Editors Column

The role of auditors – both domestic and foreign –in banking and corporate deals has come under scrutiny following a series of violations like tax evasion and professional malpractices. The Supreme Court’s directive on a separate law to govern MNC auditors is an eye opener to all that these firms have had it too good for too long.

The government appears to have strengthened its resolve to push ahead with the proposed Fugitive Economic Offenders Bill that, once enacted, will enable the government to confiscate assets of offenders who flee the country. There is little doubt that the Nirav Modi and Mehul Choksi cases have had a hand in this.

Prime minister Narendra Modi made a spirited case for turning India into a buzzing $5 trillion economy by 2022. It is very significant that Modi spelt out his plan amidst global investors when he spoke on the issue on Friday. The prime minister evidently has a dream of taking India to the next level.

In the dark world of global trade and finance, it is a battle of nerves and perceptions that dictate policies. Otherwise, there’s no reason why the Donald Trump’s Republican administration in the US articulates the way it does and thumbs a nose at India on the trade and investment front.

From the ignominy of carrying the backward tag to targeting a trillion dollar economy, Uttar Pradesh has its task cut out, as the ongoing investors summit in the state capital has indicated. There is little doubt that chief minister Yogi Adityanath will need to muster all his yogic powers to achieve this task.

The commercial exploitation of coal has come full circle after its mining was nationalised beginning May 1, 1973. The Narendra Modi government’s decision to allow private companies commercial exploitation rights is a significant reform measure in the Indian energy sector that is starved of cost-effective quality coal.

An analysis of the government’s performance on employment generation depends on the set of figures one would consider for the purpose.

Whether it is the Harshad Mehta scam of 1992 or the Ketan Parekh scam of 2001 where money from a co-operative bank found its way into the equity market, it is usually a scam that prompts policymakers and regulators to review banking processes and, thereafter, bring in a fresh set of rules and regulations to prevent another scam.

The prognostication that future wars will be fought over water implies the stark reality that water is a scarce and depleting resource and its conservation should be the key issue in inter-state water disputes.

The $1.8 billion fraud perpetrated by the billionaire diamantaire, Nirav Modi, his maternal uncle Mehul Choksi and the clan at Punjab National Bank (PNB) has shaken the public confidence in the Indian banking system.

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