Editors Column
The Securities and Exchange Board of India (Sebi)’s disappointment with the Indian credit rating agencies is understandable given the series of goof-ups in evaluating the individual enterprises or according a sovereign rating for India. Their failure to foresee the global markets collapse in 2008 is also well documented, proving beyond doubt that the rating agencies were not doing their job.
After all the drama and politics over its rollout, the good and service tax (GST) has finally got implemented. The aim of the GST is to reform the indirect tax structure in India, which was not only most complex in the world but made India a country with the highest incidence of regressive indirect taxes.
The stand-off between India and China over the Doklam plateau is the longest between the two countries in many years. Voices from Beijing suggest that the Chinese government has not been able to come to terms with the fact that Indian soldiers prevented the construction party of People’s Liberation Army (PLA) to build a road in the plateau claimed by Bhutan.
Prime minister Narendra Modi’s plain speaking at a function organised over the weekend by the Institute of Chartered Accountants of India (ICAI) would have caused practising chartered accountants in India to introspect on their true role.
Prime Minister Narendra Modi’s condemnation of the murders committed in the garb of cow protection has not come a day too soon. Runaway nationalism that gets manifested in violence has no place in a society that aspires to be ‘vishwa guru’.
The open acreage licensing (OAL) policy proposed by oil minister Dharmendra Pradhan is unproven and tentative. Its efficacy is yet to be determined. Given that this new policy was untested, coming down heavily on new exploration licensing policy (Nelp) that held this country’s hydrocarbons exploration for 10 years, may not serve the purpose.
Going wholly digital has its own consequences. For one, India will become increasingly vulnerable to deadly cyber attacks, which are a reality today. It also means that the Indian economy would be subject to such attacks periodically like Europe, US and other countries have been.
The moot question being asked in political circles is this: where do Indo-US relations go after the hectic two-day whirlwind tour of prime minister Narendra Modi and his first engagement with president Donald Trump?
Every year when bank balance sheets are released in June and July, the issue of difference in compensation of high-level public sector bank (PSB) executives and their private sector counterparts comes to light.
This year is no different. Comparisons are being made between the salary of SBI chairperson Arundhati Bhattacharya and her peers in private sector banks.
Prime minister Narendra Modi and US president Donald Trump’s first meeting may not yield much in terms of big bang agreements. It explains why Modi’s spin doctors have rightly underplayed the visit in terms of outcomes and operative issues. The trickiest part of Modi’s visit would be to forge a working relationship with Trump’s Republican administration.