The Prophet- An Insight into Philosophy of Life!

By Anupama

At times mood goes haywire, things appear to be dull and monotonous. In those times books, movies, music and other such things come to our rescue. Last night, to overcome mental lowness I peeped into one of my book cartons and picked up The Prophet! We get attached to some books so much that the pleasure of reading them never diminishes, ideas conveyed appear to be new and ever inspiring. The Prophet is one of such books I love to read again and again.

The Prophet is a book of twenty six poetic, philosophical essays written in English in 1923 by the Lebanese artist, philosopher, and writer Khalil Gibran. In the book, the prophet Almustafa who has lived in the city of Orphalese for twelve years is about to board a ship which will carry him home. He is stopped by a group of people, with whom he discusses many issues of life, humanity, its nakedness. The issues discussed include love, friendship, work, joy and sorrow, reason and passion, self-knowledge, teaching, treasure, marriage, beauty, crime and punishment and so on. I enjoy reading this small and beautiful book which gives an insight into philosophy of life.

Below are the few lines picked from the book The Prophet,

On Joy and Sorrow

Some of you say, “Joy is greater than sorrow”, and others say, “Nay, sorrow is the greater”. But I say unto you, they are inseparable. Together come, and when sits alone with you at your board, remember that the other is asleep upon your bed.

On Love

Love gives naught but itself and takes naught but from itself,
Love possesses not nor would it be possessed:
For love is sufficient unto love.

On Work

Always you have been told that work is a curse and labour a misfortune.

But I say to you that when you work you fulfill a part of earth’s furthest dream, assigned to you when that dream was born,

And in keeping yourself with you are in truth loving life,

And to love life through labour is to be intimate with life’s inmost secret.

On Talking

When you meet your friend on the roadside or in the market-place, let the spirit in you move your lips and direct your tongue.

Let the voice within your voice speak to the ear of his ear:

For his soul will keep the truth of your heart as the taste of the wine is remembered. When the color is forgotten and the vessel is no more.

On Beauty

And beauty is not a need but an ecstasy. It is mouth thirsting nor an empty hand stretched forth, but rather a heart inflamed and a soul enchanted. It is not the image you would see nor the song you would hear,

But rather an image you see though you close your eyes and a song you hear though you shut your ears.

People of Orphalese, beauty is life when life unveils her holy face.

But you are life and you are the veil.

Beauty is eternity gazing at itself in a mirror.

But you are eternity and you are the mirror.

Thanks to one of my friends who gave this wonderful book!

Pluralism, Democracy and Development – Women’s Perspective

By Anupama D Masali

Pluralism, democracy and development- these concepts are not only intertwined but are mutually reinforcing too. Pluralism ensures the vibrancy of democracy which is a pre-condition for equitable development.

A very thin line runs between pluralism and democracy. If democracy stands for the voice of whole population, pluralism advocates active seeking of understanding among the people amidst diversity. If voice of democracy seeks accountability, pluralism strengthens the voice through commitment towards the relationship to one another given the wide range of differences. If democracy places everyone on equal footing, be it a male or female, a Hindu or a Muslim, rich or poor, black or white, pluralism maintains a healthy interaction among them. A nation where pluralism and democracy march together development gains acceleration. The same becomes a distant dream if the other half of the society- women, are kept out of the mainstream.

Development being an ultimate outcome of a collective effort should move along the path of inclusiveness. Each and every individual irrespective of caste, religion, sex must have an equal opportunity to contribute to the growth process. At the same time the fruits of collective endeavor must reach each and everyone. Unfortunately inclusiveness becomes too weak when it comes to the question of building the capability among women to participate in the growth process. Pluralism aims at constructive and healthy interaction among various cultural groups, narrowing the rift between gender divisions. Our societal structure and practices have placed women at the centre of the domain of culture. She has been involved in nursing and preserving the culture since ancient times. Unfortunately, women, the preservers of culture, have been made the victims of monolithic cultural practices based on hierarchical exploitative.

Democracy and pluralism lay their emphasis on respect for individual identity, something every human being craves for. The two require accepting the rights of others, the right to design one’s life, the right to be different. But in reality woman has been presumed to be devoid of identity. She is being dictated about the way to conduct herself by way of irrational restrictions. Socially, economically and politically women have been excluded from the decision-making process. Her situational resilience towards injustice has been misinterpreted to be her helplessness. Women’s services towards society, economy remain unrecognized and underestimated. The advanced concepts measuring gender inequality such as Gender Development Index (GDI), Gender Budgeting reveal this bitter truth.

The ultimate aim of democracy is to achieve development. Development not necessarily measured by economic indicators such as GDP and rates of growth. It should also encompass welfare, general well-being and happiness. Pluralism contributes in the wider socio-economic and cultural sense to a vibrant democracy and inclusive development.

Time for India to Re(think)joice over Oscars Won!

By Anupama

 

    Slumdog Millionaire and Smile Pinki have unfolded the potential of Indian film crew at the international arena. Hearty congratulations to the winners and rest of the team. It is a matter of pride for India.

 

     Well, what ensures Slumdog Millionaire’s sweeping victory at the international level? To be precise, two aspects have produced their staggering effect. One, the collective effort of the team. Second, the real picture of urban India. The intensity of these two aspects has indeed worked effectively. Absence of any one aspect would not have ensured such a long success journey.

 

     The movie which speaks of rags to riches journey of a slum dog for his love, at the same time reveals many hard facts about India. It draws the attention of world community towards child abuse, lost( misled too) childhood, agony of urban slum dwellers hidden under the cover of their resilience, human trafficking, communal disharmony, illegal activities and many more interrelated problems. Many critics and passionate Indians have raised their ire towards depicting (depiction? not really) India critically, to be exact negatively. But we shouldn’t forget that the same is reality in India.  Hence, the occasion for Indians is not only to rejoice but also to rethink! Truth is bitter, isn’t it?

 

 

What if Navin Chawla becomes CEC of Nirvachan Sadan?

By Anupama

Much has been said and talked about the controversy lit by Chief Election Commissioner, N. Gopalaswamy’s allegations against his colleague, election commissioner Navin Chawla in the media as well among the political groups. Some have defended the act of CEC and some have raised questions if the action is politically motivated.

It is unfortunate to know that no effort is being made (perhaps deliberately) by the Union Government to go through the instances listed by CEC N. Gopalaswamy in support of the allegation in his lengthy letter to the President on January 16. Navin Chawla has denied all allegations leveled against him as most of the Indian politicians do it as a first rite on being caught hold of their misdeeds.

However certain instances in the past clearly reveal the ‘service’ rendered by Navin Chawla to the family politics of Congress. During 1975-77, Navin Chawla was the personal advisor to Kishan Chand, the Leftinent Governor of Delhi. During this time a Commission headed by J C Shah was appointed to look into the atrocities caused during the period of emergency. The Commission in its Report alleged Navin Chawla and Kishan Chand of misuse of power. Besides, Navin Chawla has been running a family trust in Rajasthan. The Congress MPs have been giving donations to this trust. During the Gujarat election campaign Congress President Sonia Gandhi was alleged of violating the election code of conduct by calling Narendra Modi as ‘Merchant of Death’. Navin  Chawla came under severe criticism as he took the side of Ms. Gandhi. He also stood by Congress in their effort to postpone the Karnataka Assembly elections for no worthy reasons.

Despite of the truth known the Union Law Minister H.R.Bharadwaj and other Congress leaders have criticized the CEC. An IAS officer of the 1966 batch N. Gopalaswamy is going to retire on April 20. Election Commissioner Navin Chawla is expected to become the CEC. What if the person who has no heed to the credibility of the institution becomes the CEC of Nirvachan Sadan? Election Commission is one of the few institutions in India which retains some evidence of credibility. But such an image is being tarnished by people like Navin Chawla. If this is to be the condition of Election Commission, what will be its impact on the public trust? If Navin Chawla is to lead the Commission how citizens of this world’s greatest democracy would respond to the process of forthcoming election?

The whole episode reflects upon the Indian politics which sticks neither to the party ideology nor to the righteousness but to the needs of the party. Every succeeding government has it own law when it comes to the question of top appointments. Every government has politicized appointments to the posts of institutions like Election Commission. Appointments are often made not on the basis of merit and integrity but on the basis of party loyalties, communal affiliations, caste considerations and many more. As a consequence credibility of our institutions is being eroded. Today, the pace of deterioration of quality of Indian polity has increased to the extent as never before. Hence the need of the hour is to think about appropriate changes in the system for all critical appointments (so that some public faith in politics could be retained).

Unanswered Question – A Narration

by Anupama

It was the month of January, the Twenty sixth of January, to be precise, I was in Belgaum waiting for a bus to my place Dandeli. As expected the bus was late by an hour.

My hope of getting the bus was drawing to an end when suddenly I felt somebody tugging my dupatta. I turned instantly. They were two small hands of two small tender aged children, clothed in rags, smelling of drains, with lice crawling in brown wiry hair. The boy stretched his pale hand before me. The wound on his knee was being eaten by fleas. The boils on the girl’s hands told the tales of hands and body never touched by soap and water. They kept pulling my dupatta with hope in their eyes.

They pointed to the pastries in the bakery. Both of them began taking alternative looks at me and the eatables in the bakery nearby. The owner of the bakery with a stick in hand shouted at the kids ordering them to leave the place. The rudeness and the stick of the owner brought fear in their hopeful eyes. Tears rolled down from the girl’s eyes.

I was deeply moved by their helplessness and could not stop myself. My talk of ban on begging was forgotten. I offered them the bread bought from same bakery. I was struck at the pace by which the kids gulped the bread.

The horn of the bus reminded me that I had to go home. I got into the bus and occupied a seat. Before the departure of the bus I took a last look at their dirty and neglected faces. I had done my good deed for the day. But I remained troubled throughout the journey. The eyes of the children filled with the pain of deprived childhood, the pain of neglect began haunting me.

I kept asking myself who is responsible? God, the Government, the Society, the Parents? The question remains unanswered even after 61 years of Independence!

Polit(eth)ics – A Short Story

By Anupama

     It was the time of election in the Rampur constituency. Only a month was left for the election. Most of the youth of the entire constituency were busy in the poll campaign. Some undertook the task of pasting bills and some involved in giving slogans. Unemployed youth almost spent their entire day in taking out the procession in favour of the candidates who bribed them. There were two candidates for the election i.e. Krishnayya, a big landlord and Dawood Shah, the famous moneylender of the village.

 

     However, Seetamma was busy in nursing her twenty year old daughter Laxmi, who recently gave birth to her second child. For the last two days Laxmi was in the hospital. Laxmi was sent out from her in-laws house for the one and the only reason that she gave birth to a female baby. Seetamma worked in a candle making factory on daily wages. She was totally confused thinking of the future of her daughter and her grand daughter Radha. Getting two times meal was a great difficulty for the poor old lady. Seetamma could not sleep the whole night for she had nothing to cook for her bed-ridden daughter in the hospital.

 

     Next day Seetamma compelled to borrow money from Dawood Shah, the moneylender upon the condition of casting her vote in favour of him and payment of high rate of interest. Seetamma hurriedly cooked food and began to walk towards the hospital with her grand daughter Radha. She saw a big group of people coming in procession. They were holding placards and shouting “Dawoodji ko kursi pe bithao, garibi hatao”, Seetamma asked her grand daughter to cross the road. Meanwhile the procession rushed together. The box carrying food dropped down from Seetamma’s hand, grains of rice being scattered on the road. Seetamma on the one end and Radha on the other end of the road stood watching…..the slogan of Garibi hatao went on.

End of Separatism(Terrorism) in Sri Lanka: Not a Distant Dream

  

By Anupama

 

     Let us congratulate the Sri Lankan Army (SLA) that has gained control over the heart of LTTE terrorist activities i.e. Killinochchi. The success of capturing the administrative ‘capital’ of LTTE has been achieved on the very second day of the New Year, after SLA’s involvement in persistent battles with the Tigers since August 4.

 

     LTTE has been a nightmare for Sri Lanka as Islamist jihadis are for India. Sri Lanka has been threatened for more than two decades by the LTTE. It was the LTTE which has pioneered terrorism in the region of South Asia thereby claiming a number of lives of eminent personalities as well as of the innocent laymen. Today the Sri Lankan government is rejoicing over the major success in its battle against terrorism. We the Indians too have reasons to celebrate for we know out of our experience as to how ugly, how inhuman, how coward the act of terrorism is. Since the 1990s, the Government of India’s policy has been to acknowledge the terrorist character of the LTTE and the need for persistent military confrontation with the terrorist organization. India has reiterated its utter aversion to the existence of LTTE by banning it not just because it was involved in the assassination of the former Prime Minister Mr. Rajiv Gandhi but because it viewed the LTTE as a terrorist movement that would boost the separatist tendency in Tamil Nadu as long as ethnic conflicts persist in Sri Lanka. It has successfully resisted the attempts made by the LTTE and its supporters in Tamil Nadu to force it to intervene in the Sri Lankan ethnic issue. India should (would) continue to remain repugnant towards LTTE for otherwise would weaken the moral authority of India’s own actions with regard to its struggle against terrorism and separatist agitation in Kashmir.

 

     In a special address to the nation on state television the Lankan President Mr. Mahinda Rajpaksa described the event as a “major victory in the world’s battle against terrorism”. He asserted the action as a dream of all Sri Lankans who are opposed to separatism, racism and terrorism. As said by him the LTTE’s “countdown to extinction” has gained momentum.

 

     Well, the event is a victory of Lankan integrity over separatism, peace and democracy over terrorism and secessionism, humanity over barbarism. Hope the Lankan military will keep up the tempo of war against terrorism. Cheers to Sri Lankan Army!

 

How about Pak’s Surprise Gift to India on New Year?

 

By Anupama

 

     I was so glad to learn that India has repatriated sixty six Pakistani prisoners to their home country as a goodwill gesture on the eve of New Year. Amidst the growing tensions between India and Pakistan, India has taken this step. I feel this unique gift from point of view of the context of presenting it, can be adjudged as Gift of the Year, 2008.

 

     After the November 26 Mumbai terror attack, this is the first release of the prisoners. The gift reflects upon India’s stand towards avoiding war and to come to consensus on peaceful and friendly terms. It is well known to the entire world that the hand behind the Mumbai terror attacks is that of Pakistani (protected) terrorists. The fact that those terrorists are given shelter in Pakistan by its very government is well established, there is no second thought to this bare truth. India has been hit hard with the rod of terrorism one after the other. Still India believes that war is not the only solution for it can sense the post war repercussions on the civilians on both the sides. War would worsen the situation between the two nations. Our Prime Minister Dr. Manmohan Singh has made it clear that “the issue is not war, but terrorism being aided and abetted by Pakistan. We want Pakistan to make objective efforts to dismantle the terror infrastructure”.

 

     The leaders of Pakistan have been making statements in favor of friendly and peaceful relationship with India. If Pakistan is so determined towards the same let it prove empirically. Much has been said and talked about, it is the time to act and only act. Otherwise war becomes inevitable. Well, how about handing over Masood Azhar as a surprise gift to India on New Year? Believe me it is going to be Gift of the Decade, 1999-2009 (Azhar who was under arrest in India was freed by the Government of India on 31 December, 1999 as part of a negotiated deal with the hijackers of IC 814). Pakistan should think over the feasibility of this gift……Pak would certainly rock!

Simply Fall in Love with Nature !

By Anupama

Have you ever observed the sun peeping from behind the clouds in the early morning? Did you ever felt the calmness that thrives in and around the greenery? Did you ever wonder at the color combination of butterflies rarely matching with the talent of an artist? Did you ever listen to the chirping of birds who don’t ever forget to praise this wonderful creation each and everyday morning? Did you ever felt the freshness of the dew drops when it slipped from the green leaves and touched you? Won’t the question as to who designed the green leaves constantly bothered you? Did you ever asked a beautiful flower as to how she sustains her happiness with a smile till her last breath that has no match? Don’t you feel amazed at the time sense of that handsome (sun)? Have you ever felt overwhelmed by the beauty of the nature which knows no bound?

If yes that’s great, if no start immediately. Start what? Start loving nature. Go for a walk early in the morning. Can’t get up? Is it too cold? Never mind, nature has something special for you. Once you set out for a walk do nothing but feel the beauty of the nature from within. Breathe the fresh air around. Observe the creativity, the intelligence that is involved in the creation of this nature. Feel proud for being a part of this ‘sundara srishti’. Live that moment to the fullest.

Nature has been our teacher since the moment we came on this earth. It has made us a better human with its own way of teaching without our knowledge. There are innumerable things to be learnt from it. It has a unique healing touch. By the time you finish the walk a kind of happiness, a new zeal, a satisfaction engrosses which keeps one’s mind and physique fresh for the whole day. Nature is second to no teacher, no doctor, no guide, no friend……once you build a rapport with it, you can’t help but feel its presence. Life becomes as beautiful as never before. Do nothing but fall in love with the nature and feel the difference. Why don’t you try, hhmmm?

A Raj Thackeray per State, What Next?

By Anupama    

       Raj Thackeray is a name synonymous to the phrases ‘protector of sons of soil’, ‘upholder of regional pride’, ‘custodian of dignity of Marathi language’ as far as the people of Maharashtra are concerned. At the time when Raj Thackeray parted way with Bala Thackeray, the leader of Shiv Sena, former’s political future seemed to be uncertain. For some the step seemed a bit foolish too. But today Raj Thackeray, the leader of Maharashtra Navniraman Sena (MNS) has emerged as a big power in Maharashtra.

 

     The popularity that Mr.Raj Thackeray enjoys today and the short span of time within which he could achieve the same is no wonder for Indian politics has become so unpredictable. When it was felt Mr.Devegowda, the party president of JDS in Karnataka would never join hands with BJP, he did it in a pre-planned manner. When it was almost decided that the power would be equally shared between Mr.Kumarswamy and Mr.Yadyurappa, the respective leaders of JDS and BJP according to the power sharing agreement, the former gave a clean chit to the latter. When it was felt that BJP at the centre would support the nuclear deal initiated by the current Congress government as it was the wish of Mr. A.B.Vajpayee, the former Prime Minister to see that no longer India be ignored as far as its nuclear potential is concerned (he proved it by words and deeds via Pokharan test in 1998), it (BJP) kept opposing the deal till the end .Even if ‘Maya’vati becomes Prime Minister there is no wonder, isn’t it?

 

     Well, what makes Mr.Raj Thackarey, the leader of young party i.e. MNS a hero over night? Mr.Thackarey knows very well as to how valuable are the regional sentiments of people. He did prove that politics in the name of regionalism is one of the powerful determinants of one’s political future. He assured the people of Maharashtra that he is ‘with them’ in protecting Marathi and the interests of Marathis.When Mr.Thackarey was arrested recently in connection with the attack on north Indian aspirants of  the Railway Recruitment Board exams in Maharashtra, the MNS workers became so aggressive that north Indians in Maharashtra shivered out of fear. The Bihari youth who met with violent attacks are now busy setting fire to the railways in Bihar soon after their return to the state to protest against the goondagiri of MNS workers. Amidst all these attacks and protests the government assets are at risk. If such uncalled activities persist certainly it would prove as a major threat to the Indian federal system.

     The hue and cry as to migrants are snatching the economic opportunities of the native people aren’t limited to Maharashtra alone. Such protests could also be seen in Karnataka and Kerala too. Now a days inter-state migration is on its rise. Many cities in India have become mini Indias. Moreover the right to reside in any of the state is ensured by our Constitution. The matter in question (unlimited inter-state migration) needs to be reconsidered. Otherwise regional insecurity would become a big problem in the near future. Indian Railways too has a role to play in ensuring normalcy. The department of Indian railways needs to think about some reservation to the native people in job recruitments.

 

     People like Raj Thackeray do exist in each and every state of India. For Raj Thackeray the opportunity has come and he is making use of it with all the politically oriented intelligence and vigor. He dares enough to make statements that if he is arrested the state of Maharashtra will be set fire (same had happened too). In an interview to Marathi newspaper Mr. Thackeray said he would fight for the cause of the Marathi people till death. He has the courage to make such bold statements despite of several cases pending against him for he knows well that a huge mass of Marathi people stands by him with unequivocal support. If one Raj Thackeray emerges in every state what might be the repercussions on national integrity? Think over it.

 

 

Tatas in and out of Singur

By Anupama 

     Jemshedpur(named after Jemshedji Tata) was no different from other Indian villages till Tatas made an entry into the village. Today it is one among the well developed cities of India. Tata and the term Economic Prosperity go hand in hand in each and every place where Tata industries are based, be it a village or a city. Luckily Tatas in the form of much talked about Nano Project have come to the door step of West Bengal. Unfortunately the West Bengal government has almost failed to lay the red carpet for the proposed project.

     The land acquired by the government for the above said project is 997 acres. This land belongs to 13,000 farmers of whom about 12,000 have received compensation. About 2,000 farmers altogether owning 300 acres of land are yet to accept the compensation. They have been set to oppose the project for their ‘claims’ rather ‘conditions’ remain unmet. Farmers demand of alloting an exact acres of land which they need to give up for the project in some other area sounds quite reasonable for the value of land has been increasing as never before. The figures indicate that on an average the farmers who have not received (unwilling too) the compensation own a plot of land which is less than an acre (0.15 acre). That is their only asset base. The compensation of a lakh or two would take them nowhere in this economy which is characterised by record breaking inflation rate. Once the compensation is spent upon what next will the farmers do for their livelihood?  Can the poor illiterate farmer undersatnd the ABCD of automobile industry to be employed?  Or do they have enough money and skill to gear up the capital to start a business?  Who will take care of their existing debt, the Tatas or the government? The government of Mr.Buddadeb Bhattacharjee has failed to answer these fundamental questions. Mere compensation can do very little in addressing the problem of poor peasants. It is like providing a day’s meal to the starving person in the name of generosity thereby ignoring the hard fact that hunger returns. What they need along with the compensation is a source of income. It could be provided by opening up non-farm employment opportunities,financial assistance for self employment(should match their ability) to the farmers. It would on the other hand reduce the pressure on agricultural land,a major problem which has kept the agricultural growth rate stagnant for the last two decades. Such a balanced  and integrated approach would have really helped both the farmers and the government as well.

     However, Tatas have begun to pack up in order to pull out of Singur. Nano Project, the first of its kind in the automobile industry has driven the world attention towards West Bengal. Withdrawal of the project at this juncture from West Bengal would no doubt send negative signals to the domestic as well as global investors. It would discourage them from taking up new investment projects in the state. This in turn would hit the very process of industrialisation which  tops the agenda of Mr. Bhattacharjee led communist government.

     If  Tatas pull out of Singur or otherwise,  the economy of West Bengal would undergo rapid changes. Process of rapid industrialisation is of great concern  to the West Bengal politically as well as economically than any other state in India. Tatas inside Singur would ‘direct’ and outside Singur would ‘derail’ the future industrialisation process in West Bengal. A miracle on part of the government stand may retain Tatas in Singur. Hurry up Mr.Bhattacharjee hurry up, varna train choot jaayegi!!!

 

Internal Security is at Stake!

By Anupama M

‘Government of India has failed to Protect its Minorities’ read the placards in the hands of Oria Christians who submitted a memorandum to  the UN protesting the failure of the Centre in restoring the pAeace in Orissa.

Threats to internal security are a matter of concern to each and every nation. Especially in a counttry like India which under its umbrella of secularism accommodates a vast population with different religions and number of castes, differences are expected to arise for one or the other reason. The same has beeen happening in India of late where threats took the form of terrorism, communal violence, natural calamities and many more. As and when such threats cropped up the role played by the government in delivering the public good of security has gained prominence. Pros and cons of the government strategy were discussed and debated by the media and the people of this nation.

A quick perusal of the events(threats) that took place in India in last two months make two things clear. First, the time lag between the events is very short. Second, the prolongation of the miseries caused is too long. Be it the Amarnath land dispute in Jammu Kashmir, communal violence at Kandhamal in Orissa and Karnataka, floods in Bihar, frequent terrorist attacks in major cities and the national capital, yet another stampede at Chamunda Devi temple in Jodhpur the number of casualties are quite high. It is unfortunate that the public good of security isn’t at the reach of the citizens of the nation. It depicts the inefficiency of the government towards the delivery of the same.

Public expendiure on defence is on its rise. Largest item of expenditure of the country till a few years was the defence. Currently defence stands second only to interest payments and servicing of debt in terms of volume of public expenditure. Despite of adequate resources our intelligence system reflects poorly with proofs of frequent terrorist attacks. Communal violence at Kandhamal has made the Oria Christians not only homeless but stateless too. Rapid action soon aftrer the murder of Swami Lakshmanananda Saraswati would have prevented the issue from worsoning. Govertnment at the state and the Centre has failed (ignored) to realise the inevitability of increased violence even when a young lady was burnt alive in a Christian orphanage the very next day of the murder. It has remained as a mere spectator.

Are temple stampedes new to this nation where pilgrim movement is so large and rapid? Over two hundred young men in the age group of fifteen to forty have died in recent Chamunda Devi temple stampede at Jodhpur. Who is answerable to the family members of those who have died for their no fault? Temple stampedes at Naina Devi shrine in Himachal Pradesh, Mandardevi temple in Maharashtra has claimed lives of many pilgrims. Despite of frequent occurance of stampedes the government has ended in fiasco in mobilising administrative will in establishing effective crowd control mechanisms.

“It is not a question of one individual, it is a question of the system and we have problems” was the answer given by our Prime Minister Dr. Manmohan Singh while interacting with the media with regard to the question of sacking of Home Minister Mr.Shivraj Patil. No doubt the system is corrupt, systrem is inefficient. But its a coward act on part of our Prime Minister to blame the system and try to escape from the responsibility of the current happennings. Dr. Singh  if somebody is entrusted with the power to change, to revive the system it is you, the leader of the government. Moreover the system is nothing but the government.

If one’s motherland becomes unsafe to live, public faith in the government would certainly recieve a big blow. Security is the prime need of each and every citizen. It is high time for the government to study and react to the pulse of a common man who stands not only physically but also psychologically, emotionally, socially and economically insecure even after  the completion of six grand decades of Independence!!!

Financial Crisis & Relative Immunity of Indian Economy

By Anupama

 

       Financial crisis are not new to the market economies. The current US financial crisis caused by the explosion of housing bubble has hit the economies worldwide. Panic and pessimism rule the psyches of o more or less remain neutral to the corrective measures drawn by the various governments including the huge bail out package announced by the Federal Reserve Bank of USA.

 

     The crisis has led to the havoc in the banking system. Banking institutions such as Lehman Brothers and Washington Mutual, AIG in USA, Fortis in Europe have declared bankruptcy. The economists have been cautioning the banks from time and again about the inevitable bear attack. However the boom during the past 4-5 years has made the banks to turn their deaf years towards the caution.

 

     Fortunately, Indian economy remains relatively immune to shock that has spread to the domestic stock markets. The causes that insulated the economy are listed below.

 

Ø Well built regulations and constant supervision of RBI

      RBI enforced strict capital adequacy requirements and the financial institutions or banks are expected to stick to this specified limit. This in turn effectively insulated the banks and financial institutions from volatility of the bourses.

     Besides, RBI has been constantly supervising the working of these institutions. Due provision is also made to revise the caps fixed on capital adequacy requirements.

 

Ø Most of the banks are under public sector

      The state owns majority of the banks and financial institutions. Depositors have got greater confidence in a state-owned bank. Hence the government has come with the rescue of the banks and financial institutions via infusion of greater liquidity.

 

Ø Restricted capital account convertibility

      Our government and RBI needs to be congratulated for the prudent step of putting hold on total capital account convertibility (otherwise the situation would have worsened).This has put a check on inflow of foreign capital. Capital account convertibility refers to the freedom to convert domestic financial assets and vice versa at the market determined rates.

 

Ø Participatory Notes

      P-notes are instruments issued by registered FIIs to other overseas investors for investing in the Indian stock market. This allows participants who are not eligible to trade in Indian markets to participate, though they are not registered with Securities Exchange Board of India (SEBI).

     In the year 2007, Financial Institutional Investors (FIIs) total investments in equities were Rs.51,166 crores compared to the previous year (2006) of about Rs.36,540 crores. Investments through participatory notes accounted for a significant chunk of FIIs investment.

     SEBI, worried about the excessive inflow of hot money banned all fresh issue of p-notes. However, the ban had little impact. On October 6 this year, SEBI announced the lifting of all its earlier restrictions on p-notes. The 40 per cent cap on p-note issue stands removed and p-note holders are no longer required to wind up their positions in Indian stocks. The change in the SEBI’s stand was to arrest the outflow of money from the markets.

 

 

     Well, at present the Indian economy is feeling the heat of crisis since complete insulation is impossible and of no meaning in this globalization era. IT companies, aviation sector (partly affected by crisis and partly by hike in oil prices) have resorted to layoffs and pay-less holidays for the employees. More distressing thing is India’s industrial growth plummeted to 1.3 per cent in August compared to a robust 10.9 per cent in the same month in 2007. This is a clear signal of a slowdown in the manufacturing sector. Whatever may be the correctives drawn by the government and RBI, impact of crisis would remain for few more months or even a year too. Lets keep up the hope that normalcy will be restored soon for economics is more of a hope.