Thursday, September 20, 2018
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Raghuram Rajan's suggestions
Former RBI Governor's advice on preventing a financial crisis in near future must be heeded by the central government
The BJP-government appears to have refused to learn any lessons from the previous experiences of having faced financial crisis not on one but many occasions in the post-demonetisation scenario in the last two years. The financial experts have been cautioning the centre on this issue for the past many years particularly the last four years. The former RBI Governor Raghuram Rajan's note of caution on the next financial crisis that could be building up needs to be taken in all seriousness, the issue deserves by the central government. In fact, during his tenure as the RBI Governor, Raghuram has been speaking of lowering the Non-Performing Assets (NPAs) of the Public Sector Banks (PSBs), which have been showing an upward trend mainly during the past four years when some of them have been unde...
Kashmir Times News Report
Corporate mis-governance, scams
The corporate governance and scandals have started tumbling out of BJP-govt's cupboard before the election year
The season of corporate mis-governance, financial scandals and absence of top and board level accountability during the past four and a half years under the BJP-government is likely to appear too small if the new level of irresponsibility in corporate working is taken into consideration. This is particularly so in the case of Infrastructure Leasing and Financial Services (IL&FC), a private company, promoted by some of the government-owned banks, reporting outstanding liabilities of almost Rs One lakh crore in the first week of September. The phenomenon has already been described as an equivalent of America's Lehman Brothers and Co, which reported bankruptcy a few years ago with the top management going underground eating the funds belonging to the people and the financial institutions wit...
Kashmir Times News Report
Crackdown on private schools
De-recognition of 2 schools in Srinagar is arbitrary, unjust and unfair to students
Jammu and Kashmir government's latest crackdown on private schools, beginning with the de-recognition of two prominent private schools in Srinagar for "exorbitant fee hike and non-compliance of orders" from the Department of School Education is a misplaced and misguided step, even though there may be genuine reasons to conclude mal-practices by these institutions. If for nothing else, suspending recognition of schools mid-session, when the final examinations are just a month or two away amounts to playing with the careers of students. The government directive that the students of these schools be adjusted in nearby government schools, which are already over-crowded and bogged down with problems of poor infrastructure and ill-staffed, for the conduct of the forth-coming examinations, is sh...
Kashmir Times News Report
Kishtwar road mishap
Casualties once again highlight the criminal neglect in maintaining road safety norms
The killing of 17 persons and injuries to 16 others in a road mishap in Kishtwar once again highlights the malaise of poor road safety norms in Jammu and Kashmir, particularly in its hilly terrain where the fatality of such accidents is enhanced manifold. The case is a typical symptom of deeper apathy, poor roads, poor traffic mechanisms, unchecked overloading and rash driving. Accidents after accident, lip sympathy is paid by officials but precious little is done to prevent them. Last month in the same region, two major accidents took place during the Machail pilgrimage, highlighting the need for road safety mechanisms but the shocking incidents were taken rather too lightly. The gravity of the situation can be gauged from the fact that road accidents account for more casualties in Jammu...
Kashmir Times News Report
Corporate loans write off
The action of BJP-government in writing off Rs 5.50 lakh crore of bad debts should act as an eye-opener for what happens to public money
The disclosure made by the BJP-government that Rs 5.50 lakh crore having been written off as bad debts of many corporate houses during the past four years is a serious issue which attracts serious attention. The case of Vijay Mallya is no different than other corporate houses, who had a meeting with the Union Finance Minister Arun Jaitley before he fled the country. What transpired in the meeting is unknown to the common masses, who have put their money in the banks for safe keeping. It is a question of only Rs 9000 crore only while other loans written off by the BJP-government are more than this loan amount. This is public money and the money from the state exchequer in which contributions have been made by the people as tax and no government has the authority to write it off in favour ...
Kashmir Times News Report
BJP’s faulty credit policy
Former RBI governor’s suggestions on preventing a financial crisis must be heeded by the present BJP-government
The BJP-government at the centre does not appear to be serious in tackling the financial crises facing the country in the next few years despite the fact that the previous experiment has miserably failed on account of demonetization and Goods and Services Tax (GST) implementation in the country. It is unfortunate that the suggestions made by the financial experts in the past four years have been debunked by the present dispensation for the reasons best known to them. The financial health of the country has been well enumerated by the former and present RBI governors in time keeping the in view the policies formulated by the present rulers. But the rulers have refused to adhere to the suggestions of the financial experts resulting in financial crises in the country wherein the common masse...
Kashmir Times News Report
From Chicago to Delhi
The message of the Sangh Parivar smacks of contempt for democracy and penchant for Hindu rashtra
Two almost simultaneous events kicked off in two different parts of the world echoed the saffron vision for India sans its democratic spirit and sans its plural ethos earlier this week. Both the World Hindu Congress, organized by Sangh Parivar affiliates in Chicago and BJP national executive meeting in New Delhi, though in varying degrees betrayed their contempt for democracy. While one gave calls for Hindu unity and resurgence, the other was a sheer display of brute arrogance and typical chest thumping. BJP president Amit Shah minced no words in proclaiming that if re-elected to power in 2019, the BJP would remain in power for the next 50 years and that "nobody can remove us". This statement is either a foreboding of the likely tampering of the Indian constitution to rob it of its democr...
Kashmir Times News Report
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