Personal View

An electorate that votes on hatred can’t speak on govt’s bad economic performance Alok Tiwari It would be an understatement to say that the past few months have been testing for Indians, economy wise. The spirit fastest growing economy of the world has visibly sapped. Inflation has begun to bite in practically every area, be it groceries or automobiles or housing. Add to that the perpetual lack of decent jobs and lack of growth in jobs that are available. The results are now beginning to show even in figures, such as they are. Last quarter the GDP saw a remarkable slowdown in growth. Even the stock market lost its exuberance, deflating massively as foreign money departed for greener pastures of China. It was the only the inflow from captive SIP-locked investor that prevented the bottom from falling out. The rupee has been in a free fall. None of this is new. It has happened before. Yet, the difference this time is the relative silence from what is usually the most vocal class d...

Private universities space in India is a mess; it calls for a clean up Alok Tiwari In Greek mythology, Orion was a hunter roaming the sky. Astronomers named one of the striking constellations after him for it signifies strength and a rising power. In new India, it was the name given to a Chinese made, commercially available robodog that Galgotias University tried to pass off as developed by its own centre of excellence at Artificial Intelligence (AI) Impact Summit that concluded in Delhi last week. When the bubble was burst by a Chinese handle on X, the dog proved worthy of its given name. Orion completely overshadowed the galaxy of prominent tech experts and silicon valley CEOs attending the summit. It even pushed to the background disruptions caused by unscheduled appearance of PM Narendra Modi at the summit and due to security during the dinner he attended. To prevent further embarrassment, the Zeuses of the summit finally banished Orion and Galgotias from the summit. Followin...

India needs better work environment, not longer hours, to succeed as a nation Alok Tiwari Larsen & Toubro CEO S N Subrahmanyan got more than he bargained for when he voiced support for employees working for 90-hour per week including on Sundays. He thus became second business honcho after Infosys founder N R Narayana Murthy to call for employees to work much harder. His undated video released on social media drew instant backlash. Internet in India is flooded with memes. Now, some of it can be cruel. After all, context is important which is missing from Subramanyan’s remark. It could be an off-the-cuff remark or made is jest. It is definitely not the policy of L&T to make people work that long (it would be illegal if it were). However, the trolling of Narayana Murthy then and Subrahmanyan now does reflect the frustration and anger the ordinary employees in India feel at what the statements of both imply. Both are respected captains of important industries in the country...

BNP’s rejection of constitutional reforms bodes ill for Bangladesh’s future Alok Tiwari The sweeping victory of Bangladesh Nationalist Party (BNP) in that country’s general elections and installation of its government is a welcome return to democracy. The good thing about the outcome is that Bangladeshi people have chosen a secular party to lead them, firmly sidelining the 11-party alliance led by the more communal Jamaat-e-Islami. Jamaat had been the main force behind hate campaign against minority Hindus in the country that resulted in mass persecution and several killings. If Jamaat had captured power, Bangladesh was set to slide deeper into Islamic fundamentalist abyss. The new government is expected to deal firmly with violence against minorities if only to burnish the country’s image as an emerging modern nation. However, that is about where the positives end. Elections in Bangladesh were not about merely installing a new government. They were also supposed to usher in new ...

AAP chief’s splurging taxpayer money on fancy home can be fatal for his party Alok Tiwari As elections to Delhi assembly near, the chief of Aam Aadmi Party (AAP) and former chief minister Arvind Kejriwal faces some problems in getting himself and his party re-elected. In the opening salvo of the battle, prime minister Narendra Modi raised the issue of Delhi CM’s official bungalow that was done up allegedly in an extravagant manner. Modi pointedly called the bungalow “sheesh mahal” (literally, a glass palace), so dubbed because of its bling, and said he built homes for the poor instead of flashy bungalow for himself. Not coincidentally, the very next day a CAG report pointing out extravagant expenses done on the bungalow was also leaked to the media. It detailed item wise the original plan for the renovation and how the specifications were upgraded for a whopping cost increase. While the original work was awarded at Rs8.6 crore, the entire work ended up costing over Rs 33 crore. W...

Country needs to end fragmented thinking on infrastructure projects Alok Tiwari It is instructive that nearly a quarter century after it was opened, the country’s first expressway experienced a massive 32–36-hour traffic jam early last week. The jam on Mumbai-Pune expressway was caused by an accident involving a tanker carrying 21 tonnes of highly flammable propylene gas. As the tanker overturned, the gas started leaking making it dangerous for any vehicle to pass near it. Stopping the traffic on the road was a sensible thing to do. What was neither sensible nor acceptable is the length and magnitude of the snarl it caused. Vehicles backed up for 25-30 kms, drivers were stranded for hours on end, there was no way to supply them with food or water. The resultant disruption in lives can only be imagined. Many must have missed important meetings and family functions. Some might be having medical conditions. There would have undoubtedly been children and the elderly in many vehicles....

The former prime minister is being remembered for things he did and those he did not Alok Tiwari The outpouring of emotions for former prime minister Dr Manmohan Singh goes beyond the usual tributes paid to any departed leader. It is par for the course to remember the departed for their contribution. Of that there was plenty to be said for Dr Singh. He is the architect of India’s economic revival since the bleak days of 1990-91 when the country came close to international default and the economy was at the risk of collapsing. It had to mortgage its gold and raise money from international institutions. One may say that the economic “reforms” that followed were dictated by those institutions. One may quibble over the model of economy that they fostered and how equitable or sustainable that is. What is undeniable is that the country benefited from the knowledge and experience of macroeconomics that Dr Singh brought to his job as finance minister. It helped that a seasoned politician...

India’s institutions need to stand up and be counted in uncertain times Alok Tiwari Two developments last week underlined the importance of having independent institutions to ensure functioning of a robust democracy. Enforcement Directorate (ED), enjoined with enforcing money laundering and foreign exchange offences, appeared to be in a chastened mood by restricting itself in certain circumstances. The second development is regarding government and Election Commission of India (EC) amending rules to restrict access to information about elections to common citizens. In an internal directive to its offices, ED has asked them to refrain from registering cases simply by adding an offence of conspiracy (Sec 120-B of erstwhile Indian Penal Code) based on an FIR registered by another agency. This had paved the way for ED to proceed against an individual without having to independently make out a case under laws that it is supposed to enforce. This was an easy way to entangle individua...

Absence of living wage for vast number of people is hampering Indian growth Alok Tiwari At a time when those in power are constantly pushing emotional narratives, it was heartening to see the government get concerned about a bread-and-butter issue. A study by Federation of Indian Chambers of Commerce and Industry (FICCI) and Quess Corp has confirmed what has been the lived experience of many citizens. While corporate profits are touching all time highs, the wages of employees in private sector are lagging. Over the four period from 2019 to 2023, the wage hike across all sectors have been less than the inflation in the same period. This means in real terms the wages have declined. The raises given range from a measly 0.8% annually in engineering, manufacturing, processing and infrastructure sector to 5.4% in FMCG sector. India’s much vaunted IT sector has seen a wage growth of 4% while in banking and financial services sector it is just 2.8%. These figures relate to all employee...