E D I T O R I A L P A G E |
Saturday, October 31, 1998 |
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weather n
spotlight today's calendar |
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Congress
carrot for Delhi Not
bankable, these NBFCs Code
war LEGACY
OF SARDAR PATEL Cost
of neglect of education |
Debate
needed on N-issue
Talk
shows or kitty parties?
Not
a nice one
President
Hardings death |
Congress carrot for Delhi In its Assembly election manifesto, the Congress has made an alluring assortment of promises for effecting some improvement in the quality of the citizens' life in the ever-expanding National Capital Region (NCR). Technically speaking, only a draft of the document has been released by the party set-up headed by Mrs Sheila Dikshit. But one gets enough ideas from it regarding the plans and promises the party intends to use in the election arena to garner votes. Expectedly, the DPCC has come down heavily on the BJP's "misrule". The draft says: "No area or section has felt secure during the five years of the BJP's governance." However, most of the allegations made in the draft against the present administration are justified. Society has been further disoriented and fragmented. The law and order situation has worsened. Those who live in the Capital city are literally powerless for long hours every day. Water shortage has condemned the residents to a thirsty and unclean life. Mushrooming colonies have made the polluted metropolis a cluster of slums. The helpless civic bodies have ignored even the Supreme Court orders on cleanliness and regulated social life. Fear stalks almost all parts of the city; criminals and vandals have a field day. But is the situation the creation of the BJP? When the Congress ruled the region as a Union Territory, its population level happened to be less frightening than what it is today. There were crimes and shortages of various kinds even then. Politicians kept on making and breaking promises at election time. Nobody can look back and describe the period between the 60s and the 80s as a stretch of time marked by uncorrupted and healthy urban life. However, it is true that conditions have become alarming now. The area is almost ungoverned and only a very determined administration can make a difference to the prevailing anarchical order. The Congress has kept its electoral vision focused on vote banks. For every community, it
has some hopeful thoughts. For instance, if the party
comes to power, Delhi will find itself emerging from the
power crisis. Outdated thermal plants will be replaced by
gas-based units. There will be naphtha-oriented
generators at Dwarka, Kondli, Gharoli and Narela. These
are semi-urban areas where a large number of voters live
in virtual darkness. The water situation will improve
with the digging of a large number of tubewells and with
extra care bestowed on the Alipore bandh. The
confrontation between the administration and the top
brass in the police will be ended and policemen and
police women will become a source of fear for the
criminal. The transport problem will be tackled by
setting up a unified Delhi transport authority which will
ensure coordination among the DTC, the road-building
agencies and the railways. Urdu and Punjabi will get a
better place in the curriculum; even Hindi and Sindhi
will receive greater attention in schools. What do all
these postulates amount to? The answer is: an effort at
vote-harvesting. If one thinks of the action promised
against the perpetrators of the 1984 anti-Sikh riots, one
comes to the conclusion that poll promises and pie-crusts
are made to be broken. It has been cleverly stated that
"the Congress commits itself to taking appropriate
action as per the court's direction against all those
found guilty by law". The BJP Government claims that
it has been pursuing this very goal. A few known
criminals have already been punished. The bigger culprits
have been publicly disgraced by the Congress and they
have no say in the party affairs. We have often said that
the party is not over. The BJP's failures are glaring.
Will a change of government help those who lead sub-human
life in areas between the UP border and the Haryana
border? Delhi is the seat of the Union Government and in
many areas the duality of authority hampers effective
remedial action. One tends to think that the draft
manifesto is a good, although a rather opportunistic,
document, which broadly shows what can be done to make
the large city and its slums a better place to live in. |
Not bankable, these NBFCs HUMAN greed, men with malleable conscience, government apathy and weak or non-existing legal deterrence are broadly the distinguishing marks of NBFCs (non-banking finance companies). At one time they used to be called blade companies, to accurately highlight their bloodless efficiency in ripping gullible people of their savings. They promise a very high interest rate, which is a throwback to the early nineties when the economy was booming, bank credit was hard to come by, the demand for ready money was insatiable and the opportunity to make a quick buck bright. But those days are long past; there is now recession, banks are flush with funds, interest rate is somewhat low and avenues for making high and assured profits are a mere memory. No wonder, a good number of NBFCs have folded up, taking the depositors meagre savings with them. The Company Law Board, a puny department of the Union Government, has received over 10,000 complaints of cheating against 110 companies and in one case, the Delhi High Court has ordered all NBFCs to file a detailed statement of their assets within three weeks. In Chennai, the managing director of a respected firm, Anubhav, is under arrest after depositors failed to secure refund of their money. A newspaper survey estimated that the total money collected by all NBFCs could run into something like Rs 70,000 crore; Finance Minister Yashwant Sinha has turned down requests to ban them, saying that their role in mobilising savings outstrips the risk of failure inherent in their capricious functioning. Can Mr Sinhas
assessment be married to the raw experience of hundreds
of thousands of those who have parked their money in
NBFCs? The ever-optimistic government attempted precisely
that and the C.M.Vasudev committee report was expected to
map out the strategy. But its bureaucratic approach is
best reflected in the recommendation to impound 25 per
cent of the funds they raise so that everyone would get
one rupee for every four rupees he keeps in these firms
in case of collapse. Just a 25 per cent guarantee of
return of the deposit, without any interest and even that
after the inevitable delay in settling the dispute by a
receiver. There is no word about tightening the present
procedure for starting an NBFC, no regular watch on the
management, and no deterrent and prompt punishment for
reckless investment of public money. The committee is
fully aware of the risks every depositor undertakes; at
one point it admits that extending the deposit insurance
scheme to cover this sector would lead to a huge drain on
the insurance companies and thus compress the government
revenue. NBFCs are only one of the several traps a middle
class man with moderate resources is vulnerable to. He
lost a pile in the two stock market booms, lost some more
in mutual funds, the remaining in blade companies. His
investments in real estate and gold are turning out to be
unwise after so many years with prices of both houses and
the yellow metal falling every day. With inflation of
consumable items touching 12 per cent and banks
threatening to bring down the interest rate and the UTI
delivering a shock, he has no safe and promising place
keep his savings. Poor middle class. |
Code war ALTHOUGH the campaign for
the Assembly elections in four States has yet to gain
momentum the Bharatiya Janata Party and the Congress have
begun taking pot shots at each other over the alleged
violation of the model code of conduct prescribed by the
Election Commission. Most of the complaints of violation
of the code are amusing but some have substance. In a
manner of speaking the Congress can be said to have drawn
first blood by convincing the Election Commission that
Delhi Chief Minister Sushma Swaraj was committing
electoral malpractice by her midnight visits to police
stations. The Election Commission has directed Mrs Swaraj
to give up visiting police stations because it went
against the concept of providing a level playing field to
the political combatants. Of course, Mrs Swaraj had also
started visiting hospitals and the offices of the Delhi
Vidyut Board for on the spot redressal of
complaints. The Election Commission has said a firm
no to such visits because if members of the
Congress or other political parties were to do the same,
it would amount to preventing public servants from
discharging their duty. The Commission has not spared the
Governments of Madhya Pradesh and Rajasthan either, where
ministers on the pretext of disbursing relief among the
victims of floods and other natural calamities were
reportedly turning the events into political campaigns.
The Election Commission has rightly stated that such
visits should be made by the District Collectors
concerned and not politicians. As far Mrs Swarajs
unsubtle attempt to bend the model code is concerned the
Election Commissions, stand that the Delhi police
came directly under the Union Home Ministry cannot be
faulted. Therefore, her visits to the police stations had
no legal basis and the fact that the Delhi Police
Commissioner accompanied her during the well publicised
raids only compounded the offence.If the
Delhi Chief Minister has been rapped on the knuckles by
the Election Commission why should Madhya Pradesh Chief
Minister Digvijay Singh be spared? The BJP has,
therefore, complained to the Election Commission that the
Congress was indulging in unfair poll
practice by selling onions in Bhopal for Rs 5 a kg!
The fact of the matter is that the Chairman of the Bhopal
Development Authority, Mr P. C. Sharma, who is a Congress
aspirant for the Bhopal South seat has hit upon the
brilliant idea of selling onions at the unbelievable
price of Rs 5 a kg to drive home the fact that the
BJP-led coalition at the Centre is responsible for the
mind boggling rise in the prices of most vegetables. The
BJP has overlooked the simple fact that Mr Sharma is
selling onions at whatever price in his personal capacity
which is expected to earn him political dividends at the
hustings. The BJPs complaint would have had
substance had the Congress Government in Madhya Pradesh
decided to sell the precious vegetable at subsidised
rates. It would have been a case of spending public money
for political gains. In fact, the Election Commission
should direct Mrs Sushma Swaraj to stop subsidising the
sale of onions and other vegetables through retail
outlets in Delhi. If her heart really bleeds for the
electorate, she should direct the Delhi unit of the BJP
to do what Mr Sharma is doing in Bhopal to win political
friends and influence voters. That the proposed
political subsidy may or may not translate
into votes for the BJP is a different story. |
Cost of neglect of education ECONOMICS Nobel Laureate Amartya Sen has said that the basic problem with India is that it has neglected education. According to The Tribune, Sen is still an Indian citizen and that is good news. After Raman and Tagore, gigantic India has suffered a Nobel famine for some eight decades. We went wild with glee when Mother Teresa was awarded the Nobel Prize for Peace and she had adopted Indian citizenship. We thought we had touched the Everest of our Nobel ambitions though much smaller countries figure in this top world honour, so frequently. But she was a foreign born lady and ran a Christian mission (not of Indias national church), all with foreign money. Also the Nobel Prize related to a non-academic field. Of course, Indians have shown that in genius they are second to none in the world, but they shine and win world level prizes only when they shift their work centre to foreign countries where they get ideal facilities for work, and more importantly the right atmosphere and correct academic climate for the afflorscence of their genius which they lacked here. Such are Hardyal Khurana, Chandra Shekhar and now Amartya Sen. What does neglect of education imply? Before Independence, we had 17 universities, now their number is nearing 200. The number of colleges too and their enrolment is also many many times thanks to our population explosion. The neglect of education in the context of Nobel Prizes can refer not to our mass illiteracy, but to the neglect of education in our colleges and universities and research centres. Even 100 per cent literacy cant win us Nobel Prizes, unless we make the quality of our higher education globally competitive. As a wit said (with some air of exaggeration though) in the centres of higher education, we are progressively giving quit notice to education and inviting politics to take its place. This occurred specially after the voting age was lowered to 18 years and such huge numbers of students became voters (the politicians ultimate desideratum) and political parties set up their centres in these to expand their spheres of influence among this combustible young material, hoping for colossal gains. The atmosphere was progressively politicised both for students and the professors. Also their trade union wings became active as never before. The fact has to be faced that we have arrived at the stage, where leadership and control rests not in hands of the Vice-Chancellors and Principals or of staff but of the trade unions. It is they who call the shots, who dictate terms, as to when these institutions will have a strike or go on mass casual leave or other expedients for work stoppage. It is they who decide when the colleges or universities would open and for how long. Even after that they might continue with their black badge protests and public demonstrations which disturb the even tenor of academic life. Leadership has passed into non-academic hands. Why do educationists follow them? Money being the god of the present society, they appeal to our greed. Their demands include four-fold increase in salaries or more perks and less working hours and all that. Not the most conscientious objector can resist this allurement of so much extra money, having found through repeated experiences that every demand of strikers is conceded Partially if not wholly (of course after some dilly-dallying and holding out threats of punitive action and pay cut for the illegal strike). Who would not welcome more money, more comfort, more emoluments and less work? The net result is that our educational standards are falling day by day. Our colleges and universities are not education centred or research-centred, but all the time concerned with pays and perks and anomalies, the non-educational matters get the priority. With every raise in salaries (and they have been very substantial, against the background of our stark poverty where 40-50 crore people live below the poverty line and do not get two square meals per day), the academic standards have fallen steeply though the parties concerned would deny it. The professors salaries are now in the top bracket of two or three best-paid services. Our universities every year churn out thousands of Ph.Ds and other research scholars but they are mostly synthetic and do not come up to the worlds standards. In some subjects, a Ph.D is rated as no better than a Masters degree. Where do we go from here?
It is necessary to clean this Augean stable; the many
noble teachers also get the blame of the majority. We
have to create correct conditions, where geniuses can win
Nobel Prizes while working in India, instead of having to
go to the foreign countries for that end. |
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