Financial Daily
from THE HINDU group of publications

Tuesday, August 29, 2000





Eleventh Finance Commission -- An opportunity missed
Against the backdrop of coalition party politics, it is indeed a daunting task to devise a devolution package satisfying the overall financial needs of the States. The Eleventh Finance Commission has missed the opportunity to develop a set of criteria wh ich could satisfy the long-standing needs of the States, says P. Jegadish Gandhi.

The man who put crunch in candy
TODAY, if politicians everywhere in the world harangue endlessly about anything, it is globalisation.

The RBI chant
REAL GDP GROWTH in the current year could be about 6.5 per cent, a few notches lower than the potential 7-8 per cent, admits the Reserve Bank of India in its Annual Report, 1999-2000. The real-life confession has to be placed beside the budgetary rhetori c of the Finance Minister, Mr. Yashwant Sinha, to usher a `Decade of Development' with 7-8 per cent growth per annum. For that to happen, the RBI specifies a step-up in real investment, technology enhancement and efficiency gains. But these are not happe ning. The RBI puts the potential growth of the Indian economy in the 6-10 per cent range. Quality growth is not happening and the RBI Annual Report cannot be blamed if its prescriptions read the same as the earlier editions.

British media vitriol and the Kursk tragedy
THE British media are convulsed in one of their periodic fits of morality, brought about by a moral view which smells strongly of carbolic.

Kazakhhstan: Trying to find its feet
THE 61st birthday of the Kazakhh President, Mr. Nursultan Nazarbayev, was celebrated on July 6 and marking the occasion, he announced the opening of the country's biggest oil field -- Kashagan -- and indicated that his country's petroleum production is o n the threshhold of bypassing Saudi Arabia's.

New BJP chief: Beginning on the right note
THE first Dalit to assume leadership of the Bharatiya Janata Party, Mr. Bangaru Laxman has begun on the right note, sending several important signals to party hardliners.

Capability development mission for SSIs
THE GOVERNMENT's decision to de-reserve some and raise investment limits on some other items currently reserved for SSI sector is a clear indication of the shape of things to come. Small firms have to learn to stand on their own feet and fight for their survival in the market. However, the Government has not announced any specific strategy to facilitate this learning. The Planning Commission has recommended allocation of about Rs. 5,000 crores for technology development and working capital requirements of small-scale industries (SSIs). The assumption seems to be that all problems of SSIs can be solved by such measures.

Operation Veerappan
AN aura of invincibility surrounds the forest brigand, Veerappan. However, the fact is he is not as invincible as is made out to be, at least by a section in the media.

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