Is it any surprise t
hat now a Goldman Sachs report says that factors like little time left before the government’s term expires, the need to pacify and meet the demand of allies and the next general election, might force the government not to take up any controversial issue or bill in the Parliament? In similar lines, disinvestment and listing efforts of the government, too, have been in the news lately. More than a dozen IPOs and FPOs are expected to come into the equity market. But firstly, it doesn’t make sense to bring equity offers when the markets have lost more than 34% in dollar terms since mid-May; and secondly, across the board approvals are required, clearly going against the logic of time remaining before the next general election. But then, the government does need money to fill in the huge fiscal gap (see graph above) that its ridiculously populist measures have created. Evidently, it is looking for quick-fix solutions since it has failed to adhere to the requirements set by the Fiscal Responsibility and Budget Management Act.
In the whole episode, it fails to consider that there are other critical areas as well. There are infrastructural and social reforms, which need immediate consideration. The power sector is still as wanting as it was a few years back. In fact, the situation has worsened as the demand-supply gap keeps getting bigger. Ultra Mega Power projects, which were supposed to bridge the gap, have not been started yet. Reforms like the amendment in the SEZ segment, Pradhan Mantri Swasthay Suraksha Yojna for the poor families in the health sector and Bharta Nirman Yojna et al have been buried deep down in bureaucratic papers. The golden quadrilateral, though credible, is still not over. The promise of ‘hundred days of employment’, as provided in the NREGA Act, was given to just 0.54 percent of the people registered for employment.
The farmer loan waiver scheme, the mathematical masterstroke of the government, is going the same way. In Tamil Nadu, the small and medium farmers who should have been the beneficiaries are not getting the benefits because most of the agricultural loans have been taken up by big and influential farmers. In Orissa, banks are failing to give loans because they have not got the necessary help from the Centre. Besides, those who had repaid their loans on or before April, 2008 are angry and are agitating. More than 400 million still remain below the poverty line; a similar number remain illiterate.
Patton might have won many battles, but he is worshipped for his most famous statement, “I want you to remember that no b@$#ard ever won a war by dying for his country. He won it by making other poor dumb bastards die...” Indian politicians and Patton have a lot in common. And ‘commitment’ surely wasn’t one! We said it before... Dumb just happens!
For Complete IIPM Article, Click on IIPM Article
Source : IIPM Editorial, 2008
hat now a Goldman Sachs report says that factors like little time left before the government’s term expires, the need to pacify and meet the demand of allies and the next general election, might force the government not to take up any controversial issue or bill in the Parliament? In similar lines, disinvestment and listing efforts of the government, too, have been in the news lately. More than a dozen IPOs and FPOs are expected to come into the equity market. But firstly, it doesn’t make sense to bring equity offers when the markets have lost more than 34% in dollar terms since mid-May; and secondly, across the board approvals are required, clearly going against the logic of time remaining before the next general election. But then, the government does need money to fill in the huge fiscal gap (see graph above) that its ridiculously populist measures have created. Evidently, it is looking for quick-fix solutions since it has failed to adhere to the requirements set by the Fiscal Responsibility and Budget Management Act.In the whole episode, it fails to consider that there are other critical areas as well. There are infrastructural and social reforms, which need immediate consideration. The power sector is still as wanting as it was a few years back. In fact, the situation has worsened as the demand-supply gap keeps getting bigger. Ultra Mega Power projects, which were supposed to bridge the gap, have not been started yet. Reforms like the amendment in the SEZ segment, Pradhan Mantri Swasthay Suraksha Yojna for the poor families in the health sector and Bharta Nirman Yojna et al have been buried deep down in bureaucratic papers. The golden quadrilateral, though credible, is still not over. The promise of ‘hundred days of employment’, as provided in the NREGA Act, was given to just 0.54 percent of the people registered for employment.
The farmer loan waiver scheme, the mathematical masterstroke of the government, is going the same way. In Tamil Nadu, the small and medium farmers who should have been the beneficiaries are not getting the benefits because most of the agricultural loans have been taken up by big and influential farmers. In Orissa, banks are failing to give loans because they have not got the necessary help from the Centre. Besides, those who had repaid their loans on or before April, 2008 are angry and are agitating. More than 400 million still remain below the poverty line; a similar number remain illiterate.
Patton might have won many battles, but he is worshipped for his most famous statement, “I want you to remember that no b@$#ard ever won a war by dying for his country. He won it by making other poor dumb bastards die...” Indian politicians and Patton have a lot in common. And ‘commitment’ surely wasn’t one! We said it before... Dumb just happens!
For Complete IIPM Article, Click on IIPM Article
Source : IIPM Editorial, 2008
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