182-day, 364-day T-bills : RBI" (November 16). For certain historic reasons, in India, both central and state governments have depended heavily on banks for market borrowing. Of late there has been public debate about developing retail market for G-Secs. Another route for government borrowing is instruments sold through Post Offices, though the word borrowing is not used to describe post office savings instruments. As technology has developed and post offices have become mini-banks, time is opportune to access the potential of post offices to sell G-Secs to public in retail. This may need legislative support and perhaps institutionalisation of a trustworthy working model. To begin with savings account holders with huge balances can be encouraged to transfer a portion of the balances for investment in treasury bills of short term maturities to earn higher interest. M G Warrier Mumbai III November 16, 2022 Death of children in Gambia This refers to the report "Death of 66 children in Gambia has brought untold shame to India : Narayana Murthy " (November 16). The reference is to a WHO advisory issued last month after Gambia suspected that the death of several children was caused by side effects of certain brands of cough syrups imported from India. Investigations and follow up actions are reportedly in progress both in Gambia and India (where the pharmaceutical company which supplied the cough syrups is based). It's unfortunate that the veteran celebrity tagged India's image to the unfortunate developments. Calamities happen. Like shootings in school premises. But such tragedies are never tagged with the nation's image. While it's nobody's brief to defend callous behaviour of a pharmaceutical manufacturer, if that is proved so ultimately, the honorable celebrity could have avoided harsh words against an industrial sector for the fault of one greedy element. M G Warrier Mumbai Context : When celebrities speak based on unconfirmed reports, it passes on the burden of proof to government. NR Narayana Murthy, by referring to the death of 66 children in Gambia allegedly caused by consumption of cough syrup may affect the market of all syrups. Finally it can turn out to be a cock and bull story created by a jealous lobby. My observation is based on a BBC report. Excerpts : A global alert has been issued over four cough syrups after the World Health Organization (WHO) warned they could be linked to the deaths of 66 children in The Gambia. The syrups have been "potentially linked with acute kidney injuries and 66 deaths among children", it said. The products were manufactured by an Indian company, Maiden Pharmaceuticals, which had failed to provide guarantees about their safety, the WHO added. The firm has not yet commented. The BBC has contacted Maiden Pharmaceuticals for comment. Indian officials say they have asked the WHO to share evidence of the link between the syrups and the deaths. The WHO identified the medicines as Promethazine Oral Solution, Kofexmalin Baby Cough Syrup, Makoff Baby Cough Syrup and Magrip N Cold Syrup. The four products had been identified in The Gambia, but "may have been distributed, through informal markets, to other countries or regions", the WHO added, in the alert published on its website. It warned that their use may result in serious injury or death, especially among children. D Collage Books 1) The Checklist Manifesto : How to Get Things Right https://amzn.eu/d/cdN37Fy A New York Times BestsellerIn this bestseller, Atul Gawande shows what the simple idea of the checklist reveals about the complexity of our lives and how we can deal with it.The modern world has given us stupendous know-how. Yet avoidable failures continue to plague us in health care, government, the law, the financial industry―in almost every realm of organized activity. And the reason is simple: the volume and complexity of knowledge today has exceeded our ability as individuals to properly deliver it to people―consistently, correctly, safely. We train longer, specialize more, use ever-advancing technologies, and still we fail. Atul Gawande makes a compelling argument that we can do better, using the simplest of methods: the checklist. In riveting stories, he reveals what checklists can do, what they can't, and how they could bring about striking improvements in a variety of fields, from medicine and disaster recovery to professions and businesses of all kinds. And the insights are making a difference. Already, a simple surgical checklist from the World Health Organization designed by following the ideas described here has been adopted in more than twenty countries as a standard for care and has been heralded as "the biggest clinical invention in thirty years."An intellectual adventure in which lives are lost and saved and one simple idea makes a tremendous difference, The Checklist Manifesto is essential reading for anyone working to get things right. 2) Dissenting Diagnosis Dissenting Diagnosis https://amzn.eu/d/5SxcFi1 Complaints about the state of medical care are increasing in today’s India; whether it’s unnecessary investigations, botched operations or expensive, sometimes even harmful, medication. But while the unease is widespread, few outside the profession understand the extent to which the medical system is being distorted. Dr Arun Gadre and Dr Abhay Shukla have gathered evidence from seventy-eight practising doctors, in both the private and public medical sectors, to expose the ways in which vulnerable patients are exploited by a system that promotes unscrupulous medical practices. At a time when the medical sector is growing rapidly, especially in urban areas, with the proliferation of multi-specialty hospitals and the adoption of ever-more sophisticated technologies, rational and ethical medical care is becoming increasingly rare. Honest doctors feel under siege, professional bodies meant to regulate the medical sector fail to do so, and the influence of the powerful pharmaceutical industry becomes even more pervasive. Drawing on the frank and courageous statements of these seventy-eight doctors dismayed at the state of their profession, Dissenting Diagnosis lays bare the corruption afflicting the medical sector in India and sets out solutions for a healthier future. E Collage Life In praise of mutual appreciation : M G Warrier https://timesofindia.indiatimes.com/readersblog/warriersviews/in-praise-of-mutual-appreciation-46704/ F Leisure Music https://timesofindia.indiatimes.com/readersblog/benefits-of-music/benefits-of-music-2-46701/ G Quotes on lies https://www.brainyquote.com/topics/lie-quotes Like : 1) A lie gets halfway around the world before the truth has a chance to get its pants on. Winston Churchill 2) IF YOU REPEAT A LIE, OFTEN ENOUGH, PEOPLE WILL BELIEVE IT; YOU WILL EVEN COME TO BELIEVE YOURSELF. Dr . Joseph Goebbels Those who quote this, often use the quote to prove that a universal truth, which they hate, is a lie. To know more, open the link : https://www.pbs.org/wgbh/americanexperience/features/goebbels-biography/