While the country’s political leadership surely deserves praise for getting the NSG waiver, this is one occasion where Indian diplomats are worthy of kudos too.
Often accused of “inertia” and blocking major policy initiatives, Indian diplomats and ministry of external affairs’ officials clearly stood out this time around for their painstaking efforts to guard against the devils in the details of the final draft. Tirelessly working at the long sessions in Vienna last week, the Indian contingent put in a truly amazing effort to get the job done.
If the NSG waiver marks the end of the nuclear apartheid, it also marks a “coming of age” of sorts for India.
Gaurav Dua, on e-mail
National blunder
The bailout of Freddie Mac and Fannie Mae by the US government clearly shows how blatantly these two privately owned government-sponsored-enterprises (GSE) were misusing the guarantee of the US government. The government of USA owes explanations to the entire financial fraternity as to how these GSEs were not provided for in its balance sheet! How is it that these companies were over-leveraged to 65 times their debt and guarantees? Why were they not subject to various tax laws and compliance audits?
Pradeep, on e-mail
No fire for growth
This refers to “India’s Growth Story” (September 8). It is a wonderful piece, highlighting the downside risks to our growth story and pointing out that we may be taking an 8-9 per cent growth for granted. I feel that India’s shift in economic growth from 5-6 per cent to 8-9 per cent is not as long-term a phenomenon as it is made out to be. We should keep in mind the fact that these last few years saw the world economy grow at a scorching pace, and we benefited from it. The real test is to continue the growth when all is not well with the world economy.
Which is where the reforms pointed out in the article kick in. I also feel that besides the above, enhanced labour productivity may be the answer to sustain 8-9 per cent growth in such turbulent times. If India wants to grow at 8 per cent, and is ready to pay the price for it, who can stop it?
I wish to point out a social trend (if I may call it so) that I see around me, in my own small circle. Even among the well-placed, young and educated professionals, I see a sense of complacency, a resistance to change and love for status quo. Despite all the talk about the younger generation being different from earlier ones — they being more aggressive in their materialistic pursuits — I find the same ‘old’ trait of being content with what they are getting.
To give a context, I come from an IT/ITeS background. I believe the moment the 20-something guy earning Rs 30,000 plus starts feeling contented, we should be concerned about running out of steam. Unfortunately I see more of it in and around me. Also, as the services industry expands, companies are having to go to lower-tier institutes to hire. The quality of new recruits is obviously not the same — both in terms of skill sets and aspirations. I wonder if we have the fire power to sustain the run.
Karthik G, on e-mail
