No ‘big bang’ reforms but budget tries to be all things to all people Speaking after the budget was tabled in parliament, Modi said it took solid steps to fulfil the dreams of the poor. He coined a new acronym, FUTURE (farmers, underprivileged, transparency, urban rejuvenation, rural development and employment generation) to explain his goals. …
Separately, an Asset Quality Review ordered by Rajan to attack crisis levels of bad loans made by state-owned banks and an accompanying crackdown on ‘willful defaulters’ among oligarchs in the infrastructure sector who have borrowed recklessly for stalled projects may have earned Rajan too many powerful and politically connected enemies. Businessmen opposed to the…
Indian markets, already skittish over Britain’s Brexit referendum, now must deal with the surprise announcement on June 18 by Reserve Bank of India (RBI) Governor Raghuram Rajan that he is stepping down when his three-year term ends on September 4. Tough, uncompromising and outspoken, Rajan, 53, appeared to be doing budget signs everything that…
In its Oct. 4 report, the RBI appeared to highlight the upside risk of inflation. It said that its September survey of household expectations saw inflation at 9.5% three months ahead and 11.4% a year ahead, driven mainly by higher food and healthcare costs. RBI staff forecast CPI averaging 5.3% in the fourth (Jan-March) quarter…
Urjit Patel’s first press conference as governor of the Reserve Bank of India on Oct. 4 was notable for several reasons. The new keeper of India’s monetary flame, just shy of his 53rd birthday, was ill at ease. Very clearly the antithesis of his loquacious predecessor Raghuram Rajan, Patel’s “media interaction” lasted all of 20…
Will demonetization vacuum up all the black money? Economists believe most illicit, untaxed funds would be diverted into buying gold or real estate; indeed, gold imports spiked in the days immediately following the announcement. But will India ever be cashless? A Nomura Securities report said that India’s cash-to-gross domestic product ratio was high at…
Every Indian banknote carries two reassuring messages: “Guaranteed by the central government,” and above the signature of the governor of the Reserve Bank of India, the words: “I promise to pay the bearer the sum of … rupees.” At midnight on Nov. 8, Indian Prime Minister Narendra Modi used an executive fiat to extinguish both…
About 1,200 companies have so far declared full-year results for 2015-16, averaging top-line growth of 3.7% in the quarter through March after an 8% decline over the three preceding quarters. But poor corporate health is reflected in the staggering write-offs of bad loans by state-owned banks. Punjab National Bank, the country’s third largest, reported a…
The past few weeks in India have been like drinking from a fire hose. Full-page newspaper advertisements, huge rallies and hosannas from giddy supporters have poured forth as the ruling Bhartiya Janata Party celebrates two years in power. There has also been a deluge of interviews You might also like with senior government ministers, a…
Modi’s war on black money has hit India’s economy. Is the price worth paying? Modi’s Finance Minister Arun Jaitley on Dec. 8 announced a raft of discounts and tax rebates for citizens who used credit or debit cards and mobile wallets for transactions including buying petrol and train tickets, paying tolls or insurance premiums. Government…
Modi’s war on black money has hit India’s economy. Is the price worth paying? One month after Indian Prime Minister Narendra Modi announced the demonetization of 500 and 1,000-rupee banknotes in his battle against black money, policymakers in New Delhi are finally starting to acknowledge that the shock move has caused immense upheavals, loss…
Not surprisingly for a country obsessed with politics and gossip, the appointment of India’s new central bank chief has already spawned reams of newsprint and hours of television talk-time on what makes Urjit Ravindra Patel tick. Two words sum up Patel: low key. Unlike other deputy governors of the Reserve Bank of India he has…
Indeed, a committee headed by Patel himself in January 2014 made three far-reaching recommendations that seem certain to haunt him. First, it suggested a shift to the consumer price index as the base metric, instead of the outdated and misleading wholesale price index. Second, it called for inflation targeting, and Rajan and Modi agreed to…
CHAITANYA KALBAG, contributing writer NEW DELHI – Although his three-year term as governor of the Reserve Bank of India was one of the shortest in the last 25 years, Raghuram Rajan will leave a pair of very large shoes to fill after his departure on Sept. 4. Prime Minister Narendra Modi’s government is taking…
CHAITANYA KALBAG, contributing writer “That is a hard standard for anybody’s commentary to meet, especially if you have a press which is continuously looking for what they think are slights to the government. It is easy to build on that,” he noted as he sought to correct claims that his governorship was one “which has…
As he leaves India’s central bank, Rajan takes aim at his critics and points out the challenges awaiting his successor NEW DELHI Although his three-year term as governor of the Reserve Bank of India was one of the shortest in the last 25 years, Raghuram Rajan will leave a pair of very large shoes to…
Modi has one job: Get India’s lazy tiger of an economy to roar Indian finance minister Arun Jaitley will have two tough acts to follow when he stands in a few hours to present India’s budget for 2015-16. The first: On Feb. 26, railway minister Suresh Prabhu did a rousing, clackety-clack rendition of the railway…
For Prime Minister Narendra Modi’s Bhartiya Janata Party (BJP), it is a make-or-break election in Assam. Of the four states and one union territory going to the polls in April and May, Assam is the only one where the BJP–having suffered defeats in Delhi and Bihar–stands a decent chance of snatching power. Except in…
The issue of citizenship in India has been rendered very complex by a thicket of laws, rules, and executive fiats. Article 6 of the Constitution says anybody from East or West Pakistan who enters India after July 19, 1948, must apply for citizenship. It is also governed by the Foreigners Act of 1946, the Passport…
Indians have been hiding money from their rulers for centuries. The best way to secrete your wealth away was to turn it into gold, and either wear it or bury it. Little wonder that India was the world’s biggest gold buyer last year. It consumed 842.7 tonnes. Despite the Indian economy not doing too well…
Has the media lost the plot in the more wired world of today? It was a year bracketed by the Delhi gangrape and the Tehelka train wreck, and you would be hard put to find another period since our colonial masters departed when journalism was in worse odor in India. It is not just the…
Prime Minister Narendra Modi and his team have had a lot of time to polish the report card on their year in power. I woke up on Anniversary Day determined, like Norman Vincent Peale, to feel The Power of Positive Thinking. Whatever the opinion polls or the trolls on Twitter said, we had to be…
Which party will you vote for? It is a bit like England’s witch trials in the middle ages. You were dunked in water as a test; if you did not drown you were pronounced a sorceress and burnt at the stake. Whichever government you elect, the choice is not clear, clean, and comforting. By now…
Several moons ago, a car driver in Chennai told me the fascinating story of a young man whom he drove around in Coimbatore during the 2009 general elections. At every stop, the driver said, the young man would return with a bulging sack that he would stuff into the boot. The young man was collecting…
Certainly not the growing number of people who believe that “free speech” means a loose mouth and the abuse of certain classes or communities. Imran Masood, Azam Khan and Mulayam Singh Yadav are not afraid of Narendra Modi. Nor is the swelling saffron sena if you believe Ram Rajya is about to dawn. In its…
By Wednesday elections had been held for 438 seats, or four-fifths of the 16th Lok Sabha, and it seemed like a good point to draw breath and take stock of the men and women who will wield power over us for the next five years. Many of us believe that these elections will be decided…
The end of campaigning in Amethi in a cacophony of anger, derogation, and obloquy was briefly leavened by “Twitter joining Rajinikanth.” The Superstar’s followers piled up at the rate of 20,000 an hour. Not even Narendra Modi, one of the Thalaivar’s first followers, could have matched that. Fantasy had trumped politics. As if in affirmation,…
One word summed up the five-week election: certitude. From the very beginning, most of us were certain that the National Democratic Alliance would win power. It is fairly certain that the Congress party will suffer its worst defeat in 16 general elections. Over 300,000 kilometres, 440 rallies, 1,350 holograms, 4,000 chai pe charchas, and a…
I was hard put on Wednesday to find an advertisement remembering Rajiv Gandhi on the anniversary of his assassination. It was a telling contrast with a few months ago when the newspapers were flooded, just before the elections were announced, with ads extolling UPA II’s achievements. Political parties do suffer huge losses, but nothing has…
The Rajyabhishek in the magnificent Rashtrapati Bhavan forecourt was a sight for sore eyes, and understandably some of us went ape even if we were not among the 4,000 people attending Narendra Modi’s oathtaking. It was still a modest event compared with the 1.8 million people who attended Barack Obama’s January 2009 inauguration. Talking about…
If you believe in signs and omens, all the days and dates this year coincide with 1947, our year of independence (I have Amitabh Bachchan to thank for this nugget). The movie “Great Expectations” was also launched in 1947. That fits in with the sentiment nationwide. The expectations are scary because we have dug ourselves…
It seemed like the rhyming slogans, the election jingles, and the grandiloquence of the Bharatiya Janata Party’s manifesto were all that we needed to shake us out of our psychic numbing during the past few years. Alliteration hit you everywhere you turned. Narendra Modi told a small audience last Sunday that we needed to ramp…
Three weeks and counting, and besides a bit of soft power-mongering there is no flurry of executive actions to take away one’s breath. Our impatience is understandable, but then the new dispensation is taking its lumps. Prime Minister Narendra Modi warned party workers in Goa that we will have to swallow bitter medicine if we…
One of my prized possessions is a fossilised limpet, a kind of sea snail that attaches itself very, very tightly to rocks. The fossil must be hundreds of thousands of years old. It must have been prised off a rock with some force, the kind that is trying to get many of our privileged leaders…
To begin with, Modi is under microscopic watch and Deng never was. Modi has a good majority in the lower house of Parliament, but that does not mean lawmakers will blindly rubber-stamp his legislative efforts. If you do the arithmetic the National Democratic Alliance stands little chance of a majority in the Rajya Sabha, even…
Our members of Parliament sowed the wind in the 15th Lok Sabha and are reaping the whirlwind in the 16th Lok Sabha. The last Lok Sabha worked only for 61 per cent of its scheduled time, the worst in the past half-century. The Bharatiya Janata Party was in very aggressive opposition to the United Progressive…
When a little girl named Topsy is asked in Uncle Tom’s Cabin if she knew who made her, she says “I expect I grow’d.” This Thursday, July 10, Arun Jaitley will declare financial independence when he unveils the Union Budget for 2014/15 without the Planning Commission breathing down his neck. True, the budget drafters in…
Change comes stealing in on padded feet in the Narendra Modi government, and change is starting to happen in the offices of his ministers. One of them told me that when he took office, at least eight officials had to sign off on any file that came to him for approval; he has cut that…
This weekend, Prime Minister Narendra Modi will travel to Nepal on his third foreign trip in ten weeks. By the end of September, he will also have visited Japan and the United States. Looming large on his itinerary will be China, which he visited four times as Gujarat’s chief minister in his quest for investments.…
We are hopefully in the last of this summer’s dog days, and Sirius (or Svana as it is known in Hindu astrology) will glow a little less brilliantly in the hot night sky. Dog days are said to induce all sorts of mental upheaval, agitation, and unpleasantness. Perhaps that is why much of Europe wisely…
It was a very Hindu week, starting with Raksha Bandhan and ending with Janmashthami, and midway through we were treated to fireworks by Yogi Adityanath, the bold new face of the Bharatiya Janata Party. A five-time member of the Lok Sabha from Gorakhpur, he was just 26 when he won his first parliamentary seat in…
Somewhere, through the unbearable din of television and anti-social media this week, I saw one tweet that plaintively asked why we were hearing so much from everybody but not enough from Narendra Modi at the BRICS summit in Brazil. Our prime minister met the leaders of China, Russia, Brazil and South Africa, but coverage back…
It’s hard to be a couch potato in India because (a) most homes have stiff, unyielding sofas; (b) it’s not easy to set yourself up with a six-pack of beer and a bag of chips unless you go on a major shopping expedition; (c) your wife wants to watch Saraswatichandra threatened by a lynch mob…
Few of us know that KUMAR MANGALAM BIRLA, Chairman of the Aditya Birla Group, produced the critically acclaimed Hindi movie Black. Or that he has taken up pistol shooting as a hobby. Or that his teenage son is a keen photographer, but he knows a thing or two about pictures and lighting himself. Most of…
Infosys co-founder N.R. Narayana Murthy has seen it all: bootstrapping an enterprise with what is loose change today, going on sales calls riding pillion on a Vespa scooter, walking away from a GE deal because it was leaving little profit on the table, setting up India’s first mega software campus, making India’s first Nasdaq listing,…
Poor Manmohan Singh is caught between the Pros and the Cons. The Pros in the Opposition are telling the prime minister, who has never seemed sullied by money politics, that he should be resigning. The Congress, led by A. Raja, is telling him that he is allegedly complicit in the 2G scandal. The sad part…
“In India, I See a Lot More Acceptance of Gender in the Workplace” DuPont Chair & CEO ELLEN KULLMAN in conversation with CHAITANYA KALBAG. Edited excerpts: Do you think the India-US CEO Forum you are a member of has managed to get things moving a bit in terms of a more positive attitude towards bilateral…
In a spirited panel discussion moderated by Business Today editor Chaitanya Kalbag, Yashwant Sinha, MP and former finance minister, M. Damodaran, former SEBI chairman, Satya Poddar, Partner, Ernst & Young, Samiran Chakraborty, Regional Head of Research, Standard Chartered Bank and Nilesh Shah, President, Corporate Finance, Axis Bank, shared their views. Edited excerpts Chaitanya Kalbag: All…
“Goodness is something to be chosen. When a man cannot choose, he ceases to be a man.” …
In his first media interaction since The Walt Disney Company took over UTV, RONNIE SCREWVALA, now turned employee, tells CHAITANYA KALBAG and AJITA SHASHIDHAR how he intends to take the company to greater heights. How difficult was it to transition from a successful entrepreneur-driven company to being a part of a large global company? UTV…
Despite the crisis, a clear message must be sent to the investor community that India is open for business. There was an initial spurt of excitement after the new Reserve Bank of India governor was announced. Professor (Raghuram) Rajan is obviously highly accomplished. But there is only a very limited amount the central bank can…
“I use the word ‘blue collar’ purposefully at Xerox. It is the heart and soul of most economies” URSULA BURNS is the first African-American woman Chairman and CEO of a Fortune 500 company and she wears that badge with some pride. Her logic for that is simple: she needs to inspire others-and get some mileage…
Timing is everything, and with a number of state elections soon, leading to the general election next year, cynicism and opportunism are manifest. The Congress-led government now in power will be remembered as the most corrupt in our history. I remember visiting the Chilean poet Pablo Neruda’s house in Isla Negra, west of Santiago, a…
Or, why India really needs to dig itself out of a mineral hole Last week I was on a flight to Mumbai. About two hours in, the captain announced that there was unseasonal heavy rain ahead and it might be difficult to land in such bad weather. “We have fuel for about fifteen minutes,” he…
English with an American accent, there were jokes about being the “51st US state”, the US military had a huge presence, and the economy was heavily indebted to a consortium of mostly-American banks. Fifteen years later I was listening to a JP Morgan executive in an office in Makati, the business district in Manila, tell…
The Mac II, launched on March 2. 1987, cost $5.500 and was the first computer with a colour graphical interface. Three years earlier Apple had begun selling the LaserWriter. Combined with WYSIWYG (what you see is what you get) software, the world was waking up to the marvels of desktop publishing. Steve Jobs, who said…
Spare a thought for Indian business schools’ Class of 2013. These young women and men will be heading out into a world where financial well-being is not guaranteed, the global economy is epileptic, and the view from a management perch is vertiginous. “The bigger question is, how relevant are we in a changing world?” asks…
Song sung blue Everybody knows one Song sung blue Every garden grows one If you are of a certain vintage, you will have been moved by these Neil Diamond lines, sung on a hot August night almost exactly 40 years ago. This steamy August, India has been convulsed by the sudden expelling of decades of…
The day this issue of Business Today went to press, IBM Corporation completed one hundred years. What started as the Computing-Tabulating-Recording Company, manufacturing computing scales, time clocks, and even coffee grinders, quickly grew into Big Blue, a vast global presence in computing under Tom Watson. Senior and Junior, building its power on the mainframe. Like…
I remember back in the 1970s, when a new India was just over a quarter of a century old, Geoffrey Moorhouse, in his foreword to his “Calcutta” wrote: “The imperial residue of Calcutta, a generation after Empire ended. is both a monstrous and a marvellous city. Journalism and television have given us a rough idea…
They say nothing sharpens our minds as much as high danger or a threat to our survival. We are prepared to stand and fight when we are cornered. Twenty-two years ago, when we were staring into the abyss, we pulled a reformist rabbit out of our socialist hat. But it took just about five years…
From the Editor These are extraordinary times and we witness extraordinary phenomena. Three weeks before the Union Budget, when finance ministers customarily crawl under their carapaces, the honourable Member of Parliament from Sivaganga delivered a rousing speech on national security. What he said, with feeling and not a little frustration, was that we Indians seem…
You see things vacationing on a motorcycle in a way that is completely different from any other. In a car you’re always in a compartment, and because you’re used to it you don’t realize that through that car window everything you see is just more TV. You’re a passive observer and It is all moving…
Although commerce is older even than the thirty pieces of silver that persuaded Judas Iscariot to betray Jesus Christ, it took humans a long time to start to formally teach, and learn, the elements of business. The oldest business school in the world, ESCP Europe, was set up in Paris in 1819, a pipsqueak in…
From the Editor When I stepped into this role in mid-2010, it seemed India was unstoppable. Gross Domestic Product growth had averaged 8.5 per cent since 2004, when the United Progressive Alliance won power. The financial markets in the United States and Europe were in disarray after the US sub-prime crisis laid down a napalm…
From the Managing Editor An early breakfast is something that most journalists don’t care for. Most of my tribe skip it and among those who don’t, very few sip their coffee before 10 am. Like Sir Winston Leonard Spencer-Churchill, we finish our days late and start them late, you see. It was, therefore, unusual for…
From the Editor Raghuram Govind Rajan is a lucky man. Two weeks into his new job as Governor of the Reserve Bank of India his friend Ben Bernanke, who he calls “cautious and nuanced” in his book Fault Lines, handed him a big gift- a delay in the “taper” in the US Federal Reserve’s quantitative…
From the Editor Once every year, we pay obeisance to the best and strongest companies in India. It is not grudging admiration. Our corporate icons deserve every bit of their applause. No management school, or case study, or how-to hardback that you pick up at an airport bookstore can teach you how to plot a…
At Business Today we write about companies all the time. Often, it is a top-down view. We meet the Chief Executive Officer, the senior members of the management team, the stock-market analysts whose job it is to keep a gimlet eye on their wards, the suppliers, the competitors, the regulators. But it is very important,…
Exactly two years ago we ran a cover story on India’s skills crisis. This was just after Subramanian Ramadorai was named Adviser to the Prime Minister in the National Council on Skill Development. How quickly have we moved down the skilling highway? Glacially slow, and frighteningly so. For a nation where tens of millions of…
In 1908, when Henry Ford began making his revolutionary Model Ts on an assembly line in Detroit, there were 241 carmakers in the United States. (In comparison, India has 20 carmakers in 2013). “I will build a car for the great multitude. It will be large enough for the family, but small enough for the…
Sometimes India’s economy resembles a rambunctious teenager brought up short by a finger-wagging headmaster. Our finance minister can now recite with his eyes closed a string of figures that seek to prove that India has not done badly at all in comparison with the rest of the developing- and indeed the developed- world. P. Chidambaram…
From the Editor Business Today’s team of reporters was putting finishing touches to the BT-YES Bank Best CFO Survey starting on page 57. The 14 men and one woman who have won this year’s awards, chosen by a stellar jury after a rigorous nationwide search, bring to life the satisfaction of making those numbers on…
From the Editor I remember sticking an aluminium one-yen coin and a copper one-US-cent coin to my computer screen in Tokyo around the mid-1990s and watching in fascination Las they became equal in value, with the yen appreciating to 100 to the dollar. It was nice for frequent travellers like me- when I paid my…
From the Editor Looking down at my bowl of gazpacho at dinner one recent night. I realised that I do not own a single moustache spoon, with guards, so that guests with resplendent whiskers could eat soup and not leave any trace behind- the kind made for Maharaja Ganga Singh of Bikaner around 1900. Nor…
From the Editor We need to place the AgustaWestland helicopter “kerfuffle”- as a former defence minister put it- in context. The 12 AW101s were headed for the Indian Air Force’s Communication Squadron, which flies VVIPs around. to replace its ageing Mi-8 fleet. The new helicopters are strictly not combat craft-they are personnel carriers and can…
From the Editor Most of us are lucky if we get fifteen minutes of fame. You can be famous, but not rich. Fame is fleeting, and unless you are V.S. Naipaul, your best shot at fame is when you are young or Amitabh Bachchan, in good health, good to look at, and very good at…
From the Editor Many, many moons ago, I used to visit a cousin pursuing his B.Tech. programme at IIT Madras. The campus was beautiful; of an early Sunday morning you saw deer darting past drowsy students who had lolled around the amphitheatre the night before watching a movie after consuming a special dinner in the…
From the Editor The US Congress stepped back just in time from the fiscal cliff, but Indian sensibilities about the Delhi gang rape and killing fell off another cliff days before we went to press. P.N. Vasanti of the CMS Media Lab told me that coverage of the rape aftermath (and by that I mean mostly…
From the Editor We are waiting to exhale. Food prices fell in the last fortnight of December, for the first time in six years, and headline inflation is expected to drop sharply to about 7.5 per cent in December. The rupee has risen two weeks in a row. Industrial production rose 5.9 per cent in…
From the Editor Three economists are gazing at a glass half full of water. The optimist sees a glass half full. The pessimist sees a glass half empty. The realist picks up the glass and drinks the water. I’m sure you’ve heard that joke, but we are hard put to find some levity as we…
From the Editor Companies and human beings are surprisingly similar. Over a long period of time we build an intricate geodesic dome of habits, rules. principles, emotions, likes and dislikes. Changing ourselves is very. very difficult, even when we know that our future well-being, prosperity and happiness depend on how we change and adapt. Similarly,…
From the Editor It was a bracing week: I started and ended it with conversations with honest men whose cleanliness shone through. Both had had something to do with ‘national resources’ up in the stratosphere or deep down beneath the seabed. There is much financial skullduggery afoot, but we have not run out of sentinels,…
From the Editor One speaks the glory of the British queen, And one describes a charming Indian screen; A third interprets motions, looks, and eyes; At ev’ry word a reputation dies. Alexander Pope: The Rape of the Lock: Canto 3 At every word of the Comptroller and Auditor General of India, Manmohan Singh’s reputation has…
From the Editor I remember a composite satellite photograph of the world taken at night time. One country stood out like a black blotch on a map that was mostly shining—North Korea, the ‘Hermit Kingdom’. This fortnight I felt very much like I live in my own hermit kingdom. Perhaps an ascetic life in a…
From the Editor I have a confession to make. Many moons ago, I studied to be an accountant and despite one of the world’s toughest entry barriers with single-digit-pass rates in the chartered accountancy examinations-dreamt of crunching numbers while boning up on ‘double-entry bookkeeping’ and the mysteries of profit and loss. But the world of…
From the Editor The word “flurry” is used to describe a sudden blast or gust, or a sudden commotion, and it. has been used frequently to label the announcements from the government’s blunderbuss over the past three weeks. My dictionary also tells me flurry is the “death-agony of the whale”, but we don’t want that,…
Competition is fierce and kicking in India, not least between business magazines. Which is why we love being flies on the wall as we watch the 800-pound gorillas slug it out with the upstarts in their pens. The stories are always riveting. They tell us why long-time incumbents drowse at the top of the tree;…
The day before this issue of Business Today hits news stands, America will vote for a new president. The day after you invest less than 80 US cents in our quality journalism (in the event that you paid its full cover price), the Chinese Communist Party will meet to anoint a new leadership. Both transitions…
From the Editor Turkmenistan’s “President for Life” Saparmurat Niyazov erected a 50-ft gold-plated statue of himself in the centre of the capital Ashgabat, eight years before he gave immortality the slip in 2006. The statue rotated through the day, always pointing to the sun. We have not got to the gold-plating stage yet, but we…
A laughter club in Mumbai is forced to “zip it” because a humourless neighbour is disturbed, not long after a 63-year-old cartoon unleashes a cleansing of school textbooks that would warm a tin-pot dictator’s heart. In the same “cosmopolitan” city, a woman is arrested for possessing liquor that she was using to make chocolates, and…
From the Editor The deeper we sail into the economic doldrums, the greater is the wonderment that there is so much locked-up promise in India that we cussedly ignore. Politics oozes from every pore of ours; we expect the economy to take care of itself. Over the past few months I have talked in great…
From the Editor There are times when we at Business Today chafe at being a fortnightly. There is so much happening in business and the economy that we story tellers are fit to burst. It is not just what you see in the printed magazine our website www.businesstoday.in is up to nearly a million page-views.…
From the Editor When I find myself in times of trouble Mother Mary comes to me speaking words of wisdom, let it be …
From the Editor Caprice and cowardice were both on display last fortnight. Ten days after a bunch of state election results delivered a hard punchi in the Congress party’s solar plexus, Pranab Mukherjee delivered a Budget for 2012/13 that was simultaneously retrograde and revanchist. Reformist it was not, and neither was it bold, despite many…
From the Editor Our Prime Minister can seem like an accidental politician. Speaking publicly, he comes across as earnestly wooden, and when he addressed the nation on September 21, the eve of the autumnal equinox, you often felt the tele-prompter was scrolling up faster than Manmohan Singh could enunciate, But speak he did, and many…
From the Editor Seven and a half minutes into the movie Paan Singh Tomar a journalist asks the eponymous hero, played by Irrfan Khan, why he became a dacoit. “In the ravines (of Chambal) you will find rebels. The dacoits are in Parliament,” the actor growls. It is probably coincidental that the movie was made…
From the Editor What a fortnight it has been. We have plumbed new depths in animus and acrimony. Not a day goes by without a shrieking melee, either at a press conference or on the streets. The “Reform Spring” has very quickly faded into a fruit-salad autumn, with mangoes and bananas flying around in a…
From the Editor “I am a tiny speck in a sea of brands, buffeted by colour, geometry and neon, a homo brandus furiously rowing his flimsy coracle as it is carried inexorably towards the lethal rapids of consumerism. “Brand” has interesting etymology. We say something “brands itself on our consciousness” or that our latest purchase…
From the Editor Why did god create stock-market analysts? To make weather forecasters look good, runs the rather puerile joke. But seriously, company analysis is an earnest business-in much of the world, that is, except India. I remember in my wire-service days we used to have lively debates on how to report stock price movements…