E D I T O R I A L P A G E |
Saturday, January 16, 1999 |
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Involuntary
share buying AFTER
THE DISMISSAL |
Why
India is Third World country Hard-working,
professional lot
The
presidential address |
Involuntary share buying IT is variously called cross-holding, equity swap, buyback of shares and vertical integration. But the purpose is the same: to help the government lay its hands on a minimum of Rs 5000 crore as provided for in last budget, if not more to partly meet the financial crunch. So the two oil giants ONGC and IOC, and their natural gas cousin, GAIL, are being asked to invest in one anothers shares. On the face of it, the three public sector units should be both buyers and sellers. No, the seller in this case is the government and hence its purring at the prospect of an inflow of Rs 7500 crore. IOC will fork out Rs 3000 crore, ONGC Rs 2800 crore and GAIL Rs 700 crore. The government also hopes to raise another Rs 580 crore when MTNL buys back about 3 per cent of its shares which it now holds. Then there is Concor (Container Corporation of India) which will pump in a very modest Rs 23 crore after it finalises the sale of a million shares; it disinvested 10 million shares at Rs 225 each some months back. There is also talk of ITDC (Indian Tourism Development Corporation), the 33-hotel chain, unloading majority share in the market and has asked a well-known consultancy service to initiate the necessary move. By the end of the financial year IOC will shed 5 per cent of its equity in the open market, not the stock market but by inviting bids from institutional investors, like Concor did. That can, at best, be called partial disinvestment. All other efforts are to find funds in a non-controversial manner, as a newspaper has commented. The original proposal was for the government to withdraw from commercial ventures but in favour of ordinary shareholders. That has been nearly forgotten in favour of symbolic gestures. The main reason is the depressed state of the stock market and the absence of a tradition for fixing the right price. During Dr Manmohan Singhs stewardship, the government mixed the shares of good and bad companies and offered them in lots. A few crafty stockbrokers ganged up and quoted prices markedly on the low side. The government accepted the offer, not because it was in dire need of money but because it was in a great hurry to establish its credentials as a zealous reformer. Now the situation is exactly opposite and hence its compulsion to pin a reformist tag on an essentially fund-raising ruse. Of course one should
expect the official spokesman to come up with a fanciful
explanation. The nation is told that the share swap in
the oil and gas sector is the first firm step in vertical
integration, rather bringing all these units under a
unified command and management. It is pointed out that
each of them operates in exclusive areas like oil
prospecting and production (ONGC), refining and marketing
(IOC) and gas production (GAIL). If all the three merge
to form a monolith, the new entity will be a world
leader, if not a world beater. There is a small snag
though. Only some months back IOC entered into an
agreement with Reliance to jointly lay a long pipeline to
carry petroleum from its giant refinery. In other words,
IOC has already undertaken horizontal integration on its
own. Does the government plan a two-way integration and
carry Reliance with it? |
Misplaced anger PUBLIC property has come to be considered no one's property and hence becomes the first target of every marauding mob. On Thursday, it was the railway property which came in handy to irate passengers at Rohtak, worked up because of the late running of trains. They not only damaged the railway station but also set the railway police station on fire. Such display of anger is condemnable even under the greatest provocation. This time it was all the more reprehensible because the trains were running late only because of the natural phenomenon of heavy fog. One wonders what exactly they wanted the railway authorities to do? Run the trains at the regular speed in near-zero visibility and thereby put the lives of thousands of commuters at risk? It is this mob mentality which worsens things instead of improving them. That is not to belittle the difficulties being faced by the passengers. Thousands of them travel daily between Rohtak and Delhi. The arrangements for their journey leave much to be desired. Trains are few and are perpetually late. The government's plans to develop nearby towns as counter-magnets so that people can settle far away from the national and State Capitals have always remained on paper. But that does not mean that the commuters should take law into their own hands. As it is, it has been noticed that they maltreat passengers having confirmed berths and rush into every compartment without even proper tickets. Those with confirmed tickets have as much right to comfortable travel as those who commute daily. Such tendencies should be curbed with a firm hand. While a thousand charges
can be levelled against the railway authorities, there is
also need for a bit of introspection among the
passengers. Do they really take care of the railway
property? And most important, do they travel with the
right tickets? Till everyone cooperates in this
endeavour, the situation cannot improve. Some years ago,
gadgets were put on railway tracks which could give a
warning if a train was stranded midway. These were
promptly stolen, because the metal in them could be sold
as scrap. Lives of thousands of persons were endangered
because somebody wanted to make 20 or 30 rupees. Better
facilities can be put in place only if the majority -- if
not all -- become deserving of them. While the railway
authorities can be requested to run more trains keeping
in view the problems of the commuters, the passengers
themselves have to show a lot of restraint and
understanding when the delays and other such difficulties
are caused by factors which are out of human control.
Resorting to violence can only make matters worse. After
all, what is nothing but public property. It is called
government's property is purchased from taxpayers' money. |
Healers feel hurt IT is a pity that healers at the PGI have been compelled to show their feelings of hurt to the public by wearing black badges. The treatment with regard to the salary and emoluments meted out to them is blatantly unfair. The AIIMS,New Delhi, is already seeing the negative impact of the anger of an illumined faculty. A new pay scheme had been suggested by a committee headed by the Union Health Secretary, Mr K.K. Baxi. The recommendations of the Baxi committee amounted to an improvement on the scales prescribed by the Fifth Pay Commission. The commission's formula was rejected by the doctors of the two major institutes along with a large number of experts in their fraternity. No effort was made to make a compromise through discussion and debate and now a stage has been reached when the Union Government will have to see the combined faculties of the AIIMS and the PGI holding a rally and demanding a fair deal for them . It was a sad sight at the premier medical institute in Chandigarh on Thursday and Friday when senior doctors with black badges went round their wards and OPDs. They did not stop work. Compassion and their sense of discipline did not allow them to do so. Briefly, what can one do in these days of rising prices with total monthly emoluments of Rs 29,500? This sum is the result of a bar. A very senior specialist of the city has rightly remarked:"The apathy of the government is a major setback to our morale and it is hoped that our peaceful protest would draw the attention of the government towards our plight." We swear by the name of
Amartya Sen in every field of development. Professor Sen
wants better educational facilities and improved health
care in India. He is worried about the flight of talent
from institutes of excellence. Senior doctors are leaving
the AIIMS and the PGI to join corporate sector hospitals
and research organisations. Brain drain must stop at
least in the field of health. If men of the stature and
equanimity of Dr Jaswant Rai, Dr P. Kulhara, Dr Yogesh
Chawla and Dr Awasthy decide to make their views public
in New Delhi and Chandigarh, the reputation of the PGI
would get a great drubbing. There is no way to prevent
the ongoing agitation at the AIIMS. One hopes that senior
doctors would not lose their interest either in the
institution or in the Hippocratic Oath. The hospitals in
Sectors 16 and 32 are flooded with emergency cases. Most
of these are destined to land up in the PGI for a
"miracle". Does the government not understand
that the senior doctors are the miracle
makers? The public fully sympathises with the
doctors. Will someone have sufficient common sense to
work out a compromise even at this late stage? Private
practice is lucrative and rewarding but too expensive for
the common man. We hope against hope that the rally
planned for January 18 in Delhi would not materialise and
positive steps would be taken to redress the grievances
of the doctors. |
Why India is Third World country
ON a warm, sultry afternoon last week I returned to Mumbai after a weeks sojourn in east Asia. And, from the moment I stepped into the dusty, diesel-smelling bus that was to take us from the aeroplane to the arrivals terminal I was reminded sharply of how important it is to go away from India to see her as she really is: one of the last, remaining truly. Third World countries on the planet. It started with the bus itself. As we stood among our luggage, packed like travel-weary sardines in its hot, smelly interior we discovered that the bus could not move because, no matter how hard the driver tried, he could not get the doors to shut. No sooner did one door shut than the other would swing open. When this carried on for a good 10 minutes the foreigners among us started to laugh with an audible sneer in their laughter. Us Indians merely looked sheepishly at those doors and one man spoke for all of us when he said sarcastically, Welcome home. Welcome to India. The story did not end there either. When we got to the terminal the doors did the opposite of what they had been doing earlier and quite simply refused to open. More sneers, more laughter. Welcome to India indeed. In itself a bus with a faulty set of doors should not besmirch our image but when the doors become symbolic of whats going to follow then the image does take a battering. Further needless delays followed, you see, on account of our immigration officers having an inexplicable need to read every last visa in your passport and on account of baggage carousels that move at bullock cart pace. Then, when your are finally on the road that leads into the city, you look around you and discover very quickly that you are seeing poverty and degradation on a scale that has become rare even in darkest Africa. You drive past slums that in most other countries would be considered unfit for human habitation, past open drains so filled with waste that it has solidified and through an urban landscape that is ugly and depressing. As you inch your way forward through traffic so dense that mobility itself becomes a luxury your car is besieged by barefoot, spindly-legged children who plead with you to buy their wares. We see these things every day of our lives so our eyes have grown accustomed to them but a short trip abroad is all it takes to change the way you see things and to make you more impatient for an answer to why we look so bad. Personally, I found part of the answer wading through the newspapers and magazines of the week I had been away when I noticed that the stories of the moment were exactly the kind that we could do completely without. Nearly, every magazine had interviews, for instance, with leaders of the Vishwa Hindu Parishad and other members of the Hindutva vanguard who were announcing proudly that the attacks on Christians in Gujarat would continue until every last tribal had been converted back to Hinduism. A Swami Aseemanand, who is among those leading the movement in Dangs district, was asked in one interview how long the attacks on Christians would continue. His answer: So long as a single tribal remains Christian, so long as a single church is left standing there can be no peace in Dangs. Why has this man not been locked up yet? Why is he, instead, wandering about giving inflammatory interviews? But, why only him? How is it that Bal Thackeray manages almost every week to get his mug splashed across front pages by making equally inflammatory statements about something or other? How is it that nobody is able to tell him that it really is none of his business whether Pakistani cricketers play in India or not. If he doesnt want them in Mumbai thats a problem for local cricket fans but who gives him the right to speak for India? As the self-appointed remote control of Maharashtras government he should be paying more attention to the way Mumbai airport functions and the way the city looks. He should be explaining why his government has been so completely unable to do anything about improving living conditions in the city. But, instead of this his Ministers spend their time telling the country which films we can watch and which we cannot. Since they dont just tell us they break up cinemas as well we spend weeks embroiled in a controversy over Fire and news filters through even to the international press. Everyone marvels at how a country with such serious problems of poverty, drinking water, housing, healthcare and sanitation can waste time making a huge racket about some film. Our national obsession with irrelevant, utterly needless controversies is only part of the reason why we continue to remain Third World in every sense of the term. The more important reason is that our political leaders have quite simply lost the ability to make the bureaucracy work. This is, alas, particularly true of Mr Vajpayees Government because it is perceived as being weak. What other explanation can here be for the fact that Admiral Vishnu Bhagwats wife can get up on national television and charge the Central Government with communalism? The Admiral and his wife are not the only ones so emboldened. If you talk to Ministers in either the central or the state governments they have no hesitation in admitting that they find it almost impossible to make decisions because the bureaucracy invariably manages to stop them. In the words of one Minister I met recently, Its almost as if they have developed a vested interest in India never becoming a developed country. This particular minister is a doer. He has an important portfolio and he would like very much to do something while he can but he said that his biggest problem was that the officials working under him had got accustomed to doing nothing at all. It was this that they did not want to change. I cannot sack anyone he added I cannot even transfer any of them without first checking whether they have some political godfather who has put them there, so you tell me what Im supposed to do? So, the bottom line is we
will remain the way we are until one of two things
happen. Until, we get political leaders who can make our
officials work like the servants they are supposed to be
or until our officials discover a vested interest in
India becoming a developed country. Meanwhile, welcome to
an India of rickety buses, filthy cities and grim
poverty. |
Hard-working, professional lot
I HOPE I shall be forgiven for not giving detailed coverage of television this week, because I am at the International Film Festival in Hyderabad, ironically enough, covering it for TV. But I can certify to one thing. The TV teams, including camerapersons, covering the festival are a young, hard-working, highly professional lot, who are doing my heart a log of good. Many of them are from our premier training institutions, such as Jamia Millia and Pune, and they are constituting a new, professional workforce which, I am sure, will do India proud. They are already into the 21st century. And, what is more important, I see that Doordarshan, given the competition, is catching up and proving that it is not lack of talent, but lack of encouragement that is tying them down. Also very cheering is to note number of highly professional and highly interesting satellite channels which have come up in the Indian languages. Alas, not knowing Tamil, Kannada or Telegu, though I can follow some of the Sanskritised words in Malayalam or Telegu, I can see why they are offering you strong competition to the Doordarshan. And, what is more, they have taken away lakhs of viewers from the Hindi channels which seem to offer nothing more than Hindi films in return. It is the growing maturity reach and professionalism of the South Indian channels which will also act as an incentive to other channels. Also, one can keep in touch with ones own language wherever one is in India. Although I have not yet caught a Bengali channel I am sure I will if I look hard enough DDs Marathi channel comes through clear, a challenging contrast to its National Channel, which seems as pale here as anywhere else. I have not yet caught DDs Metro Channel, which is showing the festival files every night at 11.05, as they announced. I hope they are not breaking FIAFP rules which permit only three showings of a festival film. But at least it gives people in all parts of India a channel see them if they are not in Hyderabad for the festival. However, what one really wants when away from base is news. Somehow, away from Delhi one felt even more ashamed as an Indian as one saw the destruction of a 100-year-old church only miles away from us in Secunderabad. As also the yuppies in a BMW who had run over five innocent people in a drunken state. Somehow, away from Delhi, it seemed worse, because we have seen this kind of driving, even though not fatal, in the capital and it continues in spite of all the police grand plans. However, even without knowing the language, everything in the way of entertainment seems a little more traditional on Telugu TV. One or two slightly modern-looking serials, but by and large blood-and-thunder melodramas which look mythological even if they are not. Also, I have enjoyed the feast of classical Carnatic music on the screen, much more classical music than on Hindi or channels like Star Plus. The South loves its good music and we can only hope that the North Indian, Western and Eastern channels also realise this need and follow suit. P.S.I have watched some of
the coverage of the festival on TV and must mention
Sutapa Deb of Star News whose coverage has been newsy,
illustrated with good visuals and presented with
sensitivity. |
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