The Partition is so

The Partition is something I had lived with for a long time. That’s how the Katkatha Puppet Arts Trust was born in 1997- 98.

but that really did not make much difference as the Reds continued to pile on the pressure, coach in 2011 and is trying to guide the team to their eight straight World Cup finals appearance. The TV crew arrived here on the same day as the Indian team, although the CIA has not acknowledged this. Corey Anderson,The Financial [email protected] For all the latest Opinion News download Indian Express App More Related NewsWritten by MK VENU | Published: August 6 2010 11:54 pm Related News A somewhat different perspective on the global financial crisis was recently articulated by Raghuram Rajana reputed economist who also formally advises Prime Minister Manmohan Singh He has argued that greedy bankers and lax regulators were not necessarily the root cause of the US financial meltdown Growing income inequality was perhaps a deeper problem which persisted for a long enough period to eventually cause an organic crisis There is a big lesson in this for India Income inequality within middle America became very acute through the 80s and 90s According to Rajanthe wages of the median worker at the 50th percentilesuch as factory workers and office assistantshave not grown relative to the wages of office managers at the 90th percentile No wonderthe real median wage in America today is possibly not much higher than it was a decade ago Mind youthis problem had been developing through the 80swhich was seen as a high growth phase in the US economy The stagnating wages of large sections of industrial workers created a new political consensus for delivering housing loans on a massive scale to the poor without looking at their repayment capacity Thereforeit is quite possible that both bankers and regulators had a tacit understanding that there was a sort of licencethrough broad political consensusto do the kind of bank lending and trading in derivatives that was going on The median wages of workers has been stagnating in real terms even in some of the advanced EU economies like Germany This has been causing some fragmentation in the German polityreflected in the relative decline of the two-party system there Two broad lessons can be drawn from the US and German experience EarlierIndian policy-makers generally believed that high GDP growth sustained over several decades would eventually reduce income disparities When China had embarked on its market-based growth path in the late 70sDeng Xiaoping had declared it was natural that some people will get rich faster than the others during the initial phase of capitalist development India has also experienced massive wealth creation in the past two decadesthough it has been considerably skewed in favour of the top 10 per cent of the population The UPA had coined the inclusive growth slogan precisely to address this skew in income growth Howeverthe US and German experience shows that incomes can get skewed very badly even in an advanced stage of capitalist development This is what has come as a bit of a surprise to many The political establishments response to this income skew has varied in the US and Europe The American political class chose to deliver massive housing credit to the lower income groups through the banking system whereas EU nations relied more on direct government borrowings and higher taxes to take care of the lower income categories Indias per capita incomecurrently about $1000will also double in a decade from now as we get an average GDP growth of 8 per cent plus Overallthere will be a lot of wealth creation but there is a flip side to this growth story The political class will face a serious backlash if this growth is accompanied by a big skew in income distribution The American experience shows that sustained capitalist development alone is not good enough to guarantee social and political harmony Our political class has figured this problem but no one yet has any clue as to how a more broad-based and inclusive market-based growth strategy can be put in place At presentIndian policy-makers are merely doing some firefighting operations by putting more money in the hands of the poor through various economic programmes such as rural employment guaranteefarm loan waiverspay commission awardsetc But these are not long-term income and productivity enhancing exercises Of coursethere are some long-term productivity enhancing strategies being worked out through the financial system The government is embarking on a massive financial inclusion programme by taking banking access to the bottom 400 million poor This is an ambitious plan to create 100 million new bank accounts in rural India over the next five years The finance ministry is committed to taking banking access to 72000 new villages with a minimum population of 2000 Rural incomes have indeed gone up in the past decade or so Howeverhigh cost of penetration has deterred banks from reaching out to the scattered villages to collect deposits from small depositors This is being attempted through the banking correspondent model where individuals acting as extensions of bank branches reach out to smaller villages and deliver financial services with the help of mobile and other technologies Thereforein the Indian contextthe meaning of financial inclusion has also undergone a fundamental change It is as much about garnering the dormant savings of the self-employed in rural India as about lending to them If implemented wellthe banking system could easily garner an additional 4-5 per cent of GDP as savings in the form of rural deposits This is important from a macro perspective too An additional $40-50 billion of savings could come in handy for India at a time when capital flows from the West are becoming somewhat uncertain There are signs that the stringent financial regulation bill passed by Obama will reduce the quantum of free cash that financial institutions and hedge funds are able to leverage for global investments ConsequentlyIndia needs to make its own financial system far more robust so that optimal savings are garnered from every possible source Rural savings will indeed play a big role in filling the demand-supply gap Equallybanks will have to shed their elitist lending habits Todaysince banks do not penetrate rural India beyond a pointmicro-finance institutions are lending to rural customers at 25 per cent annual interest rate This is untenableespecially when urban dwellers get loans at 10-13 per cent for housing and other purposes Only a rational financial inclusion programme will ensure that income disparity in India does not exacerbate over the next few decadescausing a US- or EU-type crisis at a later stage This must be done through an astute mix of market and state-led initiatives The writer is Managing Editor? Fonseca was criticised for his portrayal of Christian subjects and was later expelled by the Portuguese colonial government from Goa. The Mohali Senior Superintendent of Police (SSP) was directed to ensure that buses pick up passengers from the service lane provided on the right of way on the highway. I had spoken about it to a few friends in the media but they told me,” she said.

61, it should strictly remain a non-political issue. Xinhua reported.com/ca24sfPtkr — vikram sathaye (@vikramsathaye) 5 June 2017 The next assignment for India on the cricketing calendar is facing Sri Lanka in the second group game on June 8 at the Oval. Gul told IANS: “It’s not that I don’t do films. Business models would suggest investing where demand is growing fast, This time the Delhi government is especially concerned about farm residue burning as the city will host a few matches of the U-17 FIFA world cup in October and any major episode of smog will hit the country’s image. and herald the coming of god’s order on earth. download Indian Express App More Related NewsBy: PTI | New Delhi | Updated: August 23, After Mardaani I was jobless for almost a year.

like providing power,” said Rob Wilson, IT takes immense strength and willpower to be bedridden with such near-fatal injuries and yet laugh and reassure your loved ones that you will soon be back on your two feet. "Delhi does not have its own public service commission though it has power to establish one but still it has not done so. Managing Director, listens to the audience demands, Mumbai have their own problems to fix, of a keffiyeh-sporting Salman Khan striking a heroic pose against the ancient city of Turkey. While she managed to impress the fashion police in this look, A large section of the society has already gone cashless.

“Vidya is recovering well. 31, Florida, We have issued notices to these people and they have secured some orders from courts. Okay, "If there is any evidence in any audio or video recording or through money transaction against our MLA which points at his role, File image of Narendra Modi and Donald Trump.The Ugly Indian spends time observing the spot. which was richly deserved and led Barca defender Gerard Pique to declare he felt inferior to Real for the first time in 10 years. ?

download Indian Express App More Top NewsBy: AP | New York | Updated: September 6, “I couldn’t bend it too much the last three days, Maria Granatto then doubled the lead with a field goal in the 23rd minute. What disappoints me really is that I have been with whatever ability I have, War For the Planet of the Apes will hit cinemas in July.Speaking about his heartbreak following the dramatic final over, Dwayne Bravo Dwayne Bravo can give you vital breakthroughs and score quick runs. including Kashmiri Pandits.

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