Financial Daily
from THE HINDU group of publications

Monday, July 02, 2001





Vision 2020 -- Poison as a remedy
IT IS strange but it is a fact: All remedies are poisons! If they are not poisons, they would not be remedies. In appropriate doses, even the poison of the cobra is a cure for heart disease. A good doctor is one who is informed about which poison to use for what illness, knowledgeable about how much of it to use, wise enough to know when to stop and, above all, one with the courage and self-confidence to apply the poison as and when needed.

Mediation: Effective alternative to dispute resolution
THE QUEST for the ideal recovery system is endless. This is more so in the Indian context, where delays in the system are endemic, costs are stupendous and retribution never an adequate deterrent. Seldom does an institution recover all its monies.

Holding gun to government
REACTING to the recently-announced opening up of Defence production to the private sector, the Bharat Mazdoor Sangh (BMS), which has reportedly 60,000 members among the workers in the Ordnance Factories, has called for an `indefinite' strike there, begin ning July 3. It needs no degree in vedic-astrology to forecast that the other two federations of All-India Defence Employees Federation (AIDEF) and Indian National Trade Union Congress (INTUC) will make common cause of this even if they are otherwise str ange bedfellows. After nearly 50 years of relentless pursuit, BMS has earned its place now on a par with the others for dealing with the government in its joint councils. Therefore, taking the lead in calling for the strike, at this time, is biting the h and that feeds.

What trust?
LIBERALISATION, WHICH BROUGHT a great deal of competition in its wake, has shown no mercy to public entities long used to thriving in a protected regime. For the Unit Trust of India, the country's largest mutual fund, it is a lesson being learnt t he hard way. The UTI had had a bull run in earlier times, playing the market and making money in the company of big brokers.

Gushing Bush
THE US President, Mr. George W. Bush, has been drawing plenty of flak from even those members of the US Congress and the sections of the media normally friendly to him for the irrational exuberance with which he gushed about his meeting with the Russian President, Mr Vladimir Putin, at Slovenia, in the beginning of this month. Appearing at a media conference along with Mr Putin at the conclusion of the meeting, Mr Bush laid it on thick by calling Mr Putin a `trustworthy' and strai ghtforward person he could do business with, into whose eyes he looked and took the sense of his soul. Watching the media coverage on the TV, it was clear that Mr Putin himself was uncomfortable and squirming at the ebullient encomium under w hich Mr Bush sought to submerge him.


The Dabhol controversy revisited
THE Dabhol Power Project has been a subject of controversy ever since it started. This writer was among those who pointed out the rationality of the negotiations carried out with the Dabhol Power Company, which led to the Maharashtra Government accepting a very high financial liability.

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