Changing Leaders Mid-Course
Updated: Apr 28 2004, 05:30am hrs
This refers to the news report India poised to become third economic power (Apr 27). India is in a battle against poverty and against world economic competition and so far she has done excellently. A lot of credit should go to the Bharatiya Janata Party for this dramatic change. In any battle, be it war or economics, do not change parties mid-stream. I say stick with the BJP.
Business Of Fashion
This refers to the bottomline on the India Fashion Week (Apr 26). The article has nicely brought out the glamour angle and business angle of this event. It is interesting to know that Rs 30 crore is the estimate of business the Week generated last year. The real test for this trade show will lie in similar statistics for this year.
With the number of potential buyers going up, if the Fashion Week does not generate more business than last year, Fashion Design Council of India will definitely need to think things over. Then, we can say that hype has truly outsmarted business. On the other hand, even a mere Rs 5 to 10 crore of increase in business over the last year will suggest that the Week is on the right track. Then, the new Market Week will offer real hope for the fashion business because in its new format, it will in all probability speed up the way the industry does business.
Shades Of Government
This refers to Mr Senthils edit page article on outsourcing myths (Apr 27). There is a difference between governments in power and governments seeking power through the democratic route. While in power, they listen to industry bigwigs, associations, twisted economic theories etc. When seeking power, rightly or wrongly, they are forced to listen to the woes of the people such as unemployment, drought, hunger and poverty, water, power, illiteracy and health. This is what Kerry and Bush have to deal with and nearer home, the NDA and Congress.
The profit-seeking corporations and their efficiencies highlighted by the author hide the corporate fraud (Enron, Parmalat and Tyco etc), greed (Jack Welch and other CEOs exorbitant salaries) coupled with low wages for the workers, bribery and lobbies. Plus, increase in contract labour leading to insecurities (manufacturing sector) and privatisation of public assets.
Thank God, governments have to seek power. At least, people have a chance. In the case of corporations, they wield disproportionate power without accountability. But the author should not worry. Governments once elected will go back to twisted economic theories and myths will flounder.
CalPERS To The Rescue
With reference to the edit page article of Omkar Goswami What CalPERS should mean to India (Apr 27), it is good news for Indias small investors that the US pension fund is now looking at our capital markets. The succession of scams have left small investors weary and suspicious of investing in the capital markets. In this context, the arrival of a pension fund which is known to exert stringent pressure on companies to adhere to corporate governance norms, is most welcome. We hope we are better off as analysts have predicted.