Economy
Rural employment in the 1990s
WHEN the first results of the 55th Round of the National Sample Survey were released, it was already apparent that there had been some major shifts in patterns of employment, especially in the rural areas. The 55th Round indicated a substantial decline i n the share of agriculture and a rise in the share of non-agriculture in employment. In itself this could be a positive sign of progress and diversification, but it was associated with a fairly large drop in work participation rates of both men and women , which indicated a deceleration in aggregate employment growth. Such a deceleration has now been confirmed by the 2001 Census.

The art of looting
MUCH water has flowed under the bridge after the UTI dealt small investors a body blow. The subtle message was that in the liberalised scenario, where one's savings are concerned, it would be stupid to repose trust in any individual or institution.

Genoa's Three Musketeers, and... A Gen Dyer come to judgment!
WHAT does Mr Tony Blair fancy himself to be? The Prime Minister of a civilised and democratic country such as the UK, respecting dissent and human rights, or the clone of the disgraced, disreputable and discredited Gen Dyer, the villain of India's own ve rsion of the Holocaust at Jalianwala Bagh, who wanted to teach a lesson in discipline and obedience to Indians by shooting down nearly 600 unarmed, innocent people in an enclosed space, barring its only exit with a solid phalanx of his soldiers? The aggr avating factor is that a galaxy of two other Musketeers should have thought it fit to show themselves as equally heartless and ruthless by giving him their support. Let me set the stage for tearing the masks of the Three Musketeers at Genoa to portray th em in their true colours.

Tackling fiscal termites
IN THE area of financial sector reforms, the policy-makers appear to be more worried about form than content. Application of Basle norms is all that banking sector reforms is about. Restructuring a public sector bank or a development sector bank or a dev elopment bank such as the IDBI is like inviting a foreign management consultancy firm such as Mckinsey or Anderson to advise what should be done. If the State Bank of India intends to appoint its Economic Adviser, it must advertise for the post in London The Economist!

Editorial
Loan mela by another name
THE CORPORATE DEBT Restructuring concept being put in place by the Finance Ministry and the Reserve Bank of India is a suspicious look-alike of the loan mela of an earlier era. For it will allow the corporate sector to wriggle out of payment obligations to banks.

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