Indian policymakers are debating doing away with the mandatory rating of financial instruments in the long-term, among a set of measures aimed at strengthening the regulatory and disclosures regime for credit ratings. The expert group, set up by the High Level Coordination Committee on Financial Markets (HLCCFM), has made specific recommendations on improving and disclosing the way credit rating agencies rate financial instruments, and has sought debate on the very...
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The Religion Of Capitalism by Dilip Simeon
This small and readable book is a layperson’s introduction to India’s economic catastrophe. Since many people believe in an ongoing economic miracle, such views are often dismissed as doomsday talk. But it is better to be aware of reality than to live in an illusion. The title is apt—Bhaduri offers us an unsettling vision of what awaits us if we continue along the current path. He alerts us to the...
More »NCPNR to intensify stir against illegal mining
The National Committee for Protection of Natural Resources (NCPNR) and other organisations have decided to hold a meeting on December 8 in Bellary to chalk out an action plan for intensifying the people’s campaign against illegal mining. Addressing presspersons here on Wednesday, NCPNR founder-president S.R. Hiremath, former convenor of Gram Ganarajya Vedike Jyoti Veeranna and Jan Vikas Andolan’s A.S. Salanki said that in the wake of the ruling of the Central...
More »World Bank loans India $1bn for Ganges river clean up
The World Bank has agreed to loan India $1bn (£600m) over the next five years to clean up the Ganges, one of the most polluted rivers in the world. The 2,500km (1,500 mile) river has been badly polluted by industrial chemicals, farm pesticides and other sewage. Speaking in Delhi, World Bank chief Robert Zoellick said the clean up would target the entire river network. Plans involve building sewage treatment plants, revamping...
More »Irom And The Iron In India’s Soul by Shoma Chaudhury
SOMETIMES, TO accentuate the intransigence of the present, one must revisit the past. So first, a flashback. The year is 2006. An ordinary November evening in Delhi. A slow, halting voice breaks into your consciousness. “How shall I explain? It is not a punishment, but my bounden duty…” A haunting phrase in a haunting voice, made slow with pain yet magnetic in its moral force. “My bounden duty.” What could...
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