Beruflich Dokumente
Kultur Dokumente
me/pdf4exams
EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE
8 EDITORIAL NOIDA/DELHI
A question of responsibility
Mumbai cannot cope, let alone be true to its dreams, unless the confusion of multiple authorities is sorted out
it is the mayor. In Mumbai, the continues unabated without cit-
mayor has been reduced to a fig- izens questioning it, and in many
M
umbai’s ghastly suburban railway stampede, comprising elected representat- This spirit, a matter of pride
in which 23 people died after being crushed on n September 29, soon after ives, can frame policies, draft bye- earlier, has become the city’s
You should also realise that the creasing foreign exchange re- On hearing this, I requested him
ing railway stations of obstacles, install escalators, cre- people of this country have put the serves, expansion in industrial to tell me something inspiring.
ate multiple entry and exit points, and put in place an great responsibility of the Prime production and stagnation in agri- His prompt reply: “Your motto
organised feeder transport network to stations and bus Ministership on my shoulders. As cultural output. He was concerned should be, ‘be an edifice and not
termini. The families of the dead and the injured sunil shastri the head of the nation, my family is about agricultural growth and the structure; the structure can
should be given exemplary compensation, to reinforce not only limited to you children but said, “First and foremost, the ef- fall, but the edifice remains’.”
W
the accountability of the railway administration. hen writing about my also the whole country is my bigger forts to increase agricultural pro- I never knew that Babuji would
revered father, Lal Ba- family... I am sure, Sunil, you will duction on a steady, long-term leave us so early. Though he is not
hadur Shastri, the second appreciate my feelings and would present a cheering picture before basis deserve the highest priority. I there physically, these lines have
Prime Minister of India, the affec- not feel hurt anymore. I love you our people.” He had visualised that have not the slightest doubt that been a great source of inspiration.
Back to paper tionate word “Babuji” is what
comes to my mind, the term we
and will love you always.” along with the Industrial Revolu-
tion, it was the Green Revolution
our agricultural production can be
substantially stepped up.” It is this
Babuji also felt that if adminis-
trative reforms were vital, then
A State-wide voter paper trail may silence used to address him. He was a great A rural focus combined with the White Revolu- confidence that has helped the educational reforms were also the
and most popular Prime Minister Lal Bahadur Shastri believed that tion which could raise the eco- country claim a “surplus in food need of the hour. Shastriji’s expect-
the EVM’s critics, but is a regressive step and also a great father. the country could only progress nomic standard of people. grains”. ations from India’s youth was the
T
he Election Commission’s decision to deploy the I still remember the days when I economically if planners had a Not only me but everyone in the same which he expected from me;
Voter Verifiable Paper Audit Trail system for all hardly got an opportunity to see clear concept of rural develop- Toning up administration country believes that Lal Bahadur that the youth should act as a
him or even talk to him. On some ment in the context of growing un- He also believed that the efficiency Shastri was in true words the strong foundation on which a pros-
the constituencies in the Gujarat Assembly elec-
days, the most we could do was to employment. He believed that the and integrity of the administration “Janak” of the Green Revolution. perous and strong India could
tions is questionable. This will be the first time VVPAT peep through the door and say bye rural economy should be given top was important to get policies and I came across this quotation on stand. He said, “The completion of
will be used on a State-wide basis. A costly but useful to him before leaving for school. priority to stem the flow of youth programmes implemented in the Babuji’s table, where he used to education marks a turning point in
complement to the Electronic Voting Machine, it allows He would be deeply engrossed in into cities looking for jobs. That vo- right spirit. He felt that extensive work: “O Nanak, remain a small the life of every individual. Natur-
the voter to verify her vote after registering it on the his files and the moment he heard cational education was key to this reforms of the administration were one as small as grass, Other plants ally every individual is anxious to
EVM, and the paper trail allows for an audit of the elec- us, would lower his spectacles, was his strong belief. essential if the task of economic de- will whither away, But the grass get suitable employment. Oppor-
tion results by the EC in a select and randomised num- look up and smile. This would sat- The making of a new India velopment and social reconstruc- will remain ever green.” tunity for employment is being cre-
isfy the three of us, Anil, Ashok and should be the aim and goal of tion was to be accomplished. The I must have read these lines ated increasingly as our develop-
ber of constituencies. The implementation of VVPAT
me. everyone, and in 1964 he said, “In administrative system was to be many times but was unable to un- ment plans are implemented.”
was to have been undertaken by the EC in a phased Once, two weeks had passed the long run, the economic condi- made an effective instrument of derstand what it meant. One day, I I would like to conclude by say-
manner, but this blanket use appears to have been ex- and I had not spoken to him even tion of the country will improve economic change, and it was managed to stop him and ask him ing that the slogan he coined, “Jai
pedited after a series of unwarranted attacks on EVMs once. I was annoyed and decided only if we plan the economy in a ra- Shastriji who constituted the Ad- to explain it to me. “Sunil, a beauti- Jawan Jai Kisan”, is even more rel-
by some political parties and scaremongers. The EC to remain awake till he returned. tional and scientific manner. We ministrative Reform Commission. I ful flower attracts everyone for evant today; economic develop-
had sought to allay concerns and confront allegations of He was stunned to see me waiting are in the midst of preparing our feel this step proved to be a mile- some time and the moment it loses ment and employment generation
voter fraud by running through the administrative and for him and told me that I looked fourth Five Year Plan. Agriculture stone in ensuring economic its fragrance, people discard it should be the guiding force in our
very angry. As I didn’t reply, he ran is bound to get high priority. In- development. without any feelings. But green planning for the future.
technological safeguards instituted to keep EVMs and
his fingers through my hair. dustry is equally important and the He felt agriculture and unem- grass remains green throughout
the voting process tamper-proof. It had also challenged “Babuji, what type of father you combination of industry and agri- ployment should be looked into the year. I have always tried to re- Sunil Shastri is a former Minister from
political parties to a hackathon to see if, with these safe- are?” I asked him. “You never culture alone will take the country with seriousness. While address- main like grass and never desired Uttar Pradesh and a former Member of
guards in place, EVMs could be manipulated. The rep- bother to ask how we are or about out of the morass we are in and ing the Associated Chambers of to be a beautiful flower. My aim in Parliament, Rajya Sabha
resentatives of only two political parties, the Commun-
ist Party of India (Marxist) and the Nationalist Congress 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.
Party, bothered to turn up. It is unfortunate that parties
have found it worthwhile to cry wolf but refuse to mean- After Elphinstone opportunity afforded by the It is unfortunate that the candidates in the 2014 Lok commercial by the is dead”, October 1). He
ingfully engage with the EC when challenged to do so. The stampede at Mumbai’s unfortunate stampede to legitimacy of the Sabha election. The way the Petroleum Conservation played a stellar role in
The introduction of VVPAT and the audit process Elphinstone Road railway launch a vigorous protest government is decided episode has been handled is Research Association, bringing the language to the
should allay some of the doubts raised by EVM naysay- station, which killed 23 against the bullet train based on the the whims and another example of where a father and son are people and keeping it alive
ers — but this is a costly process and should not become people and injured many project, besides holding caprice of a Governor under intolerance to any form of in their car at a traffic signal through poetry and theatre.
more, raises questions. migrants partly responsible the guise of exercising dissent. and with the ignition on. His casting as Maulana Azad
the norm going forward.
These questions are not only for the tragedy (“Will not discretionary powers. The P.R.V. Raja, The son tells his father that was especially brilliant and
Meanwhile, it would be wise for the EC to rapidly about the infrastructure but allow bullet train: MNS political turmoil would not Pandalam, Kerala when he grows up, he will always drew packed houses.
transit to third-generation, tamper-proof machines, also about discipline, pride chief”, October 1). It was have come to such a own a cycle repair shop as One remembers with
which must be thoroughly tested and vetted by experts and care in using facilities peak hour, there was rain situation had the Governor ■ Mr. Sinha must be looking at the way people fondness and admiration his
before deployment. The EC’s use of a standalone, non- such as foot overbridges. and there was also a huge directed the government to complimented for are wasting fuel, there won’t impromptu admonition of
networked machine that runs on a single programmed Raising questions about the crowd. The Shiv Sena’s seek a confidence vote expressing his bold opinions be any left for the next the audience when
microchip shows that India’s simple but effective EVMs need for bullet trains when mouthpiece, Saamana’s earlier. That would have about his own government. generation. He feels people someone’s mobile phone
local train services cannot view that the existing settled matters and helped In a democracy, everyone would end up using bicycles rang in the middle of his
were ahead of the curve compared to the alternatives
be handled properly is infrastructure should be the State concentrate on has the right to analyse and again. Riding a bicycle dialogue.
used elsewhere in the world. Many advanced democra- inappropriate. Local/metro upgraded before launching issues concerning the criticise the policies of the teaches one that in life you It is indeed sad that his
cies used networked EVMs, which raised the question services and the bullet train the bullet train is well- common man. government. It is a fact that need to have balance. talent was wasted by the
of remote manipulation through viruses and malware, are different entities which reasoned. V. Subramanian, growth has faltered and T.S. Karthik, mainstream Hindi film
is evident in the Chennai unorganised labour, Chennai industry. Alter was a shining
compelling many of them to revert to paper ballots. The K.D. Viswanaathan,
infrastructure, technology Coimbatore agriculturists, small example of how India
EC has so far demonstrated that the voting process is ro-
bust and its machines are continually upgraded to meet and security used. Instead, Speaking his mind industries and small traders Culture’s ambassador transcends ascribed
the authorities should A Governor for T.N. Finance Minister Arun are struggling. Mr. Sinha’s The passing away of actor identities and belongs to all,
possible challenges, but there are other concerns re-
improve the infrastructure The appointment of a full- Jaitley describing Yashwant words should therefore be Tom Alter is a great loss not irrespective of race or creed.
garding the use of technology that it must be aware of. of local services in order to time Governor, though over Sinha as an 80-year-old job construed as healthy just to the world of theatre Firoz Ahmad,
For example, Russian cyber-hacking, using techniques make them more commuter- due, is to be welcomed applicant’, after Mr. Sinha’s criticism rather than a voice and cinema but also to the New Delhi
such as spear-phishing of election officials and related friendly. (“Banwarilal Purohit is new criticism of the of dissent. Where are “Acche Urdu world too (‘Life’ page – more letters online:
manipulation of voter data, has been suspected in some Vrinda Rajvanshi, Governor of Tamil Nadu”, government’s economic Din”? “‘Blue-eyed desi’ Tom Alter www.hindu.com/opinion/letters/
New Delhi October 1). The political policy, is unbecoming Abhinav Raghav,
jurisdictions abroad. The EC’s move in late 2015 to
scenario is still unsettled politically, socially or Muzaffarnagar, Uttar Pradesh
avoid the linking of the voter identity card with the corrections & clarifications:
■ True to the adage any stick and there are ample reasons individually. Voters rejected In “Furious four” — the set of photographs that accompanied
Aadhaar number in order to avoid the trap of linkages is good enough to beat to question the bonafides of Mr. Jaitley’s “application” Bicycle lessons the story titled “Search for a highly potent anti-snake venom”
with big data, thus becoming susceptible to digital ma- someone with, the the present AIADMK for the “job of an MP”. He The article, “The vanishing (Sept. 29, 2017) — the snake in the first photograph was erro-
nipulation, was thus a wise decision. It must continue to Maharashtra Navnirman government which clearly was defeated even in the art of riding a bicycle” neously labelled as the “Spectacled cobra (Naja naja).”
keep its processes decentralised and accountable. Sena chief Raj Thackeray lacks the requisite majority midst of a spectacular win (Open Page, October 1), The Readers’ Editor’s office can be contacted by Telephone: +91-44-28418297/28576300;
has opted to seize the to govern. by the BJP and most of its reminded me of a E-mail:readerseditor@thehindu.co.in
CM A ND-NDE
YK
https://t.me/TheHindu_Zone https://t.me/pdf4exams
EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE
THE HINDU
MONDAY, OCTOBER 2, 2017
NOIDA/DELHI
EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE
OPED 9
Once more ‘Hind Swaraj’ has to become our primary political project The aesthetic experience
of being a reader
Seven decades after the followers
of Hindutva ideology murdered
Gandhi, once more we have to stand
up to the worst tyrannical tendencies
that have captured power in India Readers could send their views on not only content but also form
through the mechanisms of right-
wing populism and illiberal demo- character limit from 140 to 280.
Ananya Vajpeyi
cracy. Yet again Hind Swaraj has to For instance, the term data journalism
become our primary political pro- suggests something that is objective, full of
At a time of gathering darkness, ject, only this time against a Hindu numbers and graphs, and is cold and distant.
when India is reeling under drastic Rashtra; not an external ruler but the However, in practice, it has become a much
economic measures of questionable enemy within. Gandhi helped Indi- more lively and engaging tool to explain
benefit, a shrinking ambit of civil ans to see that swaraj had to be rule complex phenomena. It does not merely
A.S. PANNEERSELVAN
THE HINDU ARCHIVES
liberties, deadly challenges to the by the self, but also rule over the self; mean number-crunching and providing in-
freedom of expression, and a public in other words, that freedom is a vec- formation in a chart. It has the power to
discourse that increasingly marginal- tor, but paradoxically it has both in- To write a column on Gandhi Jayanti is an provide insight into an issue. There was a
ises and humiliates minorities and ward and outward directionality. appropriate time for reflection, introspec- perception that financial and economic
women, the Supreme Court judg- Freedom is about mastering our own tion, and evaluation of my half-a-decade role journalists would be at the forefront in the
ment in K.S. Puttaswamy v. Union of unruly self, especially its primordial as a Readers’ Editor, a sort of minor experi- use of data journalism. But the latest study
India, pronouncing the right to pri- urge for violence and domination — ments with truth. I examined my own by the Google News Lab revealed that polit-
vacy as a fundamental right guaran- meaning something like, “the state of British Raj, not just materially but hence the importance of ahimsa, columns to look at issues that have been ics was considered to be the most relevant
teed by the Constitution, comes as a having something as one’s own” or also morally. It would have to entail a overcoming the desire to harm oth- most scrutinised and those least studied. I topic for data journalism (32.9 percentage
ray of light. In words of startling “mine-ness” or “one’s own-ness” — distinct definition of political self- ers that is rampant within us. But it is realised that my emphasis has been on the points), with finance and investigative journ-
power, Justice D.Y. Chandrachud’s that alerts us to the deep philosoph- hood, a radically different idea of the also about the individual keeping at two dominant values that shape journalism: alism trailing (28 and 25.3 percentage points,
judgment reads: “Dignity cannot ex- ical relationship between privacy place of violence in determining bay a coercive state — whether that intrinsic values and instrumental values. respectively).
ist without privacy... Privacy is the ul- and our fundamental modern term political power, and a space for truth state is foreign or native is less signi- This predominant concern took me to vari- The heartening fact is that The Hindu is
timate expression of the sanctity of for freedom, which we owe to Ma- at the heart of a new definition of ficant, because ultimately all states ous codes, laws, regulatory frameworks, and not chasing digital chimera at the cost of its
the individual. It is a constitutional hatma Gandhi, “swaraj”. As we politics. India freed itself from the become authoritarian if allowed to elements of journalism. If I were to précis my legacy platform, which is print. In recent
value which straddles across the know, swaraj means “self-rule”, “self- yoke of the colonial master, but 70 encroach on our autonomy and in- columns, I am afraid it may read like a times, the finest confluence of prose, data,
spectrum of fundamental rights and determination” or “the sovereignty years after decolonisation and vade our very being. manual of dos and don’ts. They miss one data visualisation, and layout was seen in a
protects for the individual a zone of of the self ”. But the particle here in- Gandhi’s assassination, it appears we In an electoral democracy, ironic- crucial organic link between a reader and story in The Hindu. It was not on politics or
choice and self-determination.” dicating self or selfhood, swa-, is in have to wage yet another war of inde- ally, the vote itself can be distorted as the newspaper: the joy of reading. the economy or the market. It was about an
Privacy is not explicitly written fact a lot like the nija- of nijata. In pendence, yet another freedom a warrant for such encroachment — George Orwell wrote that every form of
about or protected in the Constitu- Sanskrit, and thereby in Hindi, nija struggle. by both state and non-state entities, writing, other than the railway timetable,
tion, but the nine-judge Supreme means pertaining to the self, that governments and corporations has an aesthetic consideration built into it.
Court Bench delineates very care- which belongs to the self, which can- Privacy and democracy equally — into the innermost regions Jorge Luis Borges imagined Paradise as a
fully how privacy must be presup- not be alienated from the self. Both Privacy is a concept that has been ex- of what the Supreme Court calls our kind of library. And how can one forget Jane
posed to make sense of Article 19 swa and nija, then, encompass the plored as the very jugular vein, so to “repose”, “sanctuary”, and “intim- Austen’s pronouncement: “I declare after all
(freedom of expression, association, self, as well as all that belongs to it, speak, of democracy. In the Amer- ate decision”. As lawyer and legal there is no enjoyment like reading! How
residence and occupation), as well as goes along with it, cannot be taken ican Constitution (Fourth Amend- academic Menaka Guruswamy wrote much sooner one tires of anything than of a
REUTERS
Article 21 (right to life and personal away from it. We could, at least from ment), it flows close to matters of in the New York Times, through the book!” However, news ombudsmen rarely
liberty). As the lawyer Gautam Bhatia a purely linguistic perspective, posit property, security and surveillance, privacy judgment, “the court… look at the element of pleasure in reading or
writes, this landmark judgment “will a word like nijaraj, which would logically so for a country whose cleansed its own institutional reputa- comment on the quality of prose that draws
impact the interplay between pri- mean the same as swaraj; we could democratic self-definition rests on tion by choosing constitutional mor- readers to a publication. Much less is said outstanding athlete, Usain Bolt. The two-
vacy and transparency and between just as well use swatva, which is syn- strong conceptions of individual ality over majoritarian morality… about other aesthetic considerations such as page spread on August 5, 2017 brought out
privacy and free speech; it will im- onymous with nijata. Elementary liberty, a panoptical state, and a cap- with their jurisprudence on privacy, design, infographics, photography, illustra- not just the speed of Bolt’s sprint but also the
pact state surveillance, data collec- etymology here reveals that both italist economy. Thanks to philo- the justices have emerged as champi- tions, and the family of fonts that distin- science of his strides, the way he accelerates,
tion, and data protection, LGBT concepts in our political lexicon, sophers Michel Foucault and Giorgio ons of personal liberties.” It will be guishes one section of a newspaper from an- and the gap between him and other top-
rights, the legality of food bans, the freedom and privacy, swaraj and ni- Agamben, we see its connections considerably harder now for the gov- other. Between the two pulls — what is in quality runners. The write-up, which was
legal framework for regulating artifi- jata, are semantically so close as to with the ancient origins of demo- ernment to get into our eyeballs and public interest and what the public is inter- split into multiple parts looking at specific at-
cial intelligence, as well as many be practically interchangeable. cracy in Greek and Roman thought, fingertips, our bank accounts and ested in — the exhilaration one gets from a tributes of Bolt’s capability, was taut and el-
other issues that we cannot now It is ironic but also fitting (if we as- through an analysis of human life cell phones, our bedrooms and kit- set of well-written sentences seems to take a egant prose. The data mining was exhaust-
foresee or anticipate.” While citizens sume that the arc of the moral uni- into zoe (animal existence) and bios chens, our minds (whose freedom is back seat. ive, and the layout that balanced the
battle the government’s bid to im- verse is long but finally bends to- (political existence), two conjoint guaranteed by Article 19) and bodies photograph, tables, graphs and text was a
pose Aadhaar as a universal identific- wards justice) that the same Gandhi spheres in which different but com- (whose freedom is guaranteed by Blending form and content treat for the eyes. It is impossible to experi-
ation system, the Hindu Right at- who challenged the British Empire plementary rights accrue to the same Article 21). While the ruling in Put- If journalism were only about providing ence such a comprehensive feast in the lim-
tempts to enforce a beef ban and with his call for India’s swaraj now individual by virtue of our indivisibly taswamy stands solidly in the way of credible information and performing a crit- ited space of a digital screen.
make “cow protection” mandatory, returns through the idea of nijata to dual existence in nature and in polit- the ubiquitous threat to our privacy, ical adversarial role, then a PowerPoint My columns are essentially reactive ones
criminalisation of same-sex love con- help us counter a dispensation ics, as creatures and as citizens. In nijata, the struggle for the self ’s sov- presentation or a bulleted list of short sen- responding to queries from readers. The
tinues, and personal information is which, though popularly elected by a the literature on the Holocaust, ereignty, swaraj, spelled out more tences would suffice. Journalism’s engaging bulk of the communication we receive is
usurped by social media and techno- majority, tends to undermine our thinkers and survivors like Hannah than a century ago by Mahatma nature comes from its creative blend of form about content. The only time we got mail
logy companies, this ruling becomes freedom at every turn. Gandhi had Arendt and Jean Améry write against Gandhi, remains ongoing and open- and content. Though there are a number of about the form was in the aftermath of the
a strong foundation on which to warned in his seminal tract, Hind torture and other forms of extreme ended for the people of India. categories and classifications in The Hindu — redesign of the newspaper focussing on
shore up our endangered freedom. Swaraj, that it wouldn’t be enough to violence in the concentration camp national, economy, sport, international, visual aesthetics. I solicit readers’ reflection
merely replace British rulers with In- as the ultimate violation of the indi- Ananya Vajpeyi is currently a Visiting Fellow news and opinion — there is a unifying com- on form, in the widest sense of the term.
Interchangeable concepts dian ones. For swaraj to really come vidual’s privacy, where the very lim- at the Centre for Research in the Arts, Social mitment to present facts in such a manner
It is the Hindi term for “privacy” — about, it would have to fashion itself its of bodily integrity are breached to Sciences and Humanities, Cambridge that they hold the attention of a world that
“nijata”, an odd coinage, literally as an equal and opposite force to then break the human spirit. University has gone tizzy over the increase of Twitter’s readerseditor@thehindu.co.in
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
������� ��
�� ��� ����� �������� �� ���
�
�
������� ������ �� ��� ������ ��� ����� ���������
������� ��� ����� �������� �� ��� �� ������ ������������� ������
�������� �������������� ��� ������ ���������� ���� �������� � ������� ����� �� ��� ������������ ����� ��� ���� �������� ��������� �� ��� ��� ��� ��� �� ��� ���������������
������� ����� ���������� �� �� ��� ����� �� � ��������� ������� ������� �� ����� ����� ��� ��������� ������ ����� ��� ��� ����� �
������ �� � ������ ����� ��������� ������ ��� ��� ��� ���� ���������������������������������������� ����� �� ���� ���������� ���� ���� ������� ��������������������������������������
� ��� ����� ���� �� �������� �������� �� �������� ����������� ���� ������� ���� ��� ��� ������� ������� ������ �� ������ ��� ������������� �������������������������� ������ ��� ���� ���� ����� �������� ������
�
�������� ������� �� �������� �� ���� ����� �������������������������������������� �����������������������������������
���� ���� �� ��� ����� ������� �������� ������ ����� �������� ���� ���� ������
����� �������� ��� ������� �� � ����������� �� ��� ����� �������� ��� ��� ������ ��� ��� ��� ��� ������� ����� ���� ��� �� ����� ���
��� � ������������ ���������� �� ��� ����� �� ������ ���� ����������� �� ��� ������� �� ��������� ����������� ���� ���������� ��� ���������������� ����� ���������� ������ �� ����������� ��������
�������� ������� �������� �� ��� ��������� ������� ���������� �� �� ���������� ����������� ���� ������� �� ��� ����� ��� �������� ��� ������ ������������ ��� ����� ������ ���������� �� �������� ���������
���� ���� ������ ������� ��� ��� �������� ��� ��� ��� ���� ������ ���� � ���� ���� ������ ��� ��� �������� �������� �� ���������� ���� �������� ������� ��� ������ ������� ����� ������������ ���� �������� �� ����
����������� �� ������ �� � ������� ���� ������� �������������� ����� �������� ������� ��� ����� ���������� �� � ������ ����� ����� ��� ��� ���������� �������� ������� ������������ �� � ������ ����� ���
���� �� �� ��� �������� �� �������� ���������� ����������� ��� ������������� ��������� ��� ���� �� ������ ���������� �� ���� �� ������ �� ��� ������������ �� ��������
���� ����� �� ��� ����� ������� ���� ������� ������� ����� ��� ��������� ����� �� ��� ����� ���� ���� ����� �� ��������� �� ������� ���
�� ���� �� �� ��� ���� �� �������� �� ������� ��������� ������ �� ��� ����� ������
��� ������� �� ����������� ���� ��� ������ ��� ��� ���� ����������� ��� ���������� �� ����� ��� ����� ��������� �� �� ��� ��� ���
���������������������������������������������� ������������������������������ ������ ���� � ������� ����� �� ��� ������� ��� ������� ��� ��������� ����������� ������������ �� �� ����������
�������������� ��� ���� ���� ���� � ������� ������ �� �� ������ ������ �� ��� �� ���� �� ��������� ��� �� ��� ���� ���� ������� �� �������������� ��� ������ �� �������� �� ��� �� �� ������
���������� ��� ��� ��� �������� ������ �������� ���� ��� ���������������� ����
��� ������ �� �� ����� ������� � �� ���� ���� ����� ���� ���� ���� ������ �� ��� ������� ����
��� ���� ��� ������ � �������� ���� ���
������ � �������� ����� �� ��� ������ �� ���
��������������� ��� ������� ����� ����������
��� ���������� ���� ��������� ������ �����������
���� �� ��� ��������� �������� �� ��� ����
�������� ��� ������ �������� ����� ��� ���
��������������������������������������
����������������������������������
������������������������������������������
�� ������ ����������� ������ �� �� �������������� ����������� ������ ���� �������� ���
����������� ��� ���� ������������������ ����������� �� ��� ���������� ���� ������ �� ����� ������� �� ��� ��������� ������������ �� ������� �������������������������������������� ���� ��������� ��� �� ������ ���� �� ���
��������� ����������������������������� ��������� ���� ��� ���� ���� ��� ���� �� �����������������������������������������
��� ����� ��� ��������� ��� ���������� ���� ��� ��� ���� ���� ����� � ����� �� �� �����
��� ���������� ����� ������ �� �������� ��� � ������ ����� �� ���������� ������ �� ����� ����� ��������� � ������� ��� ������� ��� �� ��� ������� ����
��� ��� ������ ����� �������� ���� ������� ���������� ���� ����� �� ���� ������ ����� ������������ ������� ������� ���� �� ��� �������� �� ����� ����������� ���� ������ �� ��� �������� �� � ��������� ��� ������ ��
����� ��� ���� ������ ����� ������������� �� ����������� ���� ������� ��� ���� �������� �� ��������� �� ����� ���� ������ ����������������������������������������
��������� ������� ��� �������� ��������� � ������ ������ ����� �� � ����� ���������� �� ��� ��� ���������������� �������� �� ��� �������������� ��������� �� �������� ��������������������������������������
��� ����� ��� �������� ��� � �������� �������� � ���� ���� ����� ������ ���� �� ����� ���������� ����������� ���� ����� ��� ��� ������������������������������������� ����� ������ ��������� �������
��� ��������� �� ������ �� ����� �� ������ ���� ����� ���� ��� ������� �������������� ������� �� ��� ��� ������ ���� ���� ��� ��� ������� �� ��� �������������� ���� �� ��� ���� ����� ������ �������� ���
���� ��� ��������� �������� �� ������ ��� ����� ����� ���� ��� ��� ������� �� ��� ��� ����� ����� ���� ��� ��� ����� ��� ������
������� �� ���������� ���� ���������� �� ����������� ���� ������� ���� ����� ���������
��������� ����������� ��������� ���� ���� ���� ������ ����� �� ��� ������ �� ��� ������ �����������������������������������
������ �� ���������� ����� �� ��������� �������� ��������� ���� �� ����� ��� ������� ����� ��� ��� �� ��� ������� �� ���� ������� ��� ���������������� ��� �� ������� ��� ���� �������� ����������� ������ ���������� ���� �� �������� ��� �����
�� ����������� �� ������� � ������ ��������������� �������� ������� �� ��� �� ������ ��� �� �������� �� ������ ���� ���������� ������ �������� �� ��� ���������� ���� ��� ���� ����� ������� ��� ������� ���� ����� ���������� �� ��� ������� ���� ����� ����
��� ���� �� � �������� �������� ���� ���� ���� ������ ������ ��� �������� �� ��� ������� ������ ��� ������ �� ��� ������� ����� ���� ����������� ���� ����� ��� �������������������������������������� ����� ���� ���� ������� ��� ��������� ��
��������� �������� ������� ������� ���������� ��� ������ ����� ��������� ���������� ���� �� ��� ���� ����� ����� ���� ���� ���� �������������������������� ���������� ������������ �������������������������
��������������������������������������
��� ������� �� ��� ��� ����������������������������������� �������������� �� ������ ��� �� ����� ��
������� ��� �������� ������������ ������� ���������� ������ ��������� �������� �����
������� �������� ���� ���� �������� �� ������ ���� ���� ������ ����� ���� �� ������ ��������� ����� ���� �������������� ������ ��� ����� ����������
��� ��������� ��� ����� ���� ��� ���� ���� �������� ��� ������� ��� ������ ��� ���� ��
�������� ����� ��� ���������� �� ����� �� ��� ��� ��������� �������� �� ����� ��� ���� ���� ��� ������ �� ������ ��� ���������������������������������������
���� ������������ �������� ������� �������� ����� ���������� ��� ������� ���� ���� �� ��� �������� ��� ���������� ���� ������� ��� ������������������������������������ ��� ����� �� ��� ������ �� ������ ��� ���
�������� ��� ���������
������ �����������
�������� ��� �� ��� ������������� ��� ����� �� ������ ������������ �� ���� ��������� ������ ��� ��� ���� �� ����� �� ������ ��� ��
�� ������� ��� ������� �� �������� �������������� �������� �� ��� ������� �� ��� ����� �� ��� ���� ���� �� ����� ��� �������� �� ���� ����������� ��������� ���� ���� ������ �������� �������� ������� ��� ��������� �� ������������� ��������� �� ���
����� ����������� ��� ����������� �� ��� ���� ����� ���� ������ ������ ���� ��� ����� �� ������������������������ ��������������� �������� ��� ��� �� ��� ������� �� ���� ��� ������� ��� ���� ��� �� ��������������������������������������
����� �� ��� ������ ������ ���� �������� ����� �������� �� ��� ������ ��������� �� ������ ��� ���� ���� ��� ������ ������ ��������� ������� �� ���� ������� �� ������ ���� ���������� ��������� ������������ �� ��� ���������� �� ������
��� ���������� ��� ��� ��� ������� ����� �������� ��� ����� �������� �� ��� ����� ��� ����� ��� �� ��� �� ���� ��������� �� ��� �������� �� ������ ���� �������� ������ �� �������� ��� ���� ������ �� ������ ��� ������� ���� ����� ���
������� ��� ������������ ����� �� ����� ��� ��������� �� ��� ������ ���� ���� �� ������� ��� ���� ��� ��������
�������� ���� ������������������������������������ �������� �� �������������� ����
����������������������������������� ���������� ������ ������ ��� ���������� �� ������ �� ����������� �� ��� ��� ����� ������ ��� ���������� ������� �
�� ���������� ����� �� ������� ����� ��� �������� ��� ���� ����������� ������� ��� ������ ��� ��������� ���� ����� �� ������� �� ������ �� ��� ������� ����� ���� ������������ ��� ���� �� �� �� �������� ��������������� ���������� ��� ����������
������ ��� ������� ������� ���� ����� ������� � �������� ��� ��������� �������� ��� ��� ���� ��������� ���� ���������� ����� ���������� ������� �� ��� ���� ����� ���������������������������������� ����� ������� ��������� ������
�������� �� ���� �� ����� ��� ������� ������� ������������� ���� �������� �� ����� �� ����� �������������������������������������� ������� �� ����� �������� �������� ����
����� ���� ���� ���� �������
������ ������������� �� �������� ������� ��������� ���� ��������� ������� ���� ����� ������ ������������ �� ��� ��� ��������� ���� ���� ��� �������� ����� ����� �� ��� ��� ������� ��� �� �� ��� ������� �� �������
���� ��� ���� �� �� ������� �� ��� ����� �� ���� ������� ���� ��������� ����� � �� ��� ��� �� ���� ����� ����������� ��� ������� ��� ����������
������ ���� �������� �������
������������������������������������ ������������ ��� ��������� ��� � ������� ��������� ����� ��� ���� �� ������ ���� ����� �� ������ �����
�
����������� ������������� ���� ���� ����� ��� ������� ��������
��� �������� ������� �������� ������� �������� ���� �������� �� ���
����� ���� �� ����� �� ��������� �� ��� ���� ���� ����� ����� ���� �� ��� ������������ ����
�������� ������ �� ������� ������������� ���� ���� ������ ����������� ����
��� ������� ������������� ��������� � ��� ������� �� ��� ������� �� ������� ���� ��� �� �����
������ �� ��� �������� ���� ��������� ����� ��������� ����� �������� ����� ��� ��� ��� �� ��� ��� �� �� ��� ����� ����������� �� ����������� �������� ��� ��� ��� ��������� ������ �� ��� ������ ���� �� ��� �������
������������������������������������������������������������������������������ ���� ��� ������ ������ ������� ����� �� �� ���� ���������� ��� ����������� ���� ��� �������� ��� ������� ��� � ����������� �����
���� �� ����� ���� ��� ������ �� ���� ���� ����� ������������ ���� ���� ������ ��� �� ��� ��� ������ �������� ��� ����� �������� ������ ������� ����� �� � ��������������� ����������� �� ��� ������� ������� �������������
�������� ������ ���� ������ ��� ���� ���� �������� ���� �� �� �� ����� ������ �� ��� ��� �� ������������ ����������� �������� ��� ��������� �� ����� ������������ ��� �������������� ��� ����� ������ ����
������ ��������� �� ����� ���� ��������� �� ���� ������ �� ��� ������� �� ��� ���� ��� ��� ����� ����� ������ ����
����� ���� �� ���� �� �� ��� ���� �������� ��� ����� ��� ���������� ����� ��� ���� ����
��������� �� �� ������� �� �� ���� �� ��� ��������� �� �� �� ����� �� ����� ������� ��� ��� ��������� ����� ������ ����
������� ��� ����� ��� ��� ���� �� �������� ������� �� �������� ��� �������� �� ����� �������� ���� �� ��� ������� �� ��� �� � ����� �� ������ ����� ����� �� ���� ���� ���� ������������ ���� ��� �� ����� ������� ��� �����
���������� �� ��� � �������� ��� ������ �� �������� ����� ��� �� ������ �� ���������� �� ������ ���� ������ ������ �� ��� �� ������ ��� ��������� ���� �� ���� ����� ���� ��� ��������� �������� ���� ����������� �������
� ������� ��� � ������������ �� ���������� ��� ��� ���������� ��� ������� ���� � ������ ����� �� ��� ���� ��� ������ ���� ��� ����� ��������� ������� ��� ���� ������� �������
���� �� ���� ������������ ���������� ���� ��� �� ����� ���� ������ �� ������ ��� ��� �� ��� ����� ������� �� ������� �� ���� ����� ������ ���� ������������ �� ��� �������� ����� ��������� ��� ����� ����� �� ������
����� ���� ����� ������� ��� ������ ��������� ���������� ��� ������� �������� ������� ������ ���� ����� ��� ����� ����� �� ������ ��� ������� ������� ���� ���� �� ������� � �������� ��� ����� ������ ���
������� �� ����� ��� ����� ����� �������� ��������� ������ ���� ���� �������� ��� ����� ����� ��������� �� ��� ����� ��
����� ������������� �� ��� ������ �� ��� ��� ������� ��� ������ ����� �� ������������ ����
���� �� ������� ������� ���������������������������������������� ��������� ��� ��� �������� ������ ������
�� ���� ��� ���� �� ��������� ��� ���� �� ������� ����� �������� ��� �� ��� �� ��������� �� ����� ��� �� �������� ��� ��������� ��������� ������ ��������� ��� ������ �� ����������� ���� �������� ������� ���
����������� ��� ������ ������� ���������� ��� ��������� ���������� ������� ��� ����� ��������� ��� ��������� �� ������� ����� ���������� ��� �������� ����������� ������ ���������� �� ������ ���������� �����
���� ������ �� ������������ ����� ��� ���������� ���� ������� ���� ��� ������ ������ �� ��� ����������� �������� ������� �� ������� ���� ������ �� ��������� �������� ������� ��� ���� ����� ����� ���� ���� ��������� ������
�� ���������� ���� �������� ������ ����� ��� �� ��� ��� ������� � ��� ��� ���� �� ��� ���� ���� ��� � �������� ��������� ���� ��� ����� ��� ���� ������ �� �� �� ����������� ���� ��� �������
���� �� ���������� �������� ���� ��� ������������ �������� �������� �� ��������� ����� ��������� �������� ����� ��� ������� ��� ������� ��� ���������� ��� ���������� �� ��� ��������� �� ���� �������� ��� ���
�������� ���� ����� �� ��� ����� ����� ����� ��������� ��� ���� ������ ������� ������� ����������� ��� ������ �� ��������� �� ������
�������
��� ��� ��� ��������� ����������� �������� ��� ��� �� ��������� �� �� ���������� ����� ���������� ����� ���������� ����� ������ ������� ���� �� ��� ������ ���
������ �������� ���� ��� ����� ����� ��������� �� ���� ���� ��� ������� ���� �� ��� ��� ���� ����� ���� ����� ���������� ���� ���� ���� ��� ���������� ������� ������ �� ��������� ��� ������� ���� ��� ����
����� �� ���������� ����������� ��������� ��� �������� �� ����� ������ �� � ����������� �� ���������� ������ ��� �� ���
����� ���������� ���� �� ��� ���� �� �� ��� ���� ��� ���� ��������� ��� ������ �� ��� ����� �� ��� ��� ���� �� ������ ��� ����� ��
��������� ����� ��������� � ��� ���� �� ���������� �� �������� �� ������ �� ��� ������� ���� ����� �� ���� �� ��� ������� ������� ������ ���� ��� � �������� ����� ����������� ����� �� ��������� �� ��� ������� ��������� �� ������ ��� � ����
�������������������������������������������������������������������������������� ����� �� ��� ���������� �� ���������� ���� �� ���� �������� ���������� ��������� ��� ��� �� ������� ������� ��� �������� ��� ��������� ��������� ������
���� ������� ������ ����� ��������� �������� ���� ����� ��� ������ �� ������ ��� ���� ������� ���������� �� ��� ���� ����� ��� ���������� �� ��� ����� �� �������� ��� ��� ������������ �� � �������� ��� ����� ����������� �� ��� ���� ���� ���
��� ������ ����� �� ��� ������� ����� �� ���� ������ �� � ������� �� ��� ������������� ���� ������ ���� �� ��� �������� ������ ������
������ �� �� ���� �� �������� ����� ���� ���� �������� �� ������ � ������� �������� ��� ���
�� ��� ����� ��������� �� � ������ �� ���
������������ ��� ����� ��������� �������� �� ��������� ��� ���� ������ �� ��� ��� ������� ������������� ��
����� ���� ��� ����� �� �� ���� ��� �� ����� ���� ��������� �� �� �������� ����� ������� ���������� ���� ��� ���������
������� ������� �� ������ ���� �������� �� ���� �� ������� ��� ����� ������� ��������� �� ���� ���� ���� �� �����������
��������� ���� ����� ���� �� ����� ������ �� ���� �� ��� ��������� ����� ������ ������ �������������� ������ ����� ��� ����� ��� ����� �� �� ������ ���
��� ����� ���������� ���������� ���� ������� ���� ������ ������� ������ ������� ��� ����� ������� ���� ������� ������ ������ ������� ���������� ��� �� ���
�������������������������������� ��� �������� �� ��������� ����� �� ����� ��� ��� ����� �� ��� ������� �������� ��� ���
������ �� ���� �� �� ��� ���� ������ ��� ���
��� ���� ��� ���� �� ��� ������ ��� �������� �� �������� ����� ���� ��������� �� ������ �� ������� ������
�� ��������� �� �� ���������� ������ ��� �� ��� ������������� �������� ��� ��� ����������� ����� ���� ��� ������ ��� ��������� �� ���� ��������� ��� ����
������ ����� � � ���� ���� ��� � �������� ����� �� ���� ������ ��� ��� ��������� �� ���� ��������� ���� ��� ��� ��� �� ������������� �� ����� �� ���� ��� ���������� ��������������
��� ���������� ���������� �� ��� ����� �� ���������� ��� ����������� � ����������� ����� �� ��� ���������� ������� ������ ������� � ����� ������
������������ ��� ����� ���������� ���� ��� ������� �������� ������� ��� ���� ��������
��������� �� ���� �� ��� ��������� ������� ���� ��� ������� ����� �� � ������ ������������ �� ��� ��������� �� ��� ������ �� ���������� �������� �� ��������
������������������������������������ ��������������� ����������� ���� �������� ���� ���� ��� �������� ��� ����� ��� ����������� ����� ��� ��������
I
t is on the banks of its rivers that India’s civilisation and its
cities emerged and were nurtured. Population pressures and detracts attention from a series of mis- MSPs of rice by a mere 3.9% per year, 6
steps by the government that hurt the percentage points below the rate in the
developmental imperatives may have led to overexploitation of
economy well before November 8, 2016. last three years of the UPA. In FY15,
our rivers and groundwater, but poor planning and wilful neglect In the first quarter of 2017-18, the MGNREGA generated the least number
breaking the organic links between rivers, nature and people is economy grew by 5.7% after growing by of person days and household employ-
no longer acceptable. India is heading for a grave water crisis and only 6.1% in the previous quarter. Job ment since the start of the scheme. By
remedial measures cannot be postponed. Irrigation accounts for losses, farm distress, anaemic credit restricting support, the government
nearly 80% of water demand followed by drinking needs, industry offtake, weak private investment and contributed to rural distress. This ended
industrial activity, uneven export per- up adversely affecting the broader
and energy sector. On the demand side mitigatory steps like changing
formance, food price inflation, and other private sector as well. The government
cropping patterns, curbing wasteful practices, and promoting indicators show an economy in trouble. missed the forest for the trees.
renewable energy must be stepped up. Demonetisation can partially explain Management of fuel prices is another
One clear indicator of strain is annual per capita water avail- this malaise. However, it cannot explain example of the Modi government priori-
ability. This was 5177 cubic metres in 1951 which declined to 1545 slowing growth prior to demonetisation. tising fiscal over economic management.
cubic metres in 2011, against the In fact, the growth rate has declined for After crude prices dropped precipitously,
six straight quarters. the government decontrolled diesel
international threshold for water
Chad Crowe
I believe policy missteps helped prices in October 2014 (UPA decontrolled
stress pegged at 1700 cubic metres. slow the economy down well before petrol prices). However, as crude prices
However, National Institute of Hydro- demonetisation. The government has kept falling, the government started
logy pegs India’s utilisable per capita been far more concerned with managing levying excise duties to mop up extra
water availability at just 938 cubic public finances and public perception advances. This has contributed to a revenue instead of passing on the benefits
metres in 2010, and expects this to drop than with making tough and smart slowdown in lending. In 2016-17, overall to consumers.
to 814 cubic metres by 2025. choices to help the broader economy bank credit grew at about 7% with Government has gone to According to the Economic Survey,
grow. While fiscal prudence is commen- credit to industry contracting by 1.6%. absurd lengths to manage its the increase in petrol tax was 150%
Among the solutions proposed to dable, it cannot be the single biggest Aggressive action in 2014 could between June 2014 and November 2016.
rejuvenate rivers is their interlinking focus of a government. have mitigated the NPA problem. A new own finances at the expense Having more money with consumers
so that surplus in one river can be Prime Minister Narendra Modi and popular PM with a gift of oratory of consumers and the private could have had a positive impact on
transferred to another. The science and finance minister Arun Jaitley, the could have explained the necessity of household and business finances, which
stewards of India’s economy, appear prioritising the NPA problem. Instead,
sector. Worse, it has failed to could have resulted in higher economic
behind this is very dubious. Yet governments appear keen to pilot
such expensive engineering feats. The Rs 18,000 crore Ken-Betwa obsessed with taxes and the fiscal the government’s pussyfooting has act in other vital areas output. The inept rollout of a seriously
deficit. At times, the government has created a huge problem that continues impacting the economy flawed GST is making matters worse.
interlinking project could destroy 10,000 hectares of forests, with gone to absurd lengths to manage its own to weigh the economy down. Even the Cheering a bad tax in the middle of an
nearly half of that in the Panna Tiger Reserve. Forests are of course finances at the expense of consumers Rs 70,000 crore under the Indradhanush While the government takes credit economic slowdown makes the govern-
critical catchment areas for rain-fed rivers. It’s best to avoid such and the private sector. Worse, the scheme for bank recapitalisation for attracting FDI, we should remember ment look arrogant and unmindful of
schemes that could do more harm than good. government has failed to act in other was considered “far from sufficient” that it accounts for only about 2% of principles of economics.
In safer waters, the Rally for Rivers campaign has proposed vital areas impacting the economy. by the government’s own Economic GDP. If India’s private sector is not Perhaps due to a deficit of experience
Banking is widely considered an Survey. investing at home, is it reasonable to and a surplus of arrogance, the govern-
that a one kilometre wide belt along river banks be reserved for expect foreigners to invest in a big way ment has frittered away a huge mandate.
economy’s lifeblood. In 2014, when Banking sector problems are mirro-
generating tree cover. The Compensatory Afforestation Fund Act the Modi government took over, non- red in weak private investment, which in India? The incoherent response to The obsession for managing public
will make Rs 6,000 crore available annually to state governments, performing assets (NPAs) were begin- started to shrink in 2015-16 and the twin balance sheet problem (banks finances and public perception must
atop a corpus of Rs 42,000 crore that went unspent for years. These ning to choke banks. Gross NPAs as a contracted by more than 7% in 2016-17. and corporates) is a serious error of end. Modi and Jaitley must learn
monies could be devoted to firm up tree cover along the rivers, which share of total advances stood at 4.1%. The government stepped in with public omission. from their mistakes, consult widely,
would deliver environmental, social and economic benefits. Pollu- But, instead of proactively dealing with investment but the Economic Survey Policies for rural India have also and help reverse the Indian economy’s
NPAs, the government spent its conside- considers it insufficient to “arrest a fall contributed to the slowdown. When PM downward trajectory. Otherwise, demo-
tion of rivers through discharge of industrial effluents, municipal Modi formed the government, drought netisation won’t be the last big blunder
rable political capital on an ill-conceived in overall investment”. The government
waste and generation of thermal energy must also be checked. The plan to roll back the land acquisition law has been marketing Make in India even warnings had already been issued. This they commit.
Centre’s Namami Gange programme must deliver results soon. that BJP helped pass in 2013. as manufacturing capacity utilisation was a time for the government to step The writer is a Congress spokesperson.
Much onus is also on state governments as water is a state subject. NPAs now stand at about 10% of total hovers around a mere 71%. up assistance in rural areas through Views are personal
Act now or prepare for desertification.
‘We take inspiration from Leicester City’s EPL triumph ... U-17
Testing 280 Characters World Cup will have a huge impact on future of football here’
Because the trademark brevity of ■ India played against the US and
Amarjit Singh Kiyam will be leading football, history has taught us that U-20 World Cup in 2019. The U-17 World
tweets has also proved a liability India at the FIFA U-17 soccer World anything is possible. Look at Leicester Cup will have a huge impact on the Colombia earlier but lost heavily.
Cup that begins on October 6. This is City’s fairytale triumph in the Premier future of football here. We faced the US last year in the
I
n a significant change for social media buffs, Twitter is doubling the first team from India to play at any League. Nobody gave them a chance, ■ India toured extensively across AIFF Youth Cup when we were not in
the character count of its tweets to 280. Although for now soccer World Cup and the Manipuri yet they stunned the world and won Europe, Asia and South America to good shape. A lot has changed since then.
the change will be seeded with only some accounts, it’s being midfielder, who was unanimously elected the English Premier League. We take prepare for the World Cup. Have we There is a big difference in the team that
viewed as a sign of things to come. So far brevity has been the captain in a vote by his teammates, spoke inspiration from them. In football, done enough? we had for the Youth Cup and the World
to Marcus Mergulhao about the there is nothing like a team is We are ready. The practice Cup. The players didn’t have enough
defining attribute of the platform and many people embraced this
Indian team’s plans and how it is destined to fail. When you matches have made us exposure earlier. Now we have travelled
fervently. The 140 character limit lent itself to voicing thoughts looking to punch above its weight enter the field, it’s always 11 vs better. There were some everywhere. We played Colombia last
spontaneously. And given the platform’s open design, anyone in the tournament: 11. Anything is possible. tough games. We didn’t month. But just because we lost against
could become a publisher. But brevity-driven spontaneity soon ■ The U-17 World Cup is the always win but after every Colombia last month in Mexico, it
transformed into a lot of trolling and abuse. ■ As captain of the first team from biggest football event to be game we learnt something doesn’t mean we will lose again in India.
Instead of really facilitating an exchange of India to play at the World Cup, do you played in the subcontinent. new. The training facilities It will be a different game.
feel the pressure? How much of an impact do too were top class. ■ India has not won a single compe-
ideas, the platform proved ideal for harassing
I am the leader of this team so, you think it will have on ■ India will play the titive match on Indian soil during the
personalities, brands and organisations. Any understandably, there will be pressure. I India and football? opening match AFC U-16 Championship, AIFF Youth
anonymous Twitter warrior could besmirch a have to shoulder the responsibility. Football is getting a lot of against the US and Cup and Brics Cup. Is that a cause for
reputation with a few acerbic characters. While There will be pressure on other players attention in India in recent also have former concern?
it’s true that several politicians have taken to too and I need to ensure they are not times. There is lot of champions We made mistakes and now we have a
Twitter to communicate with the ‘masses’, here burdened with expectations. We are improvement happening. Ghana and chance to set the record straight. For
the first Indian team to play in a FIFA Look at the FIFA Colombia in the sure, we will give our 100%. A lot of people
too things haven’t gone according to plan. Many
World Cup. That’s a huge honour. It rankings – India made group. How dif- want to know what we are targeting at
of these politicians tend to view Twitter as a substitute for prudent hasn’t happened before. it to the top 100 recently. ficult will it be? the World Cup. I tell them, the target, for
policy making; a convenient tool to simply manage perceptions of the ■ How are the players handling this The All India Foot- Nobody has now, is to win the first match. Once we
electorate. US President Donald Trump is a prime example of a tribe pressure? ball Federation any doubt that have done that, the target will be to win
of social media users who throw caution to the wind while commen- They are leaders in their own right. (AIFF) has been it’s a tough the second match. We have to take one
ting online, leading to chaos and confusion in the aftermath. All of them know their roles. I am supporting us group. For us it match at a time.
officially their captain because you quite a lot. doesn’t matter ■ Most of the players come from mo-
Overall there’s far too much negativity on Twitter. This helps
need to appoint someone to lead on the AIFF has who we are up dest backgrounds. Do the players use
explain why the platform’s user growth has slowed down considerably, field. The players know how to handle even bid for against. We football as means to escape poverty?
affecting the company’s revenue. Increasing the character count of this pressure, both on and off the pitch. the U-20 have to go out Many of us come from poor families.
tweets is not only an attempt to boost usage, but also a belated admis- ■ At least on paper, India is consi- World Cup. there and give We want a better life. We want to improve
sion that short social media posts aren’t constructive in the long run, dered the weakest in the competition. May be this our best for but more than anything we are all
given the complexities of the world today. Longer commentary as seen Do you believe India can still measure team that is those 90 minu- focussed on the World Cup. We don’t
up to the challenge? playing in the U-17 tes. The results know when an Indian team will play in
in print media is better suited to reflect nuanced positions and spur pro-
Yes, why not. This is football and in World Cup can play in the are secondary. the World Cup again.
ductive conversations. By contrast hit-and-run invective just polarises.
dilbert Sacredspace
Porn in the USA For Truth’s Sake
I’ll tell you one thing for sure:
What desi libidinous letches once you get to the point where
and lascivious libidos drooled over you’re actually doing things for
Chidanand.Rajghatta@timesgroup.com truth’s sake, then nobody can
The difference between art and pornography, mused Family
ever touch you again because
Guy Peter Griffin, is a government grant. Occasionally, it can you’re harmonising with a
also be a family endowment. It might surprise some to know greater power.
that Hugh Hefner, the Playboy publisher who died last week at
91, co-founded the magazine partly with a $1,000 loan from his
mother, affirming the argument of free expression advocates George Harrison
who maintain that “pornography is in the loin of the beholder” and “obscenity
is whatever gives the Judge an erection.”
M
K Gandhi was aware of the ‘religion’ further, he says, “Religion this: “All of us with one voice call God Gandhi regards being religious as
Castro and Bertrand Russell, between tantalising déshabillé and taut derrière, its difficulties in defining the term does not mean sectarianism. It means a differently as Parmatma, Ishwara, something inherent to humankind. The
mostly young, male viewership masquerading as readership. Many believed that ‘religion’. He took pains to belief in ordered moral government of Shiva, Vishnu, Rama, Allah, Khuda, term religion, as used by him pervades
penis mightier than the word. At one time, a quarter of all American explain it in a number of his writings the universe.” According to him, Dada Hormuzada, Jehova, God, and an all our activities. Therefore, he concludes,
college men were buying or subscribing to the magazine. over several years. He was aware that religion is that “which transcends” infinite variety of names. He is the One “For me every, tiniest activity is
Here in India, libidinous letches and lascivious libidos drooled the term religion can be, and is, used in the limits of any particular and yet many; He is smallest, governed by what i consider to be my
over dog-eared, hand-me-down copies extracted from the raddiwalla, two senses – to refer to organised religion. It does not supersede smaller than an atom, and religion.” He explicitly admits this fact
even as a prissy PMO objected to a purported 1963 interview the magazine religion and to refer to ethical or moral individual religions like bigger than the Himalayas. He when he says, “This is the maxim of life
claimed to have conducted with Prime Minister Nehru. Decades later, it would practices that have their root in a Hinduism, Islam, Christianity is contained even in a drop of which i have accepted, namely, that no
be an Indian billionaire, venture capitalist Suhail Rizvi, who would rescue the specific ontology and metaphysics. ... but “harmonises them and the ocean, and yet not even the work done by any man, no matter how
magazine and restore it to Hefner amid a welter of acquisition wrangles. He uses the term in both these gives them reality”. seven seas can encompass great he is, will really prosper unless he
Throughout his flamboyant life, Hefner was excoriated for objectifying senses. In ‘Hind Swaraj’ he says, This kind of religion is one Him.” has a religious backing.”
women – even though the exercise predates him back to our own sex manuals – “Religion is dear to me ... Here i am not “which changes one’s very That Gandhi does not Gandhi’s notion of religion is
even as he argued on a higher plane that “the major civilising force in the world thinking of the Hindu ... or the Zoroast- nature, which binds one regard religion or being ‘metaphysical or the ideal’. In this
is not religion, but sex.” Progressive women found the dross dressed in gloss rian religion, but of that religion which indissolubly to the truth within, the religious or following of a context, there can be no conflict
uncivilised. “A woman reading Playboy feels a little like a Jew reading a Nazi
manual,” Gloria Steinem remarked.
underlies all religions.” That Gandhi
does not use the term religion to
and which ever purifies. It is a
permanent element in human
speaking religious order or creed as
something external, some kind
between religions because it assumes
that there is just one universal religion
Playboy’s decline – as with much else relating to below the belt – began connote such individual religions or nature which counts no cost too tree of a ‘job’ or ‘profession’ is or that there is just one religion
with advancing years and increasing competition, as sharper, smuttier faiths is clear when he says, “By great in order to find full expression and abundantly clear when he asserts, “I do underlying all religions. Then, the
publications milked the genre dry. When last heard, Playboy Enterprises was religion, I do not mean formal religion, which leaves the soul utterly restless not conceive religion as one of the many word religion would be always used in
deriving much of its income from licensing – rather than the licentiousness its or customary religion, but that religion until it has found itself, known its Maker activities of mankind.” The main singular and never in the plural.
prime property once boasted of. which underlies all religions, which and appreciated the true correspondence reason for this is that “the same activity Post your comments at speakingtree.in
14 THE ECONOMIC TIMES The Edit Page THE ECONOMIC TIMES | MUMBAI | MONDAY | 2 OCTOBER 2017
RBI’s faith in macro-models must be tempered with greater discretion and judgement
Deflated Bubbles
Spell No Tragedy
Take measures to step up stalled investment
The festive season of Dussehra-Diwali is supposed to he-
Give Growth a Chance in the comparable period last year,
current account deficit at 2.4%, the
rald a new year of prosperity. The good news is that the highest in four years and, inflation,
market bubble is getting deflated. The last week of Septem-
ber witnessed a 1.3% crash in blue-chip indices, ending a
once our biggest boast, inching up to
3.4% — raises the stakes before the A Millennial
forthcoming announcement to a new
month when stocks shed 3.5% of value. This reinforces a
longer, three-month trend that has seen the 30-share BSE
level altogether.
It is no exaggeration, therefore, to
on Gandhi
Sensex and the 50-share NSE Nifty decline nearly 4%. Mythili Bhusnurmath say posterity will judge Patel largely
by what he unveils this Wednesday.
ABHISHEK PATHAK
This was inevitable: a global surge of liquidity following
T
The problem is that in complex econ- I was born more than three dec-
quantitative easing (QE) in the US fuelled emerging mar- he job of the RBI governor omies like India, it is almost impossi- ades after the death of Gandhiji.
ket asset bubbles. India was no exception: through 2015- has never been easy. Former ble to predict outcomes. So, regard- I learnt that he was an apostle
Prime Minister Manmohan less of what Patel does or does not do, of non-violence, an advocate of
17, equities scorched up, shrugging off worries about flat Singh once called it the lone- there is a fair chance it could be ‘damn- prohibition and someone who
or declining profitability. liest job in India. The estab- edif he does and damned if he doesn’t’. helped India win her freedom.
This got over after Janet Yellen, chair of America’s Fed- lishment of the Monetary Policy Com- If he cuts rates and inflation picks I also learnt about Gandhi’s phi-
mittee (MPC) was expected to change up, no one will give him the benefit of losophy communicated through
eral Reserve, called an end to QE on September 20, bring- that. At the very least, it was to make it the doubt and say, maybe it helped the symbolic three monkeys,
ing the curtains down on an unprecedented nine years of less lonely since Singh’s days as RBI support growth and other factors at each in a different posture. The
easy global money. The Fed will now sell bonds, sucking governor in the 1980s. But it hasn’t play caused prices to rise. If, on the one with the eyes closed symbol-
made the RBI governor’s life any easier. other hand, he stays true to his inna- ised seeing no evil, the second
money out of other asset markets to the relative safety True, interest-rate decisions are te hawkish instincts and keeps rates with the ears closed symbolised
and stability of US Treasuries. But Fed activity does not now taken by the six-member MPC, on hold and growth continues to fall, Cut, RBI, cut hearing no evil, and the third
explain why India is the third-worst em- rather than by the governor alone. he will be seen as unwilling to give one that had its mouth shut
But going by the widespread clamo- growth a chance. Yes, rising fiscal deficits, GST and greater risk from inaction, Patel and symbolised speaking no evil.
erging equity market among 23 track- ur for action by RBI, it would appear Caught between the devil and the house rent allowance might put so- the MPC must do a ‘Mario Draghi’. But I now realise that Gandhi
ed by the MSCI Emerging Markets Ind- the MPC has not succeeded in either deep sea, what should Patel do? Opt me pressure on prices. But the whole At the height of the euro crisis, was much more than all these
ex. Local factors, like poor governance deflecting public attention or expect- for the lesser evil and give growth a idea of a flexible inflation target is to when confidence in the euro was sha- symbolisms attributed to him.
ations from the central bank. chance. Yes, inflation is inching up. allow elbow room. Not to view the 4% ken to the core with bailouts of some The one significant aspect of
in many states, an overstretched fisc, But it is driven mainly by food and fu- inflation target as cast in stone. debt-laden members threatening the Gandhi that is being a subject
declining margins across corporate The Buck Stops Here el, both largely outside the purview very existence of the EU, Draghi vir- of popular discourse these days
India, stagnant rural markets and a This is not surprising. The compositi- of monetary policy. Globally, inflation Cut it Right tually changed the course of events. was his view on cleanliness.
onof the MPC — three of its six mem- is on the downturn. Sure, a rate cut is unlikely to move the He boldly declared the European Cen- While modern social scientis-
slowdown in most transactions after bers are from RBI and the governor Recall the stunning admission by needle on corporate demand for cre- tral Bank would do “whatever it tak- ts may claim that green consci-
demonetisation and the introduction of a needlessly has a casting vote in case of a tie — US Federal Reserve chairperson Ja- dit, given existing excess capacity. es” to tackle the situation. ousness is a late 20th-century
leaves the governor with nowhere to net Yellen that the Fed does not fully But by increasing retail demand, it Likewise, the US Fed. Faced with a idea, Gandhiji had talked about
complex GST regime, are all to blame.
hide. In the final analysis, the onus understand why consumer inflation might improve capacity utilisation. financial sector meltdown after the that much earlier. His views on
Compared to the Sensex’s three-month slump of 4%, en- for monetary policy formulation re- is so low, despite the huge increase in It will provide much-needed sheen to collapse of Lehman Brothers, it threw sanitation and cleanliness, and
ergy and bank stocks are down 4.7% and 4.8%, IT 5%, ind- mains with RBI. The buck stops with money supply. Yes, fuel prices have bank balance-sheets through higher the rule book — and, presumably, ma- their relation to health, were
governor Urjit Patel. risen and we will see a spike periodi- treasury profits (a fall in interest rat- croeconomic models as well — out of vividly expressed in his com-
ustrials 5.4% and power 5.8% over the same period. But
Every monetary policy statement cally — possibly each time Kim Jong- es leads to a rise in bond prices); red- the window. It printed dollar bills (so- ments in Navajivan, November
capital goods are down 6.9%, hit by a sharp fall in invest- from the central bank is important. un and Donald Trump exchange ple- uce the cost of government borrow- called ‘quantitative easing’), in an all- 2, 1919. He wrote, “No one shou-
ment, and real estate, a large employer, has taken a 7.6% But the precarious juncture at which asantries. But oil prices should most- ing and dis-incentivise overseas ca- out bid to keep the economy afloat. ld spit or clean his nose on the
the economy is poised now — Q1GDP ly remain easy. pital inflows, looking to make a fast Agreed, RBI does not have the Fed’s streets. In some cases, the spu-
dive due to demonetisation and slowdown. But the worst-
growth at 5.6%, the slowest in the last On the manufactured goods’ side, buck (borrowing overseas at 1-2% advantage. It cannot print pieces of tum is so harmful that germs
hit sector, down 7.8% in three months, is telecom, hobb- six quarters, industrial growth for excess capacity continues, so there and investing here at over 6%), since paper that the rest of the world scram- are carried from it and they in-
led by extortionate government charges for spectrum, April-July 2017 at 1.7, down from 6.5% are virtually no demand pressures. this props up the rupee artificially bles to lay its hands on. But it does not fect others with tuberculosis.”
and hurts exports. have the luxury of dithering either. Similarly, he talked about the
Reliance Jio’s disruptive tactics and the spread of techno- Given that RBI’s inflation models Faced with a choice between a rate importance of ensuring that th-
logies like WhatsApp. The government has to spur invest- have consistently overestimated futu- cut that is highly unlikely to stoke in- ere was no stagnant water pools
ment, even at the cost of running a higher deficit, clear At the height of the euro crisis, Mario Draghi boldly reinflation and by a wide margin, and flation, but might help growth, and near villages or dwellings, to
declared the European Central Bank would do given the small window of opportu- inaction that will definitely not help avoid breeding ground of mos-
policy clutter and stop taxmen and petty regulators from nity before the Fed hikes rates in Dec- inflation, but could hurt growth, RBI quitos. As we talk of Swachh
intruding on normal business activity. “whatever it takes” to tackle the situation ember, and, most importantly, the far must cut. Bharat, we need to revisit Gan-
dhi’s views on observing clean-
liness in lavatories, and avoid-
ing open defecation. He wrote
MEME’S THE WORD that a lavatory must be as clean
Fixing Accountability Unesco report. Nearly half of these users — 1.94 billion — are in the
Asia Pacific. With a penetration rate of 34%, South Asia continues to
be a laggard in the region… Chat Room
There tends to be scandalous asymmetry in locating account- “Success seems Variation in penetration rates Internet users as % of population
ability for errors of omission between the private and the pub-
to be largely Select Asia-Pacific countries Major regions Decongest Delhi
lic sector. When a flyover collapses, for example, the media N America 89%
a matter of and Mumbai
93
W Europe
hanging on
87
firm responsible for its construction and the police arrest its 57% Apropos the Edit, ‘Tragic Wag-
83
83
East Asia
es of Horrific Negligence’ (Sep
78
senior-most officials, with the judiciary, more often than not, after others GLOBAL 51% 30), incidents of mass casualti-
nodding in approval. When a major accident happens because have let go.” South Asia 34%
67
William Feather
ve action failed to, there is little more than resigned rolling of becoming the order of the day.
52
Writer
50
28
the extreme: of fixing criminal culpability right at the top of nt must decongest them. With
35
23
32
APAC average
the administrative hierarchy in the private sector and by hold- computerisation and internet
South Korea
Source: Unesco
Bangladesh
Philippines
Myanmar
Sri Lanka
Australia
Malaysia
Pakistan
Thailand
Vietnam
Bhutan
India
11
The Sumerians may have used golden ones 5,000 years ago, instead of feeling satisfied at making
a bargain over the world’s loveliest st-
nt Rahul Gandhi not having made a
Rahul Gandhi of himself while on a
with the plan of selling the same num-
ber of phuchkas at different prices.
2025 would exceed $60 trillion:
30% of world revenue that year. Dear Tom Alter,
but the invention of the flexible drinking straw by Joseph
Friedman in 1937 — that eased the use of the original paper
reet food, they are convinced that they
are now witnessing the birth of an op-
lecture tour in the US. It was not quite
the moment when the Messiah was
Finding such a ‘bargain’ at the same
location, most customers would be too
Under standard margin assu-
mptions, this would translate
Rest in Peace
drinking implement developed by Marvin Stone in 1888 — position to the Narendra Modi-led gov- sighted. Nor do most folks at Berkeley happy to not look any further for more to some $11 trillion in global The demise of the ‘blue-eyed
was what really triggered a drinking revolution around the ernment. Providing unexpected grist phuchkawalas, who may be even sell- profits, which, once we subtra- desi’, Tom Alter, brings down
to this mill has been one of the BJP’s ing six phuchkas for .̀ 10. So, what ap- ctapproximately $10 trillion for the curtains on one of the most
world. Both men would probably be mortified that their in- own stalwarts: former finance minis- pears to be a decent bargain is actual- cost of equity, amounts to $1 colourful and versatile person-
ventions, now made of polypropylene and manufactured in ter Yashwant Sinha. ly a camouflaged monopoly, a nice lit- trillion in total economic pro- alities of our time. Besides car-
their billions these days, are regarded as prime polluters Now, Sinha is not in the same category tle domestic ‘scam’. fit. Again, it’s uncertain how ving a niche for himself in the
and the target of a burgeoning international ecological cam- of sulkers as the openly angsty, Arun I am not saying that Yashwant Sinha much of this value will be re- entertainment industry, Alter
‘This government can’t see the Bhish- and the BJP’s overlords have launch- apportioned between busines- was also a distinguished sports
paign called Refuse the Straw. Pubs and other establishments ma Pithamah that I am even if Rama- ed a cunning plan to set up an arrange- ses and consumers, let alone writer and author, and lent his
in western countries are being roped in to discourage straw nand Sagar laser-pointed me’ Shourie. ment where ‘Opposition’ is part of a among industries, sectors and voice to several documentaries
use and Indians should follow suit. Especially since as envi- Nor is he a redundant figure like L K ‘Make in BJP’ initiative to further individual companies.… and TV shows. His understand-
ronmental campaigns go, it is certainly ridiculously easy to Advani, whose redundancy was furth- make any ‘real’ non-BJP oppositional Many of the steps that comp- ing of Indian culture and lang-
er underlined by the fact that the cur- forces become invisible to the land at anies are taking and contemp- uages was to be admired, and
join in because it merely entails going back to the traditional rent regime didn’t even bother to have large. All I am proposing is the possi- lating are defensive in nature: he was at ease with Hindi and
way of imbibing liquid: sipping it straight. The straws’ dis- his name in the ring as a presidential bility of genuine disgruntled voices fending off newer entrants, by Urdu. The Padma Shri award in
pensability is manifest. candidate. And Sinha is certainly not from within the party being utilised to using data and customer rela- 2008 was a fitting accolade to his
the kind of sputtering spitting image ensure a ‘controlled opposition’. tionships to shore up their core. exemplary talent. His demise
Given that the number of straws used and discarded by just
of an Angry Old Man like Ram Jeth- After all, whom would you rather take As incumbents and digital na- has saddened millions and left
US and UK reportedly exceeds 550 million per day, it is not malani, who makes great TV dissing seriously — and squeal in delight — to tives alike seek to secure their us with a huge sense of loss.
difficult to see how worldwide usage adds up to mountains of everyone, the BJP and the govern- hear criticise the Modi government: positions while building new
non-biodegradable plastic — or, worse still, rivers of it empty- ment included. civil aviation minister Jayant Sinha’s ones, ecosystems are sure to ev- N J RAVI CHANDER
Writing in The Indian Express last father? Or Congress president Sonia olve in ways that surprise us. Bengaluru
ing into the oceans and choking marine life — that will take a
week (goo.gl/Qzu8uB), Sinha seemed Gandhi’s son?
minimum of 200 years to disintegrate. For everyone with a Letters to the editor may be addressed to
PTI
>
OPINION 13
STAY INFORMED THROUGH THE DAY @ WWW.BUSINESS-STANDARD.COM.
T
he monetary policy committee (MPC) of the Reserve Bank of India panies will not linger for years without the capital
(RBI) meets on October 3 and 4. This meeting of the MPC takes place required to function. In the future, buyers will be
more careful, and put in money only when posses-
amidst considerable concern about the rate of economic growth of
sion is immediate.
the Indian economy, which fell to 5.7 per cent year-on-year in the lat-
est data print — capping six consecutive quarters of slowing growth. Many Disclosures
have expressed the opinion that an expansive monetary policy is the solution In the past, default was a dark secret. It was precious
to the growth problem. The level of real interest rates, it is argued, is too high information that was whispered from one person to
for investment and thus growth to recover. These arguments further point out another, and used for insider trading on the stock
market. In the IBC framework, when default takes
that the policy rate is at 6 per cent while the inflation rate came in for August
place, it must immediately go public. This will help
2017 at only 3.4 per cent, up from the 2.4 per cent in July, which leaves ample improve the working of the IBC, which involves
space for monetary easing. Meanwhile, the medium-term target for inflation many players.
is just 4 per cent. In response to this and similar criticism that it was not Consider shares and bonds that are publicly trad-
out is through
The Union finance ministry has also indicated that it believes a rate cut the public, and a major borrower defaults on the
is warranted by current circumstances, and without doubt Finance Minister bank, this is a material event that must be disclosed
Arun Jaitley repeated some of these arguments to RBI Governor Urjit Patel to the public.
when they met recently. The predicament of the Indian economy and the sus- While there is a furore among banks and borrow-
ers who are used to the old clubby ways, the Securities
tained investment slowdown are certainly a matter of concern. However, the
RBI should nevertheless stand firm and hold interest rates steady at its
The implementation of the Insolvency and Bankruptcy Code is far and Exchange Board of India (Sebi) is right to push for
these disclosures.
October meeting. It is clear that the inflation rate is inching up after various from finished and new work is required
hits to demand, and its trajectory is far from certain. Unless expectations of The only way out is through
T
inflation have significantly weakened since the last survey, it would be wis- here is much concern about some develop- ue. The liquidation value, in turn, decays through Most big ideas of the IBC are sound. When we are sur-
er, given the uncertainty, for the RBI to avoid cutting rates to push growth. Not ments in bankruptcy reform. In one transac- time as assets are poorly protected. prised by the outcomes, we should be careful to disti-
tion, the lenders got an abysmally low recovery In India today, we have a large backlog of cases nguish between two kinds of surprises. On the one ha-
only would a rate cut lead to uncertain consequences for inflation, but it is also rate. There is angst about promoters regaining con- where the default took place a long time ago. Banking nd is the disruption of our traditional ways, which
likely to fail in boosting economic activity. Balance sheets of banks continue trol of defaulting companies at a low price. Home regulation supports banks in hiding bad news, and were characterised by misbehaviour. On the other ha-
to contain stressed assets, and companies that should be investing are still buyers who have paid large advances to real estate the IBC was missing, so we merely postponed prob- nd, there are problems in the implementation of IBC.
debt-ridden — until this variation of the “twin deficit” problem has been companies are worried about their losses. There are lems. There are cases coming into the IBC where the The implementation of the IBC is far from fin-
resolved, a minor cut would hardly boost economic activity. fears of the consequences of improved disclosures. first default was 10 or 15 years ago. Here, recovery ished. New work is required in nine areas. An amend-
The government must stop looking to the RBI to bail it out. If it wishes to However, the glass of bankruptcy reform is half full. rates will be abysmal even after the procedural prob- ment is required to fix the mistakes in the 2016 law.
Bankruptcy reform in India will uncover skeletons in lems of the IBC are fixed. The Insolvency and Bankruptcy Board of India (IBBI)
swiftly revive growth, it should act on its own. In particular, it must work on our closet. We need to double down on the teams The real test of the IBC is on fresh defaults. When has to achieve the scale required for a high-perform-
improving the quality of government expenditure — further reducing waste- that pursue the nine areas of work for policymakers a default takes place today, how quickly does the ance regulator.
ful spending on unproductive activities, and replacing that with productive in bankruptcy reform. The only way machinery of the IBC swing into An array of well-drafted regulations has to be
investment in infrastructure and in human capital. Most importantly, to out is through. action? How well does it work? Is the issued by the IBBI, with a feedback loop to feed from
restore business confidence and a proper investment climate, administrative firm saved as a going concern? What practical and statistical experience into a robust reg-
Low recovery rates kinds of recovery rates are obtained? ulation-making process to refine the regulations. A
and structural reforms are needed. Sustained movement on such reforms,
The Insolvency and Bankruptcy A sound IBC should be able to gen- competitive industry of private Information Utilities
which is totally within the central government’s powers, will have a far more Code (IBC) envisions a 180-day peri- erate good recovery rates for fresh (IUs) has to arise. A competitive industry of private
meaningful impact on growth than anything that the central bank’s monetary od in which bids are invited for a defaults. Insolvency Professional Agencies (IPAs) has to arise.
policy committee can do under current circumstances. defaulted firm. If 75 per cent of the A competitive industry of private Insolvency
debt votes in favour of a bid, that bid Promoters regaining control Professionals (IPs) has to arise. The National
is accepted. In one recent case, the In the bankruptcy process, there is Company Law Tribunal has to find its feet in dealing
A
full assessment of the performance and impact of this year’s result is a paltry 6 per cent of the value of debt of a company aground. However, if an open and trans- restructuring plan collectively. Strategic investors,
monsoon on agriculture and economy will take some more time defaulted firm, then the IBC has failed. parent process results in the promoter regaining con- distressed asset funds, and private equity funds have
even though the four-month season technically ended on In the field of bankruptcy, we must attach prima- trol of the firm, we should not be moralistic about it. to gain confidence about expected outcomes, either
September 30. That’s because the monsoon is still active in oth- cy to speed. Economic value is destroyed when a when making a bid for a going concern or when buy-
going concern is derailed. To protect the firm as a Home buyers ing assets in liquidation. Much more needs to be
er parts of the country despite having retreated from the north. Besides, even going concern, the bankruptcy process must com- The world over, a buyer puts in money and immedi- done on the teams and management process that
crop sowing is not over as yet. However, what can safely be assumed is that mence immediately after the first default, and the ately gets possession of a house. In India, numerous are working on these nine areas.
there is hardly any cause for concern regardless of the total rainfall being new arrangement must be quickly put in place. When real estate companies should have gone into bank-
5 per cent below average and its spread over time and space being slightly that is not done, the firm won’t make it as a going con- ruptcy 10-15 years ago. In the absence of the IBC, The writer is a professor at National Institute of
uneven. Most of the rain-deficient pockets fall either in the relatively high- cern. Now the firm is only worth its liquidation val- they delayed payments, and took capital from buyers. Public Finance and Policy, New Delhi
rainfall regions, such as the northeast, or in the areas where irrigation is well
developed, as in Punjab, Haryana, and parts of Uttar Pradesh and Madhya
Pradesh. Least surprising, therefore, that no state has declared drought
despite some prolonged gaps in rainfall. The overall situation is roughly sim-
ilar to that of last year, when the country bagged a record harvest. This year’s
Floating rates: Arbitrary and discriminatory
I
farm output may, therefore, be close to, if not more than, that of last year. have explained over three previous pieces how changes. Had we based our rates on an external floater, which is against the principle of floating”.
However, agricultural growth numbers may not show sizeable gains banks, aided by a hands-off Reserve Bank of India it would always have been transparent. Suppose the These two factors — the arbitrary floating rate and
(RBI), are giving a raw deal to those who have tak- RBI says it will be linked to the repo rate. Everybody discrimination between borrowers — have hit small
because of the base effect and noticeable inter-crop variations in plantings en home loans. My focus in those pieces was to explain knows what it is,” says Dr Chakrabarty. borrowers and small and medium enterprises (SMEs)
in response to prevailing prices. While the areas under commercial crops how “floating rates” are a sham. Last week I was chat- If the RBI had used an external floater, banks would the hardest. “There are two broad categories of bor-
such as cotton and sugarcane have expanded substantially in anticipation ting with K C Chakrabarty, former chairman of Punjab have been forced to implement the system fairly. With rowers, one is retail and SME, and the other is whole-
of better returns, those under pulses and oilseeds have shrunk consider- National Bank and former deputy governor of the RBI. an external floater “once the floating loan is changed, sale and high net worth individuals (HNIs). The latter
ably due to a price slump. It seems fairly certain that the recently released He explained to me that the way the floating rate banks cannot differentiate between a new customer (wholesale and HNIs) are able to take care of them-
regime was being implemented was non-transparent and an old customer, or between the person who has selves, that is, negotiate with the bank for lower rates.
official production estimates, which project a 2.8 per cent dip in kharif out-
and discriminatory. “In a floating rate system, the approached the bank to reduce his interest burden and Regulators and policymakers are responsible for mak-
put, would have to be revised upwards. This is also because these numbers bank’s interest rate fluctuates with the floating refer- the one who has not. If the rate went down, it would ing the system transparent and non-discriminatory
are based on preliminary visual observations recorded at a time when ence rate. Now this floating reference have gone down for everybody,” for the retail and smaller borrowers. This where our
even the crop sowing was not over. The point to bear in mind is that the can be an internal floater or external. points our Dr Chakrabarty. The oth- system has failed,” concludes Mr Chakrabarty.
additional precipitation due to the belated surge in the monsoon can For example, LIBOR (London er mistake the RBI made, he argues, Remember, floaters are also applicable to educa-
materially alter the outlook for agriculture and other rain-dependent eco- Interbank Offered Rate) is an external is that it changed the floater arbi- tional loans, auto loans, and small SME loans. All
floater,” he says. According to him, trarily. “For example, why did the takers of these loans have been denied the automat-
nomic sectors even if it is technically counted as post-monsoon rainfall.
the first mistake (which consumers RBI change from the PLR to the base ic benefit of lower rates by banks. Within that, the
These showers are likely to benefit not only the standing crops but also are paying for) was not to have an rate? Because banks were not fol- tenure of home loan is much longer because it runs
leave enough residual moisture in the soils to facilitate sowing in the next external floater. “India has been using lowing the PLR floating rate mech- over 15 to 20 years. If rates do not float lower with low-
rabi crops. More importantly, these can augment the water stock in major the prime lending rate (PLR), then anism, there was dissatisfaction. er interest rates, the loss in home loans is much high-
reservoirs, which, at present, is about 11 per cent below last year’s corre- the base rate, and finally marginal The RBI should have changed all er. Because of the long tenure, the interest cost will be
sponding level and 13 per cent below average. cost of fund-based lending rate the rates that would have been ref- much higher than the principal itself in home loans.
(MCLR) in that order. These are all erenced to the base rate. But the The tenure of other loans is small — often only
That said, the fact that can also not be disregarded is that the India
Meteorological Department (IMD) has once again erred, even if marginally,
internal floaters of the bank. Banks
decide on their own what the rate is. IRRATIONAL CHOICE RBI did not do that. Now, when the
base rate is not working, why did
3-5 years — and there the loss is less. Ever since float-
ing rates have been introduced, this unfairness and
in its long-range monsoon prediction despite an appreciable improvement There is nobody to oversee how they DEBASHIS BASU the RBI launch the MCLR?” asks discrimination have been inflicted on borrowers. It is
in its short- to medium-range weather forecasting capabilities. Though the arrive at it. It is non-transparent.” Dr Chakrabarty. time to force the RBI to fix it. Will the newly formed
margin of error this time is not too large, what exposes the IMD’s failing is that This is why when the RBI Worse, the RBI has allowed Economic Advisory Council act on this? One member
it chose to raise its rainfall prediction to 98 per cent of normal, from 96 per changes the interest rate, the floater does not change banks even more latitude — to discriminate. “Even if of the EAC, Surjit Bhalla, wants to see drastic cuts in
much. “If it’s an external floater there would have the floater was arbitrary and opaque, the system interest rates. He should find out first what the banks
cent projected originally, in the midst of the rainy season. The actual rainfall
been no problem. For example, in the US, everybody’s would be non-discriminatory if the RBI had followed have done with the previous cuts. And once he does
fell short of even the initially anticipated mark. Private weather forecaster home loan is linked to the prime rate. So, the moment the principle of asking banks to move their rates up that, will he forcefully recommend a true external
Skymet, on the other hand, stuck to its original prognosis of 95 per cent rain- the Fed rate changes all these rates undergo a change. or down by the same extent as the change in reference floater that will end banks’ discrimination between
fall, which ultimately held true. The weather office, therefore, needs to fur- There is no dispute. In the UK it is linked to the base rate.” Why can’t banks follow this principle? The different borrowers?
ther refine its skills for long-term weather predictions. rate. Individual banks’ rate may be the base rate plus answer is: Because both the government and the RBI
0.5 per cent, but everything is with reference to the irresponsibly allowed banks to have “floating rates The writer is the editor of www.moneylife.in
floater. The day the floater changes, everything that are different for existing and new customers, Twitter: @Moneylifers
e sta b l i s h e d i n 1 9 24
comment
§
straightforward
A
bearealtributefromthecountrytothefather
few months after the 2012 gang rape and murder of
T
oday is Gandhi Jayanti. On this by World Health Organization says that for a of the nation.
a paramedical student in New Delhi, the Centre occasion, all of us remember population of 1 lakh, more than 133 deaths Here we would like to make a special men-
Bapuinourownways.Someofus take place because of air pollution. As many tionofUttarPradeshchiefministerYogiAdit-
had announced the constitution of the ‘Nirbhaya idolise him even as others per- as 2.7 million people die of diarrhoea and yanath,deputychiefministerKeshavPrasad
Fund’ for the implementation of initiatives aimed ceive him as full of follies. That is waterbornediseasesinIndiaeveryyear.The Maurya, deputy chief minister Dinesh
the power of Mahatma Gandhi. lack of hygiene causes 15 serious ailments Sharma, Bihar deputy chief minister Sushil
at enhancing safety for women. The Fund was set Every discussion about him further consoli- including malaria, diarrhoea, cholera, den- KumarModi,UttarakhandchiefministerTri-
up with a corpus of Rs 1,000 core and dates his eternal legacy. gue and hepatitis B . This can be tackled only vendra Singh Rawat and Jharkhand chief
now has Rs 3,100 crore. While money ourtake Let me tell the uninitiated that Gandhi
hadan important role to play in the launch of
Hindustan Times. On September 26, 1924,
with a people’s movement.
Before embarking on this movement, we
decidedtohaveaconversationwiththepeople
minister Raghubar Das. Not only did they
cooperate in making our campaign success-
ful, but they also individually participated in
has not been a problem, disbursal has
while presentingthis newspaper as a daily to themselves. In the first phase, simultaneous the programmes hosted by us.
proved to be tricky due to lack of clarity in rules on how and at the people of the country, he had expressed a dialogues were held in every district of Uttar Apart from these, many other state and
wishthatitplayaroleinthestruggleforinde- Pradesh,Uttarakhand,BiharandJharkhand. central ministers and people’s representa-
what stage should a State disburse compensation under fund to pendenceandthequestforsocialreforms.At We were happy to discover that the people, tivestookpartinthecampaign.Cleanlinessis
a rape survivor. On September 28, the Supreme Court said it will that time, his son Devdas Gandhi was on the who turned out in numbers larger than we n Schoolchildren look at a picture of Gandhi asubjectofsocialreform.Itisamatterofgreat
editorial board of Hindustan Times. He went expected, had their hearts in the right place at Mani Bhavan, Mumbai REUTERS satisfaction that our politicians have risen
lay down guidelines for proper utilisation of the fund. Noting on to successfully become the editor of the whenitcametoplayingapartinourmission. above their ideological differences and
that there was no nodal ministry in the Centre to take feedback newspaper. Even today the objective of the As I write this, lakhs of citizens in more than raincoats or holding umbrellas. This is the considered Hindustan’s mission as their
Hindustan Times group is national service 3,500 awareness programmes have taken the kind of self-sufficiency that Gandhiji wanted own mission.
from states on how the money allocated is spent, a bench headed and social reform. Therefore, when Prime pledgetomaintaincleanliness.Iamnotquot- us to display. It was a pleasant surprise to We would also like to thank from the bot-
by Justice MB Lokur commented that it was an “unhappy state MinisterNarendraModi,whilededicatingthe ing exact statistics because our mission will learn that instead of relying on government tom of the heart people of the Hindi belt who
fortnightprecedingGandhiJayantitocleanli- continue till the evening of October 2 and the machinery,thepeoplehadtakenaninitiative have adopted the motto of Swachhta Hi Seva
of affairs”. ness, gave the slogan: Swachhta Hi Seva numbers are growing every day. The pledge on their own to clean up their neighbour- andtakenthepledge:“Maakasam,Hindustan
(cleanlinessistherealservice),oursisterpub- hasn’t been taken just for namesake. People hoods. Every colleague from Hindustan had swachhrakhengehum.”Onehopesthiscam-
The Centre’s affidavit to SC on how much money states have
lication Hindustan took it up like a mission. have already begun implementing it. similar stories to narrate. It isn’t possible to paign will be an ongoing endeavour that will
spent under the scheme showed that in several instances, states Swami Vivekananda used to say that a Here’soneexample.OnSeptember23,even sharealloftheminthiscolumn,butitisclear lay a foundation for the clean and healthy
healthy mind can only reside in a healthy as it was raining in Dehradun, my colleagues that if this tradition of volunteerism goes on, India that all of us deserve.
had not explained why the money was disbursed even though body. Still, lakhs of people lose their lives inHindustandiscoveredthatanumberofpeo- a number of health-related problems in the Shashi Shekhar is editorinchief Hindustan
there were no applications from survivors for compensation. For every year owing to lack of hygiene. A report ple ventured out to clean the streets clad in country will be resolved on their own. n letters@hindustantimes.com
I
f reduction in malnutrition is profit, totheimplementationofthecountry’sflag-
must be filed quickly and properly. Rape survivors need a quick thennutritioninitiativesincreasereve- ship program.
nue and sanitation initiatives reduce We have also helped the government
response system. Unfortunately, the State has failed provide one. costs.Abusinessmodelismostsuccess- set-upvirtualclassroomstoscaleupcapac-
n Students and residents take part in cleaning up project as a part of the Swachh Bharat ful when revenues increase and costs itybuildingofSwachhagrahisormotivators
initiative in Mumbai SHASHI S KASHYAP/HT PHOTO decrease simultaneously. who use community approaches in sanita-
Formanyyears,Indiahasrankedamong tiontotriggerbehaviourchangeamongpeo-
§
I
ndia’s digital divide continues to be embarrassingly ALI HAQUE many.Wemustthereforefocusoninnovative pregnancies and have children with low access to safe sanitation compared to three
waysofcommunicatingwithandconvincing birth weight who are highly susceptible to years ago. But what pleases me the most is
wide. While the overall Internet penetration is 33%, it is peopletoadoptthehabitofusingatoilet.This being malnourished. the way the people have responded, taken
only 16% in the rural areas, said a report released last can achieved by fostering social movements Stunted and wasted children don’t ownership and made it a mass movement.
and creating the aspiration for every house- achieve their full physical and cognitive I hear stories of ordinary individuals
week. According to the Cellular Operators’ Association hold to own and use a toilet. potential,andthishamperstheireconomic doingextraordinarythingstomotivatecom-
of India IMC-Deloitte report, India ranks 36th globally in UNICEF’scurrentcommitmenttofocuson potential and their ability to provide better munitiestochoosesafesanitationoveropen
M
illions of Indians still defecate in 15states and150districts wherethesituation opportunitiestotheirchildren.Thisvicious defecation.Womenandchildrenhavebeen
Internet inclusion based on availability, affordability, rele- theopen.Apracticethatislinkedto is most challenging, will be accelerated.A cycle continues. thebiggestchange-makers,showingusthat
ahostofconditionswhichhamper UNICEFstudyfoundthatinafullyODFenvi- When Prime Minister Narendra Modi once people believe in an idea no challenge
vance and readiness. The report also noted Net Neutrality as a
achild’srighttosurviveandthrive. ronment,theeconomicbenefitsofsanitation announced the Swachh Bharat Mission in is too hard to overcome, not even habits
continuous area of debate. It also underlined the need to define Diarrhoeaalone,forinstance,kills13children per household outweigh the cumulative 2014withagoalofachievinguniversalsani- which have been a way of life for centuries.
under five in India every hour. Ultimately, investmentby4.3timesovera10-yearperiod. tation in five years, it was like a breath of The Tata Trusts are also supporting the
the regulatory guidelines towards new emerging technologies this is a practice that is affecting the nation’s There is clearly an overwhelming case for fresh air. This is exactly what India needed central and state governments on improv-
which are giving rise to new use cases. productivity and it’s GDP. investments in improving sanitation access. to build an India of the future — a strong ing nutritional intake among vulnerable
The prime minister himself has taken on Over the coming months, our focuswillbe push to reduce the costs of insanitation, groupsthroughinitiativeslikefortification
To overcome the digital divide, the NDA launched the Digi- this challenge and set a goal to end open defe- primarily on the most marginalised house- whichwillallowourinitiativesinnutrition, with essential vitamins and minerals of
tal India programme, which targets to train 60 million people in cation by October 2019. By setting such an holdsandtheirchildren,includingtribalcom- education,skilling,povertyalleviationand daily essentials like salt, oil and milk,
ambitious and essential target, the Swacch munities, Dalits as well as those living in livelihood generation take full bloom and strengtheningICDSdeliverythroughtech-
rural areas. It has two schemes to promote digital literacy — BharatMission(SBM)hasbeenabletocreate urban slums, drought and flood affected increaseourrevenueandprofits.Theentire nicalsupportinover160districts,andpolicy
national digital literacy mission and digital saksharta abhiyan. aonce-in-a-generationmovementsupported areas.Workingwiththepoorestquintileofthe country has rallied around this bold call to supportthroughtheTataNationalInstitute
bythepublicandprivatesectoraswellaspub- populationhelpssocietytoachievethegreat- action, and so have the Tata Trusts. of Nutrition (NIN) Centre, among others.
Even the private sector has been chipping in: Technology com- licbudgets.Theimportantroleofcivilsociety est return on investment. It also directly Through theTataWater Mission,weare With the Swachh Bharat Mission com-
including traditionalandreligiousleadersis improves the dignity and safety of women providing strategic support to the govern- pletingthreeyearsonOctober2,2017,alotof
panies with interest in user data have been trying to teach rural
crucial to creating awareness around this whichisanimperativeforthesocio-economic ment at the central, state and district level progress has been made, but there is still
Indians, especially women and the unlettered, the basics of seemingly intractable problem. As a result, development of any country. work to be done. The Tata Trusts are com-
Internet. The push for digital literacy can work far better if
the strides this country has already made in UNICEF’scommitmenttoequity–givinga WOMEN AND CHILDREN HAVE mittedtocontinuesupportingthisunprece-
creating open defecation free (ODF) villages fair chance in life to every child, especially dentedprogramandhelpachievethedream
there is an equal or much more stress on literacy as a whole. is exemplary – to date, it stands at 39% of thosemostdisadvantaged–isbuiltontheevi- BEEN THE BIGGEST CHANGE of the father of the nation – a clean India
This is because literate people will seamlessly move to cyber
6,30,000 villages.But there isstillahugechal- denceandconviction that it is rightin princi- MAKERS, SHOWING US THAT whereeveryindividuallendshimselftoper-
lenge before us. ple and right in practice. I strongly believe fect sanitation.
world for the vast resources it provides at a user’s disposal. From UNICEF’s perspective, we need to thattheSwachhBharatMovement,rootedin
ONCE PEOPLE BELIEVE IN AN Weowethistoourchildren;weowethisto
focusonsustainableresultsforchildren;espe- equity, will contribute to a healthy India. IDEA NO CHALLENGE IS TOO our future.
The challenge for the government, however, is not just ciallyaspectssuchasimprovedhygieneprac-
tices, using toilets and washing hands with
Yasmin Ali Haque is UNICEF Representative for India
The views expressed are personal
HARD TO OVERCOME Ratan N Tata is chairman, Tata Trusts
The views expressed are personal
expanding the base of digital literate people; it’s also about how
to teaching them the basics of safe Internet use. This has been
the focus in the developed world. For example, in Britain a com-
Deepali Chaudhary workshops, reading etc. blockswhicharestoppingyoufromrealising
mittee has clearly said that digital literacy minus training in Try a different approach. Accept all the them.Youwouldfindyourselfansweringall
Pleasant or unpleasant moments are a part moments of life willingly without a trace of thequestionswhichyoualwayshadinmind
safety issues is unacceptable. They recommended that digital
literacy must “sit alongside reading, writing and mathematics
innervoice ofour lifelikedynamicseasons,andmanya
times, create confusion in our minds. We
hesitation or resistance. Accept them in
totality and do not begrudge them; or try to
but never really addressed seriously.
All you need to do is let go of the fear of
keep pondering over the circumstances run away from them. uncertainty and make a start. You will see
as the fourth pillar of education; and that no child should leave
school without a well-rounded understanding of the digital
THE POWER AND BEAUTY which led to those moments and become
happy or unhappy. We want to do many
First, connect with your inner self and
establish a strong bond with yourself. Find
your dreams slowly taking shape. You will
be overwhelmed by the sheer beauty and
world.” India must follow this not just in schools but also for OF DETERMINATION thingsbutputthemonholdduetoprevailing
circumstances/responsibilities.Thisresults
some solitude and a serene atmosphere and
give it a deep, lingering and honest thought.
powerofyourdeterminationandefforts.Do
not give up at any point of life.
adult/late entrants into the digital highway. AND FORTITUDE in us being anxious and restless. Then to
achieve peace of mind, we run after many
Think about your dreams or the things
which would make you happy and bring
Inner Voice comprises contributions from our
readers. The views expressed are personal
things like meditation, spiritual gurus, serenityofmind.Thinkaboutthestumbling n Innervoice@hindustantimes.com
R. N. I. No. 503/57, ● Postal Reg. No. DL(ND)-11/6058/2015-16-17 ‘Licensed to post without prepayment’ LICENCE No. U(C)-113/2006-08, AIR SURCHARGE: Raipur and beyond by Rail or Road - Re 5/-, Ahmedabad, Bangalore, Coimbatore, Chennai, Cochin, Goa, Hyderabad, Khajuraho, Mumbai, Trivandrum, Visakhapatnam, Vijayawada and beyond by Rail or Road - Rs. 10/-;
PRINTED & PUBLISHED BY SHARAD SAXENA for and on behalf of HT Media Ltd. 18-20, Kasturba Gandhi Marg, New Delhi-110001 and printed at HT Media Ltd. Presses at Plot No.-8, Udyog Vihar, Greater Noida, Distt. Gautam Budh Nagar. (UP). Pin-201306, B-2, Sector 63, Noida, Distt. Gautam Budh Nagar. (UP),
Rajasthan Patrika Pvt. Ltd., Sector-V, Phase-IV-E, Near Bambala Pulia, Opp. M.P.S. School, Pratap Nagar, Jaipur (Rajasthan).
BOARD: (011)23361234 ● EDITORIAL: (011)66561234 Extn. 1254, 1268 ● CIRCULATION: (011)66561111 ● ADVERTISING: (011)66561389 ● FAX: (011)66561270.
MANAGING EDITOR: SOUMYA BHATTACHARYA
T
HE visit by the US Defence ondly, that they do not want to be held
Secretary James Mattis to liable for any defects in equipment
Gravitas missing, mostly New Delhi last week provided jointly produced with Indian counter-
the opportunity for the first parts. Clearly, “Make in India” is fast
T
HE only thing that recommends itself about the Centre’s choice focused high-level interaction between becoming a nuisance.
of six new gubernatorial faces is that the Home Ministry at last the two countries regarding President Sitharaman also shrewdly distanced
could attend to this critical task of filling vacancies in various Trump’s announcement of the new India from Trump’s new Afghan strate-
Raj Bhavans. It is, at best, a mixed bag. It is perhaps too late in the day policy outlining a new South Asia gy. She made three key points: one,
to lament that every regime at the Centre ends up using the Raj Bha- strategy. Unsurprisingly, much specu- India’s Afghan policies enjoy great con-
vans and Raj Niwases as parking space for redundant political figures. lation preceded Mattis’ arrival in Del- tinuity (by far predating Trump’s entry
There is not much to write home about choices, belatedly, made. hi. Arms dealers and fat cats anticipat- into politics and diplomacy); two,
There is one significant omission in the Saturday’s announcement: ed defence deals and closer military India’s focus will be on assisting
the Srinagar Raj Bhavan remains undisturbed. For too long there have ties — in particular, the US offer to Afghanistan in its development, econo-
been unhealthy and unbecoming speculations – mostly emanating from relocate its factory for production of my, capacity-building — nothing more,
the ruling party quarters in Delhi and Jammu—that a new Governor vintage F-16 fighter jets to India, which nothing less; and, most importantly,
would be arriving shortly in Srinagar. Jammu and Kashmir is too sensi- is being mothballed in America. India will not deploy troops to
Western media reports even linked Afghanistan. All in all, she factored in
tive a state to be subjected to such uncertainties and doubts. All said and NOT QUITE THERE: The US, in spite of Trump’s tirade, wants to take Pakistan along.
closer US-Indian military ties with that in the prevailing international
done, the Jammu and Kashmir Governor is the Centre’s emissary and
Trump’s Afghanistan strategy. Some appropriate to the relationship with In the circumstances, Defence Minis- milieu, the challenge for Indian diplo-
representative, as well as New Delhi’s eyes and ears besides being con- Indian reports blithely forecast a Afghanistan”. Curiously, Mattis ducked ter Nirmala Sitharaman did brilliantly macy lies in differentiating the impera-
stitutionally obliged to be a watchful guardian of the state’s well-being. deployment of Indian troops to a pointed question as to whether there well by underscoring in her joint press tive needs of India’s military moderni-
Given the state’s troubled circumstances, at no time there should be Afghanistan. But, in all fairness, Mattis is any shift in the locus of US-Indian conference with Mattis that much as she sation (and the creation of a world-class
any doubt about the Centre’s confidence and trust in the Governor of himself was noticeably circumspect. En security partnership away from the appreciated his “willingness to share defence industry) from the geopolitics
the day. NN Vohra’s presence has had a stabilising and salutary effect route to Delhi, he told the Pentagon Obama administration’s efforts “to get further cutting-edge platforms… we swirling around the region. After all,
in these times of considerable confusion atop the Raisina Hills. press party accompanying him that the India more involved in the South China need to expand on the progress already Asia-Pacific did not stand still because
And, there is a significant inclusion—Brigadier (retd) BD Mishra Trump administration viewed India as a Sea”, towards Afghanistan. made by encouraging co-production of Mattis’ visit. US Vice-President Mike
as Governor for Arunachal Pradesh. While it has been customary for “natural strategic partner” and that he What sails into view is a complex par- and co-development efforts”. Sithara- Pence met Pakistani PM Shahid
some time now to trawl the retired armed forces leadership for poten- hoped to “set a refreshed partnership”. adigm of US-Indian defence partner- man added candidly: “I reiterated Khaqan Abbasi on September 20 for an
tial gubernatorial choices in the North-East, it is the first time that a He said he was hoping to “basically put- ship in the Trump era. Quite obviously, India’s deep interest in enhancing important conversation about the Pres-
Brigadier-level official has been tapped on the shoulder. Arunachal ting meat on the structure… (and) pro- Mattis’ brief was to play on Indian van- defence manufacturing in India under ident’s South Asia strategy and high-
mote pragmatic progress” in the ities as a regional and global power and PM Modi’s Make-in-India initiative. I lighted ways that “Pakistan could work
Pradesh is a state where the Army has considerable voice in guaran-
defence partnership, “delivering establish a source of funding for “Amer- thank Secretary Mattis for his support- with the US and others to bolster stabil-
teeing its security and stability. A retired Brigadier in the Itanagar
defence interoperability”. He saw the ica First” via lucrative arms deals. The ive position in this regard and look for- ity and prosperity for all in South Asia”
Raj Bhavan would make a strange interlocutor for the Army brass, visit as an opportunity to speed up deci- Afghan problem and China’s rise pro- ward to working closely with him to and reiterated President Trump’s belief
wedded as it is to the discipline of hierarchy and protocol. Brigadier sion-making by the bureaucracy at a vide leitmotifs in the US-Indian strate- realise joint projects.” She stressed that that “Pakistan has much to gain from
Mishra’s only claim to fame is that he has been associated with the “time of strategic convergence” gic partnership, but in reality, the rela- the US announcement last year recog- partnering with our effort in the region”.
BJP’s ex-servicemen cell and was actively involved in mobilising the between Washington and Delhi. Plainly Again, Secretary of State Rex Tillerson
fauji constituency during the 2014 Lok Sabha elections. This choice
is fraught with implications, mostly unhealthy.
put — and divested of the usual high-
flown rhetoric about “shared values”, et
The US recognises India as a ‘major defence partner’, but the idea is arrived in Beijing on yet another visit “to
meet with senior Chinese leaders… (to)
al — Mattis hinted at his intent to give to sell arms and not ‘co-develop’ weapons or transfer technology discuss a range of issues, including the
ballast to the arms sales by American . President’s planned travel to the region,
vendors, project new arms deals and tionship complicates the advancement nising India as a major defence partner the denuclearisation of the Korean
T
HE case for the prosecution is easily made. The footbridge at once voiced any criticism of Pakistan. cooperate with the US strategy in co-production efforts.” interests in the Asia-Pacific region”.
Mumbai’s Elphinstone Road station that shattered the dreams He insisted that the “relationship we Afghanistan. India runs the risk of Of course, Sitharaman would know Of course, just before emplaning for
and aspirations of 22 families was waiting to be replaced. It is a are building with India is not to the entrapment if it chooses to view its all- that the US doesn’t “co-develop” Beijing, Tillerson also co-chaired with
similar story with railway tracks, especially in the Indo-Gangetic exclusion of other countries”. Mattis important ties with the US through the weapons or transfer military technology the visiting Chinese vice-premier Liu
basin, where trains derail with familiar regularity during monsoons. was confident that “Pakistan will find prism of its problematic relationships developed at enormous cost. It prefers Landong the first China-US Social and
Reservations are still hard to get and safety of passengers and their nothing out of line with India and the with Pakistan and China, instead of to sell weapons and keep the end-users People-to-People Dialogue. And
belongings is still not guaranteed. Neither is punctuality. Having US alignment in the same fight”. He attributing a raison d’etre for them in on a tight leash. Reuters reported Trump himself received Liu in the
commended India’s role in intrinsic terms related to India’s devel- recently that the US-India Business White House on September 29 to con-
dialled up expectations to new levels, the Modi government is strug-
Afghanistan but “would see them opment and its needs and aspirations as Council in a letter to the Indian Defence vey that his visit to China in November
gling to deliver while the country is being entertained and wowed
(India) continuing along the lines they a regional power. Indeed, there is no cer- Ministry in August made it clear that US is sure to be a “success”.
with glossy power point slides of futuristic stations with escalators have already chosen, and looking for tainty that the US concedes equal part- firms want to retain control over tech-
aplenty and glittering shop fronts. The only missing component is the other areas that they may believe nership to any interlocutor. nology even if they are allowed to set up The writer is a former ambassador
passengers and the staff. And that perhaps characterises the govern-
ment’s strategy for the railways.
The staff is demoralised, unsure and wary of what the future holds for
them in face of the overwhelming itch to dismantle the existing systems
and processes while passengers suffer the indignities of stinking waiting
rooms, overcrowded trains and below-par food quality. The Planning
Commission’s watchful eye is out of the way and transparency curtailed
The password maze
after the scrapping of the Railway Budget. There is no independent over- Mina Surjit Singh mous burden of creating a new pass- unsavory associations with Jonathan foxeddum8.10deMo@aol.com or
sight about where the funds are being frittered. Does the Chandigarh- word for every portal or service I wished Swift’s grovelling Yahoos wallowing in TweEdleFeltdumb@hotmail.com. In
New Delhi route need thousands of crores to speed up a 195-minute jour-
ney? There is no expert oversight to calculate its rate of return; none
either to draw attention to the apparent contradiction of arm-twisting the
state-owned railways into shouldering a multibillion dollar project like
O UR daughter-in-law, who came
into the family some 20 years
ago, was a proficient
Microsoft-certified computer instruc-
tor and subsequently became the
to avail of or register with. After consid-
erable juggling with the necessity of
having an email account with a
“strong” password, I decided to acquire
a spanking new ID with an email serv-
their own carnal desires and grime!
Therefore Yahoo was promptly dropped
from my list of choices from among sev-
eral other webs hosting the service. So
“Google” it was this time. I started doo-
my zealousness to guard my privacy I
would often get locked out of my own
account and keep praying for some
sleight of hand that would grant me a
rite of passage to the never-never land
the bullet train while its revenue earning trunk routes and heavily patro- prime motivator of my foray into the ice provider. The first one that came to dling with passwords that I could easily I had attempted to create for myself.
nised railway stations are to be turned over to the private sector. technological wonderland of comput- my mind was Yahoo. After trying sever- recall and decided on one that I pre- Nevertheless, I continue to bless my
The blowback from a whimsical approach is on the expected lines. ers. Had she not insisted on me buy- al combinations, I settled for what I sumed would ensure my invisibility to daughter-in-law for her contribution to
For the first time in 15 years, the railways is running in losses while ing a computer and exploring its myr- thought was quite ingenious— voyeuristic vigilantism. make my life relatively easier, notwith-
the debt burden is mounting. Three ministers for the railways in as iad possibilities and had I not spent minsins24.7@yahoo.com! It was a judi- And thus began my tedious journey standing the challenging rigmarole of
many years reveal the Modi government’s inability to come to grips several triumphant hours poring over cious mix of upper and lower case char- through the maze of passwords. I forgotten passwords and SOS calls for
with how the railways has kept going. Having dispensed with trans- the machine, I would have found acters, numbers and special characters. found myself sinking deeper and deep- frequent bailouts. As a result, I am
parency and oversight, the results are self-evident. myself struggling for space in the fas- However, as soon as I leaned back to er into the quagmire of login PWs and capable of not only coping with the real
cinating web of the digitalised world. survey the originality of my handiwork, PIN codes. All passwords, from bank- and virtual world around me, but also
With determination, I plodded along. I stared in disbelief at the monster my ing to bill payments, were perpetually of pitching in to help others, despite
Not many middle-aged people were imagination had conjured up! The very threatened by selective amnesia unless advancing age and creaking bones. My
Thought for the Day Internet-savvy then and I had reason to mention of a Yahoo in my mailing one engaged in mental calisthenics. I journey into unfamiliar territory two
show off my new skills. However, my address along with its not so flattering would scratch my head in exasperation decades back has been a fulfilling one
May your choices reflect your hopes not your fears. — Nelson Mandela enthusiasm soon gave way to the enor- connotations triggered off a host of to recall if the correct PW was “tweedle- of self-discovery, and self-worth.
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
� ��������� ������� ������������������������
������� �� � �����
������ ��� ������ ��� ���� ���� �� ����� ������� ���� ���
����������������������� ��� ����� ����
���� ��� ������������ ����� �� ��������
������� ���� ������ ���� ��� ������
��� ������ ��� �������� ������� �������
�� ����� �� ��� ���������� �� ��� �������
����� ������ ���� ����� �������
���� ���� ��������� �� ��� ���� �����
��� ������� ������� ��� �������� �������
�� ����� ������� ������ �� ��������� ���
������� ��� ������ �� ������� �������� ����
������ ����� ������� ���� ��� ��� ����
���� ���� ���� ������ ������� ������� �������� ��� ������ ��� ��� ������ ����� ��� ������ ���� �� ������� ������� ��� ���������� ����� �� � ������� �������������� �� ������� �� ����� ��� ������������� �� ��� �������
���� �� �������� �� ��� ������ �� ��� �� ����� �� ���� �������� ���� ��� �� ���� � ���� ���������� ������� ����� �� ��� ���� �� ��� ���� �� ������������ ���� ��
�
���� ��� ����� ���������� ���� �� ������ ��� ���������������� �� ��� ��� ��� ������� ���� �� ������������� ������ ����������� ����� ��� ���������� ��� ��� ���� ���� �� ������ ��� ����������� ��� ������� ������� �� ������ ���� ���� ���
������ �� ��� ���� ��� ���� ���� ������ ������ ���������� ���� ���� ��� ������� �� � ���� �������� �� � ������ ������� ���� ����� �� ���������� ��� ��� ���������� � �������� �� ��� ������ ��������� �������� ������� �� ��������
����������� ��� ������������ ��������� ������� �� ���������� ������ �� ������ ���� ��� ���� ������ ����� ����� ������� ���� �� ���� ����� ������� ������� ������������� ���� ����� ����� �������� �� � ������ ���
����������� ��� �������� �� �� ������� ��� ���������� ����� �� ����� �� ������� ����������� ��� ������� �� � ����� ��� ��� ������� ������� �� ���� � �������� ������� ��������� �� ���� ��� ��������� ���� �� ��������� ����� ���
��� ����������� ������� ���� ��� ���������� ������ ��� ���������� ���� ���� ����� ��� ����� ��� ��������� ���� ����� ���� ������� �������� ���� ���������� ������������� ���� ��� ��� ���� ������ �� ������������� �� �� ���������� ���
���� ������� ����� ������ ����� �� ���� ������� ����� ��� ���������� ���� ���� ���� �������� �� ��� ������������� �� �������� ���������� ����� �������������� �������� �� �� �� ��� �������� �� ������ ���������� ��� ��������� ������� ���� ���� ��� ����
������� ������ ���� �� ���� ������ ����� ���� ������ �� ���� ��������� ��� ��� ������� ��� ���� ������� ������� �� ������ �� ���� ��� ������ ���� ���� ��������� ���� ����� ���� ��� ����� �� ��������� ���� ����� ����� �� ���� �� ��������� ����
������ ���� ��� ��� �� ���� �� ��� ��� �� ���� ��� ��� ���� ��� ���� ��� ��� ����������� ��� ���� ��� �������� ��� �� ������������ ���� ������� ������� �������������� �� �������������������� ����� ���� ���� ����������� ��� ���� ��
��� ���� ������ �� ������������� ���� � ����� ���� ��� �������������� �� ��� ��� ���� ����� ���� ���� ��� ������������� ������ ��� ���� ���� ���� ��� ��� ������� ������� �� �������� ���������� ���������� ��� ������������ �� ���� ��� �����
������������ ���������� ��� ������� ���������� ���������� ����� ������� �� ���
������ ������� ������� � ����� �� �������� ������� ������ �������� ������ ���� �����
����� ��� ������ ��� ������� ������������ ��� ����������� ���� ���� ����� ��� �� ���
����������� ��� ���� �� ������������ ����� ���� �� ����� ���� �� ��� ���� ������� ������� ��
���� ��� ������ ��� ����������� �������� �� ����� ���� ���� ����� �� ��� �������
���� �� ��� ��� �� ��� ���������� ���� ������ ������� ������� � ����������� ������
�������� ������� ���������������������������� ����� ������ � ������� �������������
����� ����� �� ����� � ����� �� ��� �������� ���������
������� ������ �� ����� ��� ������
������� ���� ������� ����������� �������� ���� ���� ���� ���� ���� ������� � ����������� �� ����� �����������
���� �� ������� ���� ������� ������� �� ���� �� ��� ���� �������� ����� ��� ����
��������� ���� �� ���������� ���������� �� �������������� ��� �� ������������������ �������� ������ ��� ����� ������� �� ��� ��������� �������
���������������������� ������������ ������� ������ �������� �� ���������� ������
������ ��� ��� ��������� �� �������� �� ��� ���� ����������� ��� ���� �� ���������
������ ������ ��� ��� ���� ����� ��������� ����� ���� ���
����� ���� ���������� ������� ������������������� ������������ ������ �� ������� ������ �� ��� ������ �� ��������� ��������� ���
����� ��� ������ ������
��� ��� ��������� � ���� ������� ���� ������ ���� ��� ������������� ��� ������ �� ������ �������� ������ ���� ����� ���� ��� ����� ��
����� ������ ��� ����� �������� ��� ��� ����� ���� �� ��� ��������� ����� ������ ���������� �������� ��������
������� �� �� ��� ������� ���������� � ��� ����� ��������� ��� ��� ����� ������ �� �� �� ������ ���������
���������� ����������� �� ����� ������� ��� ���� ��� �� ���� ����� ����� ����� ��� ����������� ���� ������� ����� �� ��� ������ �� ����� ��������� ���� �� ��� ������ ������ ���� ������ ��� ��� ���� ��������� ������
���� ����� ���� �� ���������� ������������ ����� ����� ���� ����������� ������� �� ��� ������ ��������� � ����� ����� ������������ ������ �� �������� ����� ����� ���� �������� �� ����� ��� ����� ��� �� ��� ��������� ��� ������� ���
���� ��� �� ��� ������� ����� ��������� �� ��� ������� ���� ���� ������������ �� ��� ����� ������� �� �� ���� ������� ��� ��� ������ ��� ������ �� ������ ���������� ��� ���� ���� ��������� �� ���� �������� ��� �������� ����� ����
������ ������� ����� ����� �� ����� ��� ������� ����� ���� �� ��� ���������� ���� ����� ��� ������� �� �� �� ��� ����� ��� ������� �� ����� �� ���� �� ��������� �������� ��� ���� ��������� ����� ���
������ �������� ������ �� � ������ ��� ���� �������� ��������� �������� ���� ���� ������� ������ �� ��������
���������� ��� �������� �� ��
��� �� ������� ���� ��� ���������� ������� ������ �� ����� �� �� �� ������� ����� ���������� �������
���� �� ������� �� �������� ������ �� ���� ��������� ����� ��������� �������� ����� �������� ��� � ������ ��� ��� ����� ���� ��� ��� �� ������ ����� ����� ����������� ������� ������� �������� ���
������� � ��� �� ����� �� ��� ��� ��� �� ��� ��� �� ������� ������� ��� ������ �� ���� ���� ����������� �� ����� �� �������� ��� ���� �������� ��
��� ���� �� ��� ����������������� ��� ���� ��������� ���� ��� ���� �� ��� �� ������
��� ������������� ���� ��� ���� �������� ��� ���� �� ������� ���������� ��� ������
�������� ����� ����� ����� �� ��������� ��������� ���������� ��������� ���� ��� ������ �������� ��� ��� ���� ���������� ��������� ��� ������� ��
������� ��� ����� �� ��� ��� ���� ��� �� ������ ������ ��� �� ��� ������������ �� ����� �������� ����� ������� ���� ��� ��������� ��� ���
��� ��������� ������� ����� ������� �� ������������ �������� � ���� ������� �������
���� ����� �������������� ���������� �� ��� ������ ��� ���������� ��� ����� ����� ��� ���� ���������� ��� ���� ���� ��� ������������� ������ ��
���� ������ ����� ��������������� ���� ������� ������� ����� ������ ��� �� ����� ������ ���� ����� ��������������� ����� ��� �������� ���� ��������� ������������ �� �����
������ ����������
�������� ��� ���� ���� ����� ���� ��� ��� ������������� �� ��� �������� ������ ������
�
�� ��������� ���� ��������� ����� ���������������� ���� �� ������������ ��� ������ ���� ��� ���� �� ��� ����� ����� ������ ��� ���� ����� ������ �� ��� ���� ��������� ���� ����� ��� ���������� �����
��� ���� �� ����� ��� �� ���� ��� ���� �������������� ���� ��� ���� ����� ������� �� ������ ���� ��� ���� �� ��� ����� ��� � ����� ������ ������ ��������� ����������� �������� �������� �� ��� ������ ���
����� ����������� �� ��� ���������� ������� ���� �������� ������� ���� ������ ��������� ������ �������� �������� ����� ��� ���������� �� ����� ���� ���� ��� ����������� �� � ����� ������ ����������� ��� ��������
����� ����� ���� ��� ���������� ��� �� ��������� ��������� ��� ��� ��� ����� �� ��� ������������������� ��������� ������� ������ ��� ��� ������ ��� �� ��� ����� �������� ������ ��� ����� ��� ���� �� ��� �� � ������� ��
������ �� ��� ������������ �� ��� ����� ����� �� ���������������� ������ ������ ���� ������� ������ �� ��� ����� ��� ������� ����� �� ������ ���� �� ��� � ����� ������ ������ ��� ��� �������� �� ������ ���� ��� ���
���� �������������
��� �������� ��������������� ������� �������� ������������� ������������������ �������� �� ������ ����� ������������ ����� ��� ��� ���� ����������� �� ��� ��� ������ �������� �� ������ ��� ������ ��
�������� ��� ������� ���� ���� �� ������ ��� ������� �� ���� ��� ������� ����� ��� ������� �� �������������� ���� �� ���� ������ ����������� �������������� ���� �� ������ ��������� ��� ������ �� �������� ��� ����� ������
�������������� ��� ����� ���� ���� ������� ��� ���� ���� ���� �������� ����� ��� �� �� ���� ���� � ��������� �� ���� �� ��� ������ ��� ����� �������� �� ������� ��� ��� �� ����� ���� ����� �� ���� �� ���� ��������� ���������� ��
�� �������� �� � ����������� �������� �� ��� ���� ���� ����� ������ ��� ������ �� ��� ������ ����� ���� �� ���� �� ���� �� ��� ���� ������� ������� ������� ����� �� ����� �������������� ��� ������ ������� ���� ��������� ��
�������� ������ ��� �������� �� ���� �������� �� ��� ���� ���� ����� ��� ����� ��� ���� ������ ���� ��������� ������ ����� ��� ������ ������� ��� �������� �� ������ ������� �� � ��������� ���� �� ��� �� ��������
����� ���� � ���������� ����� �������� ������������� �� ��� �� ���
���� ����� ���� ��� �������� �� �� ���� ��������� �������� �������� ������ ��
�������� ������� ������� �� �������� ��� ������ ��� ���� ���������
������ �������� �� ��� �������� �� �������� �� �� ��� ���� �� ���� �� ��� ���� �� ������ ���� �� ��� ���� ������� �� � ���� ������� �� ������� ����� ����� ���� ����� ������� ���������� ���������� ��� �� ������ ��
��� �� ��� �������� ��������������� �������� ��� �� ���������� ���� ����� �� �� ������� �� ���� ���� ������� �� ��� ����� �� ����� ��� ��� �� ����� ���� ����� ���� ������ ����� ������������ ��� ������� ��� ������
��� ������ ����� �� ����� ��� ���������� ������� ���� �������� ������� ����� ��� ���� ��� ������� �� ���� �� ������� �� ��������� �� �� � ����� ������ ����
��� ������� ����������� ���������������� ����������� ��������� ������ ������� ������
������ � ��� ���������� ���� ��������� � ������ ������ �� ��� ������ ������� �� ������� ������� ���� �� ��� �� �������� �� ������� �� ���� ����� ��������� ����
������� � ������ �� ��� ���������� ���� ���� �� �������������������������������������
����� ��������� �� ��� ������ �������� ����� ����� ������ ��� ���� ����� ������ ������� ��� ��� ������������ �� ��� �� � ������� �� ������ ����� � ��� �� ���
��� �������� ��������� ��������� ��������� ����� ������������ �� ����������� ��� ������ �� ��� �� ���� �� ������ ���� ��� ���� �� ������ ������ ��� ������� ��� ����� ���� �� ������ ����� ������� ��� �� ����� ��������� ��� �������� ���
���� ������ ��� ������� ���������� ���� ��������� ���� ���� ���� ������ ���� ����� �� �� ��� ��������� ������� ������������� ��� ���� ��� ���������� ��� ����� �� ��� ������� �� �� ��������� ��� ��� ����������� �� ��� �������������
������ �������� ������������������ ���� ���� ������ �� ��������������� ��� ����� ����� ��� ������ ������ ��� ������ ���� ������� �� ��� ����������� �� ������������ �������� � �������� ����� �� ��� ��� ��� ��������� ��� �� ����� � ���������� ��
���� �� ��� ������� �� � ������ ��� ������ �������� ���� �� ��� �� ������ ����� �� ����������� �� � ����������� �� ��� ���� ��� ����� ������ ���� ������� �������� ������� �� ������� ������� �� ����� ������ �������� ��� ��� �������� �� ���
�������� �� �� ��������������������������� �� ��� ������� ���������� ��� �� ��� ������� �� �������� ���� ����������� ������ ���� �� ��� ������ �������� �� ��� ��������� �� ���� �� ��� ������� ��� ���� ��������������� �������� ������ ��
������ ����� ���������� ������� �� ������� �� � �������� ����� �� ���������� ��� �������� ����� � ������ ���� ���� ����� �� ������ �������� ������ ��� �� ��� ���� ������������� ��� ��������������
����������� �� ��� ��� ������������� ��������� ������� ������������� ���� ���� ����������� ����� ��� ������ �� ��������� �� � ���� �� �� ���� ������� ��� ���� ��������������������� ������� ��� ��� ���������� � ������ ��� ������
��� �������� ����� ��� ����� ������� ����� �� ������ ��� ��������� � �� ����� ������� ��� ����� ��� ��������� ���� � ���������� ������� �� ��� ����� ������ ������� ����� �� ���� ������ �������
������� ��� ����� �� ���������� ������� ����������� �������� �� ���������� ������ ������� �������� ����� �������� ��� ����� ��� ������ ������� ���� ���� �� �� ����� ������ �� ����� �� ��� ������ �������� ������ �� �� �� ��������������������������
����� ��� �� ������������� ������ ������������ ������� ��� ��������� �� ���� �������� �� ������ �� ��� ������ ������� ��� ������� ��� ������� �� ��� ������ ������� ��� ������� ������ ���� ��������� ����� � ������ ��� ��������� �� ��� ������ ������� ��� �������� ��������� ������ ������� ��������� � � ��� ������� ���� ����� ����� ��� ������������� ������ ������������� ���� ������������� ������ ������ ������ ������� ��� ��� ��� ��� ���� ������� ������� ��� ��� ���� ��� ����
�������� �� ��� ������ ������ ������� �������� ������� ����� ����� ������ �������� ������ � �������� ������������ ������������� ��� ��������� �� ���� ����� ��� ��� ���� ����������� ��� ������ ������� ��� �������� ��� ������ ��������� ������������ �� ��� ������� ���������� �� ���������� �� ����� �� �� ����� ������� ����� ������� ���������� �� ����������� ��� ��������� ��������