Passionate About India

The Central Bureau of Investigation's (CBI) is gradually morphing into a non-credible and tainted agency. It won’t be long before the CBI is deemed as a “club of politically manipulated officers and a spineless department”. The sudden and completely unexpected closure of Samajwadi Party chief Mulayam Singh Yadav’s disproportionate asset case some days back (the CBI claims that his CAs were able to explain how the assets grew so phenomenally in the 12 years leading to 2005 because of loans given by relatives that were claimed to be gifts) is just one instance that proves this fact. Of course, this move from CBI (that its director Ranjit Sinha claims followed a “transparent” check. “We are being very transparent about all cases including this and are ready to stand any legal scrutiny,” said he to the press) coincides with Yadav extending his political hands to the ruling government, and the lack of proper investigation in the 2G Spectrum and Commonwealth Games (CWG) corruption cases...

“While, like last year, I seek the blessings of Lord Indra to bestow on us timely and bountiful monsoons, I would pray to Goddess Lakshmi as well. I think it is a good strategy to diversify one’s risks,” are the words of the ex-finance minister (and now President) Mr. Pranab Mukherjee during his budget speech for the year 2011-12. The statement is symbolic of the unfortunate ways in which our ministers have been keener on invoking Gods and Goddesses rather than depending on science and technology and straight forward ground level solutions to come to the rescue of India’s dwindling agriculture sector, which employs around 50% of India’s workforce, but is decreasing in its contribution to the GDP year aft er year. “As per latest estimates released by Central Statistics Office (CSO) the share of agricultural products/Agriculture and Allied Sectors in Gross Domestic Product (GDP) of the country was 51.9 per cent in 1950-51, which has now come down to 13.7 per cent in 2012-13 at 2004-05 p...

There can be no bigger an embarrassment to a secular democracy than a live and much-publicised public rip-off of its citizens’ democratic rights on the pretexts of religion, caste, sect and region. The very recent, disturbing incident in Muzaffarnagar is one such crying instance. In one word – mortifying! The communal riot in Muzaffarnagar – in the backdrop of a weak economy – not only adds to the woes of the economy but also forces both internal and external minds to perceive our nation as a ‘failed State’. As is easily understood, the impact of the fl are-up is not confined to the western UP district that is home to over 41 lakh individuals from many religions and castes (and has a literary rate of under 60% as per the 2011 Census). The violence in Muzaffarnagar has impacted thoughts and processes in other locations like Baghpat, Unnao, Bulandshahr, Bahraich, Bijnor, and other towns in the vicinity of the district. [Mind you – Delhi is just a neat 80 miles away!] You can almost sens...

When it comes to Private Equity (PE), there can be numerous schools of thought. You have the group that would completely go gaga over PE. You have another that would simply want to wipe off this infatuation from the market. There is also one that would hold PE responsible for failed, inefficient and weak government policies. In India unfortunately, what we have (mostly) seen so far is the havoc that PE has caused. And I clearly see it as one key reason that has snowballed into the economic crisis that we face today. It was back in 1946 when PE emerged in the American market in its true sense. The era between 1960s to 1980s saw the Vanderbilts, Whitneys, Rockefellers and Warburgs build fortunes in businesses ranging from real estate construction projects to airlines, banking to whatever moved on the streets of Silicon Valley. Running parallel and equally fast was Warren Buffet, who through Leverage Buy-Outs (LBOs) acquired one corporation after another. The US Congress then opposed eve...