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| December 29, 2007 | | Why India needs a sovereign wealth fund
India should start evaluating options to create a sovereign wealth fund given our large accumulated reserves and sub-optimal investment strategy.
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| December 28, 2007 | | Spotting the eCommerce offender
Law enforcement authorities in India insist that the market-place operator be responsible that all products and services put up for sale by independent merchants.
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| December 26, 2007 | | Of Mumbai and its taxis
Once there are a significant number of new cabs on the roads, that offer a competitive and superior service, more ageing black and yellow cabs will disappear from Mumbai's roads.
How the volatility index will help markets
SEBI's intention of introducing a volatility index (V-I) and derivatives based on it for Indian markets is a welcome move.
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| December 22, 2007 | | Will Tata do what Ford could not?
Perhaps, Tata thinks that the two brands are coming at a bargain price, given the history of what Ford had paid for them. And with Jaguar managing to cut losses after changing strategy, the two businesses together might well yield a return in a couple of years.
'Gurgaon aspires to be a US suburb'
A large chunk of the population works for the IT/ ITES sector and works at staying au fait with US trends. The preferred mode of Gurgaon transport is a personal vehicle since public transport is almost non-existent. The shopping experience centres on malls.
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| December 21, 2007 | | Higher or lower retirement ages?
Now three American economists from Harvard, David E Bloom, David Canning and Michael Moore, have written a paper* called A Theory of Retirement. "The results of our model can serve as a benchmark in the design of public pension systems," they say.
How to make bureaucrats more accountable
The problem in India is that the courts not only have to keep an eye on the politicians but they also have to make the bureaucracy work. This often leads to fresh sets of conflicts, from which usually only the bureaucracy emerges victorious. For India, therefore, optimal control must mean only one thing: a permanent boot on the bureaucracy's throat.
India's first 'vegetarian' airline
Before Trans Air, Easy Air, King Air, X, Y and so on -- all of whom have been struggling to get clearances from the civil aviation ministry -- are permitted to start operations, some homework has to be done.
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| December 19, 2007 | | Mumbai the only city in India
You can find half a dozen cities which have huge numbers and a municipal corporation to boot which messes things up on a grand scale. But this is the only one in India which has the true urban spirit that has left behind the laidback imprecision of dehat and gives you professional value for money with a phlegmatic nonchalance that none else can.
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| December 18, 2007 | | Beware! This could wreck US financial markets
Countries that hold large US dollar-denominated forex reserves have a powerful tool in their arsenal: they could wreck American financial markets at a mere click of a mouse.
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| December 17, 2007 | | RNOR not required pay tax in India on forex income
A N Shanbhag, the highly respected investment guru, and his son Sandeep Shanbhag, answer your questions on NRI investment.
7 steps to boost the infrastructure sector
The idea here is to ensure that FII limits get better utilised to attract genuine long-term investors as opposed to arbitrage traders, provide separate treatment for infrastructure holding companies vis-à-vis FDI and ECBs, and allow refinancing through ECBs.
Rising Re & job losses: What's the solution
To my mind, no amount of "sops" will work. The continuation of the existing policy will damage more and more the economy's capacity to create jobs and we should not fool ourselves otherwise.
TDSAT makes a wrong call, again!
TDSAT lifted the stay on distributing spectrum within about 30 minutes, instead of hearing detailed arguments on merits. Perhaps things would have been different if the hearing had come up after the Chief Justice made it clear the courts could interfere in government policy.
Secret to good public services
There has to be a high degree of compatibility between organisation, people and incentives. Without this compatibility, capable and efficient people will come together to make stupid decisions and deliver inadequate outcomes.
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| December 14, 2007 | | The research dilemma at the IIMs
In the world of business education, there is no shortage of rankings. In Europe, the Times Higher Education Supplement, the Financial Times and The Economist put out rankings. In the United States, BusinessWeek leads a large pack of rankers. Indian business magazines don't lag in this either with annual rankings from <I>Business World</I>, <I>Business India</I> and <I>Business Today</I>.
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| December 12, 2007 | | Reasons for the US financial crisis
The origins of the current credit crisis lie in a loose monetary policy and excessive capital flows that were turbo-charged by "financial engineering" techniques used by banks.
India can save energy and grow
India's energy and carbon-intensity are among the best, a shade behind Brazil and Japan (it has been seeking to reduce its dependence on energy, which it has to entirely import, since the first oil shock of 1973) and ahead of both the rich countries and Russia and China.
Spectrum: Auction is the best policy
The best solution is to ask the GSM industry to pay for the extra spectrum, based on the price discovered while auctioning spectrum now. And if the industry is told it cannot bid for fresh spectrum until it pays this amount, there is little question of it refusing.
MNCs? No longer attractive for Indian managers
What we are witnessing today is a sea change in the attitude of Indian middle managers, who are moving to Indian industry in droves. Having spent enough time working for the MNC charm to have worn off, more and more Indian managers are making the leap to local companies.
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| December 11, 2007 | | Why oppose Tatas' bid for Jaguar
Now, it is clear that Ford, reeling under losses itself, has been unable to do the trick. On the other hand, Indian automobile companies, Mahindra and Tata among them, have built up a reputation for value engineering that combines acute cost consciousness with quality manufacturing capabilities.
Rupee rise: Nifty cos make gains
Nifty and Nifty Junior companies show gains (on average) when the rupee appreciates.
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| December 08, 2007 | | India actually favours foreign banks
At present, there are 29 foreign banks operating in India with a network of 273 branches and 871 off-site ATMs.
It's time to move out of 'Chindia'
The time may have come, however, to rue that clever gambit, and to attempt what in contemporary phrasing is called a "de-coupling", because the sins of China are now being visited on India. China will soon be the world's largest emitter of gases that cause global warming; so when you have Chindia on your brain, you blame India as well - though the level of emissions in the two countries is vastly different.
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| December 03, 2007 | | Why Jet Air is a success and ICAI a failure
For India to emerge as a global power it needs to unleash its potential in the services sector. Accounting sector is one where it could have succeeded easily with, but failed.
Managers! Don't ignore accountancy
Most managers coming to b-schools for executive education lack accounting literacy. The situation is no different in the US or Europe.
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| December 01, 2007 | | India's record on developing its human capital
The United Nations Development Programme has just put out its latest Human Development Report, containing the human development index (HDI) for 177 countries, with the data being for 2005. India ranks 128th (with an index of 0.619), which is a notch down from the 127th rank that it used to occupy.
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| November 26, 2007 | | DCM redux
Swraj Paul's old broker, Harish Bhasin, is mounting a raid on one of the splinter groups spawned by DCM, and the battle is being fought in the Company Law Board.
India: Bad news ahead?
If there is indeed a slowdown, it is unlikely to be confined to the export sectors.
Broom, Broom all the way!
The most famous broom belongs to Harry Potter. The next most famous seems to be one of the Ministry of Finance.
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| November 24, 2007 | | Asean: Wise to take the culture route
Manmohan Singh faced stiff competition in Singapore. No, not at the East Asia Summit or in meetings with the Asean. But the rival attractions of two imaginative exhibitions on India's past and an exhaustive three-day conference titled "Early Indian Influences in Southeast Asia" eclipsed his presence while China's Wen Jiabao basked in media glory that reflected the reality of economic and military power.
India's tax story: A success?
A progressive tax system (in which the rich pay more than the poor) is one in which direct taxes account for more revenue than indirect taxes (which are on goods and services). In that respect, India's period of supposedly extortionate tax rates produced a most undesirable result because the Centre's next direct tax revenue was barely a fifth of its net indirect tax revenue.
Buy the unwinding dollar
Opportunity beckons about once every 10 years - sense and profit favour going long on the US dollar against the majors, and short against China and East Asia.
Communication's the name of the game
This general decline in essay writing abilities has been accompanied by another affliction: the failure to teach grammar. The main casualties are the article and the preposition. It is virtually impossible to find an Indian today who knows how to use 'a' or 'the'. The other rules of grammar don't even begin to get a look-in.
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| November 23, 2007 | | The Mintzberg Cure
Many management theory prescriptions tend to be like my neighbours' attempt to be helpful, without fully understanding what cause and what effect had worked for them when they tried an antibiotic or a paracetamol.
India a new hub for climate change research
The DEFRA project with MoEF is yet to identify a research institute in India and the bidding process is to start now, Coyne added. However some green groups in India look at this rush for climate change research in India as a ruse to promote technologies like genetic engineering.
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| November 22, 2007 | | It is illegal for NRIs to hold normal bank accounts in India
A N Shanbhag, the highly respected investment guru, and his son Sandeep Shanbhag, answer your questions on NRI investment.
Premji on what enables innovation
The India information technology industry, including exports and domestic market and semiconductor industry, is gaining traction despite challenges, said Azim H Premji, chairman, Wipro, at the third Freescale Technology Forum in Bangalore on Monday.
Healthcare tsunami about to strike India?
Against a world average of 3.96 hospital beds per 1,000 population, Russia has 9.7, Brazil has 2.6, China has 2.2, and India languishes at just over 0.7. The deficiency is appalling on a similar scale when one compares the norms versus the actual for doctors and nurses.
All about banking: Regulatory irregularities
Central banks are underwriting the credit risk with public money but without any level of transparency. Traditionally, only government securities are eligible for discounting. A fundamental principal of the discount window is that it is designed to provide short-term liquidity against instruments of unimpeachable credit quality. The regulatory spin is that this is "temporary" "in the light of market conditions" and "recognises innovation in the market".
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| November 21, 2007 | | Retire at 62? Well...
The last decision to increase the retirement age of government employees, to 60 years, was taken in 1998, when life expectancy for the average Indian was 63 years. Another increase in the retirement age now, on grounds of improved life expectancy, is therefore quite logical.
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| November 20, 2007 | | 'Incredible' India: Where are we headed?
This year, the world's who's who landed up. Our leaders basked in the floodlight of economic prowess. Last month, the Prime Minister spoke at a meet of the global consultancy company, McKinsey, and applauded the organisation for helping India prepare reports on governance.
Bullying tactics in the telecom sector
What's happening in the telecom sector are classic bullying tactics - do the wrong thing, threaten to do worse, get the threatened party to sue for peace, and walk away smelling of roses after a "compromise".
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| November 19, 2007 | | US recession? Asia not under threat
Both China and India are undoubtedly highly integrated with the US, the former through manufacturing exports, the latter through a more diversified goods-and-services basket. However, it is also fair to say that, in recent years, the high growth rates of both economies have been significantly driven by domestic forces, both consumption and investment.
The future of futures markets
Thanks to the ban on four commodities, trading volumes are down to a trickle.
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| November 16, 2007 | | Nandigram - a possible solution?
Steven Shavell of the Harvard Law School has made a suggestion that the CPI(M) needs to grasp like a drowning man clutches a straw
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| November 13, 2007 | | Divestment proceeds to hit Rs 5000 cr
After netting a mere Rs 1,570 crore in 2005-06 and 2006-07, divestment proceeds could well touch Rs 5,000 crore in this financial year.
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| November 12, 2007 | | Sub-prime factor: Between a rock and a hard place
The recent turbulence originating in the US sub-prime market led to rumours (and fear) as far away as Europe, of collapse of intermediaries with concomitant concerns for the banking system. It led to comments and actions by relevant authorities, including politicians, that added to the uncertainty amongst the general public and market participants, which was most starkly observed in the context of UK's fifth largest mortgage lender, Northern Rock (NR).
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| November 10, 2007 | | Should India create a Sovereign Wealth Fund?
India's reserves have been skyrocketing, reaching $ 260 billion as of end October 2007. This makes India the fifth largest holder of reserves in the world. Without the sustained appreciation of the rupee, the buildup of reserves would have been even larger.
To Sir, for dollars
One of India's better business schools recently asked hopefuls to write a 300-word essay on this subject. Given the format, there is no "right" answer. The school is seeking coherent, logical arguments couched grammatically. However, there is a "right" answer that one can arrive at logically by asking two simple questions. One: Can you buy a knighthood for USD 1 million? The answer is no.
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| November 09, 2007 | | Trade and environment can go together
Today environmental trade is on the rise. The world realises that environment contributes to the growth of trade in a substantial manner. In fact, the logic or justification behind the promotion of environmental trade was that it would benefit developing countries and LDCs in establishing environmental infrastructural facilities in their own country.
Put your money where the airport is
The gated complexes that today command anywhere between Rs 1,500-3,500 per square foot were sold to original allottees at a measly Rs 200 by builders. Several non-resident Indians bought up 10-12 plots each and are still holding them empty, in anticipation of future gains once the airport becomes functional. Anyone back then who'd had the money and the sense to follow the lead of the local politicians will be thanking his stars.
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| November 08, 2007 | | Stock gains skewed this Samvat
Fourteen stocks have appreciated by more than 1000 per cent this Samvat, with Walchand and MMTC being the only better known stocks.
Will China face a stock market crash?
In October, however, Morgan revisited China, this time with a market cap-to-GDP ratio of 1.6, way above the US and Japan at their peaks.
Queues as an index of reforms
There is a queue when you want to pay your water bills. There is a queue when you want to get your child admitted to a school. There is a long queue when you want to get your complaint heard in a court of law. Needless to point out that all these sectors are in dire need of reform.
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| November 07, 2007 | | Private equity comes of age
PE funds exert substantial control and sometimes even sack the CEO. This pressure helps to improve the performance of the company.
How banks can build competitive edge
Through RAROC and EVA, banks can establish a risk management culture that can create competitive advantage and improve shareholder value.
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| November 03, 2007 | | What India must learn from Korea
As far as India and Korea are concerned, it is pretty clear what Korea wants from India: markets and raw materials. But what do we want from Korea? Technology, for one; training for all sorts of skills (including for punctuality and politeness) for another; and some lessons in how to carry out land reforms.
How successful are anti-poverty schemes
There are other ways in which markets are capable of serving the poor better than large-scale and often unaffordable anti-poverty interventions.
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| November 02, 2007 | | The Indian derivatives market
Imagine ten pallbearers and that one of them stumbles badly, and you get the picture of the risk inherent in slicing risk.
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| October 31, 2007 | | How software giants tackled the rupee crisis
The manner in which leading Indian software firms have weathered the currency appreciation storm, which has revalued the rupee against the dollar by around 10 per cent and still rising, gives a measure of their changing business models and long-term prospects.
P-notes and regulatory shocks
If offshore hedge funds capture all the business and take out all the profits, the primary gainers are the funds and their investors.
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| October 26, 2007 | | 'Monetary Conditions Index' for India?
The point is simply that an index is a single number, like the Sensex, that helps in finding out what is going on in the shady world of money. The MCI would tell us if there is tightening or easing of the monetary conditions.
A revelation in Florence
Florence can overwhelm a visitor. Very few cities in Europe or even the world match it for its atmosphere.
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| October 20, 2007 | | RBI must stay firm on policy rates
Essentially, banks have to sort out their own asset-liability management issues, and should not look to the RBI for all the solutions to their own problems.
Mid-cap tech firms under threat?
Many of the mid-cap firms are usually in a single market (the US) and often in one narrow vertical space, so they are more vulnerable than firms with a more diversified business base. And they usually do not have on-site staff to the same degree that the big boys do, which becomes a natural cost hedge when the dollar is falling.
P-Notes will remain in vogue
My first suggestion is that having already belled the cat, there is no need to feel apologetic about it. RBI has been long concerned on this front and SEBI has done an excellent job in terms of reducing the instances of PN use, though holes remain. And these holes may have been deliberately left open so as not to snub this segment of investors.
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| October 16, 2007 | | Emerging markets: Are they overvalued?
Emerging market equities have delivered stellar returns over the last few years, outperforming their developed market peers since this new bull market began in end 2002.
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| October 15, 2007 | | Why telecom sector is exciting again
From a policy point of view, India's telecom industry is getting exciting once again. After a lull of a few years, we're back to the same half-truths from regulators/policy makers, and the all too familiar attempts to help favoured firms.
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| October 13, 2007 | | India@60: Are we on the right track?
It is also ironic that our central bank is busy encouraging the outflow of capital, even as the Planning Commission's best estimates suggest a huge shortfall in resources for badly needed investment in infrastructure.
Emerging economies can offset US slowdown
Singapore-based DBS group notes that Asian growth has recently been accelerating while US growth has been weak. Furthermore, adds Goldman Sachs, emerging markets are far more resilient to external shocks than ever before.
3G Spectrum: How to run a good auction
If new players are not allowed, it might lead to competition restricted to existing players and will hamper growth and consumer interest.
Are our IIMs overly US-centric?
Maybe what we teach at our IIMs needs to be like the Ganges, nourished from many different sources.
The truth about US FDI in China
It is less than what the world thinks and Chinese estimates of inflows are often double the official US ones.
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| October 11, 2007 | | Short-term gains from shares or MFs are taxable
Short-term gains from shares are taxable
Economy shining but where are the specialists?
Our stock markets are soaring and Indian companies (including public sector firms) have demonstrated their ability to compete internationally and achieve sustained high growth. Inevitably, in such an environment, there is criticism about government performance and praise for the corporate sector. Some attribute the achievements over the last 15 years to the private sector's dynamism and their conclusion is that the smaller the government the better.
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| October 09, 2007 | | Why growth in manufacturing is slowing?
The Index of Industrial Production (IIP) for July 2007, released on September 12, showed the manufacturing sector decelerated to a growth rate of 7.2 per cent over July 2006, after many months of double-digit growth.
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| October 08, 2007 | | Big retail's big blunders
The way the story went, customers would get dramatically lower prices for everyday groceries (something that takes up 45 per cent of the household budget) and farmers would earn at least a third or more as big retailers began procuring from them directly. But none of this has really happened, and may not either.
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| October 05, 2007 | | Will a strong Re derail 'the Big I'?
To the contrary, the strengthening rupee and, more importantly, the fact that the RBI and government decision-making are being forced to cede ground to the market will result in much more efficient (=market-determined) resource allocation in India.
Is the campaign against retailers justified?
A sector that was to have created millions of new jobs in the country is reporting job losses before it even gets under way.
Myanmar question: To be or not to be
ONGC Videsh Ltd has much riding on $150 million investment plans in gas and oil exploration that Petroleum Minister Murli Deora says is critical for India's energy security. But apart from this, Myanmar apparently offers rich potential in engineering, fertilisers, tourism and pharmaceuticals for the private sector.
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| October 04, 2007 | | Conditional transfers and state autonomy
Over the years, with the transfer system becoming more and more discretionary, the Constitutional agency meant to resolve vertical and horizontal fiscal imbalances has slowly, but surely, lost ground.
Commonwealth Games: No room for hotels
Less than three years away, the 2010 Commonwealth Games, to be held in Delhi, are all but breathing down our necks. But is the city any nearer to having the infrastructure needed for the event than it was in November 2003, when it won the bid to host
Reforms and inequality
The issue of increasing inequality on the consequences of the economic policy trajectory has featured prominently in the public debate since the early 1990s. It came to a head during the general elections of 2004.
HR? Virtual office team doesn't need one
As companies have gone horizontal, they no longer have the luxury of collocation. Today, most products are developed and manufactured across boundaries, time zones, cultures and enterprises.
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| October 03, 2007 | | India vulnerable to financial risk
India is basking in the glory of being an investment destination of choice which has got most of its macro fundamentals right.
What they don't teach you at B-School
Working in an organisation requires the willingness to help others to succeed, even without any tangible gain to oneself. However, the question "What is in it for me?" comes to most people's minds. It took me time to get over this attitude.
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| October 01, 2007 | | The rupee correlation: Its impact on markets
A strengthening dollar is considered good for Dow components. The top 30 companies of the world have operations around the world and payables in dollar. Thus, a strengthening dollar is hence considered positive for Dow blue chips.
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| September 29, 2007 | | Rupee, self-interest & RBI policy
No need to compare ourselves with Korea because they were built by American foreign aid. And we can't compare ourselves with China because, they are, well, Chinese.
How to create a mass market for mutual funds
If the mutual funds industry wants to tap a larger market, it is better done by using the banking or post office network instead of the traditional sales and distribution channel.
Use religion to save modern retail
As the Sethusamudram imbroglio indicates, rational argument doesn't get you anywhere. If you want to get your way, you must somehow drag religion into the debate.
Stocks: India Inc's 40:40 dream team
Of the roughly 200 stocks that are traded in both the spot and futures markets on the major exchanges in Mumbai, 40 have a price-earnings ratio of more than 40.
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| September 28, 2007 | | Chinese lessons on what drives FDI
Fresh proof of this insight comes in a recent paper by Joseph P H Fan, Randall Morck, Lixin Colin Xu, and Bernard Yeung where they argue that while institutions are important for attracting FDI, they are not the only things that are important.
How entrepreneurs decide
Beliefs such as "Don't put all your eggs in one basket," says Prof Manimala, are "heuristics," rules of thumb that people use to make decisions in situations where many alternative courses of action exist and information is unclear or conflicting.
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| September 27, 2007 | | Re at its peak: Take a random walk, RBI
In a recent article, former Chief Economic Adviser Shankar Acharya has staunchly defended the policy of forex intervention to prevent a rising rupee, as India has been intermittently doing since 1995, informally based on a real exchange rate target.
Sensex at 17K, Re at its peak: Good or bad?
Mukesh Ambani-controlled Reliance companies' market cap now exceeds $100 billion (as also Arcelor Mittal's). The new generation winners operate in a myriad sectors, including telecom, commodities such as steel and cement.
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| September 26, 2007 | | Micro finance bodies should share info
As the competition among MFIs increases, there is a genuine need to share information on operating areas, employees and borrower frauds.
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| September 25, 2007 | | Smell the air, something is rotten!
Bangalore adds more vehicles than Delhi each day -- over 1,000. It has less road space than Delhi and more green space. The future the city has is ugly and hopefully not inevitable.
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| September 22, 2007 | | Textile export: Are we missing the bus?
Textile exports this year are now slotted to reach $23 billion, down from the original target of $25 billion. Last year's target was missed too, by a couple of billion dollars.
Mumbai airport's Botox job
Mumbai International Airport Ltd, the consortium of GVK and South African Airports, which won the project through an international tender, must question every planner, architect, designer, HR manager and traffic controller: Why isn't it working?
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| September 21, 2007 | | Does the RBI believe in God?
The problem is that the constant and continuous activity in the market creates a moral hazard, to use a contemporarily popular term, since it leads market users to believe that the RBI will always be there to protect a particular level or range.
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| September 20, 2007 | | Market boom: Stay calm, no drastic step, please
The behaviour of stock markets in the short term is affected by sudden changes in the availability of liquid funds in the hands of the big market players, which is what has happened now with the sub-prime crisis and the changed economics.
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| September 15, 2007 | | Want passport? Go abroad
Apparently, there are something like 25 million passports in the country, in addition to those of about five million semi-skilled and unskilled Indian workers in the Gulf, southeast Asia and elsewhere.
Hey corporates, are you responsible?
In the week that Anita Roddick (of Body Shop fame) has died, is it time to ask whether our companies need to address their social responsibility in a broader context?
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| September 14, 2007 | | Trying times at Patel Stores
Patel General Stores' business model and that of 11 million other stores like them in India are going to be even more reliant on fleet-footed young men dropping out of school in rural areas.
When banks catch the flu
Do central banks also suffer from moral hazard? Are they part of the problem or the solution?
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| September 13, 2007 | | Here's why banks don't expand networks
Unless a way is found to increase in-branch and ATM transaction volumes, banks won't increase their networks.
7 reasons why some firms fail
Why some of these stars of yesteryear are 'yesterday' today or why the leaders in their home markets outside India are laggards or failures (so far) in India? I can spot seven distinct genres of these underperformers.
Tighten regulation of rating agencies
It is time for regulators to pool efforts to standardise valuation and risk assessment methodologies used by credit rating agencies.
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| September 12, 2007 | | Fed rate cuts and Asia
The chief beneficiary of the cycle of interest rate cuts and liquidity injections will be emerging markets, specifically Asia.
No escape from prices, jobs & farmers
The message for the Congress is that inflation, rural employment and condition of farmers are the three most critical issues bothering the electorate.
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| September 11, 2007 | | What the China affair means for us
If India is to become the favourite junk provider of the world then we will have to do the same. The only difference between us and the Chinese is our democracy.
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| September 07, 2007 | | The govt just doesn't care about doctors
Health delivery is so poor in India because the government simply doesn't care about the most important element in health delivery: the doctors.
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