Agriculture
GM crops and biosafety concerns
``The optimist sees opportunity in every danger, the pessimist danger in every opportunity.'' -- Winston Churchill
Budget
Budget: Will it do all it promises?
THE FINANCE MINISTER, Mr Yashwant Sinha's fourth Budget is the first with an approach to second generation reforms. In its pre-Budget lobbying, industry did good work. How else can one explain the total acceptance of the demands made by leading chambers
of commerce and industry associations winning him 90 per cent marks from the captains of industry? No doubt, the Economic Survey had laid the ground for a growth-oriented Budget but one did not anticipate such an extensive reform package. Growth has wide
r implications in an economy of India's size, than merely industrial growth, although against the background of a general slowdown and emerging competition, industry needed a proper policy framework of the type contained in the Budget.
Economy
Factoring in high inflation
THE AGGREGATE supply of goods and services is equal to the gross domestic product at market prices, plus or minus the excess of imports of goods and services over their exports. The aggregate demand for the same is equal to the aggregate private consumpt
ion expenditure, plus the aggregate capital formation expenditure. Such expenditures will be on both domestically produced goods and net imports. The aggregate expenditures have to equal the volume of money multiplied by the velocity of circulation in te
rms of expenditures. If we assume the velocity to be unchanged, the changes in money supply will determine those in aggregate expenditures. Hence, changes in money supply in relation to changes in the aggregate supply of goods, cause price level changes.
Editorial
Gold-plating
THE ALAGH COMMITTEE report on `re-assessment' of urea capacities has only confirmed what is perhaps one of the country's best known secrets: The flagrant `gold-plating' by fertiliser units by understating true production capacities. Urea plants have been
consistently averaging production rates of up to 110 per cent of their declared (name-plate) capacities, with peak utilisation levels touching 148 per cent in some cases.
Forex
The currency conundrum
THE 21st century policy-makers are striving to pursue development goals in a landscape that has transformed economically, socially and politically, with two main forces driving all policies: Globalisation -- the continued integration of nations by trigge
ring the massive cross-border flow of capital, goods, services, human resources and even management; and localisation -- the desire for self-determination and the devolution of power.
Management
Making quality managers
SAUCE for the goose may not be sauce for the gander. Likewise, the ruling principles that go to administer a nation's affairs may not set the pattern for shaping management techniques in the engineering industry. The destiny of a country swings to the ex
tremes either according to the authoritarian rule of a dictator or to the one steered by a democratic coterie. Neither would suit an industrial organisation, nor a charismatic leader, nor even control by an elected council. The preferred specification fo
r a fit manager would, therefore, be difficult to delineate, since several personal and professional qualities would add up to make a wholesome requirement. It is a proven fact that the success or prosperity of any industry depends entirely on the leader
ship provided by the head.
Politics
Jingoism and terrorism: Blurring divide
``MANAGING the Challenges in Asia'' was the subject of a terrorism and regional security conference by the Asia Pacific Foundation at the Royal United Services Institution in Whitehall last week. The panel of speakers was impressive. They spoke with auth
ority, their words were measured, but forceful, their analyses marked by rigour and clarity. The invited audience listened with rapt attention and responded with question and comment that were nearly as searching.
