In a damning indictment, a top US General has said the ISI is fomenting "chaotic activity" in Kashmir and Afghanistan and asked the Pakistani spy agency to change its "strategic thrust".
The US is having "discussions" with the Pakistani leadership on this issue, Admiral Mike Mullen, Chairman of the Joint Chiefs of Staff, said.
Elaborating, he said the ISI has been supporting militant groups in Kashmir and the Federally Administered Tribal Area (FATA) bordering Afghanistan.
"I believe that in the long run the ISI has to change its strategic thrust which has been to foment chaotic activity you know in its border countries," Mullen, who has travelled to Islamabad for nearly a dozen times in the past one year, said.
"... that has been a Pakistan view to its own survival and its own security. And I think in the long run that's got to change," he said in a interview to Qatar-based Al-Jazeera TV.
"What I mean is that they have clearly focussed on support of ... historically of militant organisations both east (India) and west (Afghanistan). I mean that's been a focus of theirs in Kashmir historically as well as in FATA. And I think ... that fundamentally has to change," he said.
His remarks came when he was asked to explain what he meant by saying that the ISI had a strategic thrust to foment chaos in neighbouring countries.
Describing ISI's close links with the Taliban as "another extraordinarily complex" relationship, Mullen said: "And it's one that I've spoken very publicly about."At the same time, he said ISI has also provided "some very positive intelligence" in the past.
"...the ISI has also served ... some very positive intelligence needs both in the country and certainly between our two countries," he said.
"So, I think it's something we keep discussing, keep looking at. In the long run, its about the security for Pakistan and better security in the region for both those countries."
Mullen also said that the US was having discussions with the Pakistani leadership on how to change ISI's focus.
"There are discussions which have been ongoing in respect to that and the leadership recognises that and there is a big challenge dealing with that based on what their history is and what they need to do for the future," he said.
Mother, I salute thee! Rich with thy hurrying streams, bright with orchard gleams, Cool with thy winds of delight, Green fields waving Mother of might, Mother free. Glory of moonlight dreams, Over thy branches and lordly streams, Clad in thy blossoming trees, Mother, giver of ease Laughing low and sweet! Mother I kiss thy feet, Speaker sweet and low! Mother, to thee I bow.( jAI HIND)
Saturday, July 25, 2009
Why Violence

Why Non violence ? Is there any connection with revolution?
If there is thousands of negations for violence, than i have thousand reasons to support violence. Here i'm clarifing that i no way support the Red Revolution or other Armed revolutions continued by terrorists. But, i'm not completely condemend those also. I'm just justifing the mode and philosophy behind Bhagat Singh, Chandra Sekhar Azad, Subash Chandra Bose, and many more revolutionaries including Shivaji, Maharana Pratap, Tipusulatan, Further i need to include, Dante, Karlmarax, Angle.
I'm here openning the pandora's box ...
All who propagates Nonviolence and naming it indispensible Part of Humanity.
Than my word to this is simple......No...
Why......????
Because , all the gods of nonviolence are hipocrates
From Budha to Jisus chirst, From Mohandas Karamchand Gandhi to Martin Luther king. All who sacrificed thousands of innocent life for the name of nonviolence. For them If sacrifice is necessary for Nonviolence than Violence is better path.(If we not getting any alternative).
First i'm saying about Budha..a foremost preacher of nonviolence
Entire life of Budha was spent to propagate nonviolence. peace,
But he many times to failed to create consensus among his felowers, which brust out immediately after His Mahaprayan.
At the time of his Mahaprayan, Budha told his trusted disciples, that I'm not the last Budha, Even what i said and preached that is not absolute truth.
When we look into the ideal of Jataka's stories, we can understand that violence is a part of life and any living organism can not get rid of this.
Than, Jesus Chirst...He died for the peace and nonviolence. At the time of torture to death, Chirst asking pardon, what the deeds done by the emperror, priests and the loyal armymen. He was crusified along with other notorious criminals. They have one similarity that they had no regret for what they had done. Immediately after the death of Chirst many his fellow man and disciples hanged and killed by royal army. Here a question arises if he excused all the misdoers than why he resurrected? Does he want to show the divine power over evils. Is it not a violence.
Mahatama Gandhi, the great preacher of nonviolence in modern times
All his three great non violence expeditions against Britsher Raj (not Britishers, what he termed) were ended in failure. We got our independence not because of the movements of Mahatma Gandhi, but Due to the threat of revolutionaries, and political agenda with in their own country. There were many incidents where Mahatma Gandhi tried to supress other ideas, by emotional blackmailing. The Gandhi Irwin pact and hanging of Bhagat Singh, Sukhdev, Rajguru. Siding Subash bose from Congress. Etc gives ample example that he want to exert force.
Like Martin Luther king, A movement against anti Black.
Here i want to say one thing Both in violence and non violence, only one thing works i.e, force, one is physical force and later is emotional force, If we termed emotional force as spritual and intellectual than alas i'm undone.
I supports violence over non violence
because,
Fear is a vial for administration, When ever fear diminish arogantness and licentiousness prevails.
We respect god(most of all), not because of love , but Out of fear. He is ominipotent, ominiscient.
If He live normal life like others, see the texts of Ramayan and Mahabharat, how god treated.
This is not only human nature but also the nature of all living organisms.
We got independent for non violent way and see the result what the Indians are today
complete anarchy, corruption, no fear for law and order, no respect for mother country, nothing ....shame to believers of non violence,
Who knows nothing about it yet practising it..propagating it...
They throw away rotten food, they wrap nose in disgusting when ever they passes a dead animal. they scold and cursed when they feel bad.
Non violence became spritual....If we belive that ....Our body only dies, not our soul...
The basic essence and foundation of nonviolence ....
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Saturday, July 18, 2009
India-Pak talks as viewed in Pakistan
After the NAM summit, the government has been criticised for the Indo-Pak joint statement in Egypt. But over in Pakistan everyone is pleased with the outcome of the Sharm al Sheikh meeting. But a few still believe that disputes like Kashmir must be resolved before any progress can be made in other areas.The handshake between India and Pakistan and everybody is beaming - from bureaucrats to politicians in Islamabad's corridors of power. For the PPP government, bogged down by a bloody war against terror groups and an economic downturn - it's a relief."This delinking of terrorism from the composite dialogue is significant for the simple reason that linkage had been created since Mumbai. If it is delinked it means that there is recognition of 2 things; one that the threat of terrorism is common to India and Pak. Secondly the operations we are carrying out in Swat and FATA - the sea change in attitude and situation on the ground has persuaded the international community and the US and then as a fall out the Indian government that Pakistan is serious in tackling this issue and therefore there is hope in other areas," said Rashid Rehman, Senior Journalist.But PM Manmohan Singh's statement that there cannot be any composite dialogue till those behind Mumbai attacks are brought to justice has worried many in Pakistan. But largely the mood is one of hope."What is new is to talk about the composite dialogue. To talk about resolving all outstanding issues and we have not seen that in a long time and I do not think that we should expect any dramatic developments or resolutions, but to the extent that we are finding our way back - that is important,"said Abbas Rashid, Peace Activist.And then there are those who believe that any talks with India are futile till Kashmir is resolved. "There will be some criticism. The hawks will insist as they always do that without the resolution of the Kashmir issue and the resolution according to a large body of critics, the UN resolution, plebiscite and those were relatively more pragmatic. At least some internal political solution to IHK - without that there is no prospect of progress on any other front and this will be a failure foretold," said Rashid Rehman.Political dialogue between India and Pakistan is as unpredictable as a cricket match. But this time round the outcome of the Sharml al Sheikh meeting has pleased everyone, except the hawks who believe that long standing disputes like Kashmir must be resolved before progress can be made in other areas.
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Tuesday, July 14, 2009
Wondering about wonders

A Summer Sunday Evening..
The whole enviornment is calm. dry yet cool brezee making us more relaxed. We gathered this weekend just to meet and relax, after a weeks busy schedule.
'' Every man quests for Real and truth, but it is more astonishing that, simultaneously he loves dream, just opposite to real...." A friend of me, Nilu told this.
This may be casual in our discussion. but it created thousands of ripples in our mind. We become silient for a few moments.
Sabu( Short name for Sabnam) another friend broke the ice, by a strong na..na.... She said, '' Hey...why you disturbing all our moods.
We are not here to discuss all these Philosophical things. We are here for past five months, but couldnot meet even for a few seconds. We have no time to talk through mobiles.
We all are working in the Journalism sector, which is more social than any other work. We are concerning for others, their activities, their perils, sorrow, their black money , affairs by the cost of our own social life.
In such condition, by god's grace or luck we got this moment to sit togather. Why should we waste it.....''
You may be right but, Nillu's comment is right....is in it???
I asked sabu....
before sabu can react to my question, Ajit, intrrupted '' arey...dont be so serious my friend...all the questions come and go but our life cannont change. We still remain oppressed, tortured, dependent, underpaid. So, we must think about our life....''
...life....i replied..
what sabu said is it not part of our life?
shall we avoid it?
If we force we canot?
It is true that we have no time to ask question ourselves...
hey.... hey.....do't add spice to this situation?
Lipu(short name for lipsa) stood up as if she can beat me any moment
and opposed me voilently.
she said," look if you don't like to sit here than, immediately leave us. Why you wasting time. Tomorrow is not holiday. We all must join work in time. If we pounder on these topic we will not sleep whole night. and we all dont like this... am i correct.
what other's said, they are right and just in their opinion. but the whole thing hounded me as nightmare . I could not get a sound sleep. I feel piercing of thousand in my heart and made turbulance in my brain. all my past life and present struggle rewinded before me..................
I was born and brought up in a conservative brahmin family. My father Banchhanidhi Dash was a retired teacher. My mother is a simple house wife. My father and mother are completely different in their thoughts. They reaction is different to the situation. My father is more stringent to rules and regulation, just like a teacher. My mother is very flexible, and cooperative. There is less coordination and cooperation between them arguments. Even after this short fall in family life they are successful coping the troubles. Because they know their responsibilty very well. They are very conscious to their duties. From my parents I learned two valuable things - one to understand the value of one's own responsibilty and how to deal with them patiently.
My mother said that I was born prematurlay on 8 months but, with great expectation I learned to speak even write Oriya alphabatical letters and numerics when, i'm just 9 months old. This may seems unbelievable but, it inspired me every time, that i'm an abnormal and gifted.
I remembered those harsh days of my childhood. My father was working as primary teacher. At that time there was no regular payment. What the monthly salary was, we were unable to maintain the whole month's expenditure , even sometimes we could not manage to get a full meal in a day. Since I am elder child of my parents, they have special affection and love to me. since my childhood i was sick, suffered from deseases. Most of the monthly salary spent on my treatment. When i grew up, and ready to enter school. My parents tried their level best to enroll me in good school, they prefered over general government school to English medium school. But the financial trouble stood as a great barrier before their dream. Even in such troubles they give their best effort to give me all the things, what the rich family giving their child. What is my life with my parents till my marriage, i know one thing, poverty is seed of all troubles. but when i got married i discovered one great wonder about my parents. simultaneously I ashmed myself, and forced to change my notion ablout poverty and money. How my parents managed to won over poverty . I have little know about their indebtness. They lended 40-50 thousand rupees from a local money lender when I demanded them for my business. This thing haunted my entire life like a nightmare. I hurt them, even I had not pay any respect to their sacrifices.
We faced several seroius consequences of our poverty. My younger sister Santoshini(Joly) in a short period she experienced many up and downs of life. Her life was not normal. With in four years of marriage her husband was died due to liver damage, when one year daughter was on her lap. She struggled hard against sizhophernia and to grow her child. Her in laws abondened her. Even after the financial crisis My parents with great patient give shelter and gave proper treatment . When my parents struggling to cope with all these crisis, I even could not stand up for my self. Even in such situation i got married to my old girl friend Rajeswari. This marriage is still an enigma. Our affairs lasted for 10 years, for the last four years our parents tried for our marriage. But, Irony of the fate is that, every time when the marriage date was fixed by Pandits, we listened the news of death of our kith and keen (many are from her family). Finally the date was fixed, and we got married on 2009 , may 4. Soon after my marriage my wife undergone a major operation for cervical tumor. I sold my golden chain given to me by my in laws to meet the medical expenditure.
This Is my family life -but my professional life is different. Day by day i grew because of my virtue. god is very much ... to me particularly on my profession. Particularly I'm not a serious religious person. I not a regular visiter of temples, i donot like offereings. I don't like to pray god in ant hardship. I think it is a pratices of cowards. Simultaneously I strongly believe the existance of god. i see him in every action, it may be good or bad. I never feel sorry for any trouble. My notion to sprituality is something different to other indians, particularly hindus. In my early days i'm a strong supporter of Hinduism, say a fanatic. At the age of 9 years i joined RSS(Rastriya Swaym sevak sangh) . and became an active member of the organistaion. i worked with the karsevaks, i beared the safforn falgs in rallies, shouted slogans. The inspiration to join in such hardcore hindu organistion may raise eye brow , but my family environment built me like this. As i grew older i understand the secularism. I understood that every religion is equal in god's eye. here, i remember those days, when we were at Keuta street of paralakhemundi town. A bengaldeshi refugee, a suni muslim by belief, we called them '' jee" (means sir), was a neghibour to my house. He loved me much. i remember his gifts, chocolates, biscuits, often brought to our home. He very often join with us in hindu functions and celebration. like we also join with their family in different occassions. When he left india, i cried most. still now i bow before his secular affection.
Here, one thing i want to say, My mother is my iinspiration. She saw the seed of ambition, to be an different man. A man with unique ability and capability. Who have much money to meet the daily needs and more social circle to be famous. She always exhorted to be great man like other ever remembered leaders. Who has no virtual death. Her words and advices are my strength and now it is mingled in my blood and marrow. When ever i feel i' cannot fight any more than, my mother's words becomes beacon, and i stood up again with great vigour and moral strength.
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Tuesday, July 7, 2009
Budget verdict: Hope for best, prepare for worst
Finance Minister Pranab Mukherjee presented the first Union Budget of the newly elected UPA government on Monday. Against the backdrop of UPA's election victory, it was being seen as a budget of hope.
But close to 24 hours later, the verdict is mixed. Some see it as a missed opportunity, others as a cautious step in the right direction.
So how do politicians, economists, corporate and global voices rate the Budget? CNN-IBN got representatives from all those sectors on a panel for a special show Rate the Budget, moderated by Rajdeep Sardesai. The show had the panel rating the Budget on parameters like Excellent, Good, Average and Bad and looking at future impact of it.
On the panel were Editor of Economic Policy, Network 18 Vivian Fernandes; Board Member, ICRIER, Shankar Acharya; MP, Biju Janata Dal Jay Panda; Head of CPI(M) Economic Cell Prasenjit Bose; BJP Spokesperson Rajiv Pratap Rudy; Union Minister of State, Communication and Information Technology, Jyotiraditya Scindia; London-based economist Lord Meghnad Desai and FICCI President Harsh Pati Singhania.
Following are the ratings and reasons from the panel:
Shankar Acharya: Rated the Budget as average saying the Fiscal deficit was too large, an opportunity missed on reforms stimulus and added that signals are easy to put, and could have been done.
Vivian Fernandes: The Budget is good. Stock market hasn’t reacted to the substance but the packaging of the Budget. The atmospherics could have been better.
Prasenjit Bose: Average.
Jay Panda: Bad-erage. There are elements in Budget that I welcome like focus on infrastructure but overall, it’s a missed opportunity. It wasn’t a pathbreaking Budget.
Jyotiraditya Scindia: Good. It’s an extension of our policies for social sector, infrastructure and development.
Harsh Pati Singhania: Good. Given the circumstances it was a good Budget.
Lord Meghnad Desai: Below average. This is Left side of the Congress party. It was like the second interim Budget.
Senthil Chengalvarayan: Good. He’s kept the status quo in taxes. That’s a big relief. The direction of taxes hasn’t been tinkered with. Worryingly, the Left may have left the UPA but the Left within the Congress needs to be pleased.
Jyotiraditya Scindia responded to Meghnad Desai and Acharya’s ratings and said the Budget did not have a Left edge to it.
“We are in the middle of a recession. Rs 1, 86, 000 crore fiscal stimuli was given to the economy last year. This has resulted in GDP growth rate. Let’s not expect the Budget to be a Government exercise. Let’s not forget the most prolific statements made in the speech,” he said.
Scindia also said the intra-day Sensex fall had nothing to do with the Budget. “Intra-day swings of Sensex should not be considered for policy-making exercise. It will correct itself in the next few days. We should look at the direction the Government will take. Rs 100,000 crore has been kept aside for investment and that’s a huge amount,” he said.
We are in the middle of a recession. Rs 1, 86, 000 crore fiscal stimuli was given to the economy last year. This has resulted in GDP growth rate. Let’s not expect the Budget to be a Government exercise. Let’s not forget the most prolific statements made in the speech,” he said.
Scindia also said the intra-day Sensex fall had nothing to do with the Budget. “Intra-day swings of Sensex should not be considered for policy-making exercise. It will correct itself in the next few days. We should look at the direction the Government will take. Rs 100,000 crore has been kept aside for investment and that’s a huge amount,” he said.
Over-obsessed with stock markets?
Prasenjit Bose agreed with Scindia and said the Budget is about income, expenditure and deficit of the Government and should remain just that. “Why are we so obsessed with the stock markets when there are many other markets in the economy? Why are we so worked up if the Sensex has fallen?” he questioned, “FIIs have been pulling out of India for the past one year because they have messed it up in the US,” he said.
But Jay Panda said restoring a nine per cent growth rate wasn’t possible without keeping the stock market sentiment in mind. “6.8 per cent fiscal deficit just at the Centre is a very scary figure. Lots of opportunities were given up on how to do this in radically different manner so that benefits could reach the citizens,” he said.
Lord Desai believed Pranab had taken a gamble with this Budget having ignored the foreign investors.
“What the Budget should have set was a roadmap for the next five years plus income and expenditure. What it shows is that the government doesn’t care for Sensex, doesn’t care for the Wall Street. It cares more for rural India. That’s a gamble because you still need foreign money,” he said.
Scindia pointed out the development policies of the government – 144 per cent hike in NREGA budget – would help the marginalised sections of the society.
Budget must indicate the direction of economic policy, said Acahrya, and that this is where Pranab’s Budget fails. Singhania said fiscal deficit was worrisome but we had no trade-offs. “I think Pranab opted for growth despite there being a high fiscal deficit. I would support his choice on behalf of the industrialists. Government can achieve its desired revenues only through goals,” he said.
But the real question mark remains over disinvestment. Will the Government go ahead with it under pressure from allies like the Trinamool or the DMK?
Jyotiraditya said there was unequivocal support for disinvestment. “FM has made clear that disinvestment will take place in companies across the board up to 51 pc with the exception of insurance and banking companies where it will remain in public sector. I think the intent matters more than the numbers”.
Where’s the money going?
Vivian pointed out that investors wanted a reassurance that the Leftist tendency with the Congress hadn’t gained an upper hand. To which Scindia replied that there was no sacrosanctity of a number being put out. “Most important thing is that a commitment and intent has been made clear and we will do it when we get the best price for our assets,” he said.
Prasenjit Bose said the Left was opposed to the concept of profit making public sector units in toto because they bring dividends.
“You are using an income stream for future by selling off a stake. So why give up that? What is the difference between a fiscal deficit and a disinvestment process?” he said.
Senthil offered clarity to Bose by citing Maruti’s example. “When they (Maruti) disinvested, they got Rs 30 per share. When they sold its stake to Suzuki, they got Rs 250 a share. After Suzuki ran the company for some time and government got its stake, they got Rs 600 per share. So the income that came in far outweighs that may have come from a company that could have gone down the drain,” he said.
Jay Panda remained adamant on applying money properly. “Even former PM Rajiv Gandhi noted that only 15 paise of one rupee reaches the common man. There have been radical ideas in the Finance Ministry which I am disappointed Pranab babu did not make use of,” he said.
Scindia said what Panda pointed out was not just a Central problem, but also a state problem and cannot be expected to be solved overnight.
The Government claims it’s a growth oriented budget that’s stimulating positive demand.
BJP’s Rajiv Pratap Rudy expressed confusion at it and said it was a lacklustre Budget. “On the one hand they are tom-toming reforms in infrastructure, agriculture etc. But if you wanted to do this, it must have been complemented with reforms. But when you’re not putting the reforms in place, how do you complete this (fiscal deficit) aspect? How to bridge this gap?” he questioned.
But Acharya said it was tough to believe that Pranab’s calculated risk would pay off. “If the Government will borrow Rs 400,000 crore in the market, it will keep the interest rates higher. This will discourage private investment and hence growth can’t be achieved,” he said.
Senthil said it was a gamble that Pranab had taken which may or may not work out.
Panda too agreed. “When you put representatives of India Inc on TV and ask them to rate the Budget you are putting a gun to their head and they will give a political answer. These people vote with their money in the market. Unless that sentiment is turned around, I worry they’ll have trouble getting back to nine per cent growth rate,” he said.
However, Scindia denied this allegation vociferously and Prasenjit Bose remained adamant that the Government had missed an opportunity.
What lies ahead?
Shankar Acharya: There were two good things about the Budget speech: Goods and services tax by 2010 and restructuring of fertilizer subsidy.
Vivian Fernandes: The reformer shouldn’t lose hope because the Government is committed to it.
Jay Panda: Being a regional party member, I would like to see less bias in Budget when it comes to regions.
Prasenjit Bose: Mandate is for aam aadmi (common man), for agriculture, for development, for health – don’t betray it.
Rajiv Pratap Rudy: The Budget did not talk much about price rise and poverty. The middle class is disappointed.
Jyotiraditya Scindia: Look at how we have preformed in last five years. It’s an indicative of how well we will perform in the years to come. We are committed to reforms, social sector and agriculture.
Senthil Chengalvarayan: I would like to see delivery mechanism for social sector reform.
But close to 24 hours later, the verdict is mixed. Some see it as a missed opportunity, others as a cautious step in the right direction.
So how do politicians, economists, corporate and global voices rate the Budget? CNN-IBN got representatives from all those sectors on a panel for a special show Rate the Budget, moderated by Rajdeep Sardesai. The show had the panel rating the Budget on parameters like Excellent, Good, Average and Bad and looking at future impact of it.
On the panel were Editor of Economic Policy, Network 18 Vivian Fernandes; Board Member, ICRIER, Shankar Acharya; MP, Biju Janata Dal Jay Panda; Head of CPI(M) Economic Cell Prasenjit Bose; BJP Spokesperson Rajiv Pratap Rudy; Union Minister of State, Communication and Information Technology, Jyotiraditya Scindia; London-based economist Lord Meghnad Desai and FICCI President Harsh Pati Singhania.
Following are the ratings and reasons from the panel:
Shankar Acharya: Rated the Budget as average saying the Fiscal deficit was too large, an opportunity missed on reforms stimulus and added that signals are easy to put, and could have been done.
Vivian Fernandes: The Budget is good. Stock market hasn’t reacted to the substance but the packaging of the Budget. The atmospherics could have been better.
Prasenjit Bose: Average.
Jay Panda: Bad-erage. There are elements in Budget that I welcome like focus on infrastructure but overall, it’s a missed opportunity. It wasn’t a pathbreaking Budget.
Jyotiraditya Scindia: Good. It’s an extension of our policies for social sector, infrastructure and development.
Harsh Pati Singhania: Good. Given the circumstances it was a good Budget.
Lord Meghnad Desai: Below average. This is Left side of the Congress party. It was like the second interim Budget.
Senthil Chengalvarayan: Good. He’s kept the status quo in taxes. That’s a big relief. The direction of taxes hasn’t been tinkered with. Worryingly, the Left may have left the UPA but the Left within the Congress needs to be pleased.
Jyotiraditya Scindia responded to Meghnad Desai and Acharya’s ratings and said the Budget did not have a Left edge to it.
“We are in the middle of a recession. Rs 1, 86, 000 crore fiscal stimuli was given to the economy last year. This has resulted in GDP growth rate. Let’s not expect the Budget to be a Government exercise. Let’s not forget the most prolific statements made in the speech,” he said.
Scindia also said the intra-day Sensex fall had nothing to do with the Budget. “Intra-day swings of Sensex should not be considered for policy-making exercise. It will correct itself in the next few days. We should look at the direction the Government will take. Rs 100,000 crore has been kept aside for investment and that’s a huge amount,” he said.
We are in the middle of a recession. Rs 1, 86, 000 crore fiscal stimuli was given to the economy last year. This has resulted in GDP growth rate. Let’s not expect the Budget to be a Government exercise. Let’s not forget the most prolific statements made in the speech,” he said.
Scindia also said the intra-day Sensex fall had nothing to do with the Budget. “Intra-day swings of Sensex should not be considered for policy-making exercise. It will correct itself in the next few days. We should look at the direction the Government will take. Rs 100,000 crore has been kept aside for investment and that’s a huge amount,” he said.
Over-obsessed with stock markets?
Prasenjit Bose agreed with Scindia and said the Budget is about income, expenditure and deficit of the Government and should remain just that. “Why are we so obsessed with the stock markets when there are many other markets in the economy? Why are we so worked up if the Sensex has fallen?” he questioned, “FIIs have been pulling out of India for the past one year because they have messed it up in the US,” he said.
But Jay Panda said restoring a nine per cent growth rate wasn’t possible without keeping the stock market sentiment in mind. “6.8 per cent fiscal deficit just at the Centre is a very scary figure. Lots of opportunities were given up on how to do this in radically different manner so that benefits could reach the citizens,” he said.
Lord Desai believed Pranab had taken a gamble with this Budget having ignored the foreign investors.
“What the Budget should have set was a roadmap for the next five years plus income and expenditure. What it shows is that the government doesn’t care for Sensex, doesn’t care for the Wall Street. It cares more for rural India. That’s a gamble because you still need foreign money,” he said.
Scindia pointed out the development policies of the government – 144 per cent hike in NREGA budget – would help the marginalised sections of the society.
Budget must indicate the direction of economic policy, said Acahrya, and that this is where Pranab’s Budget fails. Singhania said fiscal deficit was worrisome but we had no trade-offs. “I think Pranab opted for growth despite there being a high fiscal deficit. I would support his choice on behalf of the industrialists. Government can achieve its desired revenues only through goals,” he said.
But the real question mark remains over disinvestment. Will the Government go ahead with it under pressure from allies like the Trinamool or the DMK?
Jyotiraditya said there was unequivocal support for disinvestment. “FM has made clear that disinvestment will take place in companies across the board up to 51 pc with the exception of insurance and banking companies where it will remain in public sector. I think the intent matters more than the numbers”.
Where’s the money going?
Vivian pointed out that investors wanted a reassurance that the Leftist tendency with the Congress hadn’t gained an upper hand. To which Scindia replied that there was no sacrosanctity of a number being put out. “Most important thing is that a commitment and intent has been made clear and we will do it when we get the best price for our assets,” he said.
Prasenjit Bose said the Left was opposed to the concept of profit making public sector units in toto because they bring dividends.
“You are using an income stream for future by selling off a stake. So why give up that? What is the difference between a fiscal deficit and a disinvestment process?” he said.
Senthil offered clarity to Bose by citing Maruti’s example. “When they (Maruti) disinvested, they got Rs 30 per share. When they sold its stake to Suzuki, they got Rs 250 a share. After Suzuki ran the company for some time and government got its stake, they got Rs 600 per share. So the income that came in far outweighs that may have come from a company that could have gone down the drain,” he said.
Jay Panda remained adamant on applying money properly. “Even former PM Rajiv Gandhi noted that only 15 paise of one rupee reaches the common man. There have been radical ideas in the Finance Ministry which I am disappointed Pranab babu did not make use of,” he said.
Scindia said what Panda pointed out was not just a Central problem, but also a state problem and cannot be expected to be solved overnight.
The Government claims it’s a growth oriented budget that’s stimulating positive demand.
BJP’s Rajiv Pratap Rudy expressed confusion at it and said it was a lacklustre Budget. “On the one hand they are tom-toming reforms in infrastructure, agriculture etc. But if you wanted to do this, it must have been complemented with reforms. But when you’re not putting the reforms in place, how do you complete this (fiscal deficit) aspect? How to bridge this gap?” he questioned.
But Acharya said it was tough to believe that Pranab’s calculated risk would pay off. “If the Government will borrow Rs 400,000 crore in the market, it will keep the interest rates higher. This will discourage private investment and hence growth can’t be achieved,” he said.
Senthil said it was a gamble that Pranab had taken which may or may not work out.
Panda too agreed. “When you put representatives of India Inc on TV and ask them to rate the Budget you are putting a gun to their head and they will give a political answer. These people vote with their money in the market. Unless that sentiment is turned around, I worry they’ll have trouble getting back to nine per cent growth rate,” he said.
However, Scindia denied this allegation vociferously and Prasenjit Bose remained adamant that the Government had missed an opportunity.
What lies ahead?
Shankar Acharya: There were two good things about the Budget speech: Goods and services tax by 2010 and restructuring of fertilizer subsidy.
Vivian Fernandes: The reformer shouldn’t lose hope because the Government is committed to it.
Jay Panda: Being a regional party member, I would like to see less bias in Budget when it comes to regions.
Prasenjit Bose: Mandate is for aam aadmi (common man), for agriculture, for development, for health – don’t betray it.
Rajiv Pratap Rudy: The Budget did not talk much about price rise and poverty. The middle class is disappointed.
Jyotiraditya Scindia: Look at how we have preformed in last five years. It’s an indicative of how well we will perform in the years to come. We are committed to reforms, social sector and agriculture.
Senthil Chengalvarayan: I would like to see delivery mechanism for social sector reform.
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