Decisions can often turn out to be of two kinds - the right one;and the one your boss wants you to make. The twain do not always meet. Duvvuri Subbarao, the Governor of the Reserve Bank of India (RBI), earlier this week, showed us what a right decision is.................
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Vivek Kaul has tried to tell us that if there is a political will action has to start at the ground level, ensuring a realistic policy in respect of prices, wages and income which alone will ensure a balanced budget for the nation as a whole. In other words, subsidy in certain areas can be reduced, if the purchasing power of the ‘affected’ class is improved. Costs on social security systems for the government will come down, if we are able to ensure living wages for the workers in organized and unorganized sectors, factoring in the need to save for social security needs including post-retirement life.
Similarly, food subsidy and fuel subsidy costs can be brought down, if we are able to ensure a market-related (different from market-determined, in which case there is an unhealthy competition) farm-gate/factory-gate prices for products and reasonable infrastructure support for value addition and marketing of produce. Above all, there should be some self-imposed discipline to reduce greed and the temptation to upgrade lifestyles beyond certain prudent levels.
M G Warrier, Mumbai
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