Wednesday, October 31, 2012

The field of agriculture chemicals

Tata Chemicals has been an active player in the field of agriculture chemicals. Now it faces tough questions in the way of falling reponse to these chemicals and wants government’s support to be able to find solutions

Decreasing response of fertilizers and deteriorating health of soil is a major area of concern for Tata Chemicals and so it has established Centre for Agri-solutions and Technology (CAT) at Aligarh. where qualified scientists judge the soil health and develop appropriate products and services. The efforts are on to break yield barriers with appropriate combination of nutrients applied in correct proportion and rate. One of the innovative offerings from Tata Chemicals is customised fertiliser. Geo-referenced sampling and analysis of soil is used by the scientists to develop the appropriate grades of customised fertilizers.

To meet the emerging need of customised fertilizers, Tata Chemicals is also setting up a 1.35 lakh ton per annum capacity customised fertilizer plant at Babarala in Uttar Pradesh. Foliar Nutrition Service (FNS) is another unique offering from TKS that helps a farmer to complement the nutritional requirements of his crop with the best possible cost-benefit ratio. Keeping pace with the growing mobile telephony in the rural area, TKS has recently launched mKHETI that ensures availability of expert advice, weather forecast and mandi prices at an affordable cost. Khet-Se Agriproduce India Pvt. Ltd., another 50:50 JV of Tata Chemicals Limited (TCL) and Total Produce, Ireland, is operating a state-of-the-art procurement and distribution facility for fresh fruits and vegetables at Malerkotla, Punjab. Turnover of TKS was Rs 493 Crore last year and its portfolio of specialty nutrients, pesticides, seeds and farm implements is rapidly growing at the rate of 35% annually. “Preparing infrastructure in agriculture requires huge investment and returns are only after many-many years. Support from the government is important for such investments to make them viable” asserts Sanjiv Lal to B&E.


Source : IIPM Editorial, 2012.

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Tuesday, October 30, 2012

PARITY: HEADS OF THE STATES VS ECONOMIC PERFORMANCE

Comparisons of national GDPs with respective salaries of heads of state reveals some interesting facts

Singapore is quite an aberration though. It pays a whopping $3.14 million (nearly 8 times that of the US President) to its President and $2.47 million to its Prime Minister; while the size of its economy is just $182 billion. Though there are debates over the high salary among Singaporeans, the Government defends it vehemently, on the logic that Singapore compensates its heads of state on the basis of parity with corporate leaders! Perhaps the most striking example would be that of India. The President of democratic republic of India gets a mere Rs.18 lakh annually. The basic salary of the President was a pitiable Rs.120,000 annually prior to 1998 while India emerged as the 6th largest economy in the world with GDP in PPP worth International $1,702.7 billion. This was revised to Rs.6,00,000 ($12,000) in 1998. Later in late 2008, the salary was raised to its current level, while the country witnessed rapid growth and the GDP crossed the trillion dollar mark. That was when India became the 4th largest in terms of GDP in PPP terms and the 12th largest economy in terms of nominal GDP. The PM of India, who is the actual functional head, has an even lower salary of Rs.15,00,000 per year ($31,250).

In UK, the Prime Minister gets about $2,79,000 annually, while its economy is the 6th largest in the world with a nominal GDP of $2.68 trillion. Tiny Hong Kong pays $516,000 (more than the US President and 13 times that of the Indian President!) to its Prime Minister annually, while it has nominal GDP of $215.35 billion, 1/65th of the US economy and 1/5th of the Indian economy. Japan, the 2nd largest economy in the world with a GDP of $4.91 trillion pays $243,000 to its PM annually. Similarly, Australia pays $2,29,000 annually to its PM while it is the 14th largest economy of the world with GDP of $1.013 trillion. In addition, Canada, Germany and France with nominal GDP of $1.499 trillion, $3.673 trillion and $2.867 trillion respectively pay their PMs $2,46,000; $3,03,000 and $3,18,000.


Source : IIPM Editorial, 2012.

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Monday, October 29, 2012

They have to avoid becoming OTCEI

DSE’s SME exchange is worthy of applause, but they have to avoid becoming OTCEI

While getting funds is the problem for SMEs, the biggest road block for VCs and PEs in funding SMEs is lack of appropriate exit routes. And that is what the new exchange should provide. Avers K. G. Alai, Chief General Manager, SIDBI, “The entry norms should be relaxed with low listing and maintenance cost, and of course, investors interest must be safeguarded. Further, it must be ensured that the market has requisite liquidity.”

Certainly, if investors find it tough to dispose their holdings, that will be the biggest repulsive factor for them. And lack of investors will straight away bring the new SME exchange at par with OTCEI. That’s not all. Warns Vijay Chandok, Global Head – SME, ICICI Bank Ltd., “Like all cricketers on Indian streets do not get a place in Indian team, not all SMEs are worth listing.” For this the exchange need to check the quality of issuers to keep investors safe, and that necessarily means that the pool of SMEs DSE is looking at will shrink by a good margin.

Before opening up the exchange on October 2, 2009 (as planned) DSE must look into the fact that if AIM is successful today, then LSE’s direct support to the exchange has a bigger role to play in that. Though, MCX’s recently launched stock exchange MCXSX is a partner in this venture, considering their limited experience in the arena, DSE will need an active support from the bigger brothers, NSE and BSE. After all, it’s an opportunity that, if grabbed properly, can bring windfall gains for all and sundry. 
 

Source : IIPM Editorial, 2012.

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Sunday, October 28, 2012

Fashionable to eat organic food

It’s almost fashionable to eat organic food, but a new research in UK attempts to crop the growth of the organic food movement... 

So, when someone comes up with a research like this, I get the shock of my life! When your inputs are wrong, which is pesticides and chemicals, how can your output be good?” Mr. Guptaa’s reaction isn’t an isolated one, for the scientists at LSHTM have been flooded with mail lambasting their research.

Regular users of organic food haven’t been moved by the research either. So much so that in Edinburgh, a Little Green Map will be made available from 14th September, which will enable people to directly go to the stores selling organic and environment friendly products.

Most supporters of organic food say the research defies commonsense, and that it seems that some people are trying very hard to protect their market. The LSHTM’s study searched over 50,000 papers, and a total of 162 relevant articles were identified that were published over a 50-year period. “They have included studies from the 50s, 60s and 70s for their research data. And at that time most of the earth was still good, it was not abused. I don’t know who paid for this research, for that is the only doubt that crops in my mind!” exclaimed Mr. Guptaa, resonating thoughts of proponents of organic food all over the world.

The only conclusive point that does come out of this entire brouhaha, is that very little research on organic food has been done till now, and food scientists need to get to work pronto!


Source : IIPM Editorial, 2012.

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Friday, October 26, 2012

Baltic Beach Hotel

Treat yourself to a short and sweet white sand getaway. For those desiring a classy but relaxed beach holiday, Baltic Beach Hotel is the ideal Baltic getaway. Enjoy some romantic candle-lit meals with your special someone and gaze at the sparkling stars while you sip on some exquisite old wine. If you feel up to it, then indulge in a sinful massage. Stay at the Baltic Beach Hotel is a memorable experience in itself when you have luxury, tradition and unparalleled hospitality on a platter.

The View: An oasis of peace and pleasure on the very sea shore – “Baltic Beach Hotel” – the leading hotel of the “Baltic Hotel Group” chain is located within only couple of minutes walk from the central street of Jurmala. The emerald sea waters and the wonderful scenery take your breath away. Don’t be surprised if the morning breeze greets you with the fresh aroma of pine trees.

Archi Type: Well known for its aesthetic sense and artistic streak, Baltic Beach Hotel, has the plushest interiors. The hotel has subtle pastel-coloured interiors and fine craftsmanship has been displayed in all corners of the hotel. Ranging from exquisite wooden furnishings to select decoration pieces, the hotel has been tastefully done up.

Bon appétit: The resort has the Caviar Club, which offers delicious European cuisine. Combining classical Italian cuisine with contemporary cooking, ‘il sole’, the Mediterranean restaurant offers traditional, as well as popular Italian dishes and true masterpieces of the culinary art. To begin your day with a soothing cup of tea, the Lobby Bar offers the most relaxing ambience. Kiss the sun goodbye while sipping on some champagne and lighting the cigar at the Kalian Bar.

Around the corner: Baltic Beach Hotel is perfectly situated in Jurmala in such a way that a walk alongside the beautiful Lielupe River and a safari in the Kemeri National Park is a must.


Source : IIPM Editorial, 2012.

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THE MAN WHO NAILED AICTE

How Kidar Bansal adamantly refused to bribe corrupt AICTE officials and faced torment for years before the wrongdoers were finally trapped by the CBI.

The story of Bansal and his encounters with AICTE is both fascinating and sickening. Fascinating because it shows how some intrepid warriors will never succumb to the ‘system’. And sickening because of the extent to which AICTE officials tormented and harassed him for years in a brazen manner. Bansal launched the Echelon Institute of Technology in November 2006 and sought approval to run engineering courses. “As per rules of AICTE, I had enough resources and infrastructure to run an engineering college. For example, AICTE rules state that an engineering college should have 4350 square metres of build-up area and my college had 6750”. From November 2006 to May 2007, AICTE kept rejecting his request or, better still, not taking any action. He literally pleaded with Om Dalal and Ravindra Randhawa (Against whom CBI has now registered a case along with R.A Yadav). All along, ‘agents’ kept trying to persuade him to cough up the “lubrication money”. But Bansal was adamant. He reflects on his state of mind those days, “ When I have fulfilled every rule and regulation, then why should I pay a bribe?”

But corrupt babus who are thwarted have long memories. As per AICTE rules, an engineering college has to renew approvals every year and also needs an approval to increase the number of seats. When Bansal applied for necessary approval, officials tried to procrastinate the matter. “AICTE used to respond weeks after the date written on the envelope of the letter. On the other hand middlemen kept demanding bribe from me.” They were demanding Rs 15 lakh at the rate of Rs 25,000 for 60 seats.

The second session (2008-09) was about to start and Bansal was still rubbing his heels in the AICTE corridors. Neither his college got renewal nor number of seats were increased. Tired of this he registered his complaint with special Secretary in MHRD M K Acharya first and then to Additional Secretary Ashok Thakur. Then, on 10 July, 2008 he got a renewal approval but number of seats were not increased. Mr. Bansal met with Secretary R P Agrawal in MHRD. A concerned and upset Agrawal ordered Thakur to look into the matter.


Source : IIPM Editorial, 2012.

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Wednesday, October 24, 2012

The finishing touch

From engineers to politicians, everyone’s signing up for finishing schools!

Gone are the days when finishing schools were only for girls looking to learn the manners of the society so as to impress and charm her way into a good, respectable family. The blessing of having good etiquettes and pleasing manners is being realised not by just brides-to-be but by professionals from all walks of life. People literally idolise those who have a charismatic persona and people are realising that it’s not enough to merely be an engineer or an IT professional, but it is important that one hones his/her social skills. We may have the best of technical skill-set, but if we don’t know how to carry ourselves in public, we may never get to the highest-most rung of our career. And so while on one hand politicians are signing up for etiquette classes before the beginning of campaign trails, private companies in India too are signing up their employees for the same!

People at all levels are realising that finishing schools are for everyone. Skills such as social etiquettes, international etiquettes, business etiquettes and dining etiquettes are basics for a better personal as well as business life. Knowing the art of greeting people correctly and learning the cross-cultural nuances is essential for one and all. “Our clothes are a reflection of what we are, but if we go to the Middle East, fragrances play a major role because they are not into dressing at all, they are generally dressed in their traditional gear. Understanding international etiquettes and knowing the likes and dislikes of international clients is very important. Likewise, if we’re sitting with Chinese and Japanese, it is essential to like their cuisine as well. You can’t as executives of IT companies entertain clients with Indian food when you’re in their country,” says Ms. Pria Warrick, President cum Executive Director of Pria Warrick Finishing Academy. These finishing touches are not only relevant to corporate houses and executives, even school students, renowned politicians and our much-loved sports as well as film personalities opt for courses such as Impression Management and Corporate Finesse. Just short of elections, several politicians enrol for private sessions in order to improve their image and add class to their portfolios. Most students are not open about their opting for these sessions though, and exact names of the students are usually kept confidential.


Source : IIPM Editorial, 2012.

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Monday, October 22, 2012

THINK-TANKS: POLICY MAKING

Are Indian think tanks a farce?

Interestingly, Centre for Civil Society works with the philosophies of American authoress Ayn Rand, as it endeavours to develop the thinkers of tomorrow; and encourages more libertarianism for the nation’s progress. Out of 5,500 think tanks across the world, 1776 are in USA alone and 1872 are in North America (i.e. 34.25%). In US, think tanks play a pivotal role in policy decision making, which is exemplified by the fact that John Podesta (who heads Centre for American Progress) has been referred to by President Obama as his ‘transition chief’.

Our weakness can also be attributed to the fact that here is genuine dearth of synergy between our academicians and policy barons. Our cabinet ministers often complain of poor quality and archaic information coming to them, whereas our Universities gripe about poor infrastructure, poor quality of researchers, and poor supply of information from ministry. It is difficult to cut either way, as both of them are intractable in their own positions, but this conflict is badly affecting the credibility and effectiveness of our policy makers, which is of paramount importance to India.


Source : IIPM Editorial, 2012.

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Sunday, October 21, 2012

Who’s killin’ whom?

Breed them, feed them and then eat them – contracting animal diseases frequently might just be their way of getting back at us…

Cultures across the world, for eons, have justified the slaughter of animals for the consumption of mankind, ‘because God/Nature created them for our sustenance.’ But today, sustenance has become the cornerstone of commerce and the meat industry, allegedly, has become a needlessly cruel and literally blood-thirsty enterprise. So now, is the animal farm hitting back? ‘Swine flu’ (H1N1 virus) is the latest casualty that has hit the western world and is worrying everyone around. As the name suggests, it is the virus that often causes influenza outbreaks in pigs, especially during the late fall and winter months. While the season of the outbreaks of their ‘common cold’ is similar to humans,’ the symptoms (running nose, coughing, sneezing, fever, laziness etc.) are surprisingly similar too. Normally, swine flu viruses do not infect humans. It is the direct exposure to pigs in either a breeding farm or fun fair that leads to infection in humans and is contagious like regular influenza. “It is a different strain. Though cold and cough are the symptoms, the body might not be immune to it. In those cases, it can take shape of a lethal pneumonia and may cause death,” says Dr. S. M. Sachdeva, Senior Consultant Cardiologist.

It is the horrifying memory of the biggest and the deadliest global endemic, Spanish Flu (a subtype of H1N1 virus and similar to swine flu) of 1918 which causes concern and panic every time such influenzas surface.


Source : IIPM Editorial, 2012.

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Friday, October 19, 2012

A dumb PIL to swallow!!

Some will do anything for publicity, and filing PILs happen to be right on top of the list

Some people will go to any length to see their name in print; and when an opportunity promises to have one’s name printed alongside that of celebrities, the temptation gets too hard to resist. What’s worse is that the law is slack for these nobodies. Says Prahalad Kakkar, “We should be charging them for the PILs, especially when we find them frivolous, for most of them are filed against VIPs or film stars.” The latest victim of this trend is Akshay Kumar and wife Twinkle for their ‘unbutton’ act, part of a promotion by a jeans brand. “This is like self publicity, for the moment they file a PIL, the media mentions the person’s name who filed it and he, from a zero who’s done nothing in his life, suddenly gets his one minute of fame,” fumes Kakkar. “Anybody filing a PIL should pay Rs. 50,000, returnable only if it’s genuine and if it’s as frivolous as this (Akshay-Twinkle), then the amount should not be returned!”


Source : IIPM Editorial, 2012.

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Thursday, October 18, 2012

INDIAN BUSINESS FAMILIES: SHAKE UP

Due to their own faults, several Indian business families went down

The restructuring became so tedious and stretched that the group lost focus on its core competence and was forced to either divest its stake or completely sell units like RPG Life Science, RPG Cellcom, et al. JK Group of the Singhania Empire (which owns brands like JK Tyres and Raymonds), on the other hand, was not prepared for competition from professionally managed domestic companies and didn’t meet global standards. And in their efforts to lure loyalists, a lot of siphoning of funds into personal accounts took place with no records; which led to their doom. Gruesome family feuds over succession worsened matters.

Take, for instance, the Thapar family, whose 38-year-old family feud ended in 2002, and the Rs.50 billion group was divided among four brothers. Family feuds and flawed strategies together led to the decline of the Nambiars. Ajit Nambiar, owner of British Physical Laboratories (BPL), married off his daughter to Rajeev Chandrasekhar, and soon made him the ED, BPL Mobile. Originally, Nambiar was the majority stake holder in BPL Mobile, with a stake of 61.43%. But in 2002, amidst a host of allegations & murky manouevers, Chandrasekhar somehow managed to become the majority shareholder. In July 2005, he sold his entire stake in BPL Mobile to Essar for Rs.15 billion, leaving behind a dumbstruck Nambiar, who only got Rs.1.25 billion for his stake of 13%. Moreover, tough price competition and aggressive marketing by foreign giants like Akai, Samsung and LG in the consumer electronics segment, gave sleepless nights to BPL and eventually led to its decline. Stories like these abound in the history of India Inc. post liberalisation. Together, they provide a plethora of knowledge on how not to run a business empire in a free market economy.

Source : IIPM Editorial, 2012.

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Wednesday, October 17, 2012

Election elects the unelected!?!

Major countries in the world hold elections but and most of them end up electing the unelected

Imagine the course of the history if Al Gore were to be President of the US instead of George W. Bush and Zharmakhan Tuyaqbay the opposition leader of Kazakhstan instead of Nursultan Nazarbayev. This might seem like a fairytale but would not have been impossible had the world had ‘free and fair’ elections. Thus, here we attempt to analyze how fraud and gun power in elections have changed the world’s history which otherwise would have been quite different .Often countries across the world hold elections which end up electing the ‘unelected’. A bigger irony is that even dictators hold elections to vindicate the fact to the world that how democratic they are. Yet no prizes for guessing how fair those elections eventually turn out to be. Consider this: Enver Hoxha, former communist leader of a South European country, Albania garnered 99.90% of the vote (upset because his expectation was 99.99%) which not only surprised and outraged the Albanians but the world at large. Perhaps the most notorious of all elections was witnessed in Iraq during the regime of Saddam Hussein. His rule in Iraq since 1979 notwithstanding, the first presidential election took place in Iraq in 1995 - framing a referendum where no one from the opposition parties was allowed to contest. Iraqis were given a paper ballot asking “Do you agree that Saddam Hussein should be the President of the Republic of Iraq for another seven years?” And all the option they were given was just to tick ‘yes’ or ‘no’. The next day, Izzat Ibrahim, Hussein’s deputy declared Saddam Hussein as the winner with 99.96% of the 8.4 million votes.

This trend is bluntly pervasive in many of the African and Central Asian countries too. Most recently, Nursultan Nazarbayev and his political party, the Fatherland won 91.15% votes in Kazakhstan in the 2005 Presidential election and left no seat for the oppositions in the Mazhilis, the lower house of Kazakh parliament. The opposition leaders criticised this severely and then rejected the result stating it as the most fraudulent election that has ever taken place there and warned people of the shape of things to come if Nazarbayev is allowed to hold on to power. International observers like The International Election Observation Mission too agreed that the election failed to meet many international standards.


Source : IIPM Editorial, 2012.

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Tuesday, October 16, 2012

WORLD: THE ANATOMY OF NATIONALISM

No surprises; it’s nationalism and not globalization that has created great nations over the years

Incidentally, the way Hitler galvanized a disparate Germany, which was humiliatingly defeated in the First World War, into a reckoning force vindicated the fact of how potent a force the war-cry to resurrect the lost pride of fatherland (or motherland) could be. Nazis became a spent force for good after the defeat of Germany in World War II, but ethnic nationalism continued. Oddly, that the Jewish State succeeded to an extent against all ‘odds’ and emerged as a pioneer in high end technologies is also proof of how nationalism drives the fanatic passion to not only survive, but consolidate and fortify. Had it not been for the ethnic pride and the quest to wipe the humiliation of the past, Japan and Germany wouldn’t have had such incredible resurrections (both economic and political) in just a few decades’ time to become the second and third largest global economies respectively, their decimation in the Second World War notwithstanding.

The advent of Cold War also brought with it a new kind of concept wherein the countries started getting associated with the economic ideology they believed in. In a broader sense, it was ideological nationalism. The world was broadly divided into a capitalist West and a communist East. Countries, in spite of ethnic and cultural differences, were brought together under the umbrella of singular economic ideologies in an attempt to dilute the concept of nationalism. Though this seemed to work in the communist geographies – for example, the slogan to unite workers across the world became more and more prominent in socialist countries that united to present almost a singular (Che) Gueveraish face – a similar thinking did not work in the West, where waves of globalization were sweeping across – for example again, if European football matches were a purveyor of the fervent passion in one’s nationality, then the failure in setting up of the ‘unified’ EU only stamped it further, proving the volcanic resistance in the so called capitalist Europe to forgetting one’s ‘nationality’, be it Turkey’s non-inclusion in the EU or UK’s ad nauseum pound fetish.


Source : IIPM Editorial, 2012.

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Monday, October 15, 2012

GODREJ: MANAGEMENT CHANGES

The onus of transforming Godrej is on GenNext & professionals

On condition of annonymity, a former senior manager of Godrej, who has worked with the family members, denies that Godrej’s family-run structure posed problems for professionals. He feels that even the break ups with P&G and GE were professional decisions; so it would be unfair to blame them on the top management. On the point of aggression, however, he admits that Adi Godrej wouldn’t prefer entering a business that burns cash for more than 2-3 years, in the manner that a cash-rich MNC would.

That could change now, for the future beckons, along with the challenges of managing the sprawling product and service portfolio of the conglomerate. So the company is resorting to a professional like Mahendran, who is christened as the M&A expert and is the man behind all the successful international JVs of the group like Sara Lee and Hershey’s. Professionals like him are working together in the FMCG cell and Strategic Marketing Group (SMG) with the next generation of the business family. The SMG will adopt marketing strategies across the group and leverage synergies where possible. This is being headed by the Tanya Dubash. The group is eyeing ambitious M&A plans to scale up turnover by 2011. SMG is, in fact, planning to spend Rs.1 billion every year on branding. “Four members of the next generation are already involved in the business – Tanya Dubash, Nisa Godrej, Pirojsha Godrej and Navroze Godrej,” confirms Adi Godrej. Navroze is heading the furniture division of Godrej & Boyce Mfctg. Ltd. and working on overseas acquisitions. Nisa & Phirojsha have recently joined and are in the learning phases. Godrej ensures that all family members grow from bottom up. As long as this GenNext is serious about sustainably changing the manner in which the group has traditionally strategised its business growth, investors can look forward to more positive transformations in the long run.


Source : IIPM Editorial, 2012.

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Sunday, October 14, 2012

JET AIRWAYS: RAVI CHATURVEDI

Stability at the top management level is the need of the hour for Jet Airways in the financial slump

However, if we consider the way things have been going on at Jet, it seems difficult to believe that Chaturvedi’s exit was due to personal reasons. In July 2008, the chief executive of its low cost arm JetLite, Maunuv on Lueders had also packed his bags and bid adieu. In the last couple of years, Goyal has witnessed exits of several top management personnel including its CFO Carl Saldanah, thus throwing the management of the company in shambles. “Chaturvedi took on a newly created role and was there for only four months before the announcement of his resignation. His departure will return the company to the experienced management structure that existed prior to his arrival. Thus the current resignation is unlikely to have much impact,” states Binit Somaia, Regional Director, CAPA.

By leaving early, Chaturvedi has done what many leaders would fail to do; he has left little scope to judge his performance! Losses increased by 135% yoy for the quarter ending December 2008, despite revenues increasing by 24.6% during the same period. But this can be attributed to increase in employee remunerations, fuel expenses et al. And Aggarwal did not stay long enough to judge whether he was good or bad for Jet. Problems for Goyal, meanwhile, have only compounded. Goyal also plans to lay off employees from different verticals in the name of cost cutting. Despite the failed experience in October 2008, Jet Airways plans to discharge the services of 50 foreign pilots and maintenance engineers over the next six months. “Stability in the top management is important at this time due to the need to ensure continuity of strategy,” avers Somaia of CAPA. And the current financial cyclone that has hit the sector hard is here to stay; thus the aviation major should hold on to its management team. It has been aptly said that all vision is futile if you do not have, or are unable to retain the right people on board. It’s time that Goyal pays heed to this advice, and soon!


Source : IIPM Editorial, 2012.

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Friday, October 12, 2012

“Bush is a dishonest accountant”

So says Obama, who spares nobody in his attempt to save the world

Praise be Obama! Riding on the “dishonest accounting” (he calls it that) of past federal budgets, the man introduced a hotly debated budget plan that will result in a federal deficit four time more mammoth than ever seen in US history – a mother of gods deficit of $1.75 trillion! This at a time when the total US government debt has already reached a historical high of $11 trillion! Before one jumps on the critical bandwagon, one has to note that of acclaim within this deficit is Barack’s attempts to guarantee health care for one and all. Also of praise is the fact that his overall $3.6 trillion budget plan for this year ensures that taxes are more logically distributed – for one, Bush’s insane idea of tax cuts for couples earning $250,000 and more is to be phased out.

America’s economic position has gone over the years from the bad to the worst to now the ugly. And the profligacy of the financial pain has been promoted not just by the government but even by the populace of United States. Look at the ridiculous figures of, say, savings rate of households in the US. In 1981, while the gross US national savings rate was 21%, the same fell to 13.31% in 2004 and further to the lowest ever in history in 2008, 13.03%.


Source : IIPM Editorial, 2012.

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Thursday, October 11, 2012

Split left, right & centre!

CPI (M) is caught in an unsavoury fight over corruption in Kerala

Ghosts of a major scam have come to haunt the ruling CPI(M) in Kerala. Party’s state chief Pinarayi Vijayan is accused of financial misconduct in the Rs.3.33 billion contract awarded to a Canadian firm SNC Lavlin to upgrade the state’s three hydro-electric power stations during his tenure as Energy Minister of Kerala 12 years ago. The case was handed over to the CBI on orders of the Kerala High Court and the incumbent CM VS Achutanandan, known for his clean and uncompromising image, has sanctioned the prosecution of his party colleague, Vijayan. It is no secret that the two leaders have been at logger heads for a long time – so much so that both had been suspended from CPI(M)’s apex policy making body, the politburo last year. The latest controversy hasn’t helped the party’s cause a bit. The issue has vertically divided the party with Achutanandan claiming to fight corruption at every level and Vijayan claiming to be a victim of political conspiracy.


Source : IIPM Editorial, 2012.

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