Editorial
31 Dec, 2011, 03.05AM IST, ET Bureau
Lokpal Cookie: That's how political parties see it
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In the Lok Sabha, the Opposition stumped the move to give the Lokpal constitutional status. Then the Rajya Sabha adjourned without taking a vote on the Lokpal and Lokayukta Bill.
Both underline the total reluctance, despite pious protestations to the contrary, of the entire political class to have some sort of watchdog that can probe corruption cases against politicians and bureaucrats. Virtually every political party has stated a desire to have a strong and effective Lokpal.
Yet, proceedings in both Houses have shown what they really mean by such statements: nothing but public posturing. Indeed, ever since the anti-corruption campaign gained some popular support, political parties have responding by turning the Lokpal issue into a battle to manage public perceptions on combating graft.
Contrast political parties' public statements to the patent absurdity of notices being given for no less than 187 amendments to the Bill in the Rajya Sabha on Thursday, to understand the malafide intent to obstruct, delay and mutate the Lokpal. It helps to remember that the idea of the Lokpal has been bandied around for many years, but always runs into stout opposition from MPs and politicians.
It is clear we need a strong, effective Lokpal which does not undermine the authority of Parliament. There is no reason whatsoever why such an ombudsman cannot be created given a constructive public and political debate.
Which is exactly what has not happened. Most small parties, which are in power in some states, are against the Lokayukta idea: witness the performance of the Trinamool Congress in the Rajya Sabha. Bigger parties like the Congress and the BJP are also implicated.
The former may claim it had sought the passage of a stronger Bill than what it drafted before, but the caveats inserted, including on 50% reservation in the Lokpal, make it clear that the Supreme Court would have intervened and knocked the wind out of the legislation.
The BJP is, simply, displaying rank chicanery in its double standards outside and within Parliament. What the people have got, for now, is another milestone in a culture of deferment, delay and dilution instead of the hoped-for resolute action.
Both underline the total reluctance, despite pious protestations to the contrary, of the entire political class to have some sort of watchdog that can probe corruption cases against politicians and bureaucrats. Virtually every political party has stated a desire to have a strong and effective Lokpal.
Yet, proceedings in both Houses have shown what they really mean by such statements: nothing but public posturing. Indeed, ever since the anti-corruption campaign gained some popular support, political parties have responding by turning the Lokpal issue into a battle to manage public perceptions on combating graft.
Contrast political parties' public statements to the patent absurdity of notices being given for no less than 187 amendments to the Bill in the Rajya Sabha on Thursday, to understand the malafide intent to obstruct, delay and mutate the Lokpal. It helps to remember that the idea of the Lokpal has been bandied around for many years, but always runs into stout opposition from MPs and politicians.
It is clear we need a strong, effective Lokpal which does not undermine the authority of Parliament. There is no reason whatsoever why such an ombudsman cannot be created given a constructive public and political debate.
Which is exactly what has not happened. Most small parties, which are in power in some states, are against the Lokayukta idea: witness the performance of the Trinamool Congress in the Rajya Sabha. Bigger parties like the Congress and the BJP are also implicated.
The former may claim it had sought the passage of a stronger Bill than what it drafted before, but the caveats inserted, including on 50% reservation in the Lokpal, make it clear that the Supreme Court would have intervened and knocked the wind out of the legislation.
The BJP is, simply, displaying rank chicanery in its double standards outside and within Parliament. What the people have got, for now, is another milestone in a culture of deferment, delay and dilution instead of the hoped-for resolute action.
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ET, I am amazed. All that logical thinking? Somebody gave a promise of (salary/perks), perhaps, ambassadorship to Bangladesh?
This may be my last and the best comment of this, gloriously, technicolor, with surround sound, thanks to the Indian Media-Machine, Oops, choreography made "OM- bad(est)-man", namely, my good buddy, Kisan bin-Babu, no relation with, Gorment Babu, especially in "shenTar." definitely not in "shTeT," at least not in BJP, Trinamul, BSP and Namo controlled "ShTets." Oops, plum forgot to nominate, AIDMK controlled Madras, Oops, Tamil Nadu and Congress and their break-away cousins, "Ensheepee." controlled, Maha(rashtra).
Be that as it may, Indians have woken up after sixty-four of "sukhnidra." It is said that Lord Vishnu, better described as, "sukham cha me shayanam cha me." One of the three major Hindu deity, Brahma, the creator, Vishnu, the sustainer, Shiva, the destroyer, having their own, distinctive (governing) style and separate but equal domicile so distinguishing that Vishnu, underwater sleeping, comfortably with a bed of Nag (snake) while, his consort, goddess in her own account, Lakshmi, rubbing Brandy, Oops, Brahmi Oil, on his lotus colored feet, not bothering about, (white) money, (black) money, Greenbacks, Oops, Dollars, (Pink) Yuan and India's own RuePee, Oops, "baap bhalaa naa bhaiya, bhaiya sabase baDaa rupayya." Ayyayyo! going down, down and more down to Lakshmi.
May Allah be praised, (PBUH).
...and I am Sid Harth@sidileak.com
This may be my last and the best comment of this, gloriously, technicolor, with surround sound, thanks to the Indian Media-Machine, Oops, choreography made "OM- bad(est)-man", namely, my good buddy, Kisan bin-Babu, no relation with, Gorment Babu, especially in "shenTar." definitely not in "shTeT," at least not in BJP, Trinamul, BSP and Namo controlled "ShTets." Oops, plum forgot to nominate, AIDMK controlled Madras, Oops, Tamil Nadu and Congress and their break-away cousins, "Ensheepee." controlled, Maha(rashtra).
Be that as it may, Indians have woken up after sixty-four of "sukhnidra." It is said that Lord Vishnu, better described as, "sukham cha me shayanam cha me." One of the three major Hindu deity, Brahma, the creator, Vishnu, the sustainer, Shiva, the destroyer, having their own, distinctive (governing) style and separate but equal domicile so distinguishing that Vishnu, underwater sleeping, comfortably with a bed of Nag (snake) while, his consort, goddess in her own account, Lakshmi, rubbing Brandy, Oops, Brahmi Oil, on his lotus colored feet, not bothering about, (white) money, (black) money, Greenbacks, Oops, Dollars, (Pink) Yuan and India's own RuePee, Oops, "baap bhalaa naa bhaiya, bhaiya sabase baDaa rupayya." Ayyayyo! going down, down and more down to Lakshmi.
May Allah be praised, (PBUH).
...and I am Sid Harth@sidileak.com
What a difference a year can make. On almost all fronts the economy has fared worse in 2011 than in 2010. However, nowhere is the contrast as stark as in stock markets.
In the course of the year, India slipped from a respectable number 17 in the Economist's league tables of world stock performance to become the fifth worst-performing market in the world in dollar terms.
To put that in perspective, in 2010 Indian stock markets gave an annual dollar return of 18.3% according to the same league table, bettering the 13.8% return on the MSCI Emerging Markets Index. However, in 2011, we trailed the MSCI Emerging Markets Index by a wide margin.
India returned -35.5% compared to -21.5% for the MSCI's Emerging Markets Index. With the Sensex falling more than 20% in 2011, investors in the stock market are estimated to have lost almost Rs 20 lakh crore. That works out to an average loss per stock market investor of almost 10 lakh. Those are big losses in a country where the latest estimates peg income per head around Rs 35,000.
Long-term stock market investors are unlikely to lose heart. They know ups and downs are an integral part of the market. They also know that regardless of how bumpy the ride is in the short term, in the long term markets always reflect underlying fundamentals.
And as long as policy makers don't mess up too badly, the Indian economy can be expected to grow at a sustained rate of about 6-7% over the medium term even in a worst case scenario. That being the case, it is only a question of time before FIIs, who turn tail on our markets in search of safe havens in times of economic uncertainty, return to our shores.
So, long term, the prognosis is good. The anxiety is really about the short term since we are heavily dependent on portfolio flows to fund our current account deficit. If overseas investors continue to pull out of the market and export demand does not hold up, and there are already signs of a slowdown, even as oil prices rise, we could see the current account deficit widen to a point where our forex reserves to cover imports dip to an unhappy low. The warnings are clear, the government and the RBI need to act soon.
In the course of the year, India slipped from a respectable number 17 in the Economist's league tables of world stock performance to become the fifth worst-performing market in the world in dollar terms.
To put that in perspective, in 2010 Indian stock markets gave an annual dollar return of 18.3% according to the same league table, bettering the 13.8% return on the MSCI Emerging Markets Index. However, in 2011, we trailed the MSCI Emerging Markets Index by a wide margin.
India returned -35.5% compared to -21.5% for the MSCI's Emerging Markets Index. With the Sensex falling more than 20% in 2011, investors in the stock market are estimated to have lost almost Rs 20 lakh crore. That works out to an average loss per stock market investor of almost 10 lakh. Those are big losses in a country where the latest estimates peg income per head around Rs 35,000.
Long-term stock market investors are unlikely to lose heart. They know ups and downs are an integral part of the market. They also know that regardless of how bumpy the ride is in the short term, in the long term markets always reflect underlying fundamentals.
And as long as policy makers don't mess up too badly, the Indian economy can be expected to grow at a sustained rate of about 6-7% over the medium term even in a worst case scenario. That being the case, it is only a question of time before FIIs, who turn tail on our markets in search of safe havens in times of economic uncertainty, return to our shores.
So, long term, the prognosis is good. The anxiety is really about the short term since we are heavily dependent on portfolio flows to fund our current account deficit. If overseas investors continue to pull out of the market and export demand does not hold up, and there are already signs of a slowdown, even as oil prices rise, we could see the current account deficit widen to a point where our forex reserves to cover imports dip to an unhappy low. The warnings are clear, the government and the RBI need to act soon.
31 Dec, 2011, 08.53PM IST, PTI
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Anna Hazare advised to be hospitalised in Pune
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Read more on »Lokpal Bill|Anna Hazare
RALEGAN SIDDHI: Anna Hazare is suffering from severe chest congestion and Doctors advised today that the anti-graft crusader be hospitalised in Pune tomorrow for further treatment.
Dr Sancheti of the Sancheti hospital in Pune said he had made the suggestion for shifting the 74-year-old Gandhian from his native village in Maharashtra to Pune after medically examining him.
"There is enough congestion in his chest and he has strong cough. He can't remain in a single position for a minute. Thefore I've suggested to admit him in Pune," he said.
Dr Sancheti said Hazare needed to take a chest x-ray and undergo other medical investigations in the hospital.
He said necessary precautions will have to be taken to ensure that the activist's condition did not develop into pneumonia.
Hazare returned to his village on Thursday afternoon after he abruptly broke his three-day fast in Mumbai on the second day on Wednesday..
Hazare's personal physician Dr Daulat Pote had said on Thursday that the Gandhian was still suffering from weakness owing to a viral infection and had been advised complete rest for at least four days.
With Anna's health deteriorating, Team Anna's core committee's planned meeting here next week has also been postponed.
The core committee was to meet for two days from Monday to chalk out its next course of action.
Dr Sancheti of the Sancheti hospital in Pune said he had made the suggestion for shifting the 74-year-old Gandhian from his native village in Maharashtra to Pune after medically examining him.
"There is enough congestion in his chest and he has strong cough. He can't remain in a single position for a minute. Thefore I've suggested to admit him in Pune," he said.
Dr Sancheti said Hazare needed to take a chest x-ray and undergo other medical investigations in the hospital.
He said necessary precautions will have to be taken to ensure that the activist's condition did not develop into pneumonia.
Hazare returned to his village on Thursday afternoon after he abruptly broke his three-day fast in Mumbai on the second day on Wednesday..
Hazare's personal physician Dr Daulat Pote had said on Thursday that the Gandhian was still suffering from weakness owing to a viral infection and had been advised complete rest for at least four days.
With Anna's health deteriorating, Team Anna's core committee's planned meeting here next week has also been postponed.
The core committee was to meet for two days from Monday to chalk out its next course of action.
...and I am Sid Harth@sidileak.com
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