Passionate About India

With all due respect to the reports published by United Nations and other similar global bodies, there are certain anomalies that nobody points out, at least publicly. These anomalies have been going on for years, if not decades, falling in line with Western interests. Even if we track global history in the post-World War II period, these irregularities are vivid and clear. For example, Japan was for long considered an emerging economy, rather than a fully developed one, despite its per capita income being higher than the many so-called developed nations. The same pattern still persists with other nations, like South Korea, which is even now considered an emerging country, although its per capita income (in PPP terms) is higher than Spain’s and at par with Italy’s (both Spain and Italy are recognized as developed nations). The G-7 club was formed on the basis of the seven biggest economies among developed nations coming together. Now, with South Korea’s GDP size in PPP terms becoming ...

While I am jotting down my thoughts for this week's editorial, someone thousands of kilometers away in another nation would be surfing the internet at a speed nothing less than 1 Gbit/second – the highest in the world – at a price that is affordable to 95 per cent of the population of their country. The evolving knowledge economy is perhaps the second most important economic milestone in the world after the industrial revolution. The platform of this knowledge economy is primarily based on internet and internet based applications. This economy is the most appropriate indicator of globalization and how people belonging to different nationalities, cultures and linguistics can be brought into a common domain with mutually beneficial experiences. Millions of people in India have built their careers based on internet related services and applications. Online transactions too have increased at the speed of light. The spread of knowledge, education, healthcare, banking and agriculture th...

Right at the start, let me take up the example of Canada, which is celebrating the 250th anniversary of The Royal Proclamation of 1763, issued by King George III – a landmark document which is considered by Canada’s aboriginal leaders as the bedrock of their rights. Shawn Atleo, national chief of the Assembly of First Nations (a body of leaders of First Nations in Canada, which aims to protect the rights of aboriginals in Canada) said on this occasion, “We need a robust agenda of change. Now is the era of action… We set out the priorities that will lift us up and carry the country forward.” While reading this, I got thinking about the dismal picture of our very own aboriginals – or should I say tribals – as the term “aboriginals” is not used in the Indian context. The tribes living in India can be traced back to the primitive times, satisfying the similar condition of genesis, as has been the case in Australia, Canada and United States. Tribal communities in India make up 8 per cent o...

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...