Thursday, July 4, 2013

Mandate 2014 – Tamil Nadu: zillion deities keep them happy

We visited Tamil Nadu (TN) in past few days in the last leg of our Discover India study tour. We traversed through 15 out of 32 districts falling under Chera Nadu, Pallav Nadu and Nadu Nadu regions of the State.

The most striking part of our TN was problem in communicating with people. For the first time in our journey across the country we felt stranded. In many villages we could not find anybody who could communicate in Hindi or English. With all road signs and sign boards also in Tamil, not taking a local help along was a mistake. Only Google Maps rescued us. Nonetheless, the people in general were very congenial.

It was wonderful to traverse through beautiful landscape inhabited by happy and pious people. The only problem perhaps is that seemingly they have extended their pious nature little too far. All achievers in the State are invariably accorded the status of God – be it politicians, movie stars, sportspersons, artists, teachers, local administrators, police officers or even a Robin Hood like local criminal.

The key highlights of our TN visits are as follows:

(a)   The State inarguably is the most urbanized state in the country, with strong social and physical infrastructure. It has one of the strongest primary education cultures. However, ever rising income disparities have resulted in larger dropout rate.

(b)   The State has a well developed and perhaps the most diversified industrial base. However, in recent time infrastructure constraints, especially power, have certainly impacted the industry.

(c)   The State also has one of the most diversified primary sectors (agriculture and related activities) despite a large part of the state facing chronic water shortages.

(d)   The State has high incidence of income disparities. Society is deeply divided on caste and community lines, though religion is not a dividing factor.

(e)   A surprising revelation was the faith of people in political establishment. Despite being convinced of their corrupt ways, the people had strong party affiliation and unflinching trust in their leaders. However, unlike USA where similar party affiliation is seen, here the trust and allegiance comes from peoples’ reverence for individuals not from any ideology or socio-economic agenda.

(f)     Uniquely, we found a strong private enterprise culture along with huge dependence on government provisions.

(g)   Village economy is mostly feudal. Formal credit flow is poor and exploitation high.

(h)   Like AP, gold, movies and liquor passion with people but land not so much.

(i)      The most heartening feature was common peoples’ zeal to preserve and promote their traditions, culture, art and religion.

Read our special series Mandate 2014


















Thought for the day

“Democracy is also a form of worship. It is the worship of Jackals by Jackasses.”
- H. L. Mencken (1880 -1956)

Word of the day

Sprechgesang (n):
A vocal style intermediate between speech and singing but without exact pitch intonation.

(Source: Dictionary.com)

Shri Nārada Uvāca

Why Gujarat fake counter case is so much more important than so many other SITs, CBI investigations and allegations of state atrocities especially in J&K and North Eastern states.
 

Wednesday, July 3, 2013

Mandate 2014 – Andhra Pradesh: land, liquor, gold and movies

We visited 15 out of 23 districts Andhra Pradesh (AP) in past one week. After Bihar and West Bengal, AP appeared like a different world altogether. Bountiful nature exploited judiciously, people forward looking, women emancipated, agriculture productivity high, farmers and agriculture labors doing well, education a movement, primary health facilities perhaps best in the country.

On the negative side, economic disparities are very high. The difference between top 10% and bottom 10% would probably be the highest in the country. The society is deeply divided on caste lines, though not so on religious lines.

The key highlights of the visit are as follows:

(a)   We found Andhra one of the most balanced economies in the country. Except for a few northern districts, agriculture is well developed and productivity high. A strong education movement has provided a strong base for services sector. Industry, especially knowledge based industry such as IT services, and high risk R&D based industry such as pharma have flourished due to high risk taking aptitude, large pool of skilled professionals and supportive administration.

(b)   To our surprise, we found much stronger savings and investment culture in the state. Our deep interaction with about 400 people suggest that the State people have much stronger enterprise culture than the commonly recognized Gujarati and Marwari communities.

(c)   Land, liquor, gold and movies are strong passion with the people, in that order. However, excessive consumption of liquor has not damaged the basic fabric of the society as was found to be the case in case of Haryana and Punjab.

(d)   Contrary to the trend seen in other primarily agrarian states like MP, UP, Punjab and Haryana, the investment in agriculture in the State is high.

(e)   Social infrastructure is well developed, mostly due to strong community culture and private initiatives. Physical infrastructure is much better but has suffered badly in past 5-6years due to political instability.

(f)     The state has a large middle class with strong saving, investment and consumption tendencies. Presently, investment activities in the state are at a standstill both in public as well as private sector. The State is probably one of the better lead indicators of national economic trends.

(g)   Politically we found the State fast heading towards complete regionalization, on the lines of Tamilnadu and Uttar Pradesh. Congress is at risk of losing this State for good. BJP in any case is a marginal force here.

(h)   US Visa is still a passion with middle classes. But unlike Punjab, people are mostly seeking good education and professional opportunities not just immigrating at any cost.

Read our special series Mandate 2014

















Thought for the day

“Politicians fascinate because they constitute such a paradox; they are an elite that accomplishes mediocrity for the public good.”
- George Will (1941 - )

Word of the day

Muster (v):
To gather, summon, rouse.

(Source: Dictionary.com)

Shri Nārada Uvāca

Several reports are suggesting that Uttrakhand government had been negligent in acting upon ISRO and IMD warnings. Reports also suggest that the disaster management apparatus of the state was grossly inadequate to manage so many pilgrims.

The mute question is could the government be tried for “Causing multiple deaths by negligence”.

Tuesday, July 2, 2013

Mandate 2014 –West Bengal: Confused, complex and rebellious

Our team travelled through 11 out of 19 districts of West Bengal in past week. What we witnessed was not totally surprising but still shocking. It seemed like a different world altogether. Most of the 90mn population lives in abysmal poverty. Persistent exploitation appears to have turned rural Bengal into a deeply disturbed society. The internal disturbance manifests itself in profound rebellion against authority and system.

We found the state completely cut off from the rest of country in terms of socio-economic development.
The key highlights of our West Bengal tour are as follows:

(a)   Over three decades of communist rule has little ideological impact on the peoples’ life. The only thing they seem to have imbibed from communist rule is rebelling against authority and system. The society is still divided on caste and religion lines. Economic disparities are as high as ever. There is little sense of “commune” or “community” insofar as economic activities are concerned. Moreover, the state mostly retains its colonial socio-economic structure – exporting raw material and labor and importing food.

(b)   The much acclaimed land reforms have apparently led to fragmentation of land holdings, making the primary economic activity of the state most uneconomical. There are virtually no signs of cooperation movement in agriculture or industry. The farming techniques are primitive.

(c)   The rebellion mostly manifests against authority on economic and political issues. The social inequality is not only accepted but to some extent protected as just. This makes the society confused and complex.

(d)   The current regime that ended the over three decades of communist rule appears to be making no difference. The people, policies, program and vision all look the same. The only change that is conspicuous is the beginning of local vs. outsider debate amongst urban middle class. Many fear that it will not be long when non-Bengali populace faces prejudice

(e)   The rebellion in the society, especially against the system has traditionally constricted the growth of industry in the state. There are no signs of any change in the offing.

(f)     The feudal superiority complex of middle and upper middle class is intact, more so in rural areas, despite long communist rule.

(g)   The most shocking observation was the gender bias.

(h)   The sense of economic well being that comes from the aggregate data is mostly derived from few pockets like port city of Haldia, capital city of Kolkata and mineral resource belt of Durgapur – Asansol. There are little signs of urbanization and modernization beyond these centers.

(i)      Employment status is poor with stagnant industry and least productive agriculture. The fabled Bhadralok is virtually non-existent outside Kolkata.

(j)      Unlike other states, the construction boom in the state is limited to few select areas.

(k)    WB is perhaps the only large state where 25p coins are in currency.


Read our special series Mandate 2014
















Thought for the day

“Ideology, politics and journalism, which luxuriate in failure, are impotent in the face of hope and joy.”
- P. J. O'Rourke (1947 - )

Word of the day

Scrum (n):
A place or situation of confusion and racket; hubbub.

 (Source: Dictionary.com)

Shri Nārada Uvāca

Agenda for Monsoon session of Parliament is set. Opposition will stage multiple walkouts demanding resignation of Ajit Singh (Jet Ethihad deal), Moily (favor to Reliance with gas price hike), Bahuguna (mismanagement of disaster), Navin Jindal (coal gate), and PM (collective responsibility for all this). Congress will try to unsuccessfully push Food Security Bill amidst din and blame it on the opposition.

Monday, July 1, 2013

Mandate 2014 – Bihar: brilliant people caught in political quagmire

In the last phase of our Discover India tour we travelled through 23 of 38 districts of Bihar state spanning across 8 divisions covering over 2300kms. With population of over 100mn people, the state is considered critical for aggregate growth and development of the country.

Traversing through this land of rich heritage, bountiful nature and brilliant people was a rather disappointing experience. Abysmal poverty, poor social and physical infrastructure, completely fractured political establishment, disinclined administration and deeply divided society on caste lines. We saw a little reflection of much acclaimed 10%+ growth beyond a few large and tier two towns.

The key observations of our Bihar states were as follows:

(a)   The state of agriculture in this predominantly agrarian state is pathetic. Frequent floods, lack of labor (major surprise) uneconomical holdings, poor marketing infrastructure, lack of formal credit, social biases, scant food processing industry and high incidence of land related litigation were some major reasons cited for lower agriculture contribution to the state economy.

(b)   Low agri growth and virtually absent private enterprise has resulted in large labor migration from the state in past 3 decades. This is a strong vicious cycle now which the administration is finding difficult to break despite sizable rise in social sector spending and mostly transparent implementation of MNREGA.

(c)   In the current popular political context, it was inevitable to look for comparisons between Bihar and Gujarat. We found many stark similarities between the two competing states. Like Gujarat, a large component of the Bihar growth could also be attributed to the repatriated money by laborers working in other states. The level of indebtedness at household level is high and exploitive. Society is polarized on caste and religious lines. Land and construction is the largest contributor to the wealth creation in past decade or so. The major differences include over-reliance on government’s provisions in case of Bihar and highly fragmented political establishment.

(d)   Power and poor water management are the most regretted infrastructure bottlenecks.

(e)   The state of education beyond large towns and cities is dismal. Most teachers in villages were found unfit to be even high school students.

(f)     Socio-economic disparities have grown substantially in past two decades. Though the current government has been largely successful in restoring the Bihari pride, the effort has not yielded significant socio-economic dividend.

(g)   The incumbent government appeared losing support of influential middle class post breaking of NDA alliance in the state. As the social division on religious line is not found to be very strong in the state, the expected dividend from minority votes may not compensate for the loss. We see  a material losses for ruling party in the next general election.

Read our special series Mandate 2014















Thought for the day

“The beginning of reform is not so much to equalize property as to train the noble sort of natures not to desire more, and to prevent the lower from getting more.”

-  Aristotle (384BC-322BC)

Word of the day

Dilly (n):

Something or someone regarded as remarkable, unusual, etc.

(Source: Dictionary.com)

Shri Nārada Uvāca

Congress support Kanimozhi for her election to Rajya Sabha and Beni Babu’s hint at understanding with Mayawati in next election, make two things clear:
(a)   Corruption will not be an issue in 2014 election.
(b)   All options for alliances are open.

Wednesday, June 26, 2013

FA-u-Q

Given the turbulence in financial markets, it is common to frequently hear some uncomfortable questions (FA-u-Q). Overwhelmed with hope, fear and greed, these questions are uncomfortable because we cannot answer those questions with any degree of certainty or confidence in the argument.  Some of the questions, we are afraid to hear are as follows:

How much more downside is left?

The potential downside in a falling market and upside in a rising market are always daily rolling targets. Technical targets are usually conditional (e.g., “if market falls below this level, it could go to that level else…) and generally do not account for exceptional moves. Price targets based on fundamental valuation and historical discounting trends are dependent on materialization of multitude of complex forecast regarding likely revenue, profitability, cash flows, capex, project execution, policy environment etc.

At the close of the market on 25th June 2013 we could say that if market sustains 5530 for two days and manages to close above 5650, we could see it going to 5780 level. Else, it would fall to 5470 and then to 5250 level. However, if 1QFY14 results disappoint or June sales figures for auto and cement continue to remain sluggish we may see earnings downgrade and potential market de-rating as macro indicators are likely to remain weak.

If this does not make sense, well it actually does not. We have just tried to evade a straight answer to an uncomfortable question.

This stock is down 75% from its 3yr high. How much more it can fall?

There are about 1100 scrips which are currently trading between 75-95% below their 3yr high levels. The number is much higher if we consider their January 2008 highs. The question is how much more these stocks could fall?

Again there could be no straight answer to this. We can just highlight that a company whose business model has failed is not worth buying or holding at any price – 75% up or 75% down is irrelevant.

Remember besides these 1100 stocks, there are 180 odd stocks which are down more than 95% since their 3yr high levels. These are the stocks which fell 80% or more after first falling 75% from their 3year high levels (from Rs.100 to Rs.25 and then to Rs5).

Is it time to buy midcaps?

Large cap ‑ midcap-small cap; long term ‑ short term; value investor – speculator etc. is nothing but jargon created to unnecessarily complicate the process of investment and compel investors to seek professional advice.

Stocks like Nestle, Idea, Hind Zinc with mkt cap close to Rs500bn are termed midcap, while JP Associate with mkt cap of Rs115bn is a NIFTY stock.

Value investors who bought large cap RIL, Infosys, Bharti, L&T etc. five years back are down close to 50%. BHEL has lost 70% in past 3yrs alone. There is no visibility that these stocks will reach their January 2008 levels even in 2015.


In our view, the approximate correct answer would be buy the companies which are relevant in today’s context, for the period they are likely to remain relevant at today’s price. 

Thought for the day

“How poor are they that have not patience! What wound did ever heal but by degrees?”
- William Shakespeare (1564-1616)

Word of the day

Palindrome(n):
A word, verse, phrase, or sentence that reads the same backward or forward.

 (Source: Dictionary.com)

Shri Nārada Uvāca

Mother Nature has sought to reclaim her abode from encroachers.
The reconstruction of Uttrakhand would be blasphemous if concrete construction is allowed again in the vicinity of sacred temples or on the banks of holy rivers.

Tuesday, June 25, 2013

Believe what you know

The market reaction to the Fed chairman’s reiteration of his long standing and much publicized position on the continuation or otherwise of quantitative easing is not puzzling to us. In our view, most investors do not believe what they already know. “I knew it” is probably the most often used regret phrase in history of mankind.

In his recent blog post BoB Mcteer, former member of FOMC put this succinctly. We feel quoting from that works well for us:

“Writing about unknown unknowns would be more interesting, but I don’t know what they are. Instead, I will focus here on some unknowns that have been bothering me. Most have to do more or less with the efficient market hypothesis, whose logic I find compelling and whose exceptions I find confounding.

Most recently, Chairman Bernanke, in his last two post-FOMC press conferences, said what most people in the markets expected him to say and what the logic of the situation called for. Given the still weak economy the present degree of quantitative easing ($85 billion of security purchases per month) would be maintained, but, if the economy strengthens sufficiently, that pace of purchases would be tapered down in the next several months and, when the economy is healthy enough to be on its own, the purchases would be ended. Short-term Interest rates would remain low some time after that. While one of the medicines would be reduced and eventually withdrawn, the economy would be much stronger before it happens.

First, I have a hard time understanding why the markets take that sensible approach so negatively, especially since it’s been articulated so frequently in the past. Second, why does it take two days to move the markets to their new, more appropriate, levels? Actually, it’s four days: two after each press conference. Do the first two days not count because the market subsequently regained some lost ground? And why does the advance after the first two not presage an advance after the subsequent two and thus render it moot?

Efficient markets help explain why active investors have a hard time beating the market and why most usually don’t. Yet, a still-huge financial sector has a vested interest in clinging to the notion that homework and skill can lead to repeatable success, whether they believe it deep in their hearts or not. But, what happened to the rule of buying on the rumor and selling on the news. That makes sense, but day after day we see markets appear to be surprised by the obvious or the telegraphed.

I’ve always been fascinated by the fact that smart, well-educated, well-trained professionals aren’t necessarily better investors than dopes like me who assume that each stock is already priced to reflect all knowns. It does make life easier, however, to assume that others have done your homework for you.  It’s like choosing your lane on the freeway. You can maneuver in and out of lanes to enhance your relative position, but as often as not you end up about where you would be if you stayed in the same lane. The others do your lane-switching work for you.


Chairman Bernanke must be tearing his hair out. He offers to help as long as it’s needed and to quit only when it’s not and we respond with sell, sell, sell.”

Thought for the day

I'd rather regret the things I've done than regret the things I haven't done.”
-          Lucille Ball     (1911-1989)

Word of the day

 Drawl (v):

To say or speak in a slow manner, usually prolonging the vowels.

 (Source: Dictionary.com)

Shri Nārada Uvāca

Who said water does not have a color?
It appears it does have color and a name also.
In an attempt to capture lucrative weather forecast market, private forecasters debunk IMD claim that the water that poured over North India was monsoon water. They claim that monsoon is yet to arrive in north India.
It seems government is at serious risk of losing another monopoly. We may soon have a weather regulator and rules for FDI in weather forecasting!

Monday, June 24, 2013

Not completely random thoughts

Ben Bernanke in his recent speech highlighted that speculation may be playing a large role in rise in price of nearly everything. Now a hint that free and easy cash might not last till infinity a great rush is seen globally to hoard cash. Historically, it has meant a vertical crash in asset prices. We do not yet know if it is different this time.

However, in domestic context we dare to think a few things that could make our worst case ugly. It is not that nobody has spoken about these things anytime. It is just that only a few are willing to believe what they know. We would like the readers to consider the following:

Rate hike: US yields are moving fast towards 3% mark. Presently INR hedging cost is close to 5%. Meaning soon it will be un-remunerative to put money in Indian debt yielding ~8%. We know but not willing to believe that the current account problem may soon become a balance of payment of problem just like 1991. Rate hike is perhaps the only option RBI has to avoid such situation till our parliamentarians could find some time to sort out the economic mess. Investors who are relieved in their debt portfolios may have something to worry here.

Banking sector crisis: The current power and road sector situation appears much worse than the 1990’s steel and cement sector situation which led development institutions like ICICI, IDBI, IFCI and UTI to the verge of bankruptcy. An illusion is sought to be created about “value” in PSU banks where window dressing is rampant. The bad loans are being refinanced at higher rates giving an impression of sustained profitability. In our view, poor asset quality and improved profitability is a definite indicator of imminent crisis, nothing else.

Public sector: We are inclined to entertain the thought of dismantling of FIPB and entire multitude of rules and regulations governing foreign investments in the country. The speed with which we are heading towards crisis would inevitably bring our audacious government on knees in front of foreign investors and most of the economy will be opened up to them for attracting capital flows. No one will remember that we almost sacrificed the government over trivial issue of opening few Wal-Mart stores

Under these circumstances, most public sector undertakings should crumble. Many like BHEL may not be able to withstand the increased global competitive intensity. The rest like Coal India will be sacrificed at the altar much like BSNL, MTNL and Air India (all coveted monopolies at one time). The nightmare would be LIC going the UTI way, given that it is being made to scavenge all the government s#$t every morning.


Gold Ponzy: One of the easy ways to stem current account slide is to initiate a gold ponzy scheme at the government level. Leveraging the ~600tonne gold held by RBI, the government may issue up to 10x gold certificates to unsuspecting gold buyers, who would flock the markets after a good crop this year. This 6000tonne gold ponzy will have greater impact if combined with gold bonds (like early 1990’s). But imagine if the ponzy runs out before the government could sustainably cure the structural current account/BoP problem. Did you get some jitter down your spine!

Thought for the day

Telling the unassimilated thoughts to go away could is deadly to quality.
-          Robert Pirsig

Word of the day

Fen (n):
Low land covered wholly or partially with water.
(Source: Dictionary.com)

Shri Nārada Uvāca

Reports suggest that partial reduction in LPG subsidies has probably led to some rise in efficiency of use.
The issue needs to be scientifically examined. If true, there is a strong case for extending the experiment to power, diesel etc. also.
 

Friday, June 21, 2013

Keep it simple — politics-II

Almost all governments in past 25years have adopted similar economic policies consistently irrespective of their form (single party or multi party) or constitution (minority or majority). The policy risk therefore in India is therefore reasonably predictable.

For example consider the following:

(a)   The process of meaningful tax reforms was started by the then finance minister V. P. Singh (Congress 1984-89) by rationalizing the tax slabs, lowering maximum marginal tax rates substantially, rationalizing wealth tax and introducing CENVAT. The recommendations of Raja J. Chelliah Committee (1991-93) on tax reforms constituted by the government (Congress 1991-96) have since formed the basis of tax reforms in India. All successive governments have implemented these recommendations. No government has sought to reverse or alter the process started by Congress government (1984-89). These recommendations form the core of the proposed Direct Tax Code.

Committees formed under the chairmanship of other members of Raja Chelliah committee like Govinda Rao, Partha Shome and Vijay kelkar etc. subsequently updated the recommendations to provide further impetus to the entire process of tax reforms in the country.

(b)   The recommendations of Narsimham Committee (1991-92) appointed by Dr. Manmohan Singh, th then finance minister in the Congress government, have largely formed the basis of financial and banking sector reforms in the country. Most successive governments have implemented the recommendations consistently. In fact, P. Chidambram, the then finance minister in United Front government (1998) had re-appointed the Narsimham Committee to make recommendations about the second generation bankin sector reforms. The report was submitted in 1999 to the NDA government which accepted the recommendations. However, almost all governments have failed in building wider consensus on these recommendations and have failed to implement many of them. But acceptance and rejection has been very consistence irrespective of the form and constitution of government.

(c)   The BJP led NDA government enacted the Fiscal Responsibility and Budget Management Act (FRBMA) in 2003. The arch rival Congress led UPA-I government implemented the same in 2004 in letter and spirit. This still forms the very basic of fiscal discipline both at central and state levels, though implementation was suspended in 2009 in the wake of global crisis and need for stimulus.
(d)   The minority government of Chandrashekhar in 1991 introduced the disinvestment policy. Every successive government since then has not only accepted the policy in principle but also tried to actively integrate into the evolving economic model. Almost all of them have consistently failed in implementing the policy.

In short, in our view, the policy risks in India from politics side are low and predictable. Instances like GAAR and DTA with Mauritius are also very predictable in proposal and retracement. The key risk is execution.

Also read other posts in this series:











Thought for the day

“Risk comes from not knowing what you're doing.”
-          Warren Buffet (1930 - )

Word of the day

Balk (v):
To stop, as at an obstacle, and refuse to proceed or to do something specified.

(Source: Dictionary.com)

Shri Nārada Uvāca

Heard the Chief Economic Advisor Mr. R. Rajan yesterday!
He must be realizing that sitting in Geneva (IMF) and criticizing the government is a fun thing. Sitting in Shastri Bhawan in Delhi and doing something is tough.

Thursday, June 20, 2013

Keep it simple — politics

Prior to 2009 elections, the scare of  communists and Mayawati coming to power was so pervasive that nobody was willing to even reason why the communists were bad and why it was not questionable for Dr. Manmohan Singh to risk the government in the extremely tough global conditions, for civil nuclear deal whose benefits, if at all, would be seen only beyond 2020.

In our view equal credit for MNREGA and RTI, two major reforms done during UPA I  should be given to the communists, who ensured that the Congress Party stays focused on the promise of inclusive growth and accountable administration.

We do not consider UPA II a coalition. TMC, NCP, DMK all have same socio-economic agenda as the Congress.

Heading into a major election, especially when the outcome is as uncertain as it could be, it is natural for investors to be jittery about the politics & policy environment and its likely impact on the financial markets.

We however find little evidence to suggest that elections, the form of government or strength of a particular party in the parliament impacts the market performance significantly. Though, usually it is common to see higher volatility during or around elections. We believe that higher volatility prior to next general election will certainly precipitate the market bottoming process.

Insofar as the fear of third front or fractured mandate is concerned we believe the investors should be relieved by the prospects of a true coalition coming to power. Because, post independence the best periods for the Indian economy have been those when a “coalition” government was in power.

It is however important to note that by “coalition” we do not mean multi party governments. In our view, coalition government means where people with different and many a time completely diverging socio-economic policies jointly participate in a government. They arrive at the common minimum agenda of agreement and focus on executing the same, hence avoiding conflicts and logjams.

The first cabinet of India post independence had R. K. Shanmukham Shetty (Finance), Shyama Prasad Mukherjee (Industries) B. R. Ambedkar (Law) and Jagjiwan Ram (Labor). These people did not subscribe to the Nehruvian socio-economic agenda, but we still got a robust socio-economic framework. The singular governments of Nehru (post BRA, RML, SPM - 1956 and 1961), Indira Gandhi (1971, 1980), Rajeev Gandhi (1984) are not really known for good governance or socio-economic reforms.

Morarji Desai (1977 – FERA dilution, Gandhian socialism), V. P. Singh (1989 – tax reforms, social justice), Chandershekhar (1990 – disinvestment, fiscal reforms), PV Narsingh Rao (1991 - liberalization, delicensing), Devegoda/IK Gujaral (1996 – dream budget), Vajpayee (1998, 1999 – divestment, infra development) and Manmohan Singh (2004 – RTI, MNREGA) were all coalition governments. These governments are all remembered for socio-economic reforms causing fundamental changes in the economy. None of these governments is remembered for non-governance, anti market policies or anti business stance.


 (…to continue tomorrow)

Also read other posts in this series:











Thought for the day

“Disability is a matter of perception. If you can do just one thing well, you're needed by someone.”
-          Martina Navratilova   (1956 -)

Word of the day

Falcate (adj):

Curved like a scythe or sickle; hooked; falciform.

 (Source: Dictionary.com)

Shri Nārada Uvāca

Uttrakhand disaster is a stern warning by the ‘Mother Nature’ to all those trying to mess with her.