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Tuesday, October 21, 2008

Inflation deflating Congress

Inflation Image of Business and Economyhas been a critical factor in the downfall of governments worldwide. IFor instance, it was the unaffordable prices of essential commodities that ousted Indonesian President Suharto in 1998 and senior Bush in 1992. Even in India, many ruling parties have paid the price. Will Congress survive it? By asad

Many a time, inflation has proved to be a wrecker of governments worldwide; and in India the scare is quite perennial. In 1980, the skyrocketing prices of essential commodities delivered that most essential of all lessons to the left-of-centre Janata Party; and it paid the price that inflation inevitably exacts. In the 1998 Delhi local elections, the voters put the BJP-led coalition out of business in the Onion War that saw onion prices hitting the aam aadmi’s roof.

And ten years down the line, the ruling Congress-led UPA has that same ageless worry gnawing at its very foundations. Wholesale price-based inflation has already touched a 40-month high of 7.41%, with everything from fruits, vegetables, oilseeds, meat and milk becoming dearer. For UPA, the price rise couldn’t have come at a worse time. The glee Congressmen experienced in 2004 – when the BJP was hounded out for failing to deliver on its pledge of ushering in social and economic change – has all but vanished. And at least on the subject of price rise it’s the saffron party that calls the shots and is eager for all the photo ops.

Already, inflation is the leading item on the opposition’s agenda. Warning of nation-wide protests, L. K. Advani would have the Congress “forewarned” of its “culpability” for failing to rein in the monster of inflation. “The hungry masses must make these exploiters pay for this crime,” he said. The barb seemed to have been directed chiefly against Finance Minister P. Chidambaram who, around February-end, had drawn loud partisan cheers for his populist budget pledges that had brimmed over with eye-popping tax cuts and a massive Rs.600 billion farm debt waiver scheme. But the icing was the Pay Commission largesse.

Meanwhile wholesale vegetable prices have shot up by an incredible 4.1% and pulses have become dearer by around 1.2%; with retailers and consumers experiencing the usual jitters. Prime Minister Manmohan Singh has admitted that the steep rise in food prices is hurting inflation management, but has ruled out arbitrary controls. The IMF forecast estimates India’s inflation at a moderate 5.2% in the current calendar year and 4% in 2009. But the voter does not care about stats; sop or no sop, he will vote for the party that can deliver.

And all UPA coalition members – particularly the Left – realise that nothing can upset their winning calculations more than the general discontent with the government over the unbearable cost of living. The United National Progressive Alliance (UNPA) has joined forces with CPI to launch anti-price rise protests. “The government will pay a high political price for inflation,” said senior CPI leader D. Raja. So how is the ruling alliance likely to fare in the next elections? Former Karnataka chief minister S.M. Krishna told B&E that he feared for his party in the upcoming assembly polls due to its failure to control inflation.

What’s more, even the middle classes are beginning to fear that the sagging economy will eventually erode their lifestyles, pensions and business prospects. Said a Delhi-based housewife Nilofer Raquib, “I am really worried with several vegetables selling for over Rs.40 a kg.” The government, of course, knows that the baby steps it is taking will not protect it from the voters’ wrath. “We have no magic wand, the whole world is affected,” is the line that big wigs of the ruling party are mouthing.

Said Minister of Earth, Science and Technology Kapil Sibal, “Prices of agricultural commodities had shot up by 73% in the international market between August 2007 and March 2008.” His point is taken. Inflation has notched up record highs in all emerging markets such as China (8.7%), Russia (11.9%), Argentina (7.3%) and Turkey (8.1%). But Sibal must realise that inflation has led to the downfall of governments worldwide. In the late 1990s, this was the case in Thailand, South Korea, Indonesia and Malaysia. It was the unaffordable prices of essential commodities that ousted Indonesian president Suharto in 1998.

Economic slumps have dashed the aspirations of presidential hopefuls in the US. George H. W. Bush found this at his cost when he lost to Bill Clinton in 1992. The two exceptions in US history are Harry Truman and Republican Warren Harding, who snatched the White House from the Democrats in 1920, even as recession was under way. But there can be no parallels, particularly not between the Indian and US scenarios. It’s absurd, for instance, to speculate whether Sonia’s fortunes will go the Truman way.

Will people care less about their pocketbooks and give the UPA the benefit of doubt? Will they be as receptive about the global recession line that the government feels forced to hammer on? Just as there is no magic wand, there are no easy answers this time.

For more articles, Click on IIPM Article.

Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

For More IIPM Info, Visit below mentioned IIPM articles.
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IIPM, GURGAON
IIPM : EXECUTIVE EDUCATION
IIPM’s 36th Glorious Year of Academic Excellence
IIPM Ranked No. 1 B-School In Global Exposre - Zee...
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Thursday, October 16, 2008

E. SREEDHARAN


IIPM INTERNATIONAL - NEW DELHI, GURGAON & NOIDA

E. SREEDHARAN
Still on the fast lane


HeE. SREEDHARAN has achieved several benchmarks and has several feathers in his crowns. But such recognitions can never be enough to describe this man whose vision is limitless. We are talking about the seventy-one years young Metro Man – E. Sreedharan. He changed the face of Delhi by giving it a high tech touch of metro but what many of us today don’t remember is the hurdles that he has to face at that point of time from the so called social care takers. Palpable from his earlier performance, nothing can bog down this buoyant man and hats off to his dare-devil attitude, Delhi has its Metro today. “He’s a man whose contributions have always been overshadowed. I being in the retail & real estate industry know that whenever he chalked out a metro expansion plan, he came out with an optimum solution of not disturbing existing infrastructure,” feels Lalit Kumar, CEO & Director of Ebony Retail.

It’s not Lalit Kumar alone, several others of his ilk, who know Sreedharan agrees that he is a man of action and modest enough to create a project that benefits all. Bucked up with such a mission he want’s to do more for the Indian masses. Well, his track records says that no chains can arrest his dreams.

For more articles, Click on IIPM Article.

Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

For More IIPM Info, Visit below mentioned IIPM articles.
IIPM - Admission Procedure
IIPM, GURGAON
IIPM : EXECUTIVE EDUCATION
IIPM’s 36th Glorious Year of Academic Excellence
IIPM Ranked No. 1 B-School In Global Exposre - Zee...
4Ps Power Brand Awards 2007
When IIPM comes to education, never compromise
IIPM is A World of Career
Why Study Abroad When IIPM Gives You 3 global Advantages!
IIPM Ranked No. 1 B-School In Global Exposre - Zee...


Saturday, October 04, 2008

The ones who’ll make it...


IIPM INTERNATIONAL - NEW DELHI, GURGAON & NOIDA

Battle-scarred veterans talk to aakriti bhardwaj and kanika dhupar about the youngsters who’ll be the standard bearers for the nation in the next 25 years


Ishant SharmaNikhil Chopra on Ishant Sharma
“It has to be Ishant Sharma! He’s young, energetic and one of the quickest bowlers in India. He’s somebody with his head on his shoulders and is one of the players who will serve the country for a long period of time. He’s only 19 years old, has little experience and still has performed very well internationally. He handles the pressure well and is always looking to improve his performance. This kind of determination from a 19-year-old kid is commendable.”

Anita NairRuskin Bond on Anita Nair
“Amongst the many new writers, I think Anita Nair is going to make it big. She’s original, and is always looking to do things in a different way. Above all, she writes really well, and has a unique style that makes her different from all the rest. She has immense potential, but I would like to believe that her best is yet to come. So far, her novel Ladies Coupe is my favourite.”

Neil Nitin MukeshSudhir Mishra on Neil Nitin Mukesh
“A lot of new talent is coming up. Neil Nitin Mukesh is someone I think will go very far. There is a rare quality about him, an endearing vulnerability about him. Apart from the fact that he is very attractive to look at, on the screen there is a very appealing softer quality about him. And of course, he is a very good actor. To be a star in these times, all of these things have to come together. Since Neil partly comes from the film industry, he will be guided right. I think he would make a versatile actor, and as he grows, he should choose the right films and work with the right directors from the beginning of his career. As he has only done a realistic film so far, many of his abilities have not yet been showcased. He is a very good dancer as well. I think he has really good potential for the Indian screen.”

For more articles, Click on IIPM Article.

Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

For More IIPM Info, Visit below mentioned IIPM articles.
IIPM - Admission Procedure
IIPM, GURGAON
IIPM : EXECUTIVE EDUCATION
IIPM’s 36th Glorious Year of Academic Excellence
IIPM Ranked No. 1 B-School In Global Exposre - Zee...
4Ps Power Brand Awards 2007
When IIPM comes to education, never compromise
IIPM is A World of Career
Why Study Abroad When IIPM Gives You 3 global Advantages!
IIPM Ranked No. 1 B-School In Global Exposre - Zee...