MY VIEWS IN 'LIVE MINT' ON HIGH FOOD PRICES

'Live Mint' story on 13.03.13 : New Delhi should take the blame for high food prices

Comments of Milan K Sinha

We know that country's millions of farmers continue to engage themselves in agricultural activities despite several odds, many of which are avoidable with proper & timely support and intervention by the officials appointed to look after the welfare of the feeders of the country's huge population. Despite having achieved annual food production of more than 250 million tonnes and also having more than adequate food stock in the country, the food prices have been rising month after month making the life of average Indians very difficult to sustain. Clearly, the basic problem lies in mismanagement of food economy of the country and the known reasons have been hoarding, middlemanship, faulty import-export policy etc. Besides this, there is another glaring problem. Can any Govt. functionary right from the concerned central/state ministers down to agriculture officers/food inspectors, give the reason for wastage of millions of tonnes of food grains in a country where every day more than 7000 people die of hunger and over 200 million people sleep hungry every night. Isn't it highly shocking and shameful that about 21 million tonnes of wheat annually perishes due to inadequate storage and distribution, equivalent to the entire production of Australia as reported by the Institution of Mechanical Engineers ( IME) on global food wastage ? What for so many departments with huge work force are there in the country who fail to deliver the goods despite enjoying handsome salary and perks year after year but without any accountability worth the name. In fact, this is a problem created skillfully by a handful of unscrupulous persons enjoying the political blessings and also immunity from prosecution to a greater extent. Naturally, the common farmers and the poor masses would continue to commit suicide or die of hunger till such racket in food management of the country is not busted effectively on a regular basis.

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MY VIEWS IN LIVE MINT ON SELECTION OF PSU BANK CEOs

'Live Mint' story on 03.03.13 : How the govt chooses PSU bank CEOs

Comments of Milan K Sinha
03 Mar, 2013 10:23 PM

How the govt chooses PSU bank CEOs is undoubtedly a very important issue which has been discussed appropriately and it is hoped to draw the attention of the power that be for initiating immediate rectification measures. It has really been an irony that selection of EDs & CMDs in PSU Banks in a non-transparent and adhoc manner without any professional approach as if these are purely political appointments based on whims and fancies of political masters and some bureaucrats in the concerned ministry.The outcome of this kind of selection process is vividly noticeable in all aspects of functioning of PSU Banks which every one knows are not in good health and require regular support from the govt. including infusion of capital in order to comply with the international norms of capital adequacy etc. Its a common requirement for any dynamic organisation to have a succession plan, if not for all segments of staff, but at least for top management including EDs & CMDs . Further, there must be a minimum tenure of 3 years for CMDs and  two years for EDs to know, understand and effect some value addition to the continuing process of action plan and also contribute towards change management keeping in view the growth road map of a PSU Bank. Failure to have a transparent and well laid down policy in this regard is definitely have wide ramification on all aspects of business, both top line as well as bottom line. It is a pity but a fact that the questions being asked to the interviewees for the apex positions are more or less the same & similar as being generally asked in PO's(Probationary Officer) interview or in interview for scale promotions which clearly reflects Govt's lack of professional commitment towards taking care of quality in selection even for   such vital positions necessary for ensuring a sound and vibrant PSU banking  in the country. If  an expert panel goes a bit deep into the problems PSU Banks have been facing over a few decades now, whether it pertains to liability or asset management, NPA or HR management, Risk or Fund management,  it can well be observed that the top management and the boards have failed to address even the important  issues proactively and professionally to keep the show going and live up to the minimum expectations of  the millions of stakeholders - the customers. There is no denying the fact that PSU Banks have immense potential and opportunities too to excel in all areas of banking operations provided meritocracy gets precedence over mediocrity in days to come. 

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MY VIEWS IN THE ECONOMIST ON ASPIRING AFRICA & IN LIVE MINT ON RAIL BUDGET'13

The Economist Story on 02.03.13 : The world’s fastest-growing continent: Aspiring Africa

Comments of MILAN K SINHA

Its really encouraging development not only for the African continent in particular but also for the world community in general. With 2nd most populous continent after Asia and having the highest number of countries among all the continents, resurrection in Africa is definitely going to have perceptible impact on the world's economic and political scene. It is no denying the fact that if Africa is to grow well vis-a vis its potential & its inner urge to live a better life in days to come, as rightly pointed out in the report, it needs to take on the difficult jobs of building infrastructure, rooting out corruption and clearing the tangle of government regulation that is still holding them back. The countries must individually & collectively act in a planned & action oriented manner so that resource management is fully taken care of and fruits of growth is distributed equitably in a democratic & transparent manner.The world community (including the UN) particularly the west must come forward with open mind to support the process of resurrection wholeheartedly for ensuring faster growth with equitable justice so that every citizen of this important continent can have a decent human life in shortest possible time.

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'Live Mint' story on 26.02.13 : What Rail Budget ’13 says about Budget ’13

Comments of Milan K Sinha

The Rail Budget 2013 presented by P.K.Bansal as the first Congress rail minister in 17 years after C.K. Jafarsharif, is in many ways different both politically and otherwise. Four months in office as railway minister with inherited legacy of many kinds, is definitely a short period to know and understand the basic problems facing this largest government run organisation. Hence, it is but natural for the minister to adopt a path which may  displease some sections of society  but please his own party and constituency at a time when the next general election is not far off. It is really an enigmatic issue still for many including me as to how the Minister of Railways from 2004 to 2009 in the ruling United Progressive Alliance (UPA) government could show  a profit of Rs.25000 Cr. without increasing passenger fare. His feat was so loud and profound that internationally reputed  schools of management like IIMs,Harvard, Wharton etc.  were interested in his  leadership in managing the turnaround (Earlier, the Indian Railways was a loss-making organization) and invited him to address  hundreds of future managers. He was also  lauded by the PM and the present UPA chairperson besides many congress ministers. Shouldn't  the present incumbent have consulted  him to know the secret of his management style before presenting the rail budget?

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MY VIEWS IN TIMES OF INDIA ON BIHAR'S GDP & IN LIVE MINT ON INDIA'S GDP GROWTH RATE

The Times of India story on 09.02.13 : Bihar GSDP growthrate slides to 9.48%

Comments of MILAN K SINHA (PATNA)
9 Feb, 2013, 11:37 PM

''Although the news is disheartening, yet not very unexpected as the growth drivers during the last seven years of present NDA government in a state which could not perform well on growth parameters for more than a decade preceding NDA rule, is showing signs of definite slowing down for more than one explicable reasons. To justify this fall by enumerating reasons with supporting statistics is not going to help score extra mileage, at least economically. In any case, the estimated decline in the growth rate of the state GDP to 9.48% during the current fiscal year from the high of 13.27% registered in 2011-12 is a big set back to the ruling combination in year which is going to be very important politically in view of next Lok Sabha elections. Hence, in order to register a visible turnaround, the government of the day should review its priorities thoroughly, identify the grey areas which affect the quality of governance at large, make the delivery mechanism more effective, transparent and equitable at the ground level, stop wastage of resources at all levels and implement the existing welfare programmes passionately & speedily to improve the quality of life of the poor & disadvantaged population of rural Bihar. Undoubtedly, Bihar has immense potential to register far better rate of economic growth with equitable justice than any state in Indian Union.''

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'Live Mint' story on 11.02.13 : India’s growth slowdown rooted in structural issues

Comments of Milan K Sinha
11 Feb, 2013 10:30 PM

Everyone knows well that our economy is not doing well for quite some time now. Revision and re- revision of estimated Gross Domestic Product (GDP), Fiscal Deficit (FD), Current Account Deficit (CAD) and other economic & financial indices is being worked out as a desperate attempt at the fag end of the year to make the figures look  not that bad to affect the electoral prospect of UPA partners in the ensuing 16th general election. Going by the available economic data coupled with political indecisiveness at the apex level even on economic issues concerning the general well being of millions of common people, it is but natural for the citizens  of the country to be highly apprehensive of further escalation in prices of essential commodities  due to likely imposition of tax burden in the ensuing rail and general budgets to be announced  later in this month. The implication of slow down in economic growth, we know well, is and  would be fatal as far as job creation, implementation of welfare schemes, external debt & interest servicing,investment prospects etc. are concerned. Undoubtedly , this is a big setback for the country. 

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MY VIEWS IN ECONOMIC TIMES ON BANKS' OPERATIONAL COST

Economic Times Story on 09.02.13 : Slash operational costs to reduce interest rates: FM P Chidambaram to banks  

Comments of MILAN K SINHA (PATNA)
9 Feb, 2013, 9:16 PM

FM has rightly stressed the point by saying that Banks can attempt to improve their operating efficiency, reducing costs, and pass on the benefit to borrowers through lower interest rates... With more than 14500 branches spread across the country, with the rare privilege of managing the treasury transactions of the government country wide thereby having natural benefit of garnering large chunk of low cost Govt. deposits, with exclusively highest degree of internal human resource career progression upto the level of chairman which takes care of continuity in policy formulations and its execution keeping in view both the short term as well as long term growth perspective of the country' largest bank, SBI is definitely better placed to engage itself much more sincerely and aggressively to make itself the centre of excellence in Indian Banking space. It goes without saying then that the Bank has to i) enlarge the portfolio of CASA(Current A/C & Savings A/C) deposits by perceptibly improving its customer service & reaching out to rural customers in a big way, ii) ensure far better fund/asset management with sizeable reduction in NPA(Non Performing Asset) and iii) reduce the cost of operations by ruthlessly stopping wastage by identifying such areas of avoidable expenses which are still not few in our banking operations including that of SBI. This would definitely set a commendable trend for other banks, particularly PSU banks to emulate for staying healthier in coming days.

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MY VIEWS IN TIMES OF INDIA ON AMARTYA SEN'S STATEMENT ON BIHAR RESURRECTION

Comments of MILAN K SINHA (PATNA) in  
The Times Of India dt.05.02.13 9:15 PM

Dear Reader,
Your comment on the article ''Bihar resurrection to help India grow,says Amartya Sen'' is now displayed on timesofindia.com.

''The said event organised to release the book "Resurrection of the State: A Saga of Bihar" went off well with brief but thoughtful address by Amartya Sen. Undoubtedly, the last couple of years has been very encouraging as far as state GDP growth is concerned as emphatically indicated by N.K.Singh. Rajya Sabha MP from the state and a noted bureaucrat, but the basic ground realities related to most basic needs - food, clothing, shelter, health, sanitation, education for the common man of a progressive state, more particularly the disadvantaged section of society have yet to register perceptible improvements to qualify to be termed as a state with better & improved quality of life matching the GDP growth story. The irony has been that every time the comparison is done with the situation that was prevailing during RJD rule in the state which may be correct politically.The question is why to compare with the past at all which people didn't like and hence effected an electoral change for this government to step in. A period of seven years plus, backed by a huge public mandate is not too short a period to perform and excel in a far better manner on most of the issues of common concern including HDI(Human Development Index). Every one would agree that the state has the huge pool of human resources together with basic natural resources necessary for faster development. Now, if the quality of governance at the bottom of the pyramid is made to improve to a much higher level during the rest of the tenure of the present NDA government so that optimum Resource Management is ensured and fruits of growth is distributed equitably in a fair, quicker and transparent manner, the term resurrection of the state of Bihar will have real meaning.''

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MY VIEWS IN ECONOMIC TIMES ON RESPONSIBILITY OF PSUs & IN LIVE MINT ON DEPOSIT RATES

Economic Times Story on 01.02.13 : PSUs have larger responsibility than private peers: T K A Nair  

Comments of MILAN K SINHA (PATNA)
1 Feb, 2013, 11:48 PM

It is correct that PSUs have larger responsibility compared to their peers in private sector to work towards achieving India's economic goals as asserted by T K A Nair Adviser to Prime Minister Manmohan Singh. Yes, PSUs are expected to perform differently keeping in view both the short term as well as long term perspective of country's overall development. But how this will happen remains to be a big question due to various avoidable and unavoidable factors which affect severely the day to day functioning of the PSUs in the country. Still, most of the board of PSUs function as per the whims and fancies of political masters and not as per the laid down rules and procedures in a professional manner. More often than not, the appointment of chairman and directors are done not on merit, but on their affiliation and proximity to power that be and their willingness to toe the unwritten but known defined line. If that is so, how come PSUs compete with the private players in this open market economy and keep themselves really performing in true sense of the term. We can't have parity in performance without having parity in level playing field. Our political class must appreciate that well done is always better than well said.

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'Live Mint' story on 08.01.13 : RBI wants deposit rates as high as possible to generate savings

Comments of Milan K Sinha

29 Jan, 2013 09:49 PM

It would be interesting to see the impact of 0.25% reduction in Repo rate and also  in Cash Reserve Ratio (CRR) which is going to increase the money supply and affect the rate of inflation accordingly to some extent, on the pace of economic growth during the next few weeks in the current fiscal. But, in any case,  without ensuring perceptible improvement  in loan delivery mechanism together with  NPA management in Indian banking sector in coming days,   the current rate cuts is going to have minimal effect on GDP growth, even though  all other factors having a definite bearing on economic growth are kept at the same level. Notwithstanding, let us hope for the best.

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MY VIEWS IN TIMES OF INDIA ON B-SCHOOLS & SCHOOL HOMEWORK

Comments of MILAN K SINHA (PATNA) in  
The Times Of India dt.30.01.13 11:39 PM

Your comment on the article ''B-schools increasingly loosing shine in India, Assocham says'' is now displayed on timesofindia.com.

''The Associated Chambers of Commerce and Industry of India (Assocham) paper on closure of many B-schools and Engineering colleges in the country is quite revealing. The assertion of D S Rawat, secretary general of Assocham that there is no quality control, the placements are not commensurate with fees being charged, the faculty is not good enough and there is no infrastructure are startling facts. It is very unfortunate that majority of students who pursued their management and engineering education in colleges of tier-2 & tier -3 cities of our country after spending sizeable money and time are not getting suitable employment.This in turn clearly vindicates the allegations that the authorities in HRD ministry, AICTE etc failed to monitor the quality of education being imparted by such institutions through out the country. Isn't this a well thought off racket by education mafias to play with the future of lacs of students so blatantly? Are HRD ministers/authorities at the centre & states listening?''

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Comments of MILAN K SINHA (PATNA) in  

The Times Of India dt.14.01.13 10:46 PM

Your comment on the article ''Schools assigns too many projects as homework, CBSE finds'' is now displayed on timesofindia.com.

''The finding of CBSE is not a news to students and the guardians. In the name of modern and progressive education system in the country, the stress of children at their impressionable age is becoming heavy which, if not checked and corrected , would be disastrous in coming years. Four to six hours quality teaching at school is more than enough for the mental development of any child in this age of information and technological boom. In fact, in most of our schools, the teachers are not adequately qualified, what to talk of properly trained. Many private schools have become the commercial establishments making money by exploiting the guardians to the extent possible. If an independent survey is conducted to look into the sports facilities available to students in the schools and if at all available, how much time the students are engaged in such sports activities on a regular basis, it can very well be observed that our children at large are compelled to be away from sports activities which is so essential for the healthy growth of a child. And on top of this, the inhumane act of loading projects to be completed at home thereby keeping the children stressed further, sometimes beyond redemption for a number of them. CBSE authorities should take into account these facts while preparing the course curriculum as well as  guidelines for school administration to ensure grooming our own children as strong, sensible and responsible citizens of the country.''

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MY VIEWS IN ECONOMIC TIMES ON FACTS ABOUT REPUBLIC & ELECTION,2014

Economic Times Story on 26.01.13 : 26 facts about the republic  

Comments of MILAN K SINHA (PATNA)

26 Jan, 2013, 06:46 PM

Its no denying the fact that country has progressed in many areas during the last six decades but the pace of progress and its reach to the millions of poor and disadvantaged has been a point of serious debate. If one takes only two facts out of twenty six mentioned in the report : 1) 46.5% households have mud floors, 29% have concrete roofs and 2) 53.1% of households do not have latrine within premises , the priority of progress and its speed can very well be understood. Food, clothing and shelter are the most basic necessity of every human being. And lack of toilet facilities for millions of household is a real shame for the nation. The gap between the lowest earner and the highest earner in the country has been widening disproportionately and the ratio is beyond the imagination of many expert accountants.The average Indian is still struggling very hard (today the nation is celebrating 64th Anniversary of Republic Day) to live like a normal human being whereas certain percentage of population spend thousands of rupees daily on entertainment. If we look around, don't we find a large Poor Bharat and a small Affluent India in our own Sovereign Republic Country? Naturally, the big question now is, who will correct this huge socio - economic imbalance?

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Economic Times Story on 26.01.13 : Elections 2014: Rethinking democracy 

Comments of MILAN K SINHA (PATNA)

26 Jan, 2013, 11:58 PM

Today is 64th Anniversary of Indian Republic. The political class and its followers have been very preoccupied with several functions reiterating promises of doing better than what they have been doing till yesterday. The parliament of the country witnesses more of discussion than serious and meaningful deliberations, many a times very noisy and acrimonious too, at an expense of Rs.25 lacs per hour but without desired results. Many of our MPs don't even attend the sessions let alone the question of participating in the discussion and/or deliberations or raising questions related to national or local issues of importance. However, the salary and perks are enjoyed by every MP which , if calculated discreetly as Lohiaji used to do, will be more than three million per year per MP. To say, the cost of sustaining the present set up of Indian politics is huge by any yardstick, but the country men , most of whom are destined to live with a daily income of Rs.20/- have not yet lost the faith and trust on the existing system and hence come out in large number to exercise their franchise. With increasing number of educated and demanding youths joining the voting population, it is hoped that the character and complexion of Indian politics would change for the better.

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MY VIEWS IN TIMES OF INDIA ON WATER RATIONING

Comments of MILAN K SINHA (PATNA) in  
The Times Of India dt.07.01.13 10:13 PM

Your comment on the article ''Water rationing in Bangalore, Mysore not ruled out'' is now displayed on timesofindia.com.

''Why Bangalore or Mysore, the water rationing would the order of the day in many cities including the capital of India, New Delhi, if corrective measures are not initiated without further loss of time. It is interesting to know that two of the four BRIC( Brazil, Russia, India & China) nations, Brazil & China have already in place the mechanism of roof top rain water harvesting in some cities for meeting drinking as well as other needs of the population besides finding ways for replenishing ground water levels. In our neighbouring nation Sri Lanka, harvesting rain water is very popular & effective means of ensuring water availability in rural areas. Cuba’s “More With Less” economic philosophy based on proper management of its available resources including rain water is an example in itself. Awareness among the affected & likely to be affected masses for stopping overuse & abuse of water is a must. Govt. spending running in lacs of crores in the name of either river cleaning programme, construction of large dams and other such money siphoning projects should be reviewed by a group of experts having high moral integrity for best use of public money for alternative means for water harvesting and conservation to take care of the fundamental need of ordinary citizens of India. In fact, we can’t afford to have such big projects of longer gestation period with comparatively little benefits for the society. Instead, we should go for mass scale real afforestation of fruit plants, construction of ponds, small dams & canals in large scale, making it mandatory for every household in the cities to practice rooftop rain harvesting & complete stoppage of dumping of industrial waste etc. into our rivers, to name a few. Notwithstanding the deplorable situation as regards water management in all its dimensions in several parts of the country, we have reasons to be optimistic towards finding culturally appropriate traditional as well as technological solutions to this alarming problem, as several silent movements to harvest, conserve & preserve water by various groups & communities in remotest drought prone & water starved places in a manner worth emulating by other interested groups, are under way in the country. In Rajasthan alone, due to sustained community participation, almost 10000 small & big ponds were either repaired or resurrected during the last few years by collective efforts of persons like Rajendra Singh, Magsaysay award winner & other like minded persons. Chipko Andolan, Paani Yatras, Aapiko Andolan and other water conservation & forest protection movements are going on to serve this cause. So why not do our best individually & collectively in our respective places to address this most basic problem.''

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MY VIEWS IN ECONOMIC TIMES ON INDIAN POLITICIANS & ON AGRICULTURAL GROWTH

Economic Times Story on 14.01.13 : India needs politicians who can be good managers  

Comments of MILAN K SINHA (PATNA)
14 Jan, 2013, 08:52 PM

Arun Maira is very right in his analysis of our country's problems and is also correct in prescribing solutions with examples of countries of our region. Every body knows, we have no dearth of either natural resources or human resources necessary to drive the change process required to develop well as a nation having reasonably good standard of life for all its citizens. Yes, the problem is basically with our political leadership and as a corollary with our administration and policing.Can any body disagree that we have serious dearth of political leaders with strong sense of commitment, sincerity, simplicity, integrity and vision who can dedicate themselves towards finding solutions of many basic problems being faced by majority of Indian population not for months or years but for decades even after achieving political independence 65 years ago.The growing inequality in Indian society is a major cause of concern which must be addressed forthwith. If political class can resolve to have identified common goals, sincerity of purpose, transparency and objectivity in approach, openness in participation of stake holders and deadlines for implementation of decisions taken, nothing is impossible to achieve in a defined time span. If countries like Malaysia and Indonesia can develop well, let alone the question of China and Japan, India can and must make things happen in a faster pace in coming years. Hope, the Indian politics would change for a better tomorrow.

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Economic Times Story on 15.01.13 : India can achieve 4 per cent agricultural growth in 2012-17: Pranab  

Comments of MILAN K SINHA (PATNA)
15 Jan, 2013, 11:57 PM

Against the rate of growth of 3.3% in agriculture and allied sectors during the 11th Plan period (2007-12), our country can and must record a growth of 4% plus during 12th five year plan period between 2012 to 2017 provided the farmers are offered all kinds of support starting from good quality seed, fertiliser, adequate water and electricity besides farm loans at lower rate of interest expeditiously. The farmers of the country must also receive suitable support price of the agriculture produce without much botheration. Only talking on the subject and shedding crocodile tears on the plight of farmers by the political masters of the country will not help.

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MY VIEWS IN ECONOMIC TIMES ON JOSEPH STIGLITZ'S COMMENTS ON NEW BANKING BILL & ON INDIA INC. CSR SPENDING

Economic Times Story on 08.01.13 : New banking bill may do more harm than good: Joseph Stiglitz

Comments of MILAN K SINHA (PATNA)
08 Jan, 2013 09:47 PM

Nobel laureate Joseph Stiglitz has asserted rightly on the priorities for our country by stressing the point," India needs to focus more on its internal issues of inequality, lack of infrastructure, issues of education, agriculture, environment , water tables going down." Its very unfortunate for the large population of our country that even after six and half decades of independence, the nation is still beset with the most basic problems of food, clothing and shelter , what to talk of other necessities of life like, health, education, drinking water, sanitation, electricity, all weather roads etc. The unemployment problem is becoming grave day after day with growing population of educated youths who spend lots of money and time to acquire a degree to become eligible for suitable job. No doubt, the power that be has been busy showing their concern for these problems by making tall election promises and also by formulating some plans in the process. Notwithstanding these sordid facts, by and large the ruling political class across the country and their advisers couldn't ensure internal resource management effectively, but instead have been looking for external economic grants/support/loans which may ultimately push the country towards an inevitable debt trap in coming years.

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Economic Times Story on 06.01.13 : How India Inc can make their CSR spends count 

Comments of MILAN K SINHA (PATNA)
06 Jan, 2013 11:58 PM

India Inc can certainly make a lot of difference in the quality of life of millions of fellow Indians by sincerely fulfilling their Corporate Social Responsibility (CSR). The areas can be any and many in a country like ours where majority of population is leading an unworthy human life due to lack of proper nutrition, sanitation, education, health care, employment, to name a few. Millions of young people have acquired degrees by spending lots of money and time but there is serious issue of their employability. More than a quarter of country's population is still illiterate and even elementary education is not available to the eligible students despite RTE Act,2009.There are lots of basic problems which our rural masses are facing day in and day out which can be comprehended and appreciated only by first hand observation.We have more than six lac villages in the country with majority population still living there and earning their livelihood in and around those villages. Despite lacs of crore being earmarked in the budgets of central & state Govt. for the welfare of the poor and downtrodden in the country, little change is noticeable as far as improvement in quality of life of these targeted groups is concerned. I must thank Thermax for taking up some of these issues to make a commendable beginning. Some other corporates are also engaged in such activities in their own way which must be followed by others to register huge CSR related activities in coming days.

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MY VIEWS IN TIMES OF INDIA ON CORPORATE GOVERNANCE

Comments of MILAN K SINHA (PATNA) in  
The Times Of India dt.05.01.13 

Your comment on the article ''Recast corporate governance rules: Sebi'' is now displayed on timesofindia.com.

''The proposal of SEBI is a welcome step in the right direction. After the Satyam episode, much water has flowed down our rivers but the desired changes in the complexion of corporate governance is yet to be effected in Indian Corporate entities due to many undesirable factors including lack of political will on the part of the policy makers at Govt. level and the implementing machinery at ground level alike.Segregating the post of CMD into Chairman on one hand and the Managing Director on the other is a necessary step to improve the transparency, objectivity and finally efficacy of corporate governance and so is the proposed norm for selection of independent directors in the board of a company. It is no denying the fact that in most of the companies, both in private as well as in public sector, the directors, barring a few, act as a yes man of CMD or the defacto master ( may be the Govt. in many cases) of the company. As such, the board meetings turn out to be a necessary ritual to create documents for compliance of the laid down norms and to incur wasteful expenditure to oblige the directors to elicit undue favour to pass the board resolutions as per the whims and fancies of a few having vested interest in the company. Provision of training and performance evaluation of independent directors is another good input for better corporate governance. Undoubtedly, the proposed measures, if accepted and implemented sincerely and monitored seriously, would go a long way not only in restoring confidence of existing small investors in Indian equity market but also prompt lacs of new small investors to join the fold for the good of listed companies in particular and the economy in general.''

             Will meet again with Open Mind. All the Best.

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MY VIEWS IN LIVE MINT ON CULTURE OF VOLUNTEERING & ON INDIA'S GDP GROWTH

'Live Mint' story on 08.01.13 : Promoting the culture of volunteering 

Comments of Milan K Sinha
08 Jan, 2013 07:26 PM

The first hand experiences of rural India is really thought provoking as well as inspiring.The Young Educated India of today which is millions in number and is relatively far more exposed to learning and education,  has lots of potential to transform the Indian Nation to make it a place worth living in true sense of the term by addressing issues related to poverty, starvation, nutrition, education, health etc provided they have the will and commitment to do it followed by  accepting the culture of volunteering to have real ground level experiences like Madhavan. We have more than six lac villages in the country , most of which face many basic problems of life. No doubt Govt. has been spending  huge amount  of money year after year in the name of rural development and welfare schemes meant for  the poor  and disadvantaged section of society, but unfortunately it has not been reaching to them because of corrupt delivery system where there is no strict check and balance. If educated youth, both in the system and outside the system of delivery administration take a resolve to know the actual  loopholes and then do the needful as per law of the land to help plug them, the developmental scene in the country, more particularly in rural  areas would be truly encouraging.

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'Live Mint' story on 04.01.13 : Economy likely to grow at less than 6%: Kaushik Basu

Comments of Milan K Sinha

04 Jan, 2013 11:26 PM

In any case the the growth rate would be less than 6% as all the experts and top Govt. functionaries have  opined. If one look back and analyse the uncertainty and confusion that have been prevailing almost all through the last three quarters both politically and economically, the growth estimates can't be termed as bad. But the more important question to be asked is about the quality of life of common Indian vis-a-vis the growth story of our economy. Majority of our population is still fighting for meeting their two ends. The basic necessities of life are still far away from their normal reach.  Govt. claim and proclaim to  be spending lacs of crore  on welfare schemes for the poor and the disadvantaged section of society, but the money is not reaching to the targeted population as the delivery system is fraught with lots of deficiencies and loopholes. Simply, we can't afford to have two India in our country if the country is to be a super power in real terms in next couple of years. It is hoped, the thinkers and policy makers like Basu  would appreciate this concern and suggest  far better ways  and means to address the basic problems of common people.

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                                                        Will meet again with Open Mind. All the Best.

MY VIEWS IN TIMES OF INDIA ON BANKS CHARGING HIGH PRICES ON PRODUCTS

The Times Of India Story on 31.12.12: RBI cautions banks charging high prices on products. 

Comments of Milan K Sinha (Patna, India)
31 Dec, 2012 10:31 PM

"Reserve Bank deputy governor K C Chakrabarty has rightly cautioned the Banks against charging high and discriminatory prices on products. We all know that the Central Govt. and RBI had granted lots of autonomy and discretion after the onset of policy of liberalisation in Indian Economy to empower the Banks to take important decisions in order to implement customer friendly initiatives and give a natural boost to its overall business in an efficient and profitable manner. As a result, during the last two decades, the banking in the country effected many changes in its operational model with state of art technology as the major game changer. But, the core issues like pricing of both deposit as well as credit products together with various charges, hidden and un-hidden both, have not been or couldn't be addressed in a sincere and genuine manner to make the banking operations really inclusive & customer friendly. No doubt, the cost of operation in our banking is still reasonably high for multiple reasons, both controllable and non-controllable. If one goes through the expenditure items in profit & loss account of our banks, the areas of wasteful and avoidable expenses can very well be observed and hence can urgently be taken care of. The issue of NPA management has been a perennially serious concern area which has deteriorated further with more severity during the last few months in this fiscal. Consequently, the NIM (Net Interest Margin) is under increasing pressure in case of majority of banks in the country. These factors naturally have a definite bearing on the pricing of products. And on top of it, the discrimination in pricing is adding fuel to fire which must be stopped forthwith by initiating suitable measures by the regulator. In fact, the Central Govt. and RBI have enough room for addressing the grey areas in our banking system which is, otherwise too, urgently needed in order to improve the overall health of banking and also the economy of the country."

                                           Will meet again with Open Mind. All the Best.

P.S: To view full story, pl. click on the link

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MY VIEWS IN TIMES OF INDIA ON COUNTRY'S EDUCATION SYSTEM

The Times Of India Story on 28.12.12:  Country's education system burdened with demands of quantity, quality: President Pranab Mukherjee

Comments of Milan K Sinha (Patna, India)
28 Dec, 2012 11:46 PM

''It is good that the President has voiced his concern over the state of quantity and quality of education, particularly higher education in the country.Undoubtedly, the way a large number of colleges and universities have mushroomed during last one decade in the country within the revised guidelines of UGC and AICTE in the name of providing opportunities of pursuing higher education to more number of students without ensuring the basic prerequisite of establishment of such private institutions, it is bound to have an adverse impact on the quality of higher education. We are now noticing that many engineering and management colleges are putting their shutters down much to the embarrassment of students who sacrificed lots of money to have better & higher education to qualify for  better jobs in the market. The Govt. at the centre and the states, by and large, failed to protect the interest of students as all the malady we have been talking about, has crept in the education space under their nose. I wish and request our President to direct the Govt. and concerned regulatory institutions to revisit the whole issue of providing higher education to millions of students, whether eligible or ineligible, willing or unwilling, when even the elementary education in the country is in shambles even after 65 years of independence. Here, it would be interesting and thought provoking to go through some of the facts as far as the state of elementary education in the country is concerned despite RTE Act, 2009: 1) Presently, more than 5 lakh post of teachers are vacant; 2)To bring the pupil-teacher ratio to 30:1 as prescribed by the RTE Act, 5.1 lakh additional teachers are required; 3) Among the existing teachers, more than 7.5 lac teachers are reported to be untrained who need to acquire necessary qualification within five years of the RTE Act coming into force; 4) Assam, Bihar, Chhattisgarh, Jammu & Kashmir, Jharkhand, Uttar Pradesh and West Bengal are some of the states having untrained teachers ranging from 25% to 55% of their total teacher population; 5) Dropout rate is still a major cause of concern, the main reasons being : Prevalence of child labour as means to supplement parents' income, poor management of Mid-Day Meal Scheme, lack of adequate infrastructural facilities in schools etc.''

                                          Will meet again with Open Mind. All the Best.

P.S. : To view full story, pl. click on the link 

MY VIEWS IN ECONOMIC TIMES ON I-BANKERS & ON PRIORITY SECTOR LENDING

Economic Times Story on 20.12.12: I-bankers no better than matchmakers: UK Sinha, Sebi chief 

Comments of MILAN K SINHA (PATNA)
20 Dec, 2012 07:00 PM

The issues raised by SEBI chief deserve to be complemented, further deliberated and finally addressed by initiating matching actions to make and keep the primary market investment friendly for retail investor. In our country, the equity market in itself is not the sought after investment destination for large section of middle class people who, though wish to associate with the market, yet is apprehensive of losing even his hard earned principal amount. The transparency, objectivity, data integrity etc. which should be the hallmark of any progressive, dynamic and investor friendly primary equity market can be put in place with more seriousness by the collective efforts of promoters of IPO company, investment bankers, equity traders/brokers, market watchers/analysts, auditors/statutory bodies and above all SEBI authorities. We all know that no IPO can withstand the test of the dynamic equity market until and unless having strong fundamentals besides strict compliance of norms of the capital market regulator. The merchant banker can't simply shift the blame to others for any wrong doing as every functionary is expected to perform its duty with due diligence and prudence to ensure safety of investors money and consolidation of investor confidence in the market.

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Economic Times Story on 20.12.12: Govt needs to revisit priority sector lending policy for more effective financial inclusion

Comments of Milan K Sinha (Patna, India)
20 Dec, 2012 10:00 PM

The Govt. must revisit its policy of Priority Sector Lending(PSL) by Indian Banking Sector to make it more inclusive and effective for ensuring sizable contribution of Agriculture & MSME to overall GDP growth of the economy in coming years. Dwindling growth of Agriculture over the last couple of years is a real cause of concern not only for the food security of the country but also for the well being of majority of our population who are still dependent on agriculture and allied activities for their livelihood. Similarly, to sustain and further improve the growth rate of MSME sector is very necessary for employment generation as well as balance growth of our economy which is passing through a rough weather for quite some time. Constant monitoring of PSL figures of Banks by RBI atleast on month to month basis together with its discreet checking and analysis to ensure data integrity and correctness is a must for directing individual Banks for achievement of set targets suitably. NPAs in PSL can very well be contained by need based lending with prudence and transparency. The Govt. machinery must also come forward to help disburse the farm loan etc. by granting various certificates quickly and genuinely wherever required and also lend active support in the recovery efforts of lending institutions. Moreover, as a ground reality, it is easier to recover loans in rural areas as the rural people are still comparatively honest in repaying their loan dues.

                                      Will meet again with Open Mind. All the Best.

MY VIEWS IN ECONOMIC TIMES ON INDIA'S LIFE INSURANCE SCENE

Economic Times Story on 19.12.12 : Standard micro-insurance products to hit market soon

Comments of MILAN K SINHA (PATNA)

19 Dec, 2012 11:56 PM

It is heartening to know that standard micro-insurance products are proposed to be launched soon and IRDA is considering such proposals with interest. IRDA's proposal for having 10 standard products in the market is also a welcome move. But the question is : why IRDA couldn't initiate such normal measures in the past and how it will guarantee that that its current proposal is going to be a reality in days to come? It is really a pity that institutions after institutions which have been established to safeguard the constitutional rights of every Indian, particularly those who have been economically and socially disadvantaged for decades , are not performing their duties as per the laid down norms and principles. If the Insurance sector in the country is not in good shape despite huge insurance potential and lot many players armed with state of art technology to tap the business, the players and their controllers are to share the responsibility of this discouraging situation. Industry watchers and media too didn't pay due attention on the going-ons of this sector closely to identify and indicate the wrong doers for rectifying the errors immediately . To say, serious introspection is the need of the hour at all levels to have standarised products and processes in entire insurance sector to take care of the insurance needs of common man in a sincere and honest manner.

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Economic Times Story on 18.12.12 : Life insurance policy sales fall 8.22 pc in FY'12: Government

Comments of MILAN K SINHA (PATNA)

18 Dec, 2012 08:44 PM

The fall in Life Insurance business during last fiscal in our country is a serious cause of concern for many reasons. We have as many as 24 players in the life Insurance space with giant LIC leading the show. It is a known fact that Life Insurance is the need of every Indian family, particularly the large population of common man and is a prerequisie for ensuring financial inclusion in real sense of the term. To say, we have a huge population who are still to be insured- to be specific, only 20% of total insurable population in the country is covered under Life Insurance schemes; Life Insurance sector is a big opportunity area - the fifth largest Life Insurance market in the emerging insurance economies globally and the Life Insurance penetration in India is only 4.40%. Then why this depressing growth story? It is because of lack of customer friendly environment in Indian Insurance market coupled with frequent but not well thought of interventions by the Govt. and the regulator. The large scale mis-selling of policies which has been the outcome of lack of proper mechanism for controlling and monitoring this important sector of the economy. The service issues have been very serious in this sector. Now, its time to have sincere introspection by all concerned including Govt. and IRDA to do the needful to bring the large uninsured population within social security net by offering affordable policies with proper service bench marks.

                                             Will meet again with Open Mind. All the Best.

MY VIEWS IN ECONOMIC TIMES ON CASH TRANSFER & ON AFFORDABLE HOMES

Economic Times Story on 17.12.12 : We don't agree with the cash tranfer scheme: Mamta 

Comments of MILAN K SINHA (PATNA)
17 Dec, 2012 07:44 PM

The West Bengal Chief Minister is right when she questions the cash transfer scheme without having a full proof mechanism of doing so. It is like putting the horse before the cart. There is no doubt that every one would like the poor masses to receive the benefit of subsidy in a real sense which unfortunately could not happen despite knowing the large scale mal-practice being perpetrated at the ground level with full knowledge of all administrative functionaries and in majority of cases with full involvement of local implementing machinery. Still, the identification of genuine beneficiaries as per the Govt. guidelines is a major area to be taken care of meticulously through out the country. Providing Aadhaar Cards and opening Bank Accounts are other two areas which also need serious attention and constant monitoring. We can't and shouldn't afford to end the existing malady in subsidy delivery mechanism by introducing another scheme by whatever name in a half baked and ineffective manner. After all, every such scheme which involves lacs of crores of public money shouldn't be accepted and appreciated only because it is likely to prove the game changer for X or Y party in the coming elections.

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Economic Times Story on 15.12.12 : Homes no longer affordable: Will builders offer pre-launch benefits?

Comments of MILAN K SINHA (PATNA)

15 Dec, 2012 07:32 PM

It would be better for all concerned including the Govt. to look into the factors which can push the demand for affordable house in this sluggish market. The whole issue of housing loans to middle class segment is also to be revisited keeping in view the interest & EMI factors and also mechanism for handing over flats/houses to the loanees within promised time for obvious reasons. Undoubtedly, housing is the priority of everybody, more so for the middle & lower income people but the realty firms in the country couldn't make proper assessment of segment wise demand supply scenario keeping in mind the affordability factor. They failed to appreciate that takers of high cost properties are limited in our country, particularly when the housing loan interest rate has been higher and so has been the inflation. In fact, the demand for low cost simple dwelling units with basic facilities is still high in many big cities, what to talk of tier -II cities in the country. Under the circumstances, rationalisation in prices of existing properties together with constructing & offering new ones keeping in view the affordability status of larger population would keep the show of real estate business going without much hiccups in coming years.

                                           Will meet again with Open Mind. All the Best.

MY VIEWS IN TIMES OF INDIA ON OLD AGE INDIANS & ON MUMBAI'S SANITATION STATUS

Comments of MILAN K SINHA (PATNA) in  
The Times Of India dt.14.12.12 07:52 PM

Dear Reader,
Your comment on the article ''Indians now live longer, but in poor health in old age: Study'' is now displayed on timesofindia.com.

''Without doubting the veracity of the findings of the study in question, it can be said that its a good news , particularly for policy makers and ruling political class as this kind of news provides them the opportunity to justify the actions governing the country. In fact, majority of Indian population is still living in 65 year old Independent India without even having the basic needs of life such as food, clothing & shelter. Despite our claim to have adequate food grains to feed the poor and downtrodden, more than 25 lac fellow countrymen die of hunger every year.Here, It is quite pertinent to see what United Nations & Indian Constitution promise: United Nations Universal Declaration of Human Rights (U.N.1948) Article 25 states,"Everyone has the right to a standard living adequate for the health and well being of himself & his family, including food."Article 21 of the Constitution of India, 1949 states,"No person shall be deprived of his life or personal liberty except according to procedure established by law."Article 47 of the Constitution of India, 1949 states,"The State shall regard the raising of the level of nutrition and the standard of living of its people and the improvement of public health as among its primary duties.." We all know that in spite of better GDP growth during last few years, the quality of life of common mass has not improved. The per capita income & so the purchasing power of common Indian is still much lower than what it is in China and in other BRIC countries. It is basically the old Indian life style of simple living within the limited means which has been helping the poor masses to manage their life even in difficult times. If the issues related to health, education, sanitation etc. were taken care of as per the provision of constitution and the electoral promises by the Central as well as State Governments, the life expectancy would have been really much higher with far better living status in the old age.''

Thanks for sharing your thoughts.
Regards,Team TOI
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Comments of MILAN K SINHA (PATNA) in  
The Times Of India dt.14.12.12 11:55 PM

Dear Reader,
Your comment on the article ''Mumbai among world's 'dirtiest' cities: Survey'' is now displayed on timesofindia.com.

''Mumbai has been famous as the commercial capital of India.Obviously, it has been the head quarter of many Corporate & Business houses, Banks, Insurance Companies, Govt. offices, Educational Institutions etc. for decades and so has been the place for Bollywood studios and its stars. In the name of town planning, development of infrastructure and beautification of the city, thousands of crore must have been spent , but if one goes little inside the suburbs of Mumbai, the justification of the finding of the survey in question can very well be appreciated. You can yourself see a poor Bharat and a shining India residing side by side in Mumbai. The dirt & filth you find by the side of busy roads besides serious sanitation problems in and around bigger as well as smaller slums spread all over Mumbai will testify the inadequacy of proper planning and effective administration. The rainy season is the best time to see the pitiable condition of the city and its common man. No doubt, these problems can be addressed to make the city far better than what it is today by collective efforts of the civil society and the Govt. The Corporate Houses too are required to perform their role under CSR(Corporate Social Responsibility) or otherwise in a pro-active manner.''

Thanks for sharing your thoughts.
Regards,Team TOI

                                     Will meet again with Open Mind. All the Best.