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EDITORIAL JUGAAD

26
05 OCTOBER
OCTOBER
28 SEPTEMBER

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TRIBUNE & THE HINDUSTAN TIMES

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8 EDITORIAL NOIDA/DELHI

THURSDAY, OCTOBER 26, 2017


THE HINDU
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Trump and the new world disorder


Why India should be concerned about the pace of the American retreat from post-War institutions
redistributive measures by govern- are in India’s interest, the history
ments, including higher taxes on of that dynamic is more layered
the rich, to deal with the inequality and nuanced. While American
Pursuit of growth created by market. These institu-
tions have in recent years rolled
leadership and ability to arm twist
other countries, including China
Recapitalisation of public sector banks should back their trickle-down growth and Pakistan, have beneted India
dogma. The Trump administration on occasions, the space for New
set the sector well on the path to recovery

GETTY IMAGES/ISTOCKPHOTO
varghese k. george is meanwhile pushing for massive Delhi’s global ambitions come only
tax cuts, stuck on the trickle down from America’s retreat. It was the

T
he Centre’s decision to infuse ₹2.11 lakh crore of
.S. Secretary of State Rex approach, putting it at odds with U.S. that forced China to accede to
fresh capital into public sector banks over the
next two years, through a blend of nancial
mechanisms, should help revive the growth mo-
U Tillerson’s speech on rela-
tions with India on October
18 was ambitious in scope and
the IMF-World Bank approach.
Second, like in the case of UN,
the Trump administration feels
Nuclear Suppliers Group waiver
for nuclear commerce for India
and forced Pakistan into resolving
mentum. Saddled with bad loans as well as stressed as- sought to dene it for the “next that America is paying too much the Kargil conict. But a relatively
sets of close to ₹10 lakh crore, India’s banking sector has hundred years,” when both coun- for these institutions. U.S Treasury weakened U.S. is what took a more
been naturally wary in recent quarters of extending tries will be “standing rm in de- but Mr. Trump has been categor- tion, and Responsibility to Protect Secretary Steven Mnuchin called friendly view of India to begin
fresh loans, as reected in bank credit growth slipping fence of a rules-based order.” The ical that he is committed to dis- doctrines expanded the rules of on the World Bank to reduce lend- with. “We are going to come down
speech has been received with jus- mantling it — because he is con- the new order that chipped away at ing to middle-income countries, on those guys like a ton of bricks,”
to a 60-year low of just 5% this April. Since its rst year
tiable enthusiasm among well- vinced that America does not national sovereignty. The U.S. and four days before Mr. Tillerson President Bill Clinton declared at
in oce, the government has been seized of what Chief wishers of India. There is abso- benet from it. To understand his, its camp followers bankrolled spoke about providing alternative an Oval Oce meeting the day after
Economic Adviser Arvind Subramanian calls the twin lutely no two opinion about the de- and his administration’s, views on these institutions. Moreover, the nancing to countries that may be India landed a blow to his non-pro-
balance-sheet problem. If over-leveraged companies sirability of long-standing the issue, and to look for signs of U.S.’s own example of prosperity — coming under Chinese inuence liferation agenda, with Pokhran 2
are unable to invest or borrow afresh, and banks are un- commitments between the two big what to expect now, we need to “the shining city upon a hill,” ac- for infrastructure nancing. As in May 1998. But he could not stay
willing or/and unable to nance fresh investments, a democracies, notwithstanding the take a collective view of three cording to Ronald Reagan — would strategic expert Alyssa Ayres the course of seeking to punish In-
private investment-led recovery is unlikely. However, it challenges of social frictions and il- events that happened over the last lead the rest of the world to accept noted, Mr. Tillerson “provided no dia, primarily because of domestic
liberal tendencies that they both four weeks. Mr. Trump’s rst its model of democracy and mar- further specic proposals to sketch American issues.
was only late last year that a new bankruptcy law was in-
currently face. speech to the UN General As- ket economy, it was assumed. out in greater detail how the United
troduced, and over the course of this year the Reserve sembly; the annual meetings of the States and India should work to- The change in Washington
Bank of India has asked banks to invoke insolvency pro- On schedule World Bank and the International Guided by the ledger gether to provide alternative The Trump administration’s dis-
ceedings in the case of 50-odd accounts if settlements For some context to the speech by Monetary Fund (IMF); and the Mr. Trump calculates the price of nancing.” regard for the ‘world order’ would
remain elusive. Banks, under pressure from the RBI to Mr. Tillerson, who is currently on a Chinese Communist Party’s 19th everything and perhaps under- The World Bank was also upbeat open opportunities for India’s am-
acknowledge the stress on their books, face the pro- South Asian visit, it would be ap- Congress in Beijing. stands the value of nothing. “The about the Belt and Road Initiative bitions to be a ‘leading power,’ but
spect of taking heavy haircuts to write o some of these propriate to recall the following. The UN, the World Bank and the United States is one out of 193 (BRI), on which India and the U.S. a gradual retreat of the existing or-
Five days earlier, on October 13, IMF have been the instruments of countries in the United Nations, are expected to join hands in resist- der is what could benet India. The
loans at whatever residual value remains in the busi-
President Donald Trump destabil- American hegemony for decades. and yet we pay 22% of the entire ing Chinese manoeuvres. Bank transition from a U.S President
nesses. When combined with their need to scale up ised an international agreement What is relevant to the current con- budget and more. In fact, we pay President Jim Yong Kim, an Amer- (Barack Obama) who reminded In-
their capital base to comply with Basel III norms, public that the U.S, the four other UN Se- text is the last three decades. The far more than anybody realises,” ican appointee, said during the an- dia about its own Constitution to a
sector banks have naturally been in damage control curity Council members and Ger- collapse of the Soviet Union was he told the UNGA. It is national sov- nual meetings, “Two things that leader (Mr. Trump) who does not
mode rather than chasing growth like their private sec- many had reached with Iran; on validation for the U.S. of the power ereignty — he mentioned the words the world needs very much right bother much about even the U.S’s
tor peers. October 12, Mr. Tillerson himself of market economy and liberal 10 times — that will safeguard the now are strong leadership and an Constitution could be welcome
The three-part package for lenders includes ₹18,000 had conveyed to the head of UN- democracy. The globalising world world and not globalism, he de- embrace of multilateral ap- from the perspective of the Naren-
ESCO the U.S decision to quit the required a gradual depreciation of clared, upending the U.S. gospel proaches to solving dicult prob- dra Modi government’s nationalist
crore from the Budget, ₹58,000 crore that banks can
organisation. In the rst nine the concept of national sover- that guided the order. “For too lems, and [BRI] is both of those agenda.
raise from the market (possibly by tapping the signic- months of the Trump administra- eignty, including the U.S.’s own, its long, the American people were things.” However, any abrupt creation of
ant room available to dilute the government’s equity tion, other international commit- liberals and conservatives agreed, told that mammoth multinational It is in this context of Mr. a power vacuum in the event of
that remains well over 51%) and the issue of recapitalisa- ments that the U.S. had unilaterally though not from entirely overlap- trade deals, unaccountable inter- Trump’s rejection of multilateral- American abdication of its global
tion bonds worth ₹1.35 lakh crore. Though there are still reneged on include the Paris cli- ping perspectives. Promotion of national tribunals, and powerful ism and adherence to a question- role would invite conict and
many unknowns about the nature of these bond issues mate agreement and the Trans-Pa- market economy and democracy, global bureaucracies were the best able economic philosophy that chaos. Having already demon-
(whether they will aect scal decit calculations or be cic Partnership Agreement. The defence of human rights and envir- way to promote their success… Chinese President Xi Jinping ex- strated his inability to lead either
North American Free Trade Agree- onment, etc were assumed to be Now we are calling for a great horted other countries to follow America or the world, Mr. Trump
o-balance-sheet sovereign liabilities, for instance), the
ment is gasping for breath; and part of the U.S.’s global hegemony. reawakening of nations.” the Chinese model as opposed to still has the means to force his way
overall plan gives banks a better sense about their im- treaty allies South Korea, Japan The U.N. and the World Bank-IMF At the World Bank-IMF meet- Western liberalism, in his Make on account of having the world’s
mediate future. The bonds will front-load capital infu- and Germany have been became instruments of this Amer- ings, the rift between the China Great Again speech last week most formidable military. More
sion while staggering the scal impact, which Mr. Sub- threatened for trade surplus with ican authority over the world. The Trumpian world view and these in- at the party congress. Such a pro- than the reassurance of order,
ramanian expects to be limited to the annual interest America. World Bank and IMF through ag- stitutions played out in a two- spect is of concern for India. what India should be watchful of
costs on these bonds of about ₹9,000 crore. The Centre The rest of the world might gressive promotion of neoliberal pronged fashion. The IMF is no Though Indian leaders re- should be the threats of conict.
is betting this will strengthen the banks’ ability to ex- think that the world order has been economics, and the UN through its longer advocating neoliberalism as peatedly say that a strong U.S. and
designed to America’s advantage non proliferation, climate protec- its core credo, and called for more American leadership of the world varghese.g@thehindu.co.in
tend credit at a faster clip. RBI Governor Urjit Patel has
said this is the rst time in a decade that there is a real
chance of meeting the banking sector’s challenges. But
it is still a long haul. While more details on this package
are awaited, including how banks will be picked for
Going back to the basics
funding and the possible interplay with proposed mer-
gers of banks, equally critical will be the reforms that
It is unconscionable that so many children are still out of school
Finance Minister Arun Jaitley has promised as a neces- decades to do so. There are six ults are still mixed: “There is no of access and equity, which are still
sary adjunct. Banks are where they are, not just be- main points to note about the re- consistent evidence that private the biggest problems in education.
cause of capital constraints but also because of their in- port. First, it is good to see that it schools deliver better learning out- If there is one aspect of education
eciencies and past lending overdrives. makes a moral case for education, comes than public schools, or the which needs to be quantied and
GETTY IMAGES/ISTOCKPHOTO

with a rights-based approach, and opposite…In some contexts, measured in order to make our
sub-sections titled ‘Education as private schools may deliver com- education systems function better

The life of Xi uma mahadevan-dasgupta


freedom’; ‘Education improves in-
dividual freedoms’; ‘Education be-
nets all of society’.
parable learning levels at lower
cost than public systems, often by
paying lower teacher salaries. Even
for all children, it is equity. How
fair and equitable are education
systems? Where are the greatest
The Communist Party Congress signals n page 115 of the World De- Second, one of the most import- so, lower teacher salaries may re- gaps? Which kids suer the most
his growing power and China’s assertiveness
O velopment Report 2018, the
World Bank’s new report
ant sections is not about education
but about early childhood develop-
duce the supply of qualied teach-
ers over time.”
from inequitable systems? These
questions should be asked as part

W
hen Xi Jinping was elected the leader of China which focuses for the rst time on ment. And rightly so, for the report stunting remain into adulthood. If Fifth, while the focus on learn- of an ongoing process of assess-
and the Communist Party ve years ago, education, are two powerful im- discusses the far-reaching impact early childhood development pro- ing is welcome, a wider and more ment for equity.
many had predicted that he would become ages. They are MRI (magnetic res- of poverty and chronic malnutri- grammes are to compensate for nuanced exploration of the reas- As for access, over 260 million
the most powerful leader since Deng Xiaoping, the ar- onance imaging) images taken in tion on the physical and mental de- poor children’s disadvantages, ons for the learning crisis would children across the world – equal to
chitect of the country’s economic rise. They may be Dhaka, Bangladesh, of the brains velopment of children. they need to be scaled up and re- have been useful. While school en- a third of the population of Europe
of two infants aged two-three Poverty undermines a child’s sourced for nutritional inputs, rolments have increased signic- – are not even enrolled in primary
wrong. With the 19th party congress, which concluded
months. The growth of one infant learning. “Severe deprivations— along with a focus on antenatal and antly, massive teacher shortages or secondary school. “In 2016, 61
on Tuesday and has written his name and ideas into the was stunted while the other was whether in terms of nutrition, un- postnatal care, sanitation, and persist. Further, beyond reading million children of primary school
party constitution, Mr. Xi now appears to be the not. The images show the stark dif- healthy environments, or lack of counselling of parents for eective and arithmetic, any meaningful as- age —10% of all children in low-and
strongest leader since Mao Zedong. This amassing of ference in brain development nurture by caregivers—have long- early child stimulation. Reduction sessment of learning should also lower- middle-income countries—
Mao-like powers could also allow Mr. Xi to stay in power between the stunted child and the lasting eects because they impair of child stunting should be one of consider aspects such as compre- were not in school, along with 202
beyond the usual two terms. Two of Mr. Xi’s prede- one who is not stunted. The bre infants’ brain development.” The the major moral imperatives be- hension, problem solving, critical million children of secondary
cessors had stepped down after two terms to ensure an tracts in the brain of the child who eects of stunting in the early years fore nations today. thinking, and innovation. Beyond school age.”
is not stunted are denser, and the on physical, cognitive and socio- Third, it is good to see that tech- merely increasing assessment And in a world fraught with con-
orderly transition in the party and the government,
connections more elaborate, than emotional development prevent nology is not regarded as a pan- (“Just weighing the pig doesn’t ict, schooling suers. “Children
where there is no dearth of talented and ambitious lead- those in the brain of the stunted children from learning well in later acea in itself but as something that make it fatter,” as the report itself in fragile and conict-aected
ers. The practice has been for the mid-term party con- child. This is an example of how in- years. “So even in a good school, has the potential to enhance learn- remarks), it is equally important to countries accounted for just over a
gress to choose the likely successor of the incumbent tense deprivation can hinder the deprived children learn less.” ing — and that the teacher-learner fund the sector better; improve third of these, a disproportionate
and groom him over ve years to eventually take over brain development of young relationship is at the centre of teacher training; support the con- share.”
the reins. However, the party doesn’t seem to have children. Childhood stunting learning. “Technological interven- tinuing professional development It is unconscionable that in the
chosen anyone this time. All ve new faces in the seven- The report points out that in low- tions increase learning — but only if of teachers; and help teachers to twenty-rst century, so many chil-
Impact of malnutrition income countries, stunting rates they enhance the teacher-learner help the poorest children to learn. dren are still out of school.
member Politburo Standing Committee, the highest de-
The report, titled “Learning to among children under-ve are al- relationship.”
cision-making body in China, are in their 60s, which Realize Education’s Promise”, fo- most three times higher in the Fourth, the report acknow- The way forward
lends credence to speculation that Mr. Xi is not plan- cusses on education. It is the rst of poorest quintile than in the ledges rmly that on the issue of One would have liked to see greater Uma Mahadevan-Dasgupta is in the IAS.
ning to step down when his second term ends in 2022. the Bank’s annual reports in four richest. The eects of childhood public vs private schools, the res- focus on the continuing problems The views expressed are personal
Even if he does step down from the government, given
the stature he has already achieved within the party, he
could retain a Deng-like sway over policy matters.
LETTERS TO THE EDITOR Letters emailed to letters@thehindu.co.in must carry the full postal address and the full name or the name with initials.
In Mr. Xi’s world view, China has passed two eras —
the revolutionary era launched by Mao and the eco- Restarting dialogue condence to hold a actions and not for another electricity announced by and holistic planning. government to widen the
The steps the Centre is dialogue with all sections of fact-nding mission. one government after Merely allocating funds and scope and possibility of the
nomic reforms spearheaded by Deng. The “Xi Jinping taking to try to bring peace Kashmiri society. There D.B.N. Murthy, another. The mass of announcing schemes will national anthem being sung
thought on socialism with Chinese characteristics for a to the troubled Kashmir have been numerous Bengaluru jumbled wiring, an eyesore only fetch minimal results. by all Indians in situations
New Era” that has been written into the party charter Valley are to be welcomed missions, both ocial and in most of our cities and The poor also need to be wherever it is feasible and
marks “a new era”. This one is about making China eco- (Editorial – “Talk is good”, unocial, to J&K, but Lighting up homes towns, shows that provided energy ecient practical. It is as simple as
nomically stronger and geopolitically more inuential. October 25). There have to without visible success. Access to electricity is one maintaining supply and equipment such as LED that. However, it makes
In his three-and-a-half-hour speech at the congress, Mr. be attempts to create a Surely, we know by now the of the most enabling factors eciency are also linked to lights and energy ecient sense singing the anthem in
cordial atmosphere among demands of various sections of development. It increases transmission and fans at subsidised rates. This educational institutions,
Xi placed great emphasis on strengthening the military
dierent factions, political of public opinion in the the standard of living and distribution problems. will not only decrease and in circumstances like
and resisting “the whole range of erroneous view- or otherwise, in Jammu and State and that there is acts as a means of Intelligent and simple electricity consumption but when a comrade has fallen
points”. The message is that the era of “peaceful rise” is Kashmir and between the nothing more to ‘discover’. empowerment. It is solutions can include also provide them with or when a soldier has laid
over. The more combative foreign policy Mr. Xi’s ad- Centre and the State. The What is lacking are sincere unfortunate that even after standalone solar units to better eciency. Looking at down his life and his
ministration is pursuing will continue, perhaps more ball must be kept rolling and and consistent steps to ease over 70 years of reduce distribution renewable energy sources is valiance echoes with the
aggressively, while at home he will consolidate more there are bound to be tensions and bring people Independence, thousands challenges. Improvised also a viable and long-term volley of the gun salute. It is
power. But this doesn’t mean it will be a cakewalk. If positive results if eorts are into the mainstream. A few of villages are still not solutions will go a long way solution. There have to be truly tting singing the
made in right earnest. What steps such as deploying the electried. What we need in achieving the audits every quarter as well. anthem during our
China takes a more aggressive, militaristic view of its
is important is sincerity and Army only where it is today is a ‘mission mode government’s latest “Intention” rather than Independence Day and
neighbourhood, it could trigger an aggressive response good faith. The Centre will necessary and avoiding the approach’, with time-bound milestone, provided the getting votes must be the Republic Day celebrations.
from neighbours such as India and Japan. North Korea have to be prepared to take use of pellets and force in targets. A committed intentions are genuine and approach taken. Cinema halls and clubs are
remains as much a foreign policy problem for Mr. Xi as harsh steps too. One is sure general can be considered. leadership and dedicated the eorts have a purpose. Nisha Yadav, denitely not the places to
that people in general are Releasing prisoners not bureaucracy is a must to Dahina, Rewari, Haryana render our national anthem
for President Donald Trump. China’s export-oriented R. Swarnalatha,
fed up with strife and want charged with serious crimes bring about much-needed Chennai as they are settings that do
economy is still not free from the global economic
whirlwinds. Mr. Xi will have to factor in global market an end to this. should be done on a case by change. If required, private Playing the anthem not foster or instil
S.K. Mahna, case basis. Separatists need partnership should also be ■ The Saubhagya scheme is One cannot understand patriotism. One cannot
concerns while taking key economic decisions at home. Bengaluru to be brought on board for solicited (“Shedding light on old wine in a new bottle. why the judiciary keeps force citizens to feel a surge
Besides, though the transition in the Communist Party lasting peace. Whether we Saubhagya”, October 25).. Unfortunately, successive changing its stance on the of love for the country when
has been orderly at least in the last 30 years, it was not ■ It is good that the Central like it or not, dialogue with Badal Jain, governments roll out the subject of playing the the occasion does not lend
free from troubles. Mr. Xi would be mindful of how he government has realised the Pakistan is necessary in Bhopal same schemes but under national anthem (“Why itself to that mindset.
projects his own power, lest it triggers a backlash. The need for dialogue in order to stop militant new names. Repeated make a show of patriotism: R. Sivakumar,
Kashmir. But one wonders activity and cross-border ■ There are several policy lapses and a failure in SC judge”, October 24). Chennai
challenge before him is to nd a balance between his
ambitions and the realities that China confronts today. whether the mediator, a inltration of militants. It is deciencies in the achieving results are Without an iota of doubt, it more letters online:
former IB chief, has the now time for positive grandiose plans of free because of a lack of proper is the duty of the Central www.hindu.com/opinion/letters/

CM A ND-NDE
YK
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THE HINDU
THURSDAY, OCTOBER 26, 2017
NOIDA/DELHI

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OPED 9

Should robots be nationalised? Echoes at Doklam


What robotisation can oer to the future of work in India  The contours of future boundary talks with China
  bionic eye for sensory and visual aug-
are far from clear
mentation, or for, say, drone opera- However, based on past instances, Beijing
tion? Maybe. has used local disputes to establish a per-
Is this how humans will compete manent presence, it can be argued that the
with robots in an intermediary PLA may stay put in the Chumbi valley using
phase? What does it mean for society Doklam as a ruse. The 2012 stand-off with
and its sense of identity, our relation- the Philippines over the Scarborough Shoal
carlo pizzati ship to our bodies? is an example. Therefore, will there be a re-
dinakar peri
There might be a lot of jobs for our peat of the SCS sort of situation on Indian
As we ask ourselves how employ- new cyborg selves out there, in what borders? In fact this is exactly what India has
ment is threatened by technology, is called the aug-mediated reality. In his address to the 19th National Congress attempted to prevent.
we should look at how labour has Humans, some argue, are not to be of the Communist Party of China (CPC), The Indian Army’s unusual assertiveness
changed in recent decades. Before defended, but expanded. So, will we Chinese President Xi Jinping unveiled his vis- in stopping PLA personnel from extending a
we get so attached to the current job be become transhumanistic, ion to make China a great power so that it road from their side into the Dokalam tri-
market, and feel we must defend it pimped-up cyborgs, with mechanical “leads the world in terms of the composite junction was as much out of necessity as
GETTTY IMAGES/ISTOCK PHOTO

from an eventual robot takeover, we elements expanding our physical national strength and international other considerations. India had no option
should examine how unfair the la- limitations? Isn’t this already hap- influence.” but to prevent the change of status quo by
bour system has become and how ro- pening? Is this the Nietzschean Über- The days to the run-up of the much preventing the PLA from drastically altering
botics could contribute to change mensch we are supposed to become? awaited, once-in-a-five-year event saw some the balance at the strategic location.
that. Shouldn’t policy regulate that as symbolic posturing along the India-China As events in the SCS show, the cost of non-
If properly managed, the robotic well? border, especially at Doklam. After a lull fol- intervention is extremely high. With China’s
revolution could be a chance to free The focal question here is: as la- lowing the disengagement, the continued rapid land reclamation and subsequent milit-
millions of people from a system of bour is being transformed at its presence of Chinese troops in the vicinity of arisation, there are now new facts on the
exploitation of labour which is un- roots, should economic forces be the the stand-off site came to light and a wait ground for Beijing to enforce its claims. In
precedentedly inhumane. Or not. them to the work force by creating This is policy recommendation only thing that matters? Aren’t we in and watch game ensued. Recently, the In- fact, in his Beijing speech, Mr. Xi took credit
In ancient Rome, a slave worked a job alternatives. Or by providing sub- number one: enforce a high interna- front of an ethical and political, dian Air Force chief, Air Chief Marshal B.S. for the reclamations by saying that “con-
maximum of six hours a day. A third sidies and employment systems with tional minimum wage for all data- rather than an economic, question? Dhanoa, expressed hope that struction on islands and reefs in
of the year was spent in festivities. less working hours — such as part- entry and data-supervision workers. And what if the answer is simply that Chinese troops who were in the South China Sea has seen
European workers in the Middle time and work from home. Finally, Help people who are “feeding the everyone must benefit from the cap- the Chumbi valley for their an- steady progress” and added a
Ages had a six-hour work day and robotised work should distribute machine” be better paid for contrib- ital generated by robotisation? nual summer exercises would note of caution that while China

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spent 150 days in religious celebra- earnings to those who will perman- uting to coding reality into its virtual Shouldn’t we begin to think of an move back at the onset of did not seek global hegemony,
tions — almost half the entire year ently lose their jobs. And this could version. alternative form of ownership of the winter. The Army believes that “no one should expect China to
off! be done in very specific ways. There is a more serious issue in robots? Shouldn’t they be public there could be increased swallow anything that under-
Nothing close to the 13 to 14 hours the Indian job market. In 1810, the property, since they are objects that transgressions by China at mines its interests”. Through a
put in by the average, always-on en- A kind of exploitation agricultural sector was 90% of the occupy and operate on public other vulnerable points along process of normalisation, it is
trepreneur of our times. Or the 10 First, we should consider how to cap- U.S. economy. In 1910, it was down to grounds, impacting public economy the over 4,000km long Line of only a matter of time before it is
hours a regular employee often italise from the current market. The 30%. In 2010, it was 2%. and nation-wide employment? Actual Control (LAC). This is accepted as a fact.
clocks in, which explains why over- premise for doing so requires a rad- Is this what’s in store for India, Shouldn’t they be owned by every- possible, if Mr. Xi’s address is In that context, even given the
work is causing so many deaths ical change of perspective. where agriculture is still occupying one? Should India consider national- any indication. bilateral tensions that came with
across Asia. When we read that in a town in half of the work force? Will it happen ising robots? As ludicrous and ana- While Mr. Xi stressed that China did not the Doklam stand-off, not responding was
The Industrial Revolution and the Andhra Pradesh, an AI company faster here? How do we retrain farm- chronistic as it may sound in the “pose a threat to any other country”, he reit- never an option. Standing its ground was, in
continuous automation of work have hires women and youth and spends ers? And where are they to relocate? post-neoliberal zeitgeist, it is some- erated the centrality of China’s territorial in- fact, the least escalatory move that New
morphed us into becoming increas- some of its profit on education and What will happen to “the rejec- thing at least worth opening up for tegrity and called on the People’s Liberation Delhi could have made, given that the cost of
ingly less human workers. This is the drinking water for the community, ted” as Pope Francis called them, reflection. Army (PLA) to go hi-tech, saying that techno- intervention at a later stage is disproportion-
central premise before looking into we should not be humbly thankful. “the forgotten,” as U.S. President Or could robots owned by private logy is at the core of combat strength. ately higher and the risk of confrontation
what robotisation can offer to the fu- We should be worried. Donald Trump labelled them during companies be allowed to operate even so.
ture of work in India. But what is passed for bringing his campaign? only by purchasing a costly state li- Military reforms and tensions
Is there also a continuing percola- employment to underdeveloped cence, benefitting society at large or, How this transition unfolds domestically Other irritants
tion, in India, from the agricultural areas is neo-colonial exploitation at A new era specifically, displaced workers, thus could have a fallout on the border given the Adding to this are other issues of disagree-
sector, through urbanisation and its its best. Workers are paid peanuts to More interestingly, will we move into funding unemployment? tussle between the PLA and Mr. Xi. In the last ment such as India’s refusal to be a part of
consequences, into the service and build the very same AI that will a “humanistic intelligence” era in Is it conceivable to create “job per- couple of years, the PLA has been systemat- Beijing’s grand plans with the Belt and Road
manufacturing sectors? Certainly. render them obsolete. This is not ex- which we transform our workers, mits for robots” so that 30% of the ically stripped of its power by Mr. Xi, first Initiative, citing sovereignty issues apart
Could this happen in a more hu- plained to them. So they are thankful first with wearable computers revenue they raise with their work through the formation of the theatre com- from deepening engagement with the U.S.,
mane way, as easily automated jobs for an extra little water and infra- (smartwatches and Google glasses goes directly to finance the pension mands and later in a series of changes in the and a jostling for space in the Indian Ocean
are slowly stolen by robots? Is farm- structure, in exchange. are a beginning, the new smart- funds of the workers made redund- top leadership. In 2015, Mr. Xi announced re- Region. The stalemate has been generally
ing also destined to be substituted by This trick is fooling Western un- phones operating according to ant by robotisation? organisation of the seven military regions viewed as a victory for India and China
Artificial Intelligence (AI)? Could we derprivileged people as well. To re- moods, gaze and gestures are the This may not be the specific solu- into five theatre commands with all three would not want to be perceived to be weak
then envision a future of a widely fine conversation skills, a digital AI next step), and then with deeper in- tion, but discussion should begin on services effectively integrated, which re- by other countries in the region.
urbanised class with more leisure assistant needs to be told over and tegration, like the Swedish company these topics, as one of the ways to duced the clout of the PLA generals by bring- So, it is highly likely that China will test In-
time thanks to robots? Utopia. over when it has failed. There are Biohax, implanting chips under the avoid famine and death possibly ing the military under stronger grip of the dia in other areas. But one thing is certain.
But there may be a way to go in plenty of American college students skin of their employees’ wrists? brought on by massive unemploy- Central Military Commission chaired by him. The ground status along the LAC has
that direction, if we think about the spending 10 to 30 hours a week, for It is called “shortening the chain ment in a relatively short time. He has also managed to project the end to changed forever. How this will affect the con-
advantages of robotisation being $10 an hour, on phones or com- of command”— from the smart the Doklam stand-off to the domestic audi- tours of future boundary talks is still not
equally distributed among those who puters as AI supervisors, evaluating screen era, to the cyborg era. Carlo Pizzati is an author and professor of
ence as his victory. As Mr. Xi looks toward clear. As Mr. Xi rolls out his grand vision, the
will lose their jobs. search results and chats through sites At first, technology might not im- communication theory. This text is part of his consolidating his grip on the Party and the ramifications could be much wider and far
A socially sensitive policy should such as Clickworker. If they under- mediately take all our jobs, it will contribution to the “Technology Foresight crucial Politburo Standing Committee, it is in beyond the borders.
consider this a chance for the gov- stood the ramifications of their work, take over our bodies. Of course, it’s Group on the Future of Work in India,” a his interest to project himself as being firm
ernment to gather advantages from they might demand to be paid much already doing that. For example, I collaboration between Tandem Research and and decisive in preserving core Chinese na-
higher robotisation and distribute more. wear a hearing aid. Would I wear a the International Labour Organisation tional interests. dinakar.peri@thehindu.co.in

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SINGLE FILE FROM ARCHIVES

Being self-aware A HUNDRED YEARS AGO OCTOBER 26, 1917

Prosecution for defamation.


Age appropriate sexuality education
With the sanction of the [Palghat] Municipal Council, the
is crucial for adolescents Chairman Rao Sahib R. Sekhara Menon has launched a crim-
V. CHANDRA-MOULI & SUNIL MEHRA inal prosecution for defamation in the local Sub-Divisional
First Class Magistrate’s Court against Mr. Venkateswara Aiyer
As girls and boys grow, we help them nav- (V. Ayyar) now employed in Poona and who is a native of
GETTY IMAGES/ISTOCKPHOTO

igate and engage with their world. We Palghat owning house properties within Municipal area. Mr. V.
teach them self-management, such as Ayyar, by the way, has done his little bit for his King and coun-
how to dress and keep an orderly room. try in the Postal Expeditionary Force in Flanders and other
We teach them about avoiding dangers, theatres of war. The circumstances in which the complaint
such as how to use a stove without burn- was filed are as follows:
ing themselves. We teach them skills re- In July last, one petition presented to the Chairman by one Ra-
lated to their expanding independence, makrishna Patter of Adityapuram Agraharam — a neighbour of
such as how to buy something from the local grocery store and Mr. V. Ayyar — complaining that a coconut tree standing in Mr.
come back home with the right change. And we teach them Ayyar’s garden was causing damage to his tiled roof, the Chair-
how to manage social relationships, such as how to build sup- man issued notice to Mr. Ayyar in Poona under Section 183 of
portive friendships and respect adults while recognising inap- the Municipal Act to remove the nuisance. On receipt of this
propriate actions. notice Mr. V. Ayyar wrote a long reply to the Chairman in Au-
Similarly, we need to provide adolescents with information gust last.
and skills so they can thrive in the new opportunities and chal- He contended that the Municipality had no right to interfere in
lenges they will face as teenagers and adults. As their bodies CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC such matters and that if any damage was caused there was the
and minds mature, they need and have a right to information law Court for the other party to seek remedy and compensa-
about puberty so that they are prepared for the changes they CONCEPTUAL FAQ tion, and added that if by the fall of a coconut anyone’s life was
will experience. As their social networks and the inuence of
peer groups and the media expand, they need and have a right
Pump and
dump
Spain on edge endangered no coconut trees should stand on Municipal limits
and all such trees deliberately planted by the Municipal av-
to develop condence, competence, and communication enue between Big Bazaar and Sultanpet Road might be cut
skills. And as they move through adolescence, which we know Finance Much depends on how lawmakers in Barcelona and down.
is a period during which inequitable gender norms become
further entrenched, they need and have a right to program- This refers to a form of fin- Madrid decide their next steps
ming about respect, tolerance, and equitable attitudes. ancial manipulation where
investors in a stock, or any
Sriram Lakshman On October 10, the pres- support in metropolitan CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
Lack of right information other financial security, ident of the regional Cata- areas such as Barcelona
We know that this is not happening; studies from around the try to temporarily increase What has happened since lonian government, Carles and its suburbs lower than DATA POINT
world show that children are not getting the information and its price in order to sell the October referendum? Puigdemont, declared in- in the hinterland and rural
education they need. First, many adolescents are poorly in- their holdings at a favour- On October 1 the Cata- dependence from Spain areas. Yet “direct rule”
formed about the changes taking place in their bodies and able price. Stock manipu- lonian government held a but went on to suspended from Madrid and legal ac-
minds at puberty, and unprepared to deal with them. Second, lators usually bring about referendum on whether the declaration, hoping to tion by it against seces-
many adolescents are unaware and unprepared to protect a sharp spike in the price the region should secede enter into a dialogue with sionist lawmakers and offi-
themselves from sexually transmitted infections and un- of the targeted stock by from Spain. Under Spain’s Madrid. However, Spanish cials are likely to further
wanted pregnancies, or lack the skills to refuse unwanted sex spreading exaggerated 1978 constitution, no sanc- Prime Minister Mariano motivate the movement
from peers or adults who use coercive physical or emotional news that is favourable to tion for such a referendum Rajoy announced last Sat- for independence. A lot
pressure. Third, they are immersed in widespread inequitable the stock. It is usually tar- exists. Consequently, Mad- urday that he would in- rides on the next two days
gender norms and attitudes, with almost half of adolescents geted at small and mid-cap rid ordered Catalonian po- voke Article 155 instead, — when lawmakers in Bar-
agreeing that wife-beating is justied in some situations. Fi- stocks which have low li- lice and the Civil Guard to rejecting the invitation to celona and Madrid con-
nally, they do not know where and how to seek help from quidity, and so can be in- confiscate ballot boxes dialogue. vene to decide their next
adults or health and social services when problems occur. As a fluenced more easily by and shut polling booths; steps.
result, adolescents in our lives are facing health, psychological manipulators. Even large- hundreds were injured on What is Article 155? The
and social problems because we adults are shying away from cap stocks, however, can voting day. Article allows the Spanish How has Europe reacted?
sexuality education. be manipulated temporar- According to the Cata- government to take meas- The European Union (EU)
Contrary to common misconceptions, sexuality education ily by bigger investors lonian government, 90% ures to “compel” self-gov- itself has been reluctant to
is not about how to have sex. Instead, sexuality education aims wanting to make a quick of the 2.26 million who erning communities to ful- get involved saying this is
to improve knowledge and understanding, and to correct mis- buck. Pump and dump voted, or 40% of all eli- fil their constitutional and an internal matter for
conceptions by providing age appropriate, scientically accur- schemes have been out- gible voters, voted to se- legal obligations. It must Spain. This is not entirely
ate, and culturally relevant information. It aspires to promote lawed in markets across cede. While those opposed be approved by a majority surprising given that it is
self-awareness and norms that are equitable and respectful of the world. to independence cite these in the Spanish senate, Spain and not Catalonia
others, by providing opportunities to discuss and reect on overall low numbers, Cata- which will vote on it on that is a member of the
thoughts and feelings, attitudes and values. At the same time, it lonian leaders have poin- Friday. The Catalonian EU.
works to build social skills needed to make responsible choices
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC ted out that ballots were Parliament is meeting Individual leaders of na-
and to carry them out, by providing structured opportunities forcibly confiscated and today to determine a re- tional governments used
MORE ON
3
to practise those skills. people were prevented sponse to Madrid’s an EU summit last week to
THE WEB from casting their votes al- position. reiterate their backing for
Dr. Venkatraman Chandra-Mouli works on Adolescent Sexual and Déjà vu all over again in together. It is plausible Spain’s constitution and
Reproductive Health in the WHO’s Department of Reproductive Health and Jammu & Kashmir? that the violence also en- What next? Catalonians their view that this was an
Research. Dr. Sunil Mehra is the Executive Director, MAMTA Health http://bit.ly/RoadAheadin couraged potential voters are divided on the ques- issue for Spain to resolve
Institute for Mother and Child JammuandKashmir to stay home. tion of independence with by itself.
CM A ND-NDE
YK
CHENNAI

8 THINK BusinessLine
THURSDAY • OCTOBER 26 • 2017

0
xyz

thursday, october 26, 2017


Latest Afghan initiative looks unrealistic
The Quadrilateral Contact Group will not succeed unless it sheds blinkers regarding Taliban and Pakistan’s intentions
The big bailout
D SUBA CHANDRAN ians were killed in these two
Recap bonds oer a pragmatic solution to bank attacks.

T
he Quadrilateral Contact There is no good Taliban. And
debt, but there could be long-term implications Group involving Afgh- they will not come to a negotiating
anistan, Pakistan, the US table. They would rather wait it out

B
ailing public sector banks out of their and China met during the and tire the American forces hop-
second week of October 2017 in ing to take over. Reports of a Taliban
bad loan quagmire has presented the
Muscat. Since its inception in Janu- resurgence, even those prepared in
NDA with a devil-or-deep-sea-choice. ary 2016, it had five meetings that the US, and the testimonies given to
With capital requirements for the bal- year, ending in May 2016 with the the Congress would underline the
ance sheet repairs pegged at a mammoth ₹2.4 killing of Taliban leader Mullah ground situation. Will the Taliban
lakh crore, finding the money has been dicult Mansour in a drone attack in Ba- want a political deal if they believe
lochistan. Mansour carrying a they are winning the war on the
amid fiscal constraints. But delays on this front Pakistani passport raised many ground? Even if they do, what can
have stalled credit growth in a sluggish economy. questions concerning US-Pakistan the QCG oer in return?
This is why the ₹ 2.11 lakh crore recapitalisation and Pakistan-Taliban relations, ulti- Myth 2: Pakistan will succeed in
package announced on Tuesday comes as a prag- mately leading to the demise of the bringing the Taliban to the table
QCG in 2017. The second myth that Pakistan
matic and long-overdue move to shore up depos- However, with the QCG meeting has been perpetuating is its ability
itor and investor confidence in PSBs. The package in Muscat this month, it appears its to bring the Taliban to the negotiat-
envisages an infusion of ₹1.35 lakh crore through second season has begun. There ing table. Give us some more time, Theatre of war Not all the actors contribute to the denouement TRAVEL STOCK/SHUTTERSTOCK.COM
recapitalisation bonds and market funding of seem to be five myths associated we will get this done, seems to be
with the QCG, leading to the belief the Pakistani mantra at the QCG. from Pakistan suggest that Russia is paradigm shift within Pakistan sug- problem and not a solution. Nor
₹58,000 crore, aside from ₹18,000 crore from the
that it could succeed. Will it be able Pakistan may have provided sanc- supporting the Afghan Taliban. The gesting a dierent approach to does it see any value in bringing in
Budget. While the modalities are yet to be an- to achieve a breakthrough? Will it tuary to the Taliban. And political presumed rationale, according to a Afghanistan. If the former wants China.
nounced, expectations are that the exercise will bring the Taliban to the peace support since inception. But the lat- news report from Pakistan, is that a latter to be its satellite, and believes The Afghans would prefer Russia
be modelled on the lines of a similar bailout in the table? And why is Pakistan keen on ter is not the former’s puppet. Per- strong Taliban would negate the in using its ‘veritable’ arm to con- and the US in a trilateral relation-
nineties, when the Centre issued recapitalisation the QCG? haps Pakistan has greater influence space for the ISIS in Afghanistan, as trol Kabul, there will never be bilat- ship to facilitate a process with the
on the Haqqani Network, but not the latter is a bigger threat to Rus- eral peace. Taliban, rather than the present
bonds to PSBs, and re-routed the sums so raised as Pakistan and the Taliban the Afghan Taliban. There were seri- sia. Afghanistan has been constantly QCG.
equity capital. Myth 1: The search for good Taliban ous redlines for both. This cannot be a reason for Rus- exploring alternatives to reduce its
A valid criticism of the recap bonds is that they and the belief that the Taliban will When Pakistan wanted the sian support at this juncture. Per- dependence on Pakistan. The So, why?
are just an accounting sleight of hand. But in con- come to the peace table Afghan Taliban to give up Osama haps the larger question of US-Rus- present political leadership in Ka- Why then is Pakistan pushing the
The QCG will not succeed unless bin Laden due to American pres- sia relations and the American bul is certainly not looking to Is- QCG?
trast to the other ideas for PSB bailouts — notably the Taliban comes to the negotiat- sure, the Taliban refused. When the position in Syria and Iraq is forcing lamabad. Simple. To make itself relevant.
bad bank or mergers — recap bonds can have ing table. And the Taliban will not. It Taliban wanted to have an inde- Russia to react in Afghanistan. Myth 5: Afghanistan wants the QCG Especially since President Donald
three positive economic fallouts. As PSBs supply is a simple equation which the US pendent channel of dialogue a few If the Pakistani stories suggest- Is the government in Kabul keen Trump made that harsh statement
the funds needed, the Centre avoids roiling the does not seem to under- years ago, Pakistan ing a “Moscow Shura” is true, what on the QCG? If not, why would it in his Afghan surge speech on
stand. This failure to un- scuttled the move. The can the QCG accomplish? Shouldn’t take part in the QCG? Pakistan’s role in the Af-Pak, and in-
bond market with new borrowings or hiking
derstand stems from a collapse of the Doha pro- Russia be in, instead of China, for There is American pressure on Ka- vited India, Islamabad has gone
taxes for the overburdened taxpayer. The steroid belief that there is a cess with the Taliban was the former knows more about Afgh- bul to talk to Islamabad and the into panic mode.
shot of over ₹2 lakh crore should also hopefully “good Taliban” and it is primarily because of anistan, its politics and actors? Afghan Taliban. Else, the Afghans The QCG, Pakistan believes,
jolt PSBs out of their excessive risk-aversion, and only a matter of time be- Pakistan’s reluctance. Even Afghanistan would be willing would certainly want the Americ- would make it an important pillar
restart credit flow to segments such as MSMEs. fore the Taliban gets di- There are reports sug- to get Russia in. Are the US and ans and Pakistanis to remain out- for the US in Afghanistan. It
vided and a section joins gesting that the Afghan Pakistan willing to provide a role to side any internal peace initiatives. provides Islamabad leverage vis-à-
The ‘stimulus’ from this move, however, will de- the mainstream. Taliban is unhappy with Russia within the QCG? The QCG is also a contradiction and vis the US and Afghanistan. The QCG
pend on whether credit demand revives from the Since 2001, the search Pakistan for colluding makes an “Afghan led, Afghan provides an opportunity for
large corporates. The issuing agency for the recap for the good Taliban has been futile. with the Americans, leading to the The Kabul connection owned” peace process a rhetorical Pakistan to control and, if needed,
bonds, the borrowing cost to the fisc and the iden- The latest twin attacks in Gardez killing of Mansour. The Taliban Myth 4: Pakistan and Afghanistan are and laughable. Aren’t the Afghans even sabotage the Afghan peace
(Paktia province) and Andar does not trust Pakistan completely. ready for peace already privately laughing over process.
tity of the banks who receive infusion will all be (Ghazni province) in Afghanistan a Myth 3: The QCG will succeed with Certainly not. Both Kabul and Is- American naivety on the QCG?
keenly watched. Also unclear is whether global day after the QCG meeting in Mus- China inside, Russia outside lamabad have their own road maps, The US may consider the QCG as a The writer is professor and dean of
rating agencies will be willing to ignore the cat would reveal where the Taliban Russia’s new position, if it is to be contradicting each other. It is Af vs facilitator but the Afghans do not conflict and security studies at the
higher debt-to-GDP ratio while assigning their In- stands on the peace process. More true, will complicate the balance in Pak, rather than Af-Pak. There is no see it that way. National Institute of Advanced Studies,
than 45 police ocers and 20 civil- Afghanistan and the QCG. Reports indication that there has been a They see Pakistan as a part of the Bengaluru (NIAS) Bangalore
dia ratings.
While the recap bond idea oers an expedient
solution to PSB capital woes, there can be signific-

Nilekani borrows a leaf from mentor’s book


ant negative repercussions in the long run which
the Centre would do well to recognise. The main
one arises from the moral hazard of allowing PSBs
to dip into the exchequer time and again to paper
over their bad or corrupt lending practices. The By calling Murthy’s bluff on the Panaya allegations, the Infosys board ended up sticking to its founding principles
large capital infusion that the Centre is now will-
ing to fork out militates against the spirit of the K GIRIPRAKASH sumed he was privy to inside in- that his first and most important
formation. That he had enough task was to set things right at In-

I
original Indradhanush scheme which had tied
n the end, it all came to noth- proof to nail the accused. Murthy in fosys. Everyone would have bought
PSB infusions to performance metrics. The other
ing. After a year-long and one of his emails to some of his ad- his argument; Murthy too.
big worry is that governance reforms at PSBs, par- somewhat strident campaign visers, a copy of which was leaked to For Murthy, the departure of key
ticularly those related to the distancing of bank to get ‘transparency’ back into a business newspaper, wrote: “My directors was good enough because
boards from government interference, have made Infosys which led to the departure problem is with governance at In- what had been done could not be
snail-paced progress in the last three years. Far of CEO Vishal Sikka, chairman R Se- fosys. I believe that the fault lies undone but its alleged perpetrators
shasayee and a few other directors with the current board. If the board had been removed from the scene.
from cutting the apron strings, this big-ticket bail- from the company, co-founder NR had not embraced inaction and had The board much later could have
out will actually raise the Centre’s equity holdings Narayana Murthy was ocially in- ensured proper governance then said that corrective measures were
in the PSBs, making them even more vulnerable to formed early this week by the board they could have created checks and being taken so that such issues are
undue interference. The best way to alleviate that what he actually claimed to balances required in any well-run Tough call But it had to be made GRN SOMASHEKAR
not repeated. That would have al-
have seen was an illusion. company. That, alas, does not exist lowed everyone involved in the
these concerns would be for the Centre to provide That his allegations were nothing today.” was misusing the company’s funds as that of the previous reports. In episode to move on and put their
a roadmap for disinvestment from PSBs, even as it but a figment of his imagination. for his travel. the aftermath of the high drama respective lives back in order. Sikka
thrashes out the modalities of this bailout plan. That his startup, created with six Implications and allegations When two whistleblowers wrote that was being played out over one and Seshasayee had those two
others, was actually doing fine and What does the email imply? Murthy emails to the regulator, SEBI, Infosys year, where doMurthy, Sikka and Se- probe reports to back them in case
while the company acknowledges is not making allegations here. He initiated another probe by Gibson, shasayee stand? someone pointed a finger at them.
his passion and his achievements, is categorical in saying that he Dunn & Crutcher which returned The latter two are out of their But the board chose not to use
may he now step aside for it to get firmly believes the board has gone with the same results stating that it jobs while the first one, according those face-saving measures. In-
OTHER VOICES on with its business? astray and needs to be reined in. found no wrongdoing on the part to critics, has lost face, though stead, it announced its findings,
The board stopped short of call- And Murthy is no ordinary share- of the board. Nilekani may not have intended it however painful. Nilekani was only
ing Murthy a troublemaker though holder for the board not to take cog- Once Nilekani took over the that way. following the norms laid out by his
it must have been painful for the nisance of. reins, he had two choices: order a It must have taken courage and mentor that it is better to face the
non-executive chairman, Nandan Infosys, on its part, did not sweep fresh probe or go by the earlier re- fortitude for Nilekani to declare to truth and that institutions are
A ray of hope for IHK Nilekani, to convey this message to these charges under the carpet. It ports. the investor community that the more important than individuals.
his mentor. He softened the blow by acted fast and roped in Cyril Am- The statement from Infosys board was right even if he left the Murthy will concur and hopefully,
Indian Home Minister Rajnath Singh’s announcement of stating that Murthy’s allegations archand Mangaldas, a reputed law makes it clear that Nilekani chose dicult part — that Murthy was the iconic company which changed
former Intelligence Bureau chief Dineshwar Sharma as a were well-intentioned. firm, to investigate the allegations the latter; it came as no surprise to wrong — unsaid. the IT landscape in the country, will
Kashmir interlocutor empowered to speak to all Kashmiri
When Murthy was hurling one al- about the Panaya deal, severance either Murthy or to another former Nilekani could have postponed learn its lessons and move on.
groups is necessary acknowledgement that the Modi
legation after another against the pay to its former CFO, Rajiv Bansal, director, Mohandas Pai, that the announcing his findings and in- That is exactly what the investors
government’s strategy of force is not succeeding in IHK. The
company’s board, many of them as- and whether its CEO, Vishal Sikka, conclusions drawn were the same formed investors and the media want too.
profound violence has politicised a new generation of
Kashmiris, who have seen schoolmates and neighbours suer
brutal attacks including being blinded by pellet guns. It is
hoped that the announcement of an interlocutor will lead to
an end to the violence and humiliation. KARACHI 25 OCTOBER 2017
LET TERS TO THE EDITOR Send your letters by email to bleditor@thehindu.co.in or by post to ‘Letters to the Editor’, The Hindu Business Line, Kasturi Buildings, 859-860, Anna Salai, Chennai 600002.

Correct treatment ing norms to the SME sector which this is no more than government points. Advanced countries can- Bansal and the suppression of this
This refers to the reports on recap- has borne the brunt of demonet- lending money to PSBs, not capit- not continue living in the same fact by the board are still shrouded
italisation of PSBs (October 25). isation and GST rollout. alising them. The additional style. Resource is the biggest con- in mystery. Though publication of
Chinese politics: an age of ambition This is exactly what the doctor Philip Sabu ₹76,000 crore through budgetary cern and resource saving is ex- the entire report was rejected by
Money isn’t everything. That is Xi Jinping’s central message . ordered to fix the balance sheet Thrissur, Kerala support and market raising that tremely important. India must the present chairman Nandan
Xi’s vision suggests firstly that the Chinese people are looking problem faced by corporates and makes up the total of ₹2.11 lakh start working on building a robust Nilekani citing ‘confidentiality’ is-
beyond immediate material needs; this is politically state-owned banks. Had the plan Banks need a stable top manage- crore is likely direct capital infu- infrastructure, sound industrial sues, nevertheless shareholders
expedient, and psychologically astute. Secondly, it demands been kicked o when NPAs sur- ment, performance-oriented su- sion ; less than 10 per cent of the base and provide quality educa- and the public at large are entitled
greater global stature for the nation. Xi has dared to break faced, the slowdown in the eco- pervision and a culture of zero- current NPAs at ₹8.21 lakh crore . tion supported by skill and train- to know the merits of the case in
with Deng’s oft-cited maxim for foreign aairs: “hide our light, nomy could have been stemmed. malfeasance to clean up balance The Government intends to go ing. Otherwise there is danger. its entirety.
bide our time”. It is easy to mock the peculiarities of Chinese The recapitalisation package sheets and improve loan portfo- in for progressive banking re- M Raghuram Srinivasan Velamur
political discourse. But this is a statement of intent. We should will shore up the tier-1 capital of lios. Mergers promise standard- forms that alone can make them Mumbai Chennai
listen. LONDON 24 OCTOBER 2017 banks as the Government will ised and cost-eective operations profitable to first obviate bad
front-load the equity capital of but the downside is reduced pub- loans and then service the piling The people want to know Not much help
banks with cash raised through lic accessibility to bank branches/ debt burden. Budgetary props can The ‘clean chit’ given to Infosys’s With reference to ‘Disquiet on the
the floating of recapitalisation ATMs and high sta turnover. To do no more than prevent a col- acquisition of Panaya is a major western front’ (From the Views-
bonds. The package is unlikely to safeguard the financial inclusion lapse, not spurt resurgence and setback to founder Narayana room, October 25) by Aditi Nigam,
More to offer than solo car commutes increase the fiscal deficit as it is plans of the Government; it is im- growth. Under the same stressed Murthy. But the fact that the in- the EC may have misjudged the
For many decades, car ownership has facilitated liberty and cash neutral. portant to streamline the incoher- economy and lending environs a vestigation was only restricted to flood situation in Gujarat in delay-
independence. Many of us drive for leisure, for chores, or to Though the move will increase ent priorities of individual PSBs leading private bank has been giv- finding out whether it had led to ing announcing the election
transport our families across the city, but the commute behind lending capacity the Government and ensure seamless integration ing sustained profits for years. any pecuniary benefits and issues dates. However, it is unlikely that
the wheel of a car has become an increasingly frustrating way has to come out with structural of heterogeneous systems. R Narayanan related to conflict of interest with announcing sops will help the rul-
and governance reforms. The Girish Lalwani Ghaziabad, Uttar Pradesh respect to the previous CEO, Vishal ing party significantly. Voters have
to get to work as travel times blow out on gridlocked toll
roads. Rationality and technology point to answers. Ride- slackening of credit growth is a Delhi Sikka, only reveals one side of the become wise and even freebies fail
sharing is ever more simple and convenient. Sooner than you problem that has deeper roots Perceptive piece story. The allegation related to pay- to impress them.
would expect, self-driving cars will further facilitate sharing. than it appears. This problem can A former RBI deputy governor ‘Think global, act local’ by Arun ment of an unprecedented high YG Chouksey
More people will work from home. MELBOURNE 25 OCTOBER 2017 be addressed only by easing lend- was quite pragmatic when he said Maira (October 25) makes good severance package to the then CFO Pune

Published by N. Ram at Kasturi Buildings, 859 & 860, Anna Salai, Chennai-600002 on behalf of KASTURI & SONS LTD., and Printed by D. Rajkumar at Plot B-6 & B-7, CMDA Industrial Complex, Maraimalai Nagar, Chengleput Taluk, Kancheepuram Dist., Pin: 603209. Editor: Raghavan Srinivasan (Editor responsible for selection of news under the PRB Act). ISSN 0971 - 7528

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OPINION 11
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Volume XXII Number 53


ILLUSTRATION BY AJAY MOHANTY
MUMBAI | THURSDAY, 26 OCTOBER 2017

engage in policy experimentation at the local level,

Necessary, not sufficient where markets and communities interact, with the
results of those experiments informing national poli-
cy. Regional competition not only fuels overall eco-
Governance reforms must follow bank recapitalisation nomic growth; it also ensures that the particular needs
of each area, from megacities like Beijing to the tiny vil-

T
he Union government on Tuesday announced a plan to recapi- lages that dot China’s countryside, are met. As the sit-
talise struggling public sector banks in order to break the vicious uation on the ground changes, with new solutions
cycle of rising non-performing assets (NPAs) that are constraining often creating new and unforeseeable problems, con-
fresh lending – India’s banking credit growth is at the lowest in 25 tinual adaptation at every level is vital.
years – which, in turn, is holding back the revival of private investment. After Of course, the predominance of the state does not
mean that markets do not have an important role to
being in denial for long, the government is finally trying to provide the nec-
play. But that role is often misunderstood. In recent
essary support to these banks, which account for 70 per cent of Indian bank- decades, China used state-owned enterprises (SOEs) to
ing, through a ~2.11-lakh-crore recapitalisation plan spread over two years. So build key infrastructure, in order to support the devel-

Modernity with
there is merit in the enthusiastic welcome by Reserve Bank of India (RBI) opment of China’s markets.
Governor Urjit Patel of the plan. In a statement, Mr Patel said for the first time Today, SOEs still play an important role in social
in the last decade India had a real chance that all “the policy pieces of the jig- engineering and research and development, but their
business models are under pressure from globalisation
saw puzzle would be in place for a comprehensive and coherent, rather than
and disruptive technologies. That is why Mr Xi has

Chinese features
piece-meal, strategy to address the banking sector challenges”. included in his plan measures to support the continued
After the RBI under former governor Raghuram Rajan ruthlessly enforced opening of markets, including the use of competition
an asset quality review on banks, forcing them to recognise NPAs and provide for law to enable markets to dictate prices, improve
them, public sector banks started sliding down the viability scale. One quarter after resource allocation, and boost productivity.
another, banks, especially state-owned ones, acknowledged a rising level of Xi's plan is more comprehensive than what observers think. The key to But market liberalisation, in a context of globalisa-
tion and rapid technological change, has also given rise
stressed assets, and the resulting provisioning wiped off the bulk of their profits.
The worst affected are the public sector banks, which have the largest exposure
its success will be the balance between modernity and CCP-led socialism to another potentially damaging trend: The emergence
of a few ultra-dominant tech giants. Moreover, market
to sectors such as infrastructure. As time went by, the government faced a stark t the start of the 19th National Congress of the bilising annual gross domestic product (GDP) growth liberalisation has often outpaced progress in regulation
choice: Either privatise some of the sinking public sector banks or recapitalise
them. While the first option was a political minefield, the second was extremely
difficult given the fiscal deficit situation. Against an estimate in August 2015 of
A Chinese Communist Party (CCP) this month, at a “new normal” rate of 6.7 per cent, on average, dur-
President Xi Jinping unveiled his “two-stage ing his first term.
development plan” to turn China into a “modern Mr Xi’s first term thus laid the groundwork for the
and enforcement, allowing for abuses like speculation
and tax avoidance.
Given this, China’s government has, in recent
socialist state” by 2035. Since then, commentators ambitious plan that he unveiled at the 19th National years, strengthened regulation and enforcement in
~1.8-lakh-crore recapitalisation needed by the end of 2018-19, the government has
have furiously debated the Congress. That plan establishes a clear virtually all sectors. It is this apparent contradiction
infused just ~51,858 crore in public sector banks. theme of “China rising” and Mr and realistic short-term objective of mak- – between the stated objective of liberalising markets
Many of the crucial details of the recapitalisation scheme are yet to emerge Xi’s concentration of power in ing China a “moderately prosperous soci- and the reality of tightened regulations – that seems
but there are some pointers, such as the ones in Mr Patel’s statement issued on his own hands. They are miss- ety” by 2021, including by increasing per to confuse outsiders. But the fact is that rising social
Wednesday. For instance, he said the bonds to be issued are likely to be liquidi- ing the point. capita income to more than $12,000 per imbalances can be addressed only by effective gov-
ty-neutral and though there will be a bump up to the deficit, it is expected to be In fact, Mr Xi’s plan is far year, the World Bank threshold for a high- ernment intervention that avoids state capture or
more comprehensive and for- income economy. the kind of paralysis that can arise from excessive
marginal and limited to the extent of the interest paid out on such bonds. Chief
ward-looking than most Mr Xi’s report also sets out a longer- political competition.
Economic Advisor Arvind Subramanian, though, has a different take: Under observers seem to think. Much term strategy for realising his much-tout- Another seemingly contradictory element of Mr
India's accounting practice, which is different from that of the International like his predecessors Mao ed “China Dream” – that is, the country’s Xi’s plan is its insistence on party leadership in all
Monetary Fund, the government bonds will not only increase government debt Zedong and Deng Xiaoping, Mr “rejuvenation” and establishment as a national affairs, alongside a pledge to strengthen the
but will also be counted towards the fiscal deficit. Also, finance ministry officials Xi has established a strategy for ANDREW SHENG & XIAO GENG global leader, on par with the United rule of law. But, again, a closer look reveals a straight-
say that the allocation of fresh capital will be contingent on how efficient banks transforming China into a “pros- States and other advanced countries – by forward logic: The transition to a future in which the
perous, strong, democratic, cul- 2049. According to Mr Xi’s vision, a trans- rule of law is paramount will require China to overcome
have been in using their capital and dealing with NPAs. So does this solve at least turally advanced, harmonious, and beautiful” country parent, accountable, empowered, and socially respon- its legacy of bureaucratic silos that entrench resist-
one half of India’s “twin balance sheet” problem? The answer is not easy. While over the next decades. The key to success will be the sible CCP will act as the guardian of this transition. ance to reform from vested interests. Doing so will
the massive recapitalisation will help public sector banks to deal with the lend- balance between modernity and CCP-led socialism. It is a perfectly logical, albeit complex plan. Yet it demand strong leadership.
ing challenge, there are two associated issues. One, it is debatable whether the When Mr Xi took over as leader of the CCP in 2012, seems somewhat incomprehensible to people outside In a world comprising a diverse array of countries,
main constraint was the supply of loans or the demand for them. The second issue deep cracks had appeared in both the development China. This may be because, unlike the standard each with its own complex, dynamic, and evolving
is even more serious, as the government has to now focus on pending governance model bequeathed to him by Deng and the dominant Western model of competitive party politics that uses system, there can be no one-size-fits-all development
Western neoliberal model, based on free and open periodic elections to direct policy, the Chinese devel- path. Though countries may all aspire toward similar
reforms in public sector banks. Without that, there is no guarantee that the fresh markets. China’s rapid industrial growth had brought opment model relies on a one-party leadership’s abil- lifestyles, business environments, and social systems,
capital will be lent wisely. rampant corruption, growing income inequality, and ity to learn and adapt its agenda accordingly. they will get there in their own way, determined accord-
high levels of pollution. Western countries, too, were For a country as large and diverse as China, this ing to their particular needs, preferences, structures,
facing rising inequality, as they reeled from a global cri- approach makes sense, as it balances stability with and legacies. For China, that way has now been
sis of their own making — a crisis that, among other flexibility. The country’s development is guided not by mapped, with the understanding that the map can

Delaying tactics things, weakened their appetite for Chinese imports. outcomes in decentralised markets, but by the choic-
Recognising that sustainable development would es of a central government, which presides over the pro-
be possible only within a context of social stability and vision of public goods, sets rules, and manages insti-
and will be revised as needed.

Andrew Sheng is distinguished fellow at the Asia Global


EC’s late declaration of Gujarat poll dates is questionable credible, transparent governance, Mr Xi devoted the tutions. In order to avoid the types of social disruption Institute at the University of Hong Kong and a member of the
last five years to an unprecedented anti-corruption that political competition could entail, the central gov- UNEP Advisory Council on Sustainable Finance. Xiao Geng,

T
he Election Commission’s decision to hold the Gujarat Assembly elec- campaign that has brought down 440 senior officials. ernment also appoints key provincial and municipal president of the Hong Kong Institution for International
tions almost a month after the polls in Himachal Pradesh has raised a He also implemented more than 1,500 reform meas- officials and resolves disputes among regions. Finance, is a professor at the University of Hong Kong
volley of questions that has disturbing implications for Indian demo- ures designed to rebalance the economy, thereby sta- Meanwhile, regional and municipal governments Copyright: Project Syndicate, 2017
cratic norms. This time lapse has provoked considerable conjecture
because both the Election Commission and this government have at various
points of time in the recent past expressed a preference for holding simultaneous
elections. Following the norm, as was done in 2012, of holding polls for these two
states simultaneously would have been a good way to establish that intention. In
fact, the reason for this time gap is unclear since the Assembly terms of the two
Concern over jobs overblown
states end within about a fortnight of each other in January. Also, since the results
mployment creation and housing Let’s look at the first question. The answer is 3.5-4 per manufacturing companies, telecom and media com-
for both states will be declared on the same day, December 18, Himachal Pradesh,
which goes to the polls on November 9, will have to wait over a month for a verdict.
The official explanation from the Election Commission is that the flood relief
E demand/construction activity are two pillars of cent jobs growth is quite good. India’s total working
any economy. Central bankers and policymak- class is about 470 million and nearly 220 million of
ers all over the world rely on data on these activities these are engaged in agriculture. Agriculture is not cre-
panies, and other outsourcing companies etc. These
companies have access to the latest technology and
have used it to automate and improve the employee
programme in Gujarat was yet to be completed and the Model Code of Conduct, heavily. Unfortunately in India, we do not have any ating jobs anymore; in fact, it’s shedding jobs. Thus, the efficiency. It would be fair to assume that most of the
which would come into force immediately, would have precluded further spend- high frequency and reliable data available on either. incoming job seekers have to be absorbed by the non- other small companies (i.e. outside our sample) would
ing on it. This is a specious explanation since the code precludes only fresh National Sample Survey Organisation agri working class of about 250 mil- probably have much less resources to invest in tech-
spending announcements by state and central governments, not work in progress. conducted its last employment sur- lion. As explained above, about 10-11 nology to make people redundant.
vey back in 2012. Since then we million people are entering the job Hence, our conclusion is that the employment sit-
The cause for concern deepens when reports reveal the admirable energy of the haven’t had anything comprehensive market in India every year. This is 4- uation in India is not that bad. Things could improve
Gujarat government in announcing a wide variety of concessions ever since the on employment creation in India. 4.4 per cent of the current non-agri further if the housing construction market begins
Himachal Pradesh poll dates were announced on October 12. By one reckoning, Economists, financial analysts and base. In other words, a potential non- improving. An estimated 25 million workers are
in the space of 13 days, the state government has announced projects worth even policymakers in India, hence, farming jobs growth of 4-4.4 per cent engaged in housing construction and this segment has
about ~11,000 crore and some 16 concessions of the kind political parties are infa- have had to rely on some proxy data will create full employment for all not witnessed any growth over the past five years, as the
or anecdotal evidence to estimate the the young entering the working class housing market has been in a lull. As and when things
mous for making when elections loom. These range from reimbursement of tax-
trends on employment creation. Due — an ideal number. In that context, begin to improve in the housing market and it should
es paid by farmers under the goods and services tax to withdrawing court cases to demographics, India is witnessing our sample of listed companies with ideally, soon, given the best in two decade housing
against local officials, salary increases for state government employees and nearly 10-11 million people entering a jobs growth of 3.7 per cent and 4 per affordability for the mid-end and low-end segment, an
Diwali bonuses. In addition to this crowded concession agenda are the many proj- workforce every year assuming the MAHESH NANDURKAR cent is quite respectable. estimated 1.5-2 million jobs per year can be created.
ects that were rolled out in this brief window of opportunity by Prime Minister historical labour force participation Now let’s move to the second One of the biggest contributors to the jobs creation
Narendra Modi himself — a smart city in Vadodara, a metro rail project, inau- rate (LFPR). Creating so many jobs is question. Can we extrapolate the recently has been the growth of consumer credit indus-
a challenge for any economy. The key question is how conclusions from our 5 million sample to the total try. Lending to the non-salaried class has now been
guration of a roll-on, roll-off ferry (which he erroneously claimed was India’s first),
many jobs is the economy creating? Several commen- number of 250 million (hence our sample is 2 per cent enabled largely by the combination of UIDAI and cred-
nod for a flyover and even a bus station. tators have raised concerns on job losses/insufficient job of total) non-agri jobs in India? We need to keep the fol- it bureau and a development of credit culture even in
It is difficult to ignore a link between the timing of the series of visits to the creation. These are clearly overdone in my view. The lowing three things in mind before jumping to con- smaller towns and villages. This type of lending is an
state by Mr Modi, the Bharatiya Janata Party’s most indefatigable election cam- actual job creation in the economy is not as bad as it’s clusion. 1) In the company annual reports, the number extremely labour intensive work. We believe that this
paigner, and the announcement of the Gujarat poll dates. The BJP’s contention been made out to be. of employees quoted is the employees on its payroll. industry has just started growing and has decades of
that the Congress has employed similar tactics in the past is unfortunate. For a We looked at company annual reports of listed The increasing trend in India, however, is to hire more growth still left in it and should continue to drive
companies and nearly all listed companies give num- people on contract. This trend may now rise even more employment creation directly and indirectly. Of course,
party that aspires to deliver a Congress-mukt Bharat, it is odd that it should
ber of employees as at the end of the financial year. This as the goods and services tax (GST) allows easier input we can’t afford to be complacent as digital disruption
choose to emulate one of its rival’s less savoury practices. Commentators have also is the most authentic and high frequency (once every tax credits. In a nutshell, if on payrolls jobs growth is 3.7- can always change the scenario here.
suggested that pre-poll concessions and new projects do not cut much ice with year) data that one can get. Our analysis of more than 4 per cent, the overall ecosystem growth is likely to be Let’s look at the employment issue from a different
local voters, so these do not matter in the larger scheme of things. There is some 900 listed companies with a total employee base of 5 higher. 2) The revenue growth of these more than 900 angle. Currently in India, about 22 million new cars and
merit in this line of reasoning — election after election since the 1950s has million shows that jobs growth has been good at 3.7 per companies is lower than gross domestic product (GDP) two wheelers are sold every year. About 40 per cent of
demonstrated that the Indian citizen votes in a mysterious way. But this is to miss cent during FY17 and 4 per cent in FY16. This is actu- growth. Thus, the remaining 98 per cent of the econo- these sales are replacement demand. After removing
ally in line with the jobs growth seen for these compa- my has probably done better than this sample. Hence, the replacement demand, about 13 million first time
the point that such precedents violate the spirit of the ethical restraints on elec-
nies over the last 10 years. Thus, at least for this sam- the chances are that the employment creation in the car/two wheeler buyers are entering the market. If
tioneering and brings into question the credibility of the Election Commission ple, the jobs creation has not slowed down over the last rest of the economy should be as good if not better. 3) employment creation is such a big issue, where are
as an impartial body. two years. Two questions arise. The first question is — Our sample of 900 companies comprise nearly all the these 13 million people coming from?
is 3.7-4 per cent good enough? Second: How can we large listed companies including private banks, public
extrapolate this sample to the rest of the economy? sector banks, NBFCs, IT services companies, large The writer is India strategist, CLSA

Richard Branson’s convenient truths celebrities. Bill Gates “hones in on


specifics and is an expert on subjects
ranging from gaming to global health.”
Bill Clinton “is a shrewd operator and
that it is more a statement on his ambi-
tion than anything else.
Little wonder his interest in space
travel and hyperloop technology has
With interests in airlines, trains, new territory was expectedly met with standing of these problems can accom- never misses a trick.” On Nelson brought him in the crosshairs of Valley
banking, mobile communications, and animosity by the established players. modate greater complexity. Mandela, “I have never known some- czars, especially Elon Musk. Mr
many other businesses, even Mr Yet, Virgin Atlantic has soldiered on, On climate change, for example, his body transform rooms the way Madiba Branson presents an account of how Mr
Branson may not be able to come up forming alliances with America’s Delta advocacy – a whole chapter is devoted did, lighting them up with his humour, Musk tried, unsuccessfully, to scuttle
with a number for the projects he has Airlines and, more recently, with Air to this issue – pays no heed to the les- his humility and his wisdom.” his plans to invest in the One Web suite
founded/invested in. This is one reason France-KLM. sons learnt from Donald Trump’s victo- At 67, Mr Branson shows no signs of of satellites that are expected to provide
BOOK REVIEW that he has had to write a second auto-
biography (the first one, Losing My
To be sure, Mr Branson’s penchant
for gloss sometimes goes beyond the
ry in the last presidential election.
Where globalisation has hurt local
slowing down. It is hard to avoid the
impression that his keenness to come
internet services beginning 2019.
This, in a nutshell, is Mr Branson’s
VIKRAM JOHRI Virginity, finished at 1999). antics he is well-known for. He presents economies, talk of clean energy is up with the next big idea has roots in his account and is, naturally therefore, rid-
In the ensuing 20-odd years, himself, for instance, as the messiah unlikely to find many takers. regret at having missed the internet dled with convenient interpretations. A
In early October, Virgin founder and Branson has remained active on various who saved British railway by launching In fact, Mr Trump and he seem to bus. He speaks often about his dislike more rounded picture will be obtained
chief Richard Branson invested in fronts. Whenever faced with a conflict, Virgin Trains and revolutionising travel have a long-running battle, helped in no for formal education and how he is a only when the many dramatis person-
Hyperloop One, a start-up that promis- he tells us, he has hunkered down for on the West Coast Mainline service that part by the former’s intransigence. In big-ideas man, a clear departure from ae, who make an appearance here get to
es to zip people around in pressurised the fight rather than let events run their was franchised to him. He omits to the book, Mr Branson shares a letter he the details-oriented nerds who run tell their side of the story. Even so, the
capsules, shortening travel time and course. If the earlier book focused on mention that much of this modernisa- received from the American president Silicon Valley. book is a neat compendium of Mr
limiting environmental damage caused British Airways’ “dirty tricks” campaign, tion would not have been possible with- in 2004, in which Mr Trump criticised He calls Facebook’s and Google’s Branson’s entrepreneurial philosophy,
by fossil fuels. here Mr Branson takes on Rupert out the generous subsidies provided by Mr Branson for his television show, The plans to provide internet globally via which translates, in his own words, to
In the popular imagination, Mr Murdoch’s News Corp, Australia’s the British government. Rebel Billionaire. The letter is classic Mr drones and balloons “bizarre” but “Screw it, just do it.”
Branson is the eccentric businessman Qantas Airways, and the partnership Even so, Mr Branson is not a typical Trump: Mean-spirited, petty, and with acknowledges the spirit that drives
who thinks nothing of jumping from forged between British Airways and businessman. From founding a global no concern for how it might read at a these companies to explore moonshot
high-rises or dressing in drag. The reali- American Airlines. coalition of seniors called Elders to later date. ideas. “While the Virgin brand punches
FINDING MY VIRGINITY
ty is that beneath the glitter, Mr Branson He explains each of these scenarios working with Kofi Annan in Iraq, he has Barring Mr Trump, though, some of massively above its weight, we are still Richard Branson
is an astute entrepreneur whose bets with honesty, presenting himself as the shown exemplary initiative in a range of the book’s best parts are about Mr small compared to Google or Virgin Books
have paid off with surprising regularity. maverick outsider whose entry into a humanitarian issues. Yet, his under- Branson’s interactions with global Facebook,” he says, a fact so obvious 500 pages; £499
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18 hindustantimes HINDUSTAN T IMES, NEW DEL H I
TH URSDAY, O CTO BER 26 , 2017

e sta b l i s h e d i n 1 9 24
comment
§
In Gujarat, the China cannot rein in North Korea
BJP has an edge Pyongyang is close to developing the ability to hit
the US mainland with nuclear­tipped missiles
tainingthestatusquointheKoreanPeninsula
will eventually use its coercive power to
defang the Korean political regime rather
thanriskaUSattackleadingtoawiderwarin
the region. This is mostly wishful thinking.

Its organisational strength will SHYAM


itmaybeinundatedwithlargenumberofref-
ugees escaping political and economic col-
Thealternativeofadiplomaticsolutionseems
unlikely since the North Korean regime sees
SARAN lapse. Nor would it accept the possible incor- its survival linked to its acquiring a nuclear
help it beat anti-incumbency porationoftheNorthintoSouthKorearesult-
ing in a much stronger neighbour at its
deterrent. The fate of Iraq and Libya which
gave up their pursuit of nuclear weapons on
doorstep. Even if South Koreawere to exit its assurancesofregimesurvivalbutendedupas

G
ujarat, the state that heralded the Bharatiya Jan- military alliancewith theUS,it wouldstillbe targetsformilitaryattackisacautionarytale
difficultforChinatoacceptareunifiedKorea. muchcited by Pyongyang. And with the Iran
ata Party’s rise to power and dominance – the party
Furthermore, would the South inherit and dealbeinginjeopardycouldtheAmericansbe

T
now governs, by itself, or with allies, 18 states – and he Director of the US Central retain the North’s nuclear weapons after trusted to deliver on commitments?
Intelligence Agency (CIA), Mike reunification?Ifthisweretohappenthesecu- What is likely to happen? Only a massive
which also gave the country the strongest prime Pompeo has warned that North rity situation in North-East Asia would military operation may give the assurance
minister it has seen in at least 30 years, goes to the Korea could well be just months undergo a dramatic transformation. that North Korea has been deprived of its
awayfromdevelopingtheability The US has been unable to prevent North nuclearandmissilecapabilitiesbutinthebar-
polls on December 9 and 14. All elec- to hit the American mainland Korea from developing a nuclear arsenal gain there might be consequences far more
tions are important, but this one is ourtake withnuclear-tippedintercontinentalballistic
missiles(ICBM).Thecountryhasalreadycar-
which may now number more than a dozen
weapons. The focus has therefore shifted to
dangerousthananucleararmedPyongyang.
Anyrationalcalculationwouldleadtorecon-
especially so. ried out six nuclear tests since 2006 the latest preventing the country from acquiring a cilingwith anucleararmedNorthKorea and
The BJP has been in power in the state for 22 years, but this being in September this year. Pyongyang delivery capability that extends to the US n Kim Jong Un at the Mangyongdae seek to deter it from using or threatening to
claims the last was a hydrogen bomb but this homeland.ButthisstanceoftheUSisnotreas- Revolutionary Academy in Pyongyang use nuclear weapons.
is the first election it will be fighting in 15 years without Naren- is doubted by experts. suring to its allies, South Korea and Japan, October 13. REUTERS It is possible that Japan and even South
In parallel with developing its nuclear whoarecoveredbytheUSnuclearumbrella. Korea may decide that becoming nuclear
dra Modi as the incumbent chief minister. As things stand,
weapons capability, North Korea has also North Korea already has the capability to effectiveasaresult. NorthKoreahasalready armed states themselves may be the only
though, that should be the least of the party’s concerns. Since beenconductingaseriesofmissiletestsofdif- strike these two countries with fully tested crossed the threshold in terms of having a effective means of ensuring their security.
ferentrange.IthastestedICBMswitharange missiles of a shorter range. credible nuclear arsenal and a reasonably Thesedevelopmentswillfundamentallyalter
2014, when Modi moved to New Delhi, the state has seen a pro- that could strike the Pacific coast of the US TheUSwasunableorunwillingtousecoer- sophisticateddeliverysystemwithinterconti- thesecuritysituationinAsia-Pacificinunpre-
test by the prosperous Patidar community seeking quotas in though these are not yet of operational qual- cive force to prevent it. If it is now willing to nentalrange.Therefore,theonlyoptionshort dictable ways. On balance, the emergence of
ity.Thedevelopmentofnuclearweaponsand riskusingforce toprevent NorthKoreafrom of war to respond to this threat would be to these two countries friendly to India as
jobs, a counter-protest by other backward classes against such delivery capabilities has proceeded despite graduating to a capability to strike the US build and deploy an effective and credible nuclearweaponstatesmaynotbeunwelcome
quotas for the Patels, and a Dalit movement. It has also seen a strict economic sanctions imposed on the itself then it may be inferred that the assur- deterrentagainstit.ThedeploymentofTHAD and may seriously limit China’s room for
country including by China, its main ally. ance to its allies is of lesser importance. The would appear to tacitly accept this proposi- manoeuvre. There will be risks and dangers
good showing by the Congress in local body polls in 2015. Last Chinahasrefrainedfromapplyingan eco- deploymentoftheTHADanti-missilesystem tion. But Donald Trump has drawn a line at but preferable to a war on the Korean penin-
year, the BJP had to replace Anandiben Patel as chief minister nomicsqueeze on a scale whichmightleadto inSouthKoreaandJapanofferssomeprotec- the acquisition of a delivery capability that sula.
a regime collapse in North Korea with all its tionbutthenithasbroughtChinaandRussia threatens the US itself. Shyam Saran is a former foreign secretary and is senior
with Vijay Rupani. There’s more. The move to the Goods and negative and unpredictable consequences. intotheequationsincetheybelievetheirown The American assumption appears to be fellow, CPR
China is unlikely to accept a situation where nuclear deterrent has been rendered less thatChina,givenits“coreinterests”inmain- The views expressed are personal
Services Tax regime has not been smooth and textile manufac-
turers and diamond merchants – both concentrated in the
SPOTSTORY
Western state – have had reason for complaint. far&near
Together, these would seem to suggest that the BJP has a
fight on its hands. Two surveys of the state, one done in August KANISHK THAROOR
and the other this month, however, indicate that the party will
return to power with a comfortable majority. That’s entirely
possible. An alliance of the various groups opposed to the BJP
Acceptance for autocracy
seems unlikely because of their own differences. It is clear that
Modi, hugely popular in Gujarat, will be his party’s lead cam-
paigner. And in recent weeks, the central government has done
is growing in India
its bit to address issues related to GST and announced a big- For many people living in democracies, authoritarian
ticket infra project and a recapitalisation plan for banks. Orga- rule has its temptations, reveals a Pew study

W
nisationally too, the BJP in Gujarat appears to be far stronger hen I was about eight years systemofstatecapitalism,supervisedbyan
than the Congress. There’s also the question of belief. The BJP old, my twin brother and I – entrenchedpoliticalelite,posesanalternate
andmanyothergeeksofour model.Asdoestheauthoritariancultofper-
seems convinced that it can win. That might make all the differ- generation – played a sonalityinRussiaandthetechnocraticmer-
ence, not just in this election, but through next year, when sev- sprawling, addictive com- cantilismofSingapore.Formanypeopleliv-
putergamecalledCivilisation. Thepointof ing in democracies, authoritarian rule has
eral important states go to the polls. thegamewastobuildyour“civilisation”up its temptations.Anew Pewstudy launched
n Forest officials carry a tranquilised leopard after it was caught in a residential area in from the Stone Age to the Space Age, mar- thisweekshowsthatcommitmenttodemoc-
Mumbai. Human­wildlife conflict is increasing everywhere in the world REUTERS shalling resources, building cities, estab- racy around the world is inconsistent.
lishing trade networks, developing new The study, which investigated political
§

Onhuman-animal conflict, technologies, and, of course, conquering


your enemies with brute force.
Periodically, the game would offer you
attitudes in 38 ostensibly democratic coun-
tries,wasparticularlydisturbinginitsfind-
ings about India. Over half of Indians (55%)

Kabul’s moved a few thewildlife plan fallsshort


the option of switching forms of govern-
ment. Why not try feudalism or monarchy
or, later on, constitutional monarchy or
favourautocracytodemocracy.53%ofIndi-
ans say that “military rule would be a good
thing.” Though the sample size of the study

steps closer to Delhi Solutions for conservation conflict need a broader agenda
republicanism,capitalismorcommunism?
My brother and I tended to stick to more
bludgeoningpoliticalsystems.Therewasno
funindemocracyand,moreover, itseemed
was fairlysmall,other pollshaveproduced
similarresults.AstudyofIndianuniversity
students last year also found that53% were
in favour of a period of military rule.
AshrafGhani’sthreattopulloutofthe instead of the hitherto blanket­protection approach far too obvious a choice. India scores high on the “Democracy
I grew up in in the late 1980s and 1990s, a Index”(ascorecardrunbythe Economist),
CPECprojectworkstoIndia’sadvantage MEERA
thetwomanifestationsofsuchconflicts:Man-
animalconflictandconservationconflict(the
time shaded by the end of the Cold War and
thesensethattherewassomethinginevita-
in the same tier as the United States, Italy,
France,andJapan.Butuniqueamongthese
OOMMEN

W
differences betweengroupsofpeople located ble about the expansion of ‘liberal democ- stronglydemocratic countries,Indians are
hen Ashraf Ghani first came to power in Afghanistan
on either side of the conservation divide). racy.’Ifthatcomputergametaughtmeany- mostscepticaloftheircurrentpoliticalsys-
three years ago his first step, to the alarm of New Theseareimportanttosolvetheproblem:The thing, it was that political systems are con- tem.ThePew studyclaimsthat76% ofIndi-
firstrelatestosolutionsthataimatlocalcom- tingent and impermanent. The recent ansareeither“lesscommitted”or“notcom-
Delhi, was to seek the blessings of the Pakistani mili- munitiesandspecies(forexample,ruralpop- historyofthe21stcenturyhasshownusthat mitted” to representative democracy.
tary and make a pilgrimage to Rawalpindi. This week Ghani ulations living in close proximity to animals theworldhasn’tbeenflattenedbyglobalisa- At the same time, over 80% of Indians
andthedestructionthathappens),whilecon- tion, that it remains deeply wrinkled, and “trustthenationalgovernmenttodowhatis

I
spoke about his southern neighbour on Indian soil, naming and nIndia,wildlifeconservationfacescom- servation conflict places communities in that there is no guarantee that liberal right for the country.” Together with the
blaming them for providing safe havens to the Taliban and plex challenges that vary according to oppositiontotop-downwildlifeconservation democracy will win the future. previousfinding,thatfiguresuggestsanodd
place, time and context. The national agendas. In such situations, conservation This week saw the gathering of the mixoffealtytothestateandfatiguewiththe
worse, in language that could only cause alarm in Rawalpindi. wildlife action plans (the first was interventions fuel more conflicts. NationalCongressoftheCommunistParty democratic process, the ingredients for an
And the icing on the cake from India’s perspective was a threat drafted in 1983) identified some of those Solutions for conservation conflict will of China. The convention takes place twice authoritarianoutcome. Alargeproportion
challengesandservedaslong-termroadmaps require a broader agenda, involving an a decade and is the defining pageant of the of Indians (27%) “very strongly” support
to withdraw Afghanistan from the enormous China Pakistan foraddressingthem.ThenewNationalWild- acceptanceofarelationalethicsanddifferent Chinese state, a demonstration of its size, having a “strong leader” who can bypass
lifeActionPlan(2017-2031), releasedonOcto- world views (tolerance, protection, culling discipline, and direction. International democratic checks and balances.
Economic Corridor project if Pakistan did not provide land tran-
ber2,isasincereattempttowardsmeetingthe andextermination)anddemocraticdecision- media tend to treat the congress as an Indiaisn’tonthevergeofbecomingadic-
sit between India and Afghanistan. This is how players in same challenges. making. But the current plan is still geared inscrutable, choreographed event, more tatorship. But thesenumbersshouldcause
Thereisa departurefromanexclusionary largelytowardsblanketprotection andpres- theatrethanpolitics.Butitisthemainarena concern for a country that has uniquely
Afghanistan’s forever war shift their stances as the larger geopo- wildlifeconservationmodeltotheincorpora- ervationarrangements.Whilenew research forthatessentialprocessofastate–thetran- among large post-colonial countries
litical wheels around them turn and spin. What Ghani’s state- tionofsomeinclusiveideasforconservation. results on solutions to conflicts are there in sition to new leadership. avoided military rule and (with the excep-
Thisappearstobethebeginningofashiftfrom the plan, it pays less attention to spillover Democratic countries (where less than tionoftheEmergency)maintainedtheinsti-
ments indicate is that those wheels are presently moving in the old conservation model — focusing on from protected areas, the dynamic and shift- half of all human beings live) are refreshed tutions of representative democracy.
directions favourable to India. undisturbedprotectedareas,enforcedprotec- ingnatureofpocketsofconflict,andtosocial- andrenewedbyfreeelections.TheChinese India’syoung populacecannotbeblamed
tion and exclusionary practices —to a more political and cultural aspects of conflicts. for their beliefs. They are entitled to feel
India’s overriding interest through the various chapters of holistic agenda. Anevengreaterchallengewillbetorecon- exasperated with their elected representa-
the Afghan conflict has been to limit if not defeat the Pakistan One of the themes of conservation in the cile this forward-looking plan with existing INDIA ISN’T ON THE VERGE OF tivesandfailuresingovernance.Butpoliti-
new planis a chapter on human-wildlifecon- legislationsuchastheWildlifeProtectionAct, BECOMING A DICTATORSHIP. BUT cal systems are not immutable. A slide
backed Taliban but do so by assisting other like-minded players, flict,signifyingtheincreasinginternalisation whichisheavilyrootedinthefortressconser- towardsgreaterautocracyisnotimpossible.
of the problem by policy makers. Such con- vation approach.
THERE IS ENOUGH CAUSE FOR Sadly,thesenumberssuggesttheinklingsof
Afghan or foreign. US President Donald Trump’s reluctant deci-
flicts appear to be situated in relation with It remains to be seen if inclusive solutions CONCERN FOR A COUNTRY the one force that really makes authoritar-
sion to recommit the US military to Afghanistan and ensure other themes including the need for a land- anddemocraticandrights-basedapproaches
THAT HAS, AMONG LARGE ian rule possible: public consent.
scape-levelapproach,theacceptanceofrights will be implemented on the ground. Kanishk Tharoor is the author of Swimmer Among
Kabul is in a position to deal with the Taliban, whether on the of use and entry (into forests), and people’s Meera Oommen is associate director, and Trustee, POST­COLONIAL COUNTRIES, the Stars: Stories.
battlefield or the negotiating table, from a position of strength participation in conservation. But the plan
doesnotexplicitlymakeadistinctionbetween
Dakshin Foundation, Bangalore
The views expressed are personal
AVOIDED MILITARY RULE The views expressed are personal
has been music to New Delhi’s ears.
Ghani has found that overtures to Islamabad are reciprocated
with demands for Kabul to make itself a de facto colony of Paki- Pragati Sharma life but also in our everyday life, we keep on between both.
stan. His comments on the CPEC add a new ingredient to this omitting the voice of our heart. Some of us Don’t ever hesitate in listening to what
Always listen to your heart. Now, haven’t could not achieve the goals which we had your heart is attempting to tell you. Identify
geopolitical soup: the use of various players to find leverage
innervoice all of us heard this line umpteen times. But
are we doing so? Are we really listening to
dreamt of.
Others could not get married to that per-
what your heart is trying to say.
We know all the pitfalls of not doing what
against China and, in turn, hope this will put pressure on Paki-
our heart’s commands? son whom they loved so much while some of our inner voice tells us to do. But still we
stan. In all of this, what India is not being asked is to become mili-
tarily involved in Afghanistan. This means New Delhi can use its
MAKE SURE YOU LISTEN It is time you began asking these ques-
tions to your heart. And the answer you will
us don’t help the person who desperately
needs our help. We know very well that our
keep on neglecting it.L
Listen to yourself, have faith in your deci-

preferred instruments of aid and diplomacy to advance its cause TO YOUR HEART get is a clear “NO”. It is very easy to impart
such nuggets of wisdom but it is quite
heart insists on listening to it. But we keep
ignoring the voice.
sions. That is the path to real happiness.
Inner Voice comprises contributions from our
in its far northwestern neighbour. AT ALL TIMES another thing to actually execute them in
real life.
Don’t let your mind do your heart’s work.
They are different things, with different
readers.
The views expressed are personal
Not only in the biggest decisions of our opinions. Don’t let yourself get stuck n Innervoice@hindustantimes.com

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THE TRIBUNE
08 OPINION CHANDIGARH | THURSDAY | 26 OCTOBER 2017

THE TRIBUNE Play the cards right


established in 1881 India must chart its own path
KC Singh emerged stronger after the polls, and
seek a solution to the problematic
Gujarat poll dates
U
S Secretary of State Rex “Rocket Man” — the ruler of DPRK.
Tillerson arrives in India at Trump’s first visit abroad was to the
Onus on Nirvachan Sadan to ensure fair elections a crucial moment for Asia. Gulf, where he undid the Obama doc-
Chinese President Xi Jin- trine of unshackling Iran to fight the

F
INALLY, the Election Commission has declared the dates for the ping emerges yet stronger from the ISIS. He backed a Sunni alliance
Gujarat Assembly polls, putting to an end all the unseemly specu- 19th party congress. Japanese PM hosted by Saudi Arabia, which also
lations about the delay. The Chief Election Commissioner, AK Joti, Shinzo Abe renews his mandate and split almost instantaneously after his
has offered some kind of an explanation for the delay. As a constitution- threatens to change Japan’s pacific departure, as the Saudis and Emiratis
al authority, the Nirvachan Sadan commissars are entitled to the benefit constitution. Pakistan and DPRK con- turned on Qatar. Consequently, it
tinue their destabilising roles in their sucked Turkey into the Gulf affairs
of the doubt. But perhaps they could have saved themselves — and the
respective regions. The ISIS is defeat- when it moved troops to support
institution over which they pride — considerable criticism had the expla-
ed but Iran is enraged by Trump’s Qatar. Thus in his trail, Trump left an
nation been offered when Himachal Pradesh was delinked from Gujarat. rhetoric and actions on the nuclear embittered Iran, a split GCC and a
The interregnum has been used by Prime Minister Narendra Modi to deal. The GCC is split and Turkey is divided Sunni world.
repeatedly use official machinery and resources to make political state- up in arms against the US and In his upcoming second trip, it has
ments and stage elaborate road-shows; not to be left behind, the state Qatar’s tormentors. President Trump already been announced that he
government itself has showered all kinds of sops on the electorate in the continues with his ideology-driven would fly off from the Philippines
last few days. The Opposition feels, not without reason, that the commis- foreign policy, employing paradoxical TAKE IT SLOW: Depending on the US entirely may not be in India’s best interests. without attending the East Asia Sum-
sion has unwittingly allowed the ruling BJP an undue advantage. methods of engagement and threats mit, which Obama assiduously
Thankfully, the model code of conduct kicks in. The commission has in equal measure. seamless India-Pacific theatre from second visit abroad. He would visit attended. On top of US withdrawal
its task cut out: it must ensure that all get to play on a level field and that Tillerson arrived in India after the east coast of India to the Pacific China, the Republic of Korea, Japan, from the Trans-Pacific Partnership,
the integrity of the election process is not compromised. The BJP has stopovers in Saudi Arabia, coast of the US. The objective the Philippines and Vietnam. In Chi- which was intended to impose a US-
been in power for nearly two decades now in Gujarat and has embedded Afghanistan and Pakistan. The last appears to be the creation of a chain na, he faces a strengthened President centric trading and global values zone
two are important because Trump’s of democratic and friendly states Xi who proclaimed in the 19th Party around China, the signal will be that
the state bureaucracy with its sympathisers and “sleeper cells”; the sen-
Afghanistan policy, announced on across the Chinese coast to balance Congress that socialism with Chinese the US is retreating strategically.
ior police hierarchy is, expectedly, packed with its favourites. Already
August 21 and causing premature China’s rise. In actuality, the other characteristics had entered “a new Thus exhortations to India and US
allegations have surfaced that the police and intelligence agencies are jubilation in India on the naming and bookend is really Japan, but as a Chi- era”. China is now fully positioned to allies like Japan to ring-fence China
being illegally used against the BJP’s rivals, all in the name of security. shaming of Pakistan as terror abettor, nese analyst said in a seminar, the contest the existing post-World War II are likely to sound hollow. Symbolic
The most formidable challenge before the commission will be to stand involves a regional approach to the US was being a global power and financial, commercial and geo-strate- naval forays or military plane intru-
up to the political regime at the Centre that has come to view Gujarat as a problem. The US correctly realises everyone’s neighbour. Tillerson is gic architecture created under the US sions are poor substitute for institu-
pocket borough. While the rules do allow the Prime Minister of the day cer- that peace is unattainable in merely filling colour in a vision that leadership. tion building to ensure a peaceful and
tain concessions and privileges while travelling during a campaign season, Afghanistan without the cooperation has been adumbrated since George China’s rival version is based on an rule-based rise of China.
the Election Commission will need to be extremely vigilant and evenhand- of major regional powers. Pakistan’s W Bush presidency. autocratic political system, relying on PM Narendra Modi is, meanwhile,
ed in ensuring that a healthy tone is set by one and all. In particular, the pillorying is thus both to get it to Tillerson rested the strategic vision meritocracy and economic success fighting a crucial electoral battle in
commission will be watched how it handles the invocation of communal pressure its allies, i.e., the Taliban, of the India-US relations on the and to be anchored in a Sino-centric his home-state Gujarat, where less
and religious animosities. It will probably need to be aggressively fair and Haqqanis and their cohorts to join than a convincing win is a loss,
impartial if it wants to repair its damaged institutional reputation. the reconciliation process in whereas a loss is a rout. Theatrical
Afghanistan as, indeed, to keep India India must balance Nehruvian idealism and Patel’s realism and and whimsical policy making is no
reassured about Pakistan. But in go back to being a non-aligned ally of multiple powers longer a substitute for governance
return, as the past teaches, India too . domestically. It certainly is fraught
would have to display flexibility in with risk abroad. India’s only option
A stimulus, after all dealing with Pakistan and Kashmir.
Thus it is not a coincidence that the
bedrock of widening bilateral engage-
ment. Trade last year touched $115
Belt and Road Initiative (BRI). Tiller-
son in his CSIS speech contested this
is to play a balancing game in this
complex international scenario, with
Positive sentiments needed to revive the economy Modi government, so far ignoring billion and while India hosted 600 US opaque, financially dubious Chinese due strategic planning and meticu-
calls for dialogue with people of J&K companies, the number of Indian stu- scheme that ignores environmental lous diplomacy. The US as a global

T
HE Narendra Modi government’s Rs 9 lakh crore stimulus pack- or Pakistan, suddenly appointed a dents in the US is over 1,66,000. Fol- and sovereignty concerns of others. power will do its own prioritising,
age has instantly brought cheers in the stock market. Enthused Kashmir interlocutor. lowing the India-US nuclear deal and He advocated alternative financing which now means giving South Asia
Tillerson set the scene in a speech the declaration of India as a major methods for infrastructure needs of a miss in Trump’s second foray into
Sensex and Nifty saw a record jump in an intra-day trade that wit-
at the Centre for Strategic and Inter- defence partner, restrictions on the the developing world. But Trump’s Asia. India has to break the Sino-Pak
nessed smart investors making quick bucks. The euphoria, even if,
national Studies, Washington, on transfer of cutting-edge technologies ideological-bred isolationism would alliance by luring one out of it, re-
short-lived, would help the ruling BJP calm down the GST-stung October 18. He sought to “dramati- have been mostly lifted. But there is a negate devising of a 21st century Mar- engage Russia and Europe vigorous-
Gujarati businessmen, who are quite sensitive to scrip movements. But, cally deepen” bilateral relations with strong undertow that Trump is creat- shal Plan. Xi on the other hand will ly and go back to being a new kind of
for millions of poor the long wait for the good times will get extended. India, which he felt had far-reaching ing by his anti-immigrant bias — push for the US to create, what he non-aligned ally of multiple powers.
The reason is simple; while the bank recapitalisation plans are spread implications for “the next hundred reflected in restricting H1-B visas — calls, a new type of “great power rela- Between the twin poles of Nehru-
over two years, the mega road projects are proposed to be executed by years”. The two nations would be “America First” anti-globalisation tions”. It is this potential bipolarity vian idealism and Patel’s realism
2022. It is reasonable to assume that these measures will boost the econ- “increasingly global partners with tirade, “Make in America” policy, etc. that India fears, as would US allies lies the path ahead.
omy, though it is anyone’s guess as to who will garner the political yield. strategic convergence”. Graphically, A similarly paradoxical approach is like Japan and members of ASEAN.
The Rs 2.11 lakh crore bank recapitalisation proposal has been he called India and the US the “two visible in his global outreach. On Trump would be hand-holding in The writer is a former Secretary,
long overdue. It is not immediately clear whether this also includes bookends of stability”. He implies a November 3, Trump sets forth on his Seoul and Tokyo, where PM Abe has Ministry of External Affairs
the Rs 70,000 crore capital infusion plan announced in 2015. It is, how-
ever, a positive move that should go a long way in strengthening the
banking system. But, it is perhaps too optimistic to assume that the
announcement would be followed by long queues of entrepreneurs at
banks, seeking money for their capital requirements. Domestic
investors are a wary lot. They will not borrow to expand their busi-
nesses or set up new ventures unless they are assured a stable policy
‘No time’ no excuse
Harjit Singh Khurana form to meet him. When I tried to get it meant facing Chand Mal the next He took me to his residence for a
regime without any threat of search and seizure. A sense of apprehen- his autograph — a hobby which I pur- day. Since most students were from cup of tea. In the drawing room, I

T
sion has set in among the businesses. The government’s self-cultivat- HE year was 1960. Kashmir got sued at that time — he refused on the vernacular schools, he took it upon found a depository full of books. He
ed image as a political bully has sent shivers down the corporate its first engineering college grounds that I was not wearing khadi. himself to brush up their English and got up, pulled out a book and told me
spine. It is too early to say that the FM has managed to address this known as Regional Engineering I found it bizarre. started English language classes in an to take it and read it. When I saw the
debilitating perception in the business community. College (now NIT). I was among the Among the faculty was a stone-faced engineering college! title of the book, I became nervous.
It is also to be seen whether the proposed Rs 6.92 lakh crore highway students of the first batch. It was a very tall man, whom we never saw smiling. He was an excellent bridge player It was Plato’s The Republic. At such
projects that involve the construction of 83,667 km of road in just five prestigious project for the state. The He walked with long strides and and visited the Srinagar Club every a young age, I was in no mood to
years are practically feasible. This target seems unattainable with the military barracks at Naseem Bagh — would sometimes be smoking a pipe. day. My father who was posted in Sri- read such a philosophical book, so I
current speed of road construction at 20 km per day. These mega proj- ‘garden of morning breeze’ — between His name was Chand Mal Jain, a nagar also visited the club daily for blurted out: ‘Sir, I do not have the
ects will require additional public investments. It is good to see a flexi- the rows of the beautiful chinar trees retired ICS officer. He was an alum- bridge. They became friends and part time to read this book!’ His reaction
were renovated and converted into nus of St Stephen’s College and Roor- of the same bridge group. was one of anger. ‘You are an idle
ble FM, who was initially not in favour of any stimulus package fearing
classrooms, hostels, mess, washrooms kee Engineering College. One chilly morning, Chand Mal man, an idle man does not have
missing the fiscal deficit target. Another positive in the announcement
and quarters for the teaching faculty. A martinet, Chand Mal was the Dean walked into my hostel room and time. A busy man has all the time in
is the government’s direct admission that all is not well with the econ- Highly qualified teachers were brought of the college. He enforced discipline asked where my father was as he did the world, as he adjusts his schedule
omy. Perhaps the lure of adventurism has run its course. in from all across the country. The col- and students would try to avoid him if not see him in the club the previous and priorities.’ He was right. To
lege faced the beautiful Naseem Lake, he came their way. He was of the view evening. I expressed my ignorance as date, I have never made ‘time’ my
Thought for the Day the western bank of the Dal Lake. that sports built character, and so, he I had not visited my house for the past excuse and whenever somebody else
Morarji Desai, the then finance min- saw to it that every student played 10 days. Suddenly, he asked me to put does so, I narrate this incident.
With the new day comes new strength and new thoughts. — ister, visited the college and we were some sport or the other. You could miss on my ulster, which was hanging in Today, The Republic is prominently
Eleanor Roosevelt told to come dressed in college uni- a class, but not evening sport. Missing the room, and join him for a walk. displayed in my study.

letters to the editor


Politics over Punjab between two countries fills the hearts Why single out Modi? such ‘event management’ in future. economy and the environment rather additional rates have been made effec-
Apropos the editorial ‘The counsel of the players with a strong feeling of In the article ‘Is the PM having an RAJAN BATTA, NABHA than focusing on one of the two. tive retrospectively from April 1.
from Canada’ (October 25), it is high- nationalism, as they stand united for a attack of nerves?’ (October 23), Apoor- RANJU, CHANDIGARH Senior citizens depend solely on the
ly condemnable that Jagmeet Singh common national cause. However, in vanand says about Modi that largesse interest earned on savings and are
has included Punjab among the cinema halls, patriotism has nothing is being distributed in Gujarat. What Like ‘feudal lords’ feeling the pinch the most. On the one
places having the “right to self-deter- to do with watching a movie. National- about Virbhadra Singh in poll-bound Apropos ‘R’sthan ‘gag’ Bill tabled in Pollution affects all hand, the rate of interest on savings
mination”. We need no such advice ism cannot be ‘created’ — it is either Himachal? For the past several House’ (October 24), ‘kings’ and ‘feu- Refer to ‘Out of breath’ (October 24); has been decreased and, on the other
from a foreign national. It may there, or not at all. months, the CM has bid goodbye to dal lords’ can do no wrong and so if a the government should redefine the hand, additional recovery is to be
appease his Sikh supporters in Cana- NISHA CHAUHAN, SHIMLA governance and proceeded to inaugu- puny mortal is to proceed against them, type of development and change it made retrospectively.
da, but it would do great harm to the rate innumerable projects and laying prior sanction of the ‘emperor’is wants to bring in. Is this the concept of ANGAD SINGH, MOHALI
Sikhs in India. No doubt, Punjab is foundation stones. But, as is their required. This is the intent and purpose ‘New India’, where fresh and disease-
in dire straits economically and Nationalism as tool wont, writers like Apoorvanand do not of the Criminal Laws (Rajasthan free air and clean water are not avail-
socially, but we ourselves are respon- Apropos the editorial ‘Yes, My Lord’ have a word of censure for the CM, Amendment) Bill, 2017. When some able, despite claiming ourselves to be Power hike untenable
sible for landing in this morass, and (October 25), nationalism or patriot- instead they will continue to criticise states have already put in place the the next superpower? Why do people The increased power rates in Punjab
we ourselves will have to work out a ism is sometimes used as a ploy to PM Modi for anything and everything. right to service laws, the Rajasthan in power consider themselves safe are a grave burden on consumers reel-
solution to get out of it. play a subtle and sinister political Whether Delhi and Bihar will be Government wants to turn the clock and not affected by pollution? We ing under economic hardships created
BASANT S BRAR, BATHINDA game to score brownie points by repeated in Gujarat only time will tell. back on vague grounds to eliminate should respect Mother Nature in all by GST and joblessness. The unkind-
maligning the image of political KASTINDER JOHAR, PALAMPUR false and vexatious complaints. It could her forms; this is what our tradition est cut has been made all the more
rivals by projecting themselves as have been better handled by imposing has taught us over centuries. We all painful by levying it retrospectively
Anthem in halls ‘ultra patriots’. Whenever there has a penalty or fine for such complaints. need to do our bit. from April 1. This is just the opposite
The Supreme Court’s order on the been any external aggression or a The Kedarnath show AK SHARMA, PANCHKULA PARDEEP SINGH BHAMRA, LUDHIANA of what was promised during the
national anthem in cinema halls natural calamity or a national crisis, Since elections are nearing, all polit- Assembly poll campaign that power
seems to be arbitrary and controver- people of all castes and communities ical parties are using every tactic to rates would not be increased. Already,
sial (‘Yes, My Lord’, October 25). It is have risen to the occasion as one. woo voters. But this time, our PM Environment comes first Affects senior citizens Punjab ranks the highest in electrici-
the fundamental duty of citizens to Nobody was found wanting in patriot- crossed every limit by using the The article ‘Out of breath’ by Refer to ‘Power tariff hiked by 9.33 ty rates in North India. The latest
abide by the Constitution and respect ism. There could be different political Kedarnath temple as a political rally Jayshree Sengupta (October 24) gives per cent in Punjab’ (October 23); the increase is untenable and illogical. If
the national flag and the anthem. ideologies, but considering those pro- venue to draw mileage. He was tak- a true picture of the deteriorating increase in tariff has come at an inap- the economy has been plundered by
There is no mention in the Constitu- fessing a divergent view as less patri- ing potshots at his rivals. This environment. A country can progress propriate time, when consumers are the former government, why not put
tion that patriotism and national or otic amounts to raking up an unsa- adversely affects the image of the only if it provides a clean and healthy already reeling under price hike. This those leaders on trial? Why should the
social values are liable to be enforced vory controversy to deflect attention PM of the world’s largest democracy. environment to its citizens, who are a untimely increase has caused heart- consumers be made to bear the brunt
through legislation or any court order. from the core issues. The sanctity of the shrine should be nation’s real wealth. Let’s take steps burn among domestic consumers, of their loot, if any?
Playing the anthem before a match ROSHAN LAL GOEL, KURUKSHETRA maintained and Modi should avoid to simultaneously improve both the especially senior citizens. Also, the GURNAM SINGH SEETAL, KHANNA

Letters to the Editor, typed in double space, should not exceed the 200-word limit. These should be cogently written and can be sent by e-mail to: Letters@tribuneindia.com
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12 AN ECSTASY OF IDEAS THE TIMES OF INDIA, AHMEDABAD
THURSDAY, OCTOBER 26, 2017

A thought for today


Strengthening banks will lead to more jobs,
more growth & more investment
The Rise And Rise Of Xi Jinping
ARUN JAITLEY
At 19th Party Congress, he consolidates power to a degree unseen since Mao and Deng

Help Is On The Way Dhruva Jaishankar indicator of Xi’s dominance over various
rival factions within the Party, and a sign
The National Congress that Xi would have a recent precedent to
of the Communist Party, hold on to power for another five-year
held every five years, is term beyond 2022 after he crosses the age
Centre’s recapitalisation plan must be backed the closest thing authori- threshold of 68. However, Wang was not
by effective reforms in bank governance tarian China has to an
election. The most recent
included in the Central Committee list,
and is expected to be replaced by new

I
n a welcome move the NDA government on Monday announced Congress – the 19th – was held October Standing Committee member Zhao Leji.
that public sector banks would be infused with additional capital 18-24, and was an occasion for the over Furthermore, questions lingered
of Rs 2.11 lakh crore over the next two years. This complements 2,000 delegates to deliberate and agree about who would fill the leadership
the move in May to use the bankruptcy code to resolve banks’ on policy matters guiding the nation. vacuum caused by Xi’s purge of those
It also witnessed the selection of the who have opposed his rise to power. Bo
overwhelming bad loan problem. Once banks are adequately
Party’s Central Committee, the 25 Xilai, the charismatic head of the party
capitalised, an important requirement to fund faster economic member Politburo, the 11member Central in Chongqing and once considered a
growth will be in place. In this sense, this announcement sets the Military Commission, and the 7 member potential rival of Xi’s, was found guilty of
stage for an economic revival. Politburo Standing Committee, which corruption in 2013 and sentenced to life
Public sector banks dominate the sector. Their problems are best forms the country’s most exclusive imprisonment after a high profile trial.
captured by one statistic. In the last two years, the growth in absolute leadership circle. Xi also went after the old guard. In 2015,
Observers in China and around the Zhou Yongkang, once one of the country’s
amount of gross non-performing loans exceeded the growth in advan-
world had been on the lookout for signs most powerful people as head of internal
ces. Given that, the decision to use the bankruptcy code was the best about the degree of centralised power security and law enforcement, was
possible step. However, a fallout of this is the likelihood that banks will that will now lie with President Xi similarly charged and sentenced. Sun
have to write down a significant portion Jinping, and hints about his future Zhengcai, who until recently was conside-
of bad loans as their value has eroded succession plans. The implications are red a future senior leader, was suddenly
over time. Experience of Japan’s bank- potentially significant. Among other expelled from the party.

Uday Deb
things, they will affect India’s economic Eyes were therefore on a handful
ing crisis shows that if banks do not
prospects, border security, neighbour- of younger political leaders as potential
receive adequate capital support at this hood relations, and global ambitions. successors to Xi. Hu Chunhua of Guang-
stage, they go slow on disbursing fresh With the unveiling yesterday of the personal imprint and ‘Xi Jinping dong Province was seen as an earlier
credit. The signs in India have grown Politburo Standing Committee, we now Thought’ has now been written into the frontrunner, but the rise of Chen Min’er
ominous as growth in overall bank have some tentative answers, although Communist Party’s charter. This week, At the same time, questions as the party chief of Chongqing following
credit over the last year was a tepid 6.9%. they are far from encouraging. the 19th Congress “unanimously” agreed about his succession remain as Sun’s expulsion had created an alter-
First, on policy, Xi laid out his thoughts that Xi Jinping Thought will guide the native. Heilongjiang chief Zhang Qingwei,
The additional capital is to be open as ever. For India, as with
in a marathon three-and-a-half hours party for the foreseeable future. Xi and a former aerospace engineer, represented
financed primarily by recapitalisation speech on October 18, the central theme the Party are now effectively one and the other countries around the an outside possibility. But as it turned out,
bonds of Rs 1.35 lakh crore. In all of which was ‘Socialism with Chinese same, and opposition to one constitutes none were appointed to the Standing
probability these bonds will be structured in a way that avoids wide- Characteristics for a New Era’. With the opposition to the other. Moreover, the
region that have been Committee, leaving open the questions
ning the fiscal deficit, but the interest on them is expected to be borne goal of achieving “national rejuvena- inclusion of Xi Jinping Thought in confronted with China’s about Xi’s likely successor.
by government. Recapitalising banks is a pre-requisite to actualise tion”, Xi has advocated a “people-centred the charter now sets China’s president growing assertiveness under Xi, In sum, the 19th Congress has seen Xi
philosophy of development” grounded in on par with only Mao Zedong and consolidate power to a degree not seen
other infrastructure projects of NDA. To illustrate, a new umbrella
“Four Comprehensives”: the continued Deng Xiaoping as major leaders of
these are discouraging signs since the days of Deng Xiaoping and
road building project envisages an investment of Rs 6.92 lakh crore centrality and strengthening of Commu- Communist China identified with their The country’s top diplomat Yang Jiechi, possibly since Mao Zedong. He has main-
over the next five years to build 83,677 km of roads. This plan can nist Party rule, further reform, “law- own philosophies. who acts as the special representative tained the authoritarian, populist, and
fructify only if banks are healthy and willing to fund the needs of many based governance”, and the building of a The second indicator of Xi’s power – for the border talks with New Delhi, was nationalist tone that has characterised
private and state-owned entities who are expected to participate. “moderately prosperous society”. the politics, rather than the policy – resul- elevated to the Politburo. his presidency to date, and now has
For the recapitalisation plan to galvanise durable economic Xi also spoke of the need for a strong ted in more ambiguous outcomes. To Of greater curiosity, observers were fewer checks on his power and vision. At
military capable of winning wars and “a some degree, there was steady continuity, looking to see whether the 69-year-old the same time, questions about his
growth, banks must also undergo governance reforms. They
new type of international relations”. A particularly on accounts that directly Wang Qishan, who has led Xi’s anti- succession remain as open as ever. For
are prone to repeated crises which points to systemic problems. cynical reading of Xi’s speech would affect relations with India. General Zhao corruption campaign and is sometimes India, as with other countries around
Repeated bailouts are untenable. Government therefore needs to suggest that the party’s governance Zongqi, commander of the People’s described as the country’s second most the region that have been confronted
carry out reforms, which should begin with allowing bank boards philosophy now clearly constitutes a Liberation Army’s vast Western Theatre powerful person, would retain his position with China’s growing assertiveness
and senior management more autonomy. RBI too needs to raise mix of authoritarianism, populism and Command (with responsibility for the on the Standing Committee, in contraven- under Xi, these are discouraging signs.
its game on regulating banks. Governance reforms are the best nationalism. entire border with India), has retained tion of informal age limitation rules. The writer is Fellow, Foreign Policy, with
This broad approach has Xi’s strong his position in the Central Committee. Wang’s retention would have been a key Brookings India
protection against recurrence of the bad loan crisis.

Gujarat Prestige Battle Jugaad of bank recapitalisation: How finance ministers


EC announces poll dates, BJP and Congress adhere to fiscal deficit targets while increasing borrowings
prepare for a dramatic faceoff Aurodeep will the government’s commitment to with to deal with the payment mess.

T
he stage is set for a grand fight to the finish between the ruling the ‘glide path’ that will eventually take But the truth eventually comes out.
BJP and a resurgent Congress in Prime Minister Narendra Twitter has been abuzz it to below 3% in the years to come. At almost 70% of GDP, India has one
Modi’s backyard – Gujarat. Election Commission yesterday with the government Jugaad, or make-do innovation, is a of the highest emerging market debt
congratulating itself term that most Indians tend to take pride levels. Credit rating agencies keep
announced a two-phase election where voting will take place on over its ‘unprecedented’ in. Unfortunately the same sleight of Indian sovereign rating hovering above
December 9 and 14 while counting will be on December 18. What has rescue package for hand of creativity also runs through junk, in part owing to its huge debt
made the contest fascinating is Congress mounting a concerted and India’s ailing banking governments. Finance ministers in the burden. The only saving grace has
serious challenge against BJP for the first time since their rout in sector. The adjective is certainly not past have been remarkably good at been that India’s nominal GDP growth
2014 Lok Sabha elections. After that BJP wrested Maharashtra, misplaced – after all Rs 2.11 lakh crore adhering to fiscal deficit targets, even rate has so far exceeded the interest
Haryana, Jharkhand and Uttar Pradesh from opposition parties (around $32 billion) is no pocket change. while evading hard decisions on control- rate that the government pays on its
To put this in perspective, it is a little ling expenditure, or during periods of borrowing – preventing the debt dynamics
but Gujarat is the first major state where it will be less than half of the entire annual fiscal poor tax collections. So how did they from exploding. However, there is nothing
defending territory. deficit of the central government. then make the numbers add up? to stop growth from falling to an unsus-
Leading the Congress campaign is vice-president Some argue that this was the need of Imagine you have a shoe rack that is tainable level in the future.
Rahul Gandhi who has cleverly kept the focus on the hour. After all, reckless bank lending almost full. But shoe-a-holic that you Also the preferential interest rate for
questioning BJP’s development model, with help and feckless corporate governance has the government comes on the back of
from a sluggish economy, poor implementation of frozen investments, paralysed credit, financial sector repression, and a largely
and brought economic growth to uncom- More immediate collateral shoes – the proverbial can has only domestic market for its bonds. More
GST and unemployment among youth. The BJP state fortably low levels. To add to this is a been kicked further down the road. In immediate collateral damage comes in
government has responded by announcing projects strict set of international banking damage comes in the form of the meanwhile, you keep buying more the form of the government having to
worth nearly Rs 11,000 crore in a span of two weeks – regulations known as Basel III that are the government having to shoes. spend some 90% of its fiscal deficit every
including zero interest loan for farmers, salary hike expected to kick in by 2019. It will compel
spend some 90% of its fiscal For a long time, previous governments year just paying interest on past debt.
for teachers and municipality employees, and reimbursement of 18% Indian banks to raise billions of dollars have resorted to similar tactics. For ‘Off balance sheet’ bonds were even-
GST charged on drip irrigation equipment. Delivering all these sops to increase their capital base. Given that deficit every year just paying instance, legitimate payments to public tually phased out, recognising the toxicity
a large chunk of them are publicly held, interest on past debt sector companies, especially oil marketing of these instruments. That is, until this
will of course hamstring the next government. the problem lands itself right at the ones, would be postponed for years, so week’s press conference, when they seem-
Not long ago in August, Congress looked down and out when government’s doorstep. are, you cannot resist buying more shoes that the current year’s fiscal deficit ed to reappear rebranded as ‘recapitali-
Shankarsinh Vaghela revolted, reducing its tally to 43 from the Basic economics dictates that free than what the rack can hold. Neither target would appear to be met. Another sation bonds’. These bonds worth Rs 1.35
original 61 MLAs as compared to BJP’s 115. The party has bounced lunches do not exist. So who will be pick- can you make the tough choices involved manipulation would be to issue ‘oil lakh crore, if issued over two years, will
back by working on a grand alliance to consolidate the anti- ing up the tab? Finance minister Arun in throwing away the old ones to make bonds’ or ‘fertiliser bonds’ that were mean an approximate 12% extra borrow-
incumbency vote. OBC leader Alpesh Thakor joined Congress earlier Jaitley seemed rather nonchalant about space for the new. So instead, you choose to supposedly ‘off-balance sheet’. The ing annually over and above the usual
the answer. We were told that over 60% simply scatter the excess shoes casually government would issue these bonds, to requirement. It will definitely mean
this week while negotiations are underway with Hardik Patel for will be financed through ‘recapitalisation next to the doormat. No one can say that oil or fertiliser companies when it higher interest payments in the years to
an electoral understanding. Both parties have set themselves high bonds’, while the rest will be adjusted you are overburdening the shoe rack, couldn’t afford the cash subsidies that come, and painful adjustments to public
targets – 150 seats for BJP and 125 for Congress. Expect lots of high from the budget and by raising equity. because in theory you aren’t! The ones were due to them. None of this would expenditure to make up for it.
drama in this prestige battle for Gandhinagar. Fiscal deficit, he reiterated will remain on the floor are an open secret that you appear in the annual fiscal arithmetic, The writer is a senior economist. Views are
as targeted at 3.2% of GDP this year; as haven’t solved the problem of excess while future governments would be left personal

dilbert
Thank you, Milords Sacredspace
Little Details
For letting the jana, sing the national A mountain is composed of
gaana only with our true mana tiny grains of earth. The ocean
Bachi Karkaria
is made up of tiny drops of
water. Even so, life is but an
Lovers figuratively wear their hearts on their sleeves. The endless series of little details,
Statesman’s MD, CR Irani, physically wore his pens there, the
number depending on how many countries’ press freedom he actions, speeches, and
was fighting for. Divas don’t wear sleeves at all (and pretty thoughts. The consequences,
much little else either), but they still manage to fling their good or bad, are far-reaching.
hearts to the highest bidder. Last Monday, Justice DY Chandra-
chud firmly told the Centre that, whatever else we choose to wear on our sleeve, Swami Sivananda
it shouldn’t be patriotism. His father was the longest-serving CJI; YV Chandra-
chud was called ‘Iron Hands’ because he let go of nothing. The son declared that

Service, A Crucial Part Of Deeper Journey


we can put our hand on our hearts while the national anthem is played in a
cinema hall but we don’t have to rise to our feet. He tartly added, “Tomorrow
someone may say people should not come in shorts and T-shirts” as that would
be as disrespectful. “Where then do we draw the line?”
The three-judge bench, which included the CJI Dipak Misra, turned down Ajay Srivastava joy are the few early stage rewards mental body wishes to think much of Consider sufferings as healing:
the Centre’s ‘plea’ to retain the SC’s earlier directive that not standing up was everyone gets, indicators of a deeper itself and little of others. Each one of For people taking the journey, God’s
‘anti-national’. Instead, it correctly threw the ball back into the executive court.

H
ow do great seekers describe reality. In fact different sounds and them pretend to be our real Self wanting grace allows past karmas to bear fruit
More admirably, it was big enough to reverse its own stand. their peak spiritual experiences? colours appear in a definite order us to pursue selfish motives. But as we in an accelerated way in one or two lives
Even without the emotional trigger, Jana Gana Mana is In the same way, ten persons indicating the progress markers on the want none of these things, it must only whereas usually it might take
erratica among the most stirring of anthems, and i’ll sing it full-throatedly describe the taste of mangoes they have path. Most seekers are aware of these. always be us who should control our hundred lives or more. The resultant
on appropriate occasions. But to be forced to do so in a cinema never seen or savoured before – in ten There are many ways to begin physical, astral and mental bodies and suffering thus is like the healing of the
hall reduces nationalism to notionalism. So, who really is the insulting party? unique, yet broadly similar, delightful this rewarding journey. not that they control us. patient and should be embraced with
And where do we draw the line on the tricolour? We seethe in apoplectic ways. J Krishnamurthi in his The body must be treated cheer.
tones even if used on a dyed-in-the-desi sari. Compare this to the admirably Practitioners following different ten-page masterpiece ‘At the well, fed on pure food and Always watch for an opportunity:
‘post-national’ way in which the American flag is fashioned into barely-there practices say the experiences converge Feet of the Master’ says we can drink, and kept clean, for To help others through selfless and
shorts and low-and-behold tops. as they go deeper. One may wonder, how start by doing three things: without a perfectly clean and unattached actions. Any set of spiritual
Here, a deconstructed tiranga now has political hues. Saffron is brandished the widely differing spiritual practices Tame our body and mind: healthy body we cannot do the practices with the above mindset will
as the sole colour of nationalism. Green, bechara, is painted as the exact lead to similar experiences. Do the We are more than the sum of work of preparation. Never transform us into channels through
antithesis; demonised and packed off to Pakistan. The once-pristine-khadi different external practices lead to our physical, astral and mental wish to shine or appear clever. which divine energy and love can flow.
Congress no longer ‘washes whitest’ – thanks as much to its own dhobis as to a similar changes deep inside? If this is bodies. We need to tame them as Speak little; better still say The more divine love flows through us
rampant BJP hell-bent on sending it to the cleaners. true, can the deeper journey be as clearly they create hindrance in our the nothing, unless we are quite to help others, the higher we rise on the
Wiser to heed the message within ‘patriotism’. Done right, it deserves a
‘pat’, but don’t let it run ‘riot’.
laid out as going from place A to place B?
The spiritual journey essentially
true work. For example, when
there is an opportunity to help speaking sure that what we want to say is
true, kind and helpful. Never
evolutionary ladder.
We rise as we help others rise. This
*** requires transcending the lower nature someone, the physical body tree allow ourselves to feel sad or resolve must fill our whole nature, and
Alec Smart said: “The Gujarat election has its own GST: Goodies & and shedding all baggage to become feels tired and wants us to rest. The depressed because it infects others and no temptations should ever turn us away
Services Trove.” light. Surge in creativity, hearing of astral body has its desires; it wants us to makes their lives harder. Control anger from this. This is the common thread
bachi.karkaria@timesgroup.com soothing sounds, experiencing colour- say sharp words, feel jealous, be greedy, or impatience, so that our thought may running across all deeper practices.
http://blogs.timesofindia.indiatimes.com/erratica ful light flashes and a heart filled with envy other people’s possessions. Our always be calm and unruffled. Post your comments at speakingtree.in
20 THE ECONOMIC TIMES The Edit Page THE ECONOMIC TIMES | MUMBAI | THURSDAY | 26 OCTOBER 2017

Let Infosys Focus on Instead of pre-decided targets, GoI should set medium-term ones for fiscal deficit, debt and growth

Future Business
Morality for its own sake is for philosophers
Infosys’ founder and iconic corporate leader N R Naraya-
Keep a Diet & Stick to It In the decade following liberalisati-
on, India found itself with dizzyingly
na Murthy would be well advised to end his campaign high fiscal and current account defi-
against the alleged wrongdoings of the company’s pre-
vious board and chief executive officer. Indian informa-
cits. A serious course-correction ca-
me in the form of the Fiscal Responsi- Selfless
bility and Budget Management Act,
tion technology industry is going through a challenging
phase, when the traditional business is being disrupted
2003, which recommended that the
Centre’s fiscal deficit was to reduce
Giving
to 3% of GDP, and revenue deficit to 0
and companies have to identify their own path to non-li- Aurodeep by 2008. States were convinced to ad-
BALKRISHNA MISHRA
near growth. Corporate leadership and energy should be

T
opt similar fiscal legislations. Giving begins with the recogni-
focused on this vital task, not on converting recent corpo- he country’s fiscal policy- Ultimately, fiscal discipline is GoI’s tion of having, abundantly. This
rate history into a detective novel. Nandan Nilekani, the making is quietly in the ability to institutionally maintain a sense of abundance has less to
middle of a tectonic chan- diet. A diet is only as good as the che- do with the quantity one has
current non-executive chairman of the company, is some- ge. Last year, GoI appointed at days it allows. The FRBM Act was, and more to do with one’s sense
one in whose judgement Murthy should have trust. If he N K Singh to head the Fis- unfortunately, leaking with cheat day of sufficiency. Giving is an exp-

FILE PHOTO
says that a review did not find anything wrong with Info- cal Responsibility and Budget Mana- provisions. There was no penalty on ression of not just your materi-
gement (FRBM) Review Committee, the Centre in case it violated the tar- al richness but of you being
sys’ acquisition of Panaya or the seemingly excessive se- for recommending a new fiscal fra- gets. With no external monitoring, rich inwardly in love and care.
verance pay dished out to a chief financial officer, that mework for India. The voluminous the Indian establishment soon start- For a lean, mean fiscal machine In the value of giving, one can
should close that chapter. report was made public in April. ed manipulating the same discipline recognise the mystery of flow
If finance minister Arun Jaitley that it has signed up for. gent need to reform institutions and by 3% points from the last years’ av- of currency of life-nourishing
It could mean either that there, in fact, was no hanky- were to accept the report’s recomme- data and analytical capabilities to erage, then GoI has the option to de- forces, whether one gives edu-
panky at all, or that there was nothing that could be nail- ndations in the upcoming Budget ses- Take Debt Threat Seriously arm the government with better po- viate from the annual target prescri- cation, clarity, an organ, blood,
ed down as wrongdoing and public fu- sion, it will, for starters, have an imm- Targets would get breached on the licymaking tools. bed, and increase expenditure to sup- money, material, effort or just
ediate economic impact. The report’s back of flimsy, whimsical reasons. But pre-deciding fiscal deficit tar- port growth. The ‘Fiscal Council’ will a warm smile. When we have
mbling over loose ends that could not ‘glide path’ for fiscal deficit suggests Even when they were met, creative ac- gets is controversial. As Subramani- monitor GoI’s return to targets the an intention to contribute, we
all be neatly tied up would do the com- that the next three years will require counting measures like off-balance an rightly points out, there is an ele- next year. become a ready and worthy ch-
pany more harm than good. In either it to be maintained at 3% of GDP. This sheet oil and fertiliser bonds, or imp- ment of smoke and mirrors around But in the current context, this me- annel. Swami Sukhbodhanan-
means tight GoI spending when the licit and explicit state guarantees, arriving at these randomly set tar- ans that growth will have to drop from, da often says, “God does not give
case, the best course of action is to let economy is battling a slowdown, pri- would ensure that while finance min- gets. He also proposes targeting pri- say, 7.2% to as low as 4.2% before GoI to you, He gives through you.”
bygones be bygones and focus on mov- vate investment is sputtering, and isters were meeting fiscal targets on mary deficit (fiscal deficit excluding can ‘escape’ its commitment and imp- Giving is, indeed, gaining. It’s
ing ahead. Murthy has had the satis- banks are awaiting a potentially ex- paper, India’s debt and fiscal imbal- interest payments) instead. The rati- lement a fiscal stimulus. The high cut- our common experience how
pensive bailout. ances grew unchecked. onale is that if the country earns eno- off set for invoking the escape clause each act of voluntary giving
faction of ousting a CEO and a board Chief economic adviser Arvind Su- To an extent, the finance minister’s ugh to service its non-interest spen- means that effectively, fiscal policy brings with it an immense sa-
chairman who did not treat his word as the unwritten bramanian, who is part of the panel, latest package on bank recapitalisa- ding, then debt will naturally stabili- will remain adamantly pro-cyclical tisfaction, an untold joy, a swell
law at Infosys. That should be enough, as far as the past is in a dissent note writes that he disag- tion by issuing a whopping .̀ 1.35 lakh se. His fellow panel members, howe- for most of the times. of heart. It’s in the giving a giv-
rees with most of the recommenda- crore of ‘recapitalisation bonds’ is ver, dispute the mathematics behind er recognises having the grace
concerned. Scouring every detail of corporate conduct tions. Following his submission, the déjà vu of ghosts of Fiscal Manipula- this assertion. Changed Economic Weather and privilege of having. Funda-
to pronounce judgement on the finer points of ethics and other panel members draft a detailed tion Past. So, it is of little surprise But the biggest criticism against An ideal fiscal rule, instead, could be mentally, it is by giving the giv-
rebuttal, politely titled ‘Rejoinder to that circa 2017, fiscal deficit is still fiscal targets is that it risks making one that has medium-term targets for en a giver is called giver; beauty
morality, going beyond the law and the margin of good-
the dissent note’. above 3% of GDP, and revenue deficit fiscal policy ‘pro-cyclical’. This mea- fiscal deficit, debt and growth — and of giving is sublime.
faith error, is a job fit for professional ethicists or moral Economists have good reason to now stands at a defiant 2% of GDP. ns that when growth is good and tax the government’s spending and tax- Giving is an expression of love
philosophers, not business people whose primary res- get emotional about the right fiscal Some of the FRBM Review Com- revenues remain buoyant, achieving es have the flexibility to adjust dyna- born of innate understanding
policy. In the heydays of pre-liberali- mittee’s recommendations are truly these targets will be easy. But if grow- mically every year to mirror the vari- of one-ness of the whole exist-
ponsibility is to generate decent returns for their share-
sation, they treated it a royal preroga- the need of the hour. For instance, it th were to fall, then adhering to ben- ation of the economic conditions from ence. It’s really difficult to fath-
holders in as decent a manner as is possible. tive to keep the money taps open, wh- recommends an independent ‘Fiscal chmarks set by a round-table of wise these targets. om whether ocean gives water
Does this mean that Infosys should no longer pride it- ile RBI was coerced to accommodate Council’ — much like the Monetary men many years back may not be ter- Jaitley will be expected to decide to river or river brings water to
the exchequer — essentially by print- Policy Committee — to oversee GoI’s ribly clever. on whether to adopt the committee’s ocean, it’s all a mysterious flow
self as an exemplar of corporate governance in India? It ing more cash. fiscal operations. It focuses on the ur- Apre-decided target at a time when report in the upcoming Budget. If he of life. Which is why Vedas put
does not. What it probably means is that companies shou- tax revenues will be falling would call does, the Centre will be signing up an emphasis on the value of gi-
ld spell out their notions of corporate governance clear- for GoI to dramatically reduce spend- for an ambitious prescription of fis- ving, a value that can’t be over-
ing to meet the target. This, in turn, cal and revenue deficit targets till stated. According to Vedas, the
ly, and not leave them vaguely buried in amorphous cul- A pre-decided target when tax revenues will be falling will aggravate the economic slowdown. 2023. The standard advice of econo- practice of reaching out in the
ture whose continuity is taken for granted. The committee tries to address this mists to policymakers holds: please form of giving not only helps
would call for GoI to reduce spending to meet the criticism by suggesting an ‘escape read the offer document carefully be- us accrue punya but eventually
target. This will aggravate the economic slowdown clause’: if growth were to fall or jump fore signing. leads us to the ultimate goal of
giving up one’s ego, as the giver.

Stronger Indo-US Ties SEN & SENSIBILITY Chat Room


for a Stronger India
US Secretary of State Rex Tillerson’s New Delhi visit comes as
China made clear its plan to play a grander role on the world st-
Praise be Upon These Film Critics! We Need Roads,
Not Bad Banks
Apropos the news report, ‘Twin
age. It also comes at a time when the US-Pakistan ties are shift- rs have a very low IQ. Very low gen- Propellers: PSBs to Get .̀ 2.1L
ing. As the US courts India, building on shared concerns over eral knowledge.” Which makes one cr, Road-Building to Take Off
Chinese expansionism and state sponsorship of terror, India’s wonder why the political party he is With .̀ 7 L cr’ (Oct 25), while the
goal is to widen its space for autonomous action, not to swoon a member of bothers to field ‘film big package of .̀ 7 lakh crore for
stars’ as candidates or use as brand road-building is a great step,
into the superpower’s clasp. ambassadors. Perhaps that explains one can’t really say the same
Partnerships come with their own advantages and pitfalls. Narasimha Rao’s qualified remark for the infusion of .̀ 2.1lakh cro-
For now, New Delhi has been able to steer clear of the pitfalls; Rajyasree Sen about “most actors”. re into stressed public sector
it is yet another indication of the level of Washington’s inter- What is unsurprising is the reacti- banks. The country badly nee-
on of Mersal’s producers. The Tamil ds good roads and enhancing
est in securing a strong partnership with New Delhi. External In a matter of days, the BJP has dis- Film Producers Council and the Sou- this infrastructure will provide
affairs minister Sushma Swaraj, for instance, made it clear pelled the notion that it doesn’t care th Indian Artistes’ Association have a fillip to industry and trade.
that while India shares US concerns abo- for voters who are non-Hindi speak- stated that they opposed any cuts in So, the highway construction
ers and live south of the Vindhyas. the film as the movie had already plan, funded through a combi-
FILE PHOTO

ut North Korea, it will not severe diplo-


What else could explain BJP minis- been certified, and that this would nation of market borrowings
matic ties with the country. Instead, she ters watching the Tamil film, Mersal, set a bad precedent. Yet, despite vari- and central support, will help
suggested obliquely that India could play and then crying ‘We are offended!’? ous opinion makers including mega- boost the economy in a big way.
a mediating role. The import of the exch- There have been plenty of critics of star Rajinikanth coming out in supp- And thank you for the free publicity! Stressed state-owned banks
the goods and services tax (GST). All ort of Mersal’s freedom of expressi- need capital infusion to be able
ange is clear: India and US have common
of them have been happily ignored. on, the film’s producers have offered Bhansali. Why had they turned vio- film’s characters and story were no to clean up their books, meet
end-goals but divergent interests and pa- Until, that is, film star Vijay criticised to remove the ‘offensive’ scenes. lent? Because they were outraged longer remotely related to Pakistan. global capital requirements
ths to the goal. A successful partnership GST in Mersal. And this is where the cookie crum- that Bhansali was making a ‘fiction- Overzealous ministers and politici- and start lending again for new
will require both countries to navigate, calibrate and accom- The film not only has scenes critical bles. al film’ about the legend of a Rajput ans should stick to watching shows projects. However, the irony is,
of GST but also takes potshots at dem- This isn’t the first or last time our princess. That wasn’t even criticism, like Kumkum Bhagya. The serial’s none seems to be keen on inve-
modate their respective national interests. Clearly, Tillerson onetisation. This is simply too much filmmakers have cowed to political but depiction! cast suddenly started singing praises stigating why loans turned bad.
gets this. It is reflected in his response that US is not alarmed for many of our worthies. How dare arm-twisting. In Surat, four membe- Bhansali, keeping in mind the mul- of going digital and going cashless Bulk of these bad loans may
by India developing the Chabahar port in Iran, even as Washi- a ‘fictional film’ pose views uncomp- rs of Rajput Karni Sena (RKS) and ti-crore project his film was, genuflec- in its episodes. Instead of censoring have either been doled out by
ngton and Tehran are at odds. limentary towards the government? one member of the VHP were arrest- ted and issued a statement saying the films, political parties should stick dishonest bank officers or due
Shocking! Did these filmmakers lea- ed for vandalising a rangoli repre- film will not have any romantic or ‘ob- to making their own films and shows to political interference. Those
India’s foreign policy establishment has to keep its eyes peel- rn nothing from the fate of Congress- senting the film, Padmavati. The jectionable’ scenes between Padma- praising whomever they wish to dis- found guilty must be punished.
ed all the more, on account of the unstable nature of US policy era films like Aandhi and Kissa Kur- actor playing the role of Padmavati vati and Alauddin Khilji. Bhansali play their ultra-loyalty. The government plans to infu-
as articulated by that country’s president. Even the Secretary si Ka? Do the makers of Mersal not in the period drama, Deepika Padu- had earlier changed the name of ano- We know that politicians have a ten- se funds from the Budget to re-
of State cannot be certain about his President’s thinking on realise, as the ministers have said, kone, tweeted to Union minister and ther film, Ram Leela, to Goliyon Ki dency of being more thin-skinned capitalise banks, besides recap
that this is “highly inappropriate”? ex-actor Smriti Irani complaining of Rasleela Ram-Leela after protesters than others in a country that is any- bonds. This simply means us-
any subject on a given day. India cannot ignore President Tru- To demonstrate what ‘highly inapp- the vandalism. found it offensive to Ram, the deity. way thin-skinned. But every time our ing taxpayers’ money to bail
mp’s conflicting tweets — which have the same status, in the ropriate’ behaviour is, BJP spokes- But the RKS has only been embold- Under pressure from the Mahara- actors and producers keep caving in out banks. The need is to avoid
present administration, as, say, revelations of the oracle in an- person G V L Narasimha Rao went on ened by their January vandalisation shtra Navnirman Sena (MNS), Karan to political pressure, there will be pumping good money after
cient Greece — on Pakistan. (TV) camera to criticise actors criti- of movie sets in Jaipur and assault Johar rewrote, re-dubbed and re-edit- people who will see that coercion and bad. This calls for more struc-
cising the BJP. “Most of our film sta- on Padmavati director Sanjay Leela ed Ae Dil Hai Mushkil so that the threats work. tural reforms to improve the
operational autonomy in pub-
lic sector banks and let them
run in a commercial way.

With the EC announcing Gujarat poll FUNNY BUSINESS KRISHAN KALRA


Gurugram
dates, life returns to boringly normal

Some Fun Goes as Blowing Those Speech Bubbles Only Runs Do Not
Maketh This God
This refers to ‘Welcome the New

the Wait is Over speeches were boring things with


some PMs taking so long between
sentences that one could fly to Euro-
pe and back and still find the rest of
The current administration under-
stands that in the age of social media,
attention spans have grown shorter.
Give the public something big, some-
every Nehru speech after that.
This government has chosen to go
with speech as entertainment. And
once you raise the stakes, as any
Virat God’ (‘Letters’, Oct 25).
The halo of a cricketer does not
depend on his score alone. Oth-
It’s been a while since Indians across this fair and timeless erwise, Viv Richards or C K
Parliament snoozing. One Indian thing quick. Do one absolutely unex- Game of Thrones writer will tell you, Naidu would
land of ours waited with such bated breath for the dates of a PM almost fell asleep in the middle pected insane thing in one speech and you can’t lower them. Last year, econ- not have beco-
state election to be announced. But as the Election Commis- of his own speech. you are guaranteed an audience for omy booming, GoI’s approval rating me legends.
sion finally let the world know that Gujarat would go to the Anuvab Pal all future speeches. Other countries at an all-time high and then smack Public image
polls on December 9 and 14, the thrill of ‘the wait’ has gone. can learn from us. — the demonetisation speech. is more shaped
Unless, of course, you are Xi Jinpi- This year, shaky stuff, economy wob- by the playing
Carpers will, of course, keep carping. Some will point to the On Tuesday afternoon, the finance ng and make a three-hour-plus speech bly — when you make a speech, it style and artis-
fact that the first date of polls is ominously Congress Preside- minister announced he was giving a at the 19th Congress of the Chinese can’t just be ‘Oh, we’re worried peo- try, as against
nt Sonia’s 71st birthday. Others will find it exceedingly odd surprise speech. The nation froze up Communist Party. You can then sho- ple don’t love us any more, so here’s the prowess,
that the second date of polling has been chosen to coincide a little, like when we used to wait for ot people caught dozing off during a speech’ speech. Nope. It has to be a of the cricketer, his conduct on
a Sachin lbw decision. What’s he go- your speech. ‘boom’ speech. Like ‘We’re increasi- and off the field, his personal
with India’s National Energy Conservation Day. Be that as it ing to do now? Is he going to make all But I assure you if Donald Trump ng the tax rate to 63% for all bald peo- life and lifestyle, and the dem-
may, better a late EC announcement than one ‘on time’, at le- currency invalid and switch to bal- made one speech saying the US cur- ple in Bengaluru’. Or ‘I’m being rep- ands of the situation of play.
ast for the nattering classes. The air in the room was getting loons? Is he going to say, ‘You have to rency has been changed from the dol- laced by badminton player Prakash Sachin Tendulkar’s innings
rather hot and turgid with only talk of GDP slowdown and file GST every other leap year?’ Is he lar to the Trump, a new currency he’s Padukone who isn’t Raghuram Raj- came against world-class bowl-
going to impose a Rahul Gandhi tax? printing at Trump Tower, he’s assur- an but looks like him and we think ers like Shane Warne; he had
GST slabs. Keeping the tradition of IST — Indian Stretchable (If you mention ‘Rahul Gandhi’, you ed an audience of the whole nation, that’s enough to get the GDP back up’. to contend with severe injuri-
Time — in mind, the EC reckoned that voters, not comment- pay a tax.) not just the half that love him. There was no huge ‘boom’ on Tues- es. Given the present composi-
ators, need to be comfy with the dates. And as any voter kno- We’re having this discussion becau- It can’t just be a shocking speech that day. People were upset that Arun Jait- tion of India’s opponent teams,
se the Prime Minister made one sp- has no value (a laptop ban, for exam- ley’s speech had a bunch of promises Captain Virat Kohli may even
ws, a few yojanas thrown in before election dates are anno-
eech around this time last year and ple). It has to affect everyone and but nothing wild. Anti-climax was beat Sachin’s record, but he
unced don’t change voters’ decision. A ‘Vote for us, else you changed the whole game of speech- come with a deadline. Jawaharlal the public verdict. Once the bar has may not get Sachin’s aura.
won’t get the bullet train’ kind of announcement may have. making. Now, when anyone from Nehru went with, “At the midnight been raised with speeches like the
With Himachal Pradesh missing out on the ‘poll dates’ dra- GoI says ‘I’m giving a speech’, we hour….” But that speech only had November 8, 2016, one, something as Y G CHOUKSEY
take notice. words, no direct consequence. If he’d big or bigger is needed. Otherwise, Pune
ma, who knows, the Gujarat result on December 18 — the day The main element in comedy, my said, “At the midnight hour, as the they’ll say what they say about every
in 1961 when Goa was ‘liberated’ from Portugal — could also field of expertise, is surprise. It is the world sleeps, India will attack Aus- other piece of entertainment. ‘It’s Letters to the editor may be addressed to

be a surprise. For at least one of the contesting parties. same with speeches. For years, PM Always leave them speechless tralia,” we would have all listened to not as good as Season 1, yaar.’ editet@timesgroup.com
EDITORIAL JUGAAD

26 OCTOBER
05 OCTOBER
28 SEPTEMBER

THIS PDF CONTAINS EDITORIALS OF


THE HINDU, BUSINESS STANDARD,
ECONOMIC TIMES,TIMES OF
INDIA,FINANCIAL EXPRESS, THE
TRIBUNE & THE HINDUSTAN TIMES

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