The breaking-down momentum

Book Review: Non-fiction/ Breakout Nations by Ruchir Sharma, Penguin/Allen Lane, 292 pp; Rs599 (Hardback)
Ruchir Sharma is possessed with both knowledge and narrative, which is not an ordinary blend. As an investment banker, he heads Emerging Market Equities and Global Macro at Morgan Stanley Investment Management, exposure he gained from his global career in high finance makes the strong foundation of his book -Breakout Nations. The major focus of his highly publicised book is on emerging economies and on the sliding developed world, but in patches book also looks on the issues related to business itself in straight terms.
The story hits the headlines quite often, how China and India have become the world's major economies. How Russia recuperating its old materialistic might by transforming sic British football. News are on global scale about the economic miracles and power shift from the so-called advanced world to what has been categorised the emerging world, including the BRIC countries, Goldman Sachs's shrewd acronym for the four largest economies of that caliber- Brazil, Russia, India and China. This diverts attention from the other powerful middle-income economies, such as Indonesia, Mexico, Turkey, or the few African countries, notably Nigeria.
Ruchir does thorough introspection on the other strong emerging economies too, where his judgement appears apt. He superlatively rates South Korea for evolving as manufacturing hub; he calls it ‘Germany of Asia’. Though only recently, in the Asian financial crisis of 1998, it was bailed-out-by the IMF in emergency, but ahead, crisis was taken proactively by the industry and its policy regime. So things are structurally different now, he also believes Korea’s unification is not a utopian imagination.
For investors, Breakout Nations is a rare cautionary tale- if countries can act wrongly by not displaying the right political will; investors often reverts the same by relying on herd behaviour. The book has some sharp observations on bubbles of various kinds, for asset prices, technology booms and the impending commodity bubble. The future appears more shaky-greater volatility, unjustified inflation, political uncertainty-and end of incorrigible optimism of the 1990s and even of the time spent few years back. Now, investment climate would be based on more skewed judgments than even before.
What decides the economic success of countries? Book provides meticulous observations on emerging economies and their cases-winners like South Korea and Poland; disappointments like Hungary and Mexico-foregone success stories of Malaysia; potential hope like Turkey and Indonesia; wonder like Sri Lanka and the BRICS. Ruchir is not exuberant on Brazil, forecasts a slowdown for China with intelligent reasons. India gets a fifty-fifty chance though the actual analysis is far more pessimistic- he finds many problems in categorising India as ‘breakout nation’. One of them is erratic political decision-making. Only damage control on persuasion he performs by quoting scientist Antoine Lavoisier, ‘Nothing is lost, nothing is created, everything is transformed.’
Author stress that there is no mechanism which guarantees the state of political will; democracies can stumble as much as authoritarian regimes-regionally inclined nationalist politicians like Rajapaksa and Erdogan can often perform more than their liberal counterparts.
Sharma also examines a handful of countries he classifies as the Fourth World of Frontier Economies. These are countries where the rule of law has a limited occupancy and where the prospects are as uncertain as are the stock markets across the world. All Gulf States fall into this category. So do the African countries, though some of which show promise. Sri Lanka is classified as a Frontier economy but he corrects it to admit lastly as breakout nation.
World is not passing through a decent phase, Breakout Nations reveals it, offers some solution too for coping the dangers around the corner…its realisation is though not so easy!
Atul Kumar Thakur
June 6th, Tuesday, 2012, New Delhi
Email: summertickets@gmail.com
(Published in The Financial World/Tehelka,June08,2012)

Tragedies of budgetary show

As finance minister of union cabinet, Pranab Mukherjee forgot to elaborate about the much awaited 12th five year plan during his budget speech in parliament, which is aimed to strive for “more financial inclusion”. Instead, he chosen a horrific quote from foregone Shakespearian drama “Helmet” that “being cruel to be kind” in quite dramatic fashion…moreover, his exuberant declamation of Indian cinema’s centenary year with service tax holiday for a year was among the height of deviant financial planning of the economy that was waiting for a slew of measures for retrieving its desired tune!

Unfortunately that remained complete amiss and further counterpoints overshadowed the all prominent expectations were attached to this budget. For year 2012-13, GDP has projected at 7.6%, fiscal deficit-5.1% and subsidy to 1.9%, which is completely irrational from the fiscal discipline point of view and constitutional mandate of this country as it would be toughest to expect that these figures would substantially lowered the government’s borrowing in next few years. This economics from planning commission and finance ministry is very questionable, as they never have even second thought in prioritizing the beleaguered IT industry by allowing UDI, headed by Nandan Nilekani to be black pearl with incessant flow of many billion dollars every year in their favour and leaving aside the masses adrift from the dividend of state.

So there should be no surprise, have if the new definition will term “subsidy” as the biggest threat to the imaginative blooming economy which produced a Vijay Mallaya for few years with all notoriety of insane wealth! Further showing the overview of economy, finance minister has set the target of Rs 30,000 crore for disinvestment of PSUs, which is quite amateurish and shocking-even after the worst performance of stake selling of these state run companies few months back, the morale should have been never so weak. Instead rushing for sordid professional expertise, as Monetk Singh Ahulwalia often relies over before taking sides on major policy matters from the ghost house of socialism-Planning commission; a simple thought would be rather more convincing-why this unexpected undermining of one’s own assets?

Here the basic notion “good sale is always good” should be in the state of mind seeing the impressive consumerist size of Indian economy which allows a $2billion house (own by Mukesh Ambani whose literal meaning is too ambitious to live alone in its surroundings) and 56% urban slums in the same city, which for only few months and only by few, once seen as the potential global finance hub. That never happened alas! For a more pragmatic shift, the crucial policy circles must draw a line-between progressivism and reform, I am sure even the performing corporate besides the common men would chose earlier as it would allow them to be close of a sustainable model rather maligning with very ambiguous web of “reform” which is itself needed a new dossier of reform very sooner than later.

Under the regime of confused state, this year, no big announcements have made. Infact, announcements have no culture to be backed by the timeline in India, so even the tall promises of allowing few more private banks as promised by the last budget is still in the ideation of hibernation state. Another major component of financial sector-Insurance has given tough time with increased services tax and no touch of much needed regulatory changes. Mutual funds industry had long back have heard off regulatory eulogy, so it’s no longer an exciting domain like its peers Private Equity or Venture Capital Funds which are breathing existential crisis more acute than a fish out of water!

Although a sycophant scheme, Rajiv Gandhi Equity Scheme with allowing income tax deduction of 50% to new retail investors, who will invest up to RS50,000 directly in equity and whose annual income is below Rs10lakh would boost the temptations for legalized gambling rather invoking the confidence of retail investors who have lost too much in the recent past. Even in overall ambit of financial businesses, it would be very tough in the days ahead to draw back the retailers to the business as they used to be till year 2010. Only the bond market has gained, if say in monosyllabic mode-Rs 60,000 crore worth of tax free infrastructure bond from financial institutions would carve some niche here, even though for a temporary period.

Regional Rural Banks, which are doing fabulously fine, were hardly needed any new financial infusion, rather their unification and making them on all counts at par with the PSBs were sincerely expected for bridging the gap of rural financing and making an unique financial institution of strength. So, unusual touches of exotic “reform” simply abstaining financial sector to get on cheering spree. The gain indeed shifted to infrastructure and slumbering bond market, where allocations under Rural Infrastructure Development Funds (RIDF), increased to Rs20,000 crore from preceding year’s Rs18, 000 crore.

Further for addressing the warehousing shortage in the country, an amount of Rs 5,000 crore earmarked from the above allocation exclusively for creating warehousing facilities under RIDF. Under 12th five year plan, $12 billion dollar would be spend on infrastructure and this will be done on Public Private Partnership basis, so more of commercially exciting time is awaiting ahead than the real infrastructural development. Taxation remained disappointing with increase in service tax and excise duty by 2% which will have very adverse effects on the price rise…slight cut of .25%in Security Transaction Tax(STT)is hardly suffice, so is true with the token increase of initial income tax slab by Rs20,000 to 2lakh.

Adding retrospective claws in checking the tax evasion is completely erroneous, as the timely practices of existing laws are quite suffice to handle the Vodafone like situation where the loss of $2billion dollars has suffered by the exchequer. Other bizarre targets are the fuel and fertilizer subsidies which have larger binding over the agrarian classes, could create a big survival crisis among the majority of peoples involved in primary sector. Rationalisation of diesel/LPG s would not be entirely wrong but it should be come only with giving ample room for targeted subsidies to weaker sections. Albeit in broader framework, it’s interesting to know, that the government is not loosing much by oil imports with excessive revenue that coming through the existing importing duties, here too chances are alive of big correction for letting breather to an average oil consumer.

Social sectors, which constitute the pivotal roles in equitable growth, have suffered immensely by the consistent flaws in policy orientation and bad execution of ongoing flagship programmes, which is cause of grave concern. The severe human development deficits confronting India in various sectors require a major stepping up of public provisioning for inclusive development; but that would require the government to adopt progressive policies in policy framework and execution. Ironically whose chances appears very feeble as par now. On different social sectors, India has only 7%allocation of its total GDP unlike the OECD countries average that is totally stark.

This year, total allocation on Rural Development has fallen to Rs 73, 175 crore from Rs 74,100 crore last year. Decline of total outlay on MGNREGS to Rs33,000 crore from Rs40,000 is utterly shocking though it also shows the changed polity of UPA-II which is no longer rural centric even symbolically. The marginal rise in allocations for Ajeevika (National Rural Livelihood Mission) to Rs3915 crore from 2681.3 crore, Indira Awas Yojna to Rs11075 crore from Rs10,000 crore and PMGSY to Rs18172crore from Rs17412.5crore can be only said the tip of iceberg against the real needs.

As proportion of total expenditure from the Union budget, share of agriculture has fallen from 11.21 to 9.3%. Though total outlay for the Department of Agriculture and Cooperation has been marked by an increase of 18%to Rs17,123 from Rs20,208 crore but again this tokenism is too little. Additional provisioning for Bringing Green Revolution to Eastern India (BGREI) to Rs1000 crore from Rs400crore is somehow satisfying but slashing on corp insurance to Rs1136crore from Rs3135crore shows the classic case of black comedy. Rest, target of credit flow to farmers to Rs5.75lakh crore from Rs4.75lakh crore will only encourage the targeted segments, if the compliance of Priority Sector Lendings would be made hard fast, but there is no such assurance supporting this change.

Its proven that per capita food consumption is declining in India, in this scenario declined provisioning to Rs 1,79,554 crore from Rs 2,08, 503crore is the cruelest act from a government claims to stand for marginalised classes. Public Distribution System (PDS) stood with Rs75,000crore allocation and many populist burdens like universal distribution of rice/wheat, the extra pressure of lowered petroleum subsidy to Rs43,580 crore from Rs 68,481crore will make life more difficult for rural inhabitants based on local incomes. A very much related theme, climate change found no sincere attention in entire budget document however, economic surveys have added a separate chapter on climate change but without any overt working guidelines.

The total magnitude of the gender budget has declined to 5.8% from 5.9% and allocations for the Ministry of Women and Child Development has increased to Rs18,500crore from Rs16,100crore, which is too short from anticipated enhancement. Budgetary allocation on children have grew up modestly to 4.8%from 4.6% last year-in total spending on child specific schemes have set out on Rs71,028.11crore. Allocations on ICDS and ICPS have marginally stepped up though both the amount and execution of schemes are in worrying conditions.

Health still accounts only2.31% of total GDP, many plans for new hospitals, urban health care on the line of NRHM will be in bad state grappling with no extra allocations. NRHM got 15% hike toRs20,822crore from Rs 18,115crore but overall financing public health couldn't merely be an act of tokenism, that has missed in consideration. Allocation on water and sanitation has moved up to Rs14,005.2crore from Rs11,005.2crore, rural drinking and sanitation have given priorities, which is only half good. Budgetary spending on education has increased to 4.97% from 4.65%-but allocation for SSA has gone up by just Rs21,000crore to Rs25,555 crore, which is discouraging, similar are the cases of primary, middle or even higher level of educational plans.

Allocation under Scheduled Caste sub plan has increased to Rs37,113.03crore from Rs31,434.46 crore and for Schedule Tribal sub plan, allocation has increased to Rs 21710.11 crore from Rs18,466.23crore-though most of the genuine demands related to their welfare were rejected. Though “minorities” found no mention in budget but a slight hike in allocation came to Rs3135crore from Rs 2750 crore...disabled people got no or very feeble specified assistance through this budget.

MSME Sector-
In this budget, it's well to see basic custom duty coming down to 2.5%from earlier exorbitant6% on specified parts and machinery components. To setting up a Rs5,000crore India Opportunities Venture Fund with SIDBI is a right step but the real question of financial access is related with the cooperation of banks at bottom level, where is need of greater changes. Mention of two newly created MSMEs exchanges and MSMEs being called as "building blocks" of our economy by the finance minister in his budget speech was symbolically appreciable for this hitherto marginalised segment of industry.

Though it would have better, if the procurement policy for micro&small enterprises would have broaden to private sector along with the proposed change for CPSE to make a minimum of 20%of their annual purchases from MSEs.-of this, four business deals will be earmarked for procurement from MSE owned by SC/ST enterprises.
At the moment of political and financial adverseness, there was much expectation attached with this budget, which is completely shattered now as neither market nor the mass sentiments seems uplifted even in tint after the all statistical deliverance. So, it would be right, if we will still believe more in our edge of “economies of scale” rather on statistical commentary of budget. After twenty years of liberalisation, India is lagging behind in spirit rather in fundamentals…that’s the cause of maximum worries!

(Courtesy-Centre for Budget and Governance Accountability (CBGA) - a New Delhi based research organisation for some of the data’s used in this piece)

Atul Kumar Thakur
March 23, 2012, Friday, New Delhi
Email: summertickets@gmail.com

Material extremes!

Book Review: Non-fiction/Business, Extreme Money by Satyajit Das, Penguin, 514 pp; Rs699 (Hardback)
More than misnomer, it would be a tragical travesty of long standing exercise if someone tries to see the world of finance through a different prism, away from western policy dominance! A long slavery of impure and irreverent economic policies has already stocked abundant flaws in the entire financial system whose risks are being maximised by the unrealistic integration of global trades. However, against that slapped backdrop, some voices have started appearing very resolutely, which are pragmatic, less pontified and chasing the way out of pervasive financial gloom.

Also it must not be considered a sacrilege, if someone defies the non-holy motives of Adam Smith’s texts including little anti-literature of his own basic thoughts “Theories of Moral Sentiments” or naturally opportunist courtesan economist, Kautilya’s “Arthshashtra”. Even beyond these two economic scribes, most of economic theories and its propunders too need a very articulate revisiting, better if much as stern as Jacques Derida demands in “textual rereading” framework. But certainly, this practice should not be sanctified like the way bandwagon tradition, it has confronted.

Satyajit Das, an internationally renowned expert of finance with earthly understanding of actual happenings in the global financial world, has come out with “Extreme Money”-a detailed work on monetary evolution, its rise and now the questionable survival. His views are formed through inside exposures in working with giant financial conglomerates and central banks across the world, especially in advanced western economies which possess capacity to make or mar the potential of financial growth outside of its terrain too.

Before the catastrophe broke at Wall Street in 2007, Satyajit has written celebrated book “Traders, Guns and Money”, as the name suggests, he exposed the unethical and undeserving derivatives trading with insightful inside account. Like Nouriel Roubini, he too sensed the impending financial failures ahead, in tune many others also felt so but alas their apprehensions were succumbed under the heavy acts of sidelining by the greedy financial experts and sadly passive regulators. Rest is history, how black acts drove financial markets initially weird and later over-vulnerable to be in tussle of surviving an unforeseen bizarre “hand to mouth like situation”.

As financial evolution and its rapid growth is a sort of declaration by human race for its supremacy over the rest participants of the whole ecosystem, so its perilous binding over the modern world could be easily conceived. En route this, questionable money games have lead to massive yet incoherent bubbles of fake growth, exotic financial plans like Ponzi and whole allowed gambling of capital markets denounced the all minimum values of business altogether at bay. That affected innumerable losses of jobs, private savings and overall the beliefs of common men from the financial sector. This is very alarming per say, if this sector really wants to rebound gracefully, though its chances are very minimal.

Author of this book has tried very well to encompass how the trap of financialising everything, from home mortgages to climate change have made selected fortunes and affected many. In his judicious conviction, Satyajit Das tells very realistically how “extreme money” is unreal, how still exotic financial instruments are generating huge profits and the exorbitant acceptance of Ivy League trained financial jovial minds leading the stream finance towards black whole from where return would be as exciting and unrealistic as beating the enemy nation in a Bond’s cinema!

It would be wrong to presume Indian economy emerging unscratched through the ongoing financial crisis began with subprime lending failures and now reaching another round of debacle with Euro zone crisis. The governing policies for reckless financial adventurism have still not getting the consideration it deserves, the prolonging of lackluster regulatory overtures further jeopardizing the chances of recovery and making the world truly wary from its havocking affects. The valid question arises, why central bankers are not converging with the actual scenario in western world?

The multilateral organisations are long back stopped performing any rational role to make international financial system harmonic and less risky. So it should be considered by the central banks, including RBI that the dividend of open trade is not restricted for equal sharing among the stakeholders but the downfall is very fairly attributed on them when the economies worldwide touches tailspin. No matter, how much international trade is integrated the role of national regulators and government is as much crucial as they used to before liberalisation wave in 1991.

Unrealistic euphoria may be destined to short-lived like financial bubbles generated by manipulated financial policies, so time is to think with proper imagination rather getting accustomed to be fall thinker and its myopic practitioner. Extreme Money is a serious step forward in this regard with well researched symptoms and solution of global finance within its fold, this work should be essentially read by the enthusiasts of finance and normally timid academic, who teaches finance-with or without real zest!
Atul Kumar Thakur
March 20, 2012, Tuesday, New Delhi
Email: summertickets@gmail.com

Chronicling Poor Lives!

Book Review: - Poor Economics/Abhijit .V.Banerjee and Esther Duflo/Poor Economics/Abhijit .V.Banerjee and Esther Duflo,Random House India,Price-Rs.499,2011
As economics itself can’t be poor with its articulate nuances, so the efforts of MIT Economists, Abhijit Banerjee and Esther Duflo can be better understand as Economics of Poors. This book is well intentioned as it entered into the poverty debate with involving local/community perceptions and abstained to fall in the trap of generalization. That enables the work to reach on the real causes of poverty and failure of numerous national and international programmes.

Infact the main argument of this book “The way the poor make decisions, at some level, is not that different from our own. They are no less rational or sophisticated than anyone else, and they are well aware that mistakes for them are costlier” is very touching and reflects the need of humane observation on poverty instead maintaining technical status quo. Abhijit and Esther, the propunder of “randomized control trials in development economics” leaves simple solution for the policy makers by playing careful attention to the evidence, this way, it’s possible to form accurate view on impacts of poverty. This book raises many questions from impulsive side, how the bandwagon among the poors kills the real existential issues!

The best of book comes in the first part, where each of the five chapters gives an impressionable account to know the poverty in universal terms. Chapter-Ist dwells with human development issues and come out impressively with an overview of regional variation in HDI. Chapter-II/A billion hungry Peoples, which is most fruitful as it shatters the all ill imposed convictions, that trying to legitimize the every moves of market capitalism as good for poors. Authors take on puzzling nutrition debate in India is yet another reminder, why our vulnerable position is intact in global HDI Index? Further the reference of Angus Deaton/Jean Dreeze, who shown that “the real story of nutrition in India over last quarter century is not that Indians are being fatter; it’s that they are infact eating less and less” exposes how empty is the tall claims of Indian growth on poors.

Further, Gender discrimination during the Indian drought of 1960’s has sensibly covered, which opens a new concern towards this unusual discrimination. Chapter-III deals with the grassroot health scenario with highlighting the pitiful public services, unaffordable private health care, flawed governance etc. Chapter-IV/ Top of the Class, meticulously inquisite that why school fails? Chapter-V/Pak Sudarno’s Big Family, covers the many crucial aspects of demography and family planning in new light.

Part-II of the book, that’s institution focussed retains the fine touch in Chapter-VI/Barefoot Hedge-Fund Managers, which covers the plank of investments in poors life. But the distraction appears stoutly in Chapter-VIII, where the authors sailed the wrong boat by trying to infuse new energy in poverty debate by relying on the private MFI’s business which is still passing through a severe phase, out of theirs impractical/unethical business model. It would have better, if authors may have presented the calibrated model of micro-financing through the credibly managed government/private financial institutions. In Indian contexts particularly, diversity of financial institutions with special focus on Regional Rural Banks/RRBs could have made lot of differences in finding the true way out of bottom level financing. The next three Chapters shaped with global perspectives on innovation, entrepreneurship and most remarkably on policy issues.

Both Abhijit Banerjee and Esther Duflo have keen interest in economic research, they have show such pastime in theirs book which stands with outstanding views on the nature and causes of poverty. Majority part of this book can be used for policy framing or by general readers to sharpen their grasp on the poverty. Noticeable is the language of this book which is completely flowing despite written by the two technical economists…it makes even an ordinary enthusiast reader capable to entwine with the very important aspects of economics. As the world standing on a critical juncture between blind waves of market led growth and incessantly growing inequality; significance of such work maximizes manifolds!
Atul Kumar Thakur
July 27, 2011, Tuesday, New Delhi
Email: - summertickets@gmail.com

Case of Food Security

International Cricket Council {ICC} Chief and also co-incidentally the Union Agriculture Minister of India, Mr.Sharad Pawar has recentally came out with his shocking though expected denouncement of Supreme Court’s sincere observation that “In a country where admittedly people are starving, it is a crime to waste even a single grain”, such out of consineful convictions are usual features within the top legislative authorities…his economic sense allows him to count the salvage value of lakhs of tones rotting grains every year during the monsoon season {from flood affected North Bihar districts to debt-ridden districts of Maharashtra-Andhra Pradesh},instead to disburse them to millions of hungry Indian citizens.
Apart from flawed macro agri policy formulation, shortage of hygienic storage capacity and tall greed of Food Corporation of India {FCI} officials are exactly making things hell. UPA II government is fixed with obstinate ideology and economics that visualizes every welfare scheme including the universalization of food as “Subsidy burden”. Slashing of Rs.450 Crore, from food subsidy in the current fiscal; truly explicit the government’s role as an enabler, contrary to the erstwhile interventionist role.

Every basic means, either the money or grains are being presented as an obstruction by the government, despite witnessing a fabulous growth and adding 49 billionaires and 100,000 millionaires in a decade. Alas! This fortunate wealthy class hardly reflect the actual pulse of India’s real economy…Raghuram G Rajan has rightly noticed such overwhelming increase of Indian wealthy class as by product of theirs connection or Juggad with political affluents{Fault Lines}. Among those wealthy class, the top three sectors of theirs interest have been tax-exempted near the Rs.500, 000 crore during the last budget; dualism has taken its course and no hue& cries were raised from the fiscal management point of view though entire machinery were exactly the same.
For curtailing the universalization of Public Distribution System {PDS} which is not less than a backbone for the both urban and rural poors, a flawed Above Poverty Line{APL}-Below Poverty Line{BPL} created and were propagated as enemy camp. Such folly making lives terrible for countless families who stuck with the APL status and loosing all the government’s aid in spite of having only slightly different socio-economic status.

So, categorization poses similar adversity as of policy directives for majority of Indians; consequently the average daily net per capita availability of food grain between 2005-08 was a dismal 436 grams per Indian against the 440 grams per Indian in 1955-58-further, decline of pulse consumption is havocking, from 70 grams in 1955-58, it came down to 35 grams in 2005-08 {P.Sainath, Oliver Twist seeks food security, The Hindu, August 12, 2010}. Such terrible consumption level among the majority of Indians are the result of growing commercial pressure on forming that forces farmers to opt for cash crops instead of food-corps and inability of government to either distribute the rotting grain or release it at low prices through the PDS.

Except Tamil Nadu, where each family is entitled for 20kg grain/Rs1/kg, no Indian state could claim for universalization of PDS. The success of the scheme in Tamil Nadu relies heavily on groundwork and such universal coverage deserves accolades for both practical and political reasons {S.Vydhianathan, R.K.Radhakrishnan, Behind the success story of Universal PDS in Tamil Nadu, The Hindu, August11, 2010}. In such stark scenario, proposal of Food Security Bill appeared as pleasant surprise but it couldn’t endure as National Advisory Council {NAC} recommendations badly lacked the universalization contents in food security. Initially, 150 most backward districts were suggested for disbursement of 35 kg rice or wheat at Rs3/kg, which seems completely unrealistic and discriminatory from humane point of view.
Here hunger and malnourishment are being measured more from the geographical status than rational socio-economic criteria. Without universalization, food security program have no valid reason to exert much differences in the current state of affairs. At that point government must think on ushering in food security program through pilot project routes, instead they must follow the much imperative Comprehensive Universal Programme that covers all basic requirements of human life without discriminating on the basis of any artificial criteria. Atleast for the staple diet, there should not be any bad politics…
Atul Kumar Thakur
August28th 2010, Saturday, New Delhi
atul_mdb@rediffmail.com