Saturday, August 7, 2010

English and the MNCs

On Friday, I was talking with a group of young people about their job aspirations. The topic of English came up - how it becomes a differentiator in interviews. The personal interview was fine, one said, but the telephone round - very difficult. A couple of minutes later, he said - These MNCs, they should not have been allowed to come in.

"Ignore them, then" I said, "apply to the Indian companies".

"But they don't give a good package."

Thursday, August 5, 2010

RBI Gov seeks supremacy

D Subbarao's speech in Hyderabad yesterday needs to be viewed against the proposal to set up the Financial Stability and Development Council (FSDC). Particularly since he didn't refer to the proposed regulator even once during his speech. What he did say, though, is that Central Banks are best positioned to ensure financial stability, and could fulfil their functions more effectively if they become the systemic regulator.

Talking about the feasibility of inflation targeting, Gov. Subbarao also referred to two impediments imposed by the government: administered interest rates, and large government borrowings.

Interestingly, just a few hours later, the Finance Minister found it necessary to praise the Governor in Parliament, "The Reserve Bank is managing in such a way that one does not elbow out the other (government borrowings and company investments)*. And that is a very skilful exercise I must appreciate the role that the RBI Governor has played in the last year - there was no mismatch in the market and there was no crowding out in the market."

Clearly the Governor is feeling miffed, the FM needs him; hence this public stroking.

However, inflation, which is the real issue, won't disappear with the FM's sweet words

Kawaria syndrome

The water-carriers, aka Kawarias, are becoming a menace. For the last 5 days, traffic along the 'Highway' from Delhi to Hardwar has been all but blocked.

This has meant, for example that the  many factories in Ghaziabad - a major industrial suburb of Delhi - have had to shut down depsatches; storing 5 days worth of inventory in the factory is not very conducive to managing your finances, leave alone your retail sales.

Now the blighters are chugging along the section of the Outer Ring Road, outside my home, with Bollywood 'religious' song blaring from speakers.

The lumpenisation of religion would not have gotten so far without the connivance of the politcal establishment - the freedom to pursue your beliefs must not be at the expense of the freedom of movement of those who pay taxes to use roads, drive cars, live in homes, or run factories along arterial roads.

Social Security Insecure

This year, US Social Security will pay out more than it takes in by way of taxes.
"The future's uncertain, and the End is always near" Doors