Wednesday, October 31, 2012

380 deaths daily!

The shocking Chinese coal mines

Fushun’s Mengjiagou coal mine had a gas explosion in 2003, with a casualty of 25 miners ­– that was not as much a bad news­ ­as was their relatives being beaten up to death asking for compensation! In 2007, the official figure of the number of deaths in coal mines stood out at around 5000 miners, although independent research agencies estimate the actual figure to be as much as three to four times of that. It is reported that many sub-contractors in China run their mines like monster task masters. And the province of Shanxi is a crying shame of an example for China in this regard.

If last year’s coal mine accident in Shanxi that killed 270 people – and resulted in the resignation of Meng Xuenong, Shanxi’s governor – made you open your eyes, perhaps you missed out the fact that a few years back, the Director of State Administration of Production Safety in China accepted that 380 people died everyday in the coal mines of Shanxi, causing a direct economic loss of $12 billion every year. The figure is a staggering 2.5% of China’s GDP!


Source : IIPM Editorial, 2012. An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).

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Tuesday, October 30, 2012

Past quarter were simply, just numbers...

Both public and private banks are facing a similar predicament today – the lying mirror! manish k. pandey discusses the dangers ahead, and how strong numbers during the past quarter were simply, just numbers...

A small data crunching allows us to easily figure out that the net repo volumes (funds kept by banks in aggregate with RBI at a paltry rate of 3.25%), at present stand at a staggering Rs.1.68 trillion. In fact, the situation seems to be touching alarming proportions when one considers how the amount parked under this window is more than double the new incremental deposits (about Rs.620 billion) brought in by the banking system during the year. “Banks fear a rise in non-performing assets (NPAs), so much that they are willing to sacrifice the [negative] differential in deposit rates offered to customers and the interest earned from RBI at reverse repo rates,” says Ashok Jainani, VP, Khandwala Securities. The average rate offered on one-year fixed deposits is about 7.25% currently, while the reverse repo rate is 3.25%! It clearly shows that banks are suffering a killing margin loss of almost 4% for every rupee being kept with RBI; a trend which, if it continues into the next quarter, has the potential to wipe out clean the past year’s profits of many banks within one quarter.

Even if one looks at the broader picture, one can easily figure out that NIMs have been on a declining mode for the last three quarters now. Amit Saxena, CEO, Planman Financial says that there’s worse in the banquet hall – the Incremental LDR (Loan-Deposit Ratio) has already fallen to an eight-year low of 14%. Evidently, the outstanding credit-deposit (CD) ratio of scheduled commercial banks has dropped below 70% for the first time in almost three years (The CD ratio currently stands at 69.01%, the lowest since May 2006 when it stood at 69.89%). Add to this the fact that the credit off-take growth too has come down to 16% – as compared to 25% a year back – and you start wondering whether the house that actually collapsed was insured or not.


Source : IIPM Editorial, 2012.

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Monday, October 29, 2012

INDIA: CONNECTIVITY

Wireless networks are not enough

In a country with Internet penetration at just about 1%, we cannot afford to let a huge majority of our population miss the information age. Although the auctions of 3G spectrum may happen very soon, the real implementation would take a while, as thousands of base stations need to be set up and 3G enabled mobile devices need to be rolled out. Even then, speed will remain an issue. When we talk of rural India, we need to understand that with their very basic education, they would be needing more information in the form of pictures, videos, et al, rather than text; so the bandwidth requirements are huge.

Thankfully, there is hope that the government is going to utilise a part of its massive USO (Universal Services Obligation) fund, for which operators, and (hence customers) have been paying since 2002. The government plans to set up 5,500 telecom towers, improve fibre optic connectivity and provide all rural kiosks with broadband access, besides bringing in WIMAX services. This one-size-doesn’t-fit-all approach is immensely crucial to ensure that millions of Indians are able to stay connected.


Source : IIPM Editorial, 2012.

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Tuesday, October 23, 2012

The King & I’ran

Reasons behind Iran-Saudi rivalry

Iran is neither an enemy of Saudi Arabia, nor a friend. But with the recent Sunday Times July expose` on Saudi Arabia (where they mention a Saudi diplomat quoting how Saudi Arabia has given tacit approval to Israel for using its airspace to attack Iran – a claim refuted now by both Saudi and Israeli governments), not only has Saudi Arabia shot itself in the foot, but it has also given Iranian President Ahmedinejad the political lifeline he has long awaited. But really, wasn’t Saudi Arabia supposed to be a pro-Islam, ergo pro-Iran nation? Actually, not at all!

First, the legacy of the past. A so-called Saudi Arabian-Iranian friendship had continued for some years before coming to an end with the Iranian revolution in 1979 as the revolutionary regime of Iran declared the Saudi monarchy as anti-Islamic!


Source : IIPM Editorial, 2012.

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Monday, October 22, 2012

Their grass was greener

Two CMs who bravely defied anti-incumbency and emerged trumps in both assembly and Lok Sabha elections

The people of Andhra Pradesh and Orissa seem to be dwelling in a wave of pro-incumbency at the moment. This is obvious seeing how their respective CMs – YSR Reddy and Naveen Patnaik – have had a smooth ride in both the state and assembly elections. In the case of the former, its supporters say that Reddy’s plank to back women empowerment paid rich dividends when it won 156 out of 294 assembly seats and emerged as the largest contributor to the Congress kitty at the centre with 33 out of 42 Lok Sabha seats.

On the other hand, Naveen Patnaik’s party BJD literally conquered Orissa; winning 103 out of 129 seats in the state assembly and 14 out of 21 seats in the Lok Sabha. It is the state’s most comprehensive mandate ever.

In an interview, Patnaik attributed his success to the robust pro-poor agenda that his government initiated. “We had launched several safety-nets for our below the poverty line (BPL) population like the Rs.2 rice scheme, the Gopabandhu pension yojna and housing schemes for the poor known as the Mo Kudia Yojna. People responded to it and appreciated it. We are happy that we succeeded in spreading our irrigation programmes for farmers as well as the paani panchayat systems for the control of water by the farmers.’’

Now he want’s to continue where he left off. A normally reticent Naveen outlined his post-poll priorities, “My first interest is pro-poor programmes, meant for a large tribal and scheduled caste population. We are also keen on irrigation schemes for farmers. We have to generate revenues and job guarantees.’’


Source : IIPM Editorial, 2012.

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Saturday, October 20, 2012

The Confusing Congress Chimera

 Just a few days ago, I was in Lucknow arguing vociferously with my father-in-law. He is a die hard supporter of Congress and would have cast his vote in favour of Rita Bahuguna Joshi. I personally think the chances of her winning are about as high as Shah Rukh’s Knight Riders winning IPL 2. But then faith and optimism are eternal. In fact, my father-in-law, who is a middle class Bihari settled in U.P. is convinced that there is a strong undercurrent in favour of Congress this time in the Hindi heartland. He is almost wistful when he talks about how the glory days of Congress can come back with Rahul Gandhi by the time the next Lok Sabha elections are organised. I have come across hundreds of such Congress well wishers who are sick and tired of regional parties ‘holding the nation to ransom’. I empathize with them, but can’t help pointing out some hard realities that make the challenge of reviving the Congress so formidable for Rahul Gandhi and his well meaning earnestness.

Here is a list of major states where the Congress can hope to win a lot of seats on its own: Assam, Punjab, Haryana, Rajasthan, Delhi, Madhya Pradesh, Chattisgarh, Andhra Pradesh, Gujarat, Himachal Pradesh, Uttarkhand, Orissa and Karnataka. That works out to about 230 plus seats. Here is a list of states where the Congress cannot hope to win even a few seats without strong regional allies: West Bengal, Uttar Pradesh, Bihar, Jharkhand, Maharashtra, Kerala, Tamil Nadu and J&K. That works out to almost 300 seats. The last time Congress won in Tamil Nadu was in 1967; it was 1967 in West Bengal; 1984-85 in Gujarat, Bihar and Uttar Pradesh; 1991 in Orissa, Madhya Pradesh and Rajasthan and Maharashtra on its own. In the states where the Congress can win many seats on its own, the party already has about 110 out of 130. In the second category of states, the party has about 50 out of 300.

Even a school child will know that it is the second category of states that will be the biggest challenge for Rahul Gandhi and his so called youth brigade. To be able to cross even 200 Lok Sabha seats, it needs to at least double its tally in the second category of states. More importantly, Rahul Gandhi needs to plan and execute a strategy which can help the Congress have even a decent chance of winning a large number of seats on its own in Maharashtra, West Bengal, Tamil Nadu, Uttar Pradesh, Bihar and Jharkhand which send almost 225 MPs to the Lok Sabha. Currently, the Congress has just about 50 representatives from these important states.


Source : IIPM Editorial, 2012.

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Friday, October 19, 2012

GLOBAL CREDIT CRISIS: MAYHEM

The financial crisis brought the world to its feet!

Bear Stearns, Fannie Mae, Freddie Mac, Lehman Brothers, Merrill Lynch and American International Group (AIG), are all in a perilous state today. The Federal Reserve on its part has been adding every bit to the domino effect. Its loan of $114 billion to protect the creditors of Bear Stearns and the US Treasury’s backstopping of $5.2 trillion in Fannie Mae and Freddie Mac sent a wrong signal to the failing behemoths. Lehman Brothers, stating that it had debt of $613 billion (with an asset base was of $639 billion) opted for Chapter 11. Days later the Federal Reserve gave $85 billion loan to AIG for a 79.9% stake. Mark Zandi, Chief Economist, Moody’s Economy.com, avers, “The crisis began with sub-prime mortgage borrowers defaulting on their loans, driving many private lenders out of businesses and causing billions in losses for investors. A year later, the crisis has engulfed a growing number of prime borrowers as well, pushing them financial brink and costing investors billions more.” In hindsight a number of reasons can be attributed to the mayhem like lack of government regulation and poor judgment of credit-worthiness of borrowers et al. All-in-all though, this crisis shook all, across the world!


Source : IIPM Editorial, 2012.

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Wednesday, October 17, 2012

Total rec'oil'!

The deal promises tons to Suncor

You lose some, you gain some. Quite true! Just when the price of oil per barrel eased from a high of $147 (in August 2008) to the current $47.92, thereby threatening bottomlines for most oil companies across the world, there's one name which begs exception to the rule! Alright, though that sounds unreal, yet the situation is not too far from being true, given the condition that the $19.18 billion merger between Suncor Energy Inc. & Petro-Canada comes through. As per experts, the new entity, valued at a mind-blowing $43.4 billion would then have comfortable oil reserves for the next 100 years in its kitty. Now that's a deal!

So what about synergies? Ron Brenneman, CEO, Petro-Canada explains, “The merger will be good for shareholders of both companies, with reduced capital requirements, operating efficiencies and complementary integration opportunities between upstream and downstream assets.” Most definitely, this deal will not only boost Suncor's (the merged entity) balance sheet (with a pro-forma debt to capitalisation of 29.6% and a debt-to-cash flow ratio of 1.2), but will also make it North America's 5th-largest oil company. The fact that there is very little overlap between the refineries of the two companies will also help their case. While, Petro-Canada has refineries in Edmonton and Montreal, Suncor has it in Sarnia, Ont., and Denver. But there are challenges too. Firstly, with this merger, Suncor will venture into the international space, something unknown to it so far. Secondly, the new company shall be governed by the Petro-Canada Public Participation Act that restricts the ownership of more than 20% of shares by a party.


Source : IIPM Editorial, 2012.

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Monday, October 15, 2012

An Islamist conspiracy!

The main aim of the recent BDR mutiny in Bangladesh was to grab power and nothing else

Was the recent bloody mutiny by the Bangladesh Rifles (BDR) simply to demand better service conditions? Well the perceived wisdom is that events much greater than the economic grievances that sparked the two-day running battle between the BDR and the Bangladesh army in Dhaka’s urban centres and some other areas. The BDR is said to have been vying for participation in the lucrative UN peacekeeping missions and restructuring of the forces. But many Bangladesh watchers are now arguing that the scale of the rebellion belies the staid notion that only economic demands were behind it. What's more? Such concerns could easily have been addressed by employing conventional trade union pressure tactics. But the BDR unleashed a virtual reign of terror, holding several army officers and their families hostage and mowing down a good number of them. It is just not possible – indeed even probable – that the upheaval was driven with the simple aim of grabbing political power? A great deal goes to support such a notion. The timing of the revolt itself gives one pause – coming as it did at a time when Sheikh Hasina was still to settle down in the PM's office. It came on January 6, immediately after her swearing-in. Her party, the Awami League, had swept the long deferred general elections, thanks to the military’s meddling.

The strong suspicion of a deeper conspiracy comes from reports that the BDR mutiny had the secret backing of a section of Bangladesh’s army officers, including Army Chief, Moeen Ahmed. Ahmed is widely perceived to be a secular officer, who had been put out of reckoning.


Source : IIPM Editorial, 2012.

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Saturday, October 13, 2012

PROFILE: SOMNATH CHATTERJEE

Whether or not they agreed with his style of working, MPs would surely miss this headmaster in the next Lok Sabha

Even though MPs requested him to refrain from taking such a decision, since the house is most indisciplined during this time, Chatterjee reiterated that the people of the nation have full right to know what goes on in the Parliament and that by telecasting Zero hour, it would be easier to control the house. In his four decade long career as a politician, July 23, 2008 was an unfortunate day for him, ironically just two days before his 79th birthday. It was the day when he was accused by his party members in CPI(M) of trying to save the UPA government and was expelled from the party.

There is a long story behind him being titled as the headmaster. Somnath Chatterjee was famously infamous for interrupting MPs, while they were locked in debate. Some MPs also complained that despite being given notice beforehand, he would not give them time to raise their issues. Whenever there was noise and chaos in the house, he would scold members as if they were students and he was the headmaster. When he was accused of these charges by one of the members of his own party, he became emotional and cried in the Lok Sabha. When he was bidding adieu, even members of CPI (M) were sad. Indeed, his presence will be sorely missed by supporters and detractors alike.


Source : IIPM Editorial, 2012.

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Friday, October 12, 2012

HARLEY-DAVIDSON: FUNDS INFUSION

The latest cash infusion has guaranteed Harley Davidson short term working capital; but it surely would need even more for a joyous ride!

And what about the recent receipts? It plans to use the amount to implement its 3-pronged strategy – build a stronger brand, put a leaner cost-structure in place and infuse funds into HDFS. “This offering represents an important step in executing our stated strategy for funding the lending activities of HDFS,” states Tom Bergmann, CFO, Harley-Davidson, to which Christian Breitstrecher, Analyst, Sal Oppenheim adds, “HDFS required urgent funding and the recent investment is a boon for it...” For now, the company has to ensure maximum and quick ROI from any future investments, as it is bound to pay both the investors a high 15% interest on their bonds, scheduled to mature in 2014.

For now though, the biggest worry is that HDFS will require kindness from more multi-million dollar investors in the coming years, to be able to continue providing loans to its consumers. Needless to say, Harley-Davidson’s future depends on it! For now though, Buffett is taking the muscle-bike on a long ride, and he’ll be back five years later; be ready with the cash Mr. Harley!


Source : IIPM Editorial, 2012.

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Thursday, October 11, 2012

Hire a top executive from outside

Paul is an outsider (a non-TCS), and sometimes it is safer to hire a top executive from outside

This is what they will most likely get with Chandrasekaran. With him, TCS appears to showcase both strong succession planning and good grooming for the intended new top chief executive.

The second contender for the top job is Vivek Paul. Undoubtedly, Paul has a great personality and has lots of experiences also. Paul is more competent, but less likely to take the job actually. I think he is a very strong player, but probably too wealthy and smart to take this position. Government interference will be high and the effort, even without that, would be very difficult. He is smart enough to know that the personal risks of this job probably significantly exceed the personal benefits. Paul is an outsider (a non-TCS), and sometimes it is safer to hire a top executive from outside, for an outsider is more likely to take actions that need to be taken that an insider would avoid. He also avoids the taint that an insider would carry.


Source : IIPM Editorial, 2012.

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Chandrasekaran is perhaps the right person

Chandrasekaran is perhaps the right person to take over the baton of TCS from Ramadorai

He served as Global Operations Director, Executive Vice President, Global Head of Sales & Operations and Head of European operations of Tata Consultancy Services. Chandrasekaran was also named by Consulting Magazine in the USA as one of the top 25 most influential consultants in the world.

His career path travels a similar path as that of Ramadorai. He holds a Bachelor’s degree in Applied Sciences & a Master’s degree in Computer Applications. He started his career with TCS in 1987. By and large successful companies believe more in the tried and tested abilities of home grown executives to lead the organisation, having a clear cut succession plan well in advance. Chandrasekaran has all the ingredients in his leadership skills to take TCS to a new & higher orbit of success in the days to come. He has demonstrated his brevity and clarity as a leader in the organisation itself by venturing into new markets and establishing the credentials of the company by capturing a sizeable market share in the overseas markets.


Source : IIPM Editorial, 2012.

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Wednesday, October 10, 2012

Growing, growing, gone...

Over-expansionary policy is responsible for Starbucks predicament

Recession is casting its depressive effects on stress buster lattes and cappuccinos too! Yes, at least the American born, world’s largest coffee-chain Starbucks, is proving the same. The coffee chain is passing through a lean tunnel and has further decided to cut on further fat, errr... Starbucks outlets. It announced to follow the slimdown policy over the forthcoming quarter, on a worldwide scale on January 29, 2009. Here is where the question arises: why the reduction, for isn’t coffee retailing recession-proof?

Starbucks has announced a closure of 300 stores (200 stores in US) and a further reduction of 7,000 names from their employee base. Add this to store closures announced in July, and we would stand witness to 991 outlets doing the disappearing act! Further analysis of this problem makes clear the fact that the issue at hand is clearly self-inflicted; a problem that worsened at the onset of recession as even Howard Schultz, CEO, Starbucks confessed.


Source : IIPM Editorial, 2012.

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Tuesday, October 09, 2012

The claims return to haunt a failing Europe

Europe gloated during the meltdown, claiming it would be left untouched. The claims return to haunt a failing Europe

European politicians will find this meltdown an even tougher challenge to manage than Barack Obama in the United States. For decades, European nations have boasted that their version of capitalism takes much better care of average citizens than the American model. There is no doubt that most European nations have more welfare schemes that benefit more citizens than in the US. Besides, state intervention has also resulted in European workers earning more per hour and working less number of hours. Then again, farmers in Europe are pampered and mollycoddled with hundreds of billions of dollars of subsidies (America also gives similar farm subsidies but most of it goes to ‘farm’ corporations!). Now, as the bad times come crashing down on Europe, this welfare state model will face an unprecedented challenge. From where will the European governments get the money to pay unemployment benefits, massive subsidies and artificially high wages to citizens? Once citizens realise that the jar of goodies is almost empty and freebies may be stopped, cities across the continent will erupt in protests and strikes. The only saving grace for Europe as compared to China: there is no danger of army tanks firing on the unarmed. Perhaps Europeans should console themselves with that!


Source : IIPM Editorial, 2012.

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Monday, October 08, 2012

Barack Obama’s election could mean for business

People have been overwhelmed by his victory but business leaders are guarded in optimism. Virat Bahri & Pallavi Srivastava of B&E analyse what Barack Obama’s election could mean for business

Raising concerns over rising trade deficits, Obama has given clear indications for an overhaul of the US trade policies which will clearly not be in favour of cross border trade. Take trade with China for example. The US trade deficit with China was $256 billion last year and Obama strongly believes China’s manipulation of its currency is responsible for this. Obama has asserted that he will pressurise China to cut down on its exports and rely more on the domestic demand in future. He has also backed laws that define currency manipulation as a subsidy under US trade law – thus creating an opportunity to impose heavy duties on Chinese imports. Obama has also talked about reopening NAFTA to establish strong labour and environmental provisions and change investment provisions in favour of US domestic corporations as against foreign corporations. Then Obama has clearly indicated his distaste for companies outsourcing jobs across America. He has favoured tax benefits for companies which don’t outsource jobs; this clearly could be troubling for India. He has talked about ending tax breaks for companies that outsource manufacturing jobs, this again is alarming for countries like China, which are becoming world manufacturing hubs. FICCI’s Roy told B&E, “Obama and his team have given clear indication to adopt a practical stand on trade policy and not be blinded by free market approach if it’s not working in their national interests. Clearly, if they find that globalisation is hurting the American economy they won’t hesitate inclining towards protectionism, which will affect global trade.”

When he joins office, though, Obama’s primary focus will be the financial crisis. Here, he has to walk a tight rope. Obama has formed an elite team of advisers to help him shape the agenda which includes people like Warren Buffett, former Treasury Secretary Larry Summers, Eric Schmidt (CEO, Google), Xerox Chairman Anne Mulcahy, Time Warner Chairman Richard Parsons, Robert Reich and Robert Rubin (both Clinton cabinet secretaries). Austan Goolsbee, professor at the University of Chicago GSB, is expected to lead his team of economic advisors.

As of now, Obama’s focus is on the $700 billion financial rescue package passed by the Bush administration. He has also advocated a second stimulus package to fuel the economy. In his manifesto, Obama has talked about a $50 billion package, which includes $20 billion in tax rebates, $10 billion to extend unemployment benefits, $10 billion to prevent foreclosure on primary residences and aid state governments. But Bill Shughart, economics professor at the University of Mississippi, feels that a stimulus package will only bring additional deficits to the elephantine $1 trillion deficits of the US economy. However, it is also felt that if the stimulus package is designed such that money is used more to pump dollars in infrastructure rather then going directly to the taxpayers, it will help the economy more as it will create jobs and would reap long term benefits. Roosevelt used a similar approach in the 1930s.

Obama is planning to work on both ends. On one hand, he has promised a tax structure to cushion the middle class Americans to deal better with recession, on the other, he is looking for long term solutions to bail out the economy. For this, he plans to invest in US infrastructure to create jobs in the long term and also reduce dependence on oil. He plans to create a National Infrastructure Reinvestment Bank and infuse $60 billion over 10 years, to finance transportation infrastructure projects across US. As per estimates, these projects will create up to two million new jobs (direct & indirect).

All said and done, Obama will have to certainly move away from rhetoric now and focus on pragmatism. Reality bites hard when it does. Take his tax policy for instance. An analysis by the Tax Policy Center estimates that without cuts in government spending, Obama’s overall tax plan would increase the national debt to around $3 trillion (including interest costs) by 2018! And outsourcing of services and manufacturing is an instrument of competitiveness; discouraging it would only make America Inc. more uncompetitive. Also, his rhetoric on promoting more green business in the US is noble; but it’s not an easy horse to ride; and can’t take priority over the economy as of now.

You can’t overstate the fact that Obama stands for quite a lot – his election is the fruition of Martin Luther King’s dreams of a promised land; and an ode to Abraham Lincoln’s legendary endeavours to end slavery in US back in the 19th century. But now it’s time for Obama to read Roosevelt far more than Lincoln.


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Saturday, October 06, 2012

It’s We Parents and Teachers Who Create Raggers Out of Our Children

I am sure that after reading the heading, everyone must be restless to know how? But have some patience. It’s a story I repeat often. And I must repeat it again today. As a child, I remember having considerable friends in school. I am sure everyone has. But my friends’ circle from the very beginning had a specialty – it had only those people who were all very, very good in studies. If you are wondering how, the answer to that is in the place I used to stay, and still stay; a locality called Chittaranjan Park in New Delhi. This was originally that locality in Delhi where all those who had gotten displaced from Bangladesh during the partition were given a place to settle down. So, it used to be called the ‘EPDP colony’ i.e. East Pakistan Displaced Persons’ colony. This locality had its very special characteristics – maybe someday I will write about them all – including the one I referred to; i.e. it gave me, during my very early childhood, a group of friends who were all toppers! Being a locality of mostly lower middle class displaced people, the relatively well-to-do amongst them – that is, those who were middle class – managed to put their children in public schools like mine – the reputed Delhi Public School (DPS) – and believed the only way out of this lower middle class or middle class existence was to be exceptional in studies. Of course, coupled up with the Bengali orientation towards arts and literature, our locality produced some of the most brilliant students for our school. So, if our school had 15 buses and 150 scholar badge holders (the ones who excelled in studies), I believe more than a fifth of those students used to go in the bus that used to go through CR Park. My father being a teacher, he attracted friendship with all those parents whose children were toppers; and that’s how most of my friends were exceptional in studies!

It’s a different story – again to be told some other day – that as I grew up in life and started making friends of my choice, I changed this very friends’ circle. But for now, for this editorial, I will stay with the story of these friends. Lower middle/middle class. Very good in studies. From timid Bengali art and culture loving families. And typically weak built, as most Bengalis were and still are. If someone were to have told me then that these boys would go on to become partial murderers of the Aman Kachroos of this country, I would have shouted “impossible” at the top of my voice. They were/are from good families. Toppers of their respective schools and classes for heaven’s sake; and most importantly, of such weak built that they couldn’t even have harmed a fly! But as time unfolded, I saw just that happen in front of my eyes. They went on to become the topmost raggers of this country. Here is the story how.

I remember how these boys studied like crazy. Their aim was to top in the class. And being the son of a teacher, who knew something about education, I used to be surprised at what my friends were doing. My father had always told me that it was not important in life to get high marks. He told me to be good – again, the emphasis was not on high marks but on expansiveness of reading – in English and Maths as that was all that mattered in life. Rest, he asked me to do what I loved doing; and to develop passion. So luckily, I had a relaxed childhood and grew up really loving my father. His support for my endeavours was my biggest strength. And he was always questioning things himself. I remember when I was in class 1 or so – yes, some memories remain etched in your mind – when one night at 12 my father picked up the phone and gave a piece of his mind to our school principal. He was seething with anger that the school had given so much homework that I hadn’t been able to finish the same on time. I remember him criticising our schooling system, weighing my bag every now and then, and getting furious with anger seeing it weighing so heavily on my back. And while my father advised me not to run after marks, he did motivate me to read books. He once said, “Read so that those scholar badge holders feel ashamed of their lack of intellect when they talk to you.” And I spent my childhood reading and reading and reading more books. I didn’t get a scholar badge, still, I have no guilt because my parents never expected one. And today, I thank God that I didn’t get one. That’s why I know what education is about.


Source : IIPM Editorial, 2012.

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