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INDUSTRIAL ECONOMIST
Cover Story

A scandal waiting to happen: The lessons for investors from this sordid episode is that there is no substitute for due diligence.
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Inklings

IE joins the nation in praying for the speedy recovery of Prime Minister Manmohan Singh.
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The Satyam fiasco points to the failure of several watchdogs: the audit system, the regulatory mechanism and the media.
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Editor's Notes

The Pravasi Bharatiya Divas, (PBD) held for the first time in Chennai, proved to be a non-event.
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Banking

Small banks - their efficiency and future: After 25 banks going under liquidation in the US, concern clouds small banks in India.
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Nuclear Power

In spite of hurdles faced and delayed commissio-ning, the Kudankulam project holds enormous promise for Tamil Nadu and India.
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Macro Economics

Movements in commercial bank interest rates – both deposit and lending – have not kept pace with the steep reductions in the RBI’s reference rates
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 l macroeconomicsII
 l  macroeconomcisIII

International

In a spectacular swearing-in ceremony attended by over a million enthusiasts and watched by over a billion TV viewers worldwide, Obama outlined an agenda for reviving America.
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With two wars on, the worst economic crisis since the Great Depression of the l930s, and a planet in peril, Obama will have no easy time as he tries to kickstart the US economy.
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States

Andhra Pradesh: Big spurt in food production.
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Gujarat: Development as a mass movement.
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Interview

L&T-ECC continues to perform well in spite of the current slump – orders looked in the current year are estimated at Rs.34,000 crore and revenues at Rs.18,000 crore.
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Comment

Madoff, Madoff, every where: Bernard Madoff has proved that old-fashioned Ponzi schemes are still very much part and parcel of the financial muddle that the US is in.
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Oil: Petrotech 2009

Against the backdrop of depressed oil prices, issues such as availability, supplies, future trends on production...
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Commodities

India’s spices exports are heading for a new record this fiscal.
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Corporate News

Fiat India eyes to boost sales through Linea...
M&M launches Xylo...
Ashok Leyland bags Rs.1190 crore DTC order.
TN to spend over Rs.20,000 corre on power capacity augmentation
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Business Briefs

Bernard L Madoff, the former chairman of Nasdaq and a force in Wall Street for half a century, was hailed as the Tsar of high finance in Manhattan.
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Tamil Nadu


Pravasi Diwas - an opportunity wasted by Tamil Nadu

For the first time since its inception, the Pravasi Bharatiya Diwas was held in Chennai. Despite the year-long preparation and the considerable amounts of resources and energies spent, it proved to be a pedestrian affair. There was the usual schedule of the inauguration by the Prime Minister and valedictory by the President and leaders from strong centres of NRI. Despite the prosperity and the lobbying strengths of NRIs in the US and UK, the delegations from these countries were small in number. There were a good number of prosperous physicians and medicos from the US who seem to find a welcome change from the tight schedules in the home country.

The venue of Chennai attracted for a change, good number of delegates from Tamil speaking neighbouring countries, notably, Malaysia and Singapore.

NRIs use this platform to lobby for special benefits and concessions. The NDA government under A B Vajpayee set much in store and helped begin this annual convention in 2003. The UPA government set up a separate ministry for overseas Indians under Vayalar Ravi as the minister. With over three million Keralites working in the Gulf countries, one witnesses increasing attention being paid to their welfare and problems. Significantly, both the minister and secretary to the ministry are from Kerala. One could thus sense a strong Malayalam flavour!

Modi sets much in store…

The enthusiasm on the part of the state governments to the PBD was mixed. States that have strong overseas investments like Maharashtra, Gujarat, Andhra Pradesh and Tamil Nadu and those that have a sizable number of their population migrating overseas like AP, Bihar, Gujarat, Punjab and Tamil Nadu have been enthusiastic about participation. With Gujaratis found everywhere, understandably, the state had been quite enthusiastic about PBD; Chief Minister Narendra Modi has been participating in almost all PBDs. Andhras accounting for the largest proportion of prosperous NRIs in the US, TDP’s Chandra Babu Naidu had been quite active. His successor Y S Rajasekhara Reddy made an impressive presentation on the progress made by AP and the attractions it offered for investment.

Poor quality of presentations

Opinions of a cross section of the delegates pointed to the ham-handed manner of selecting the faculty and the poor quality of most of the presentations. High security also threw out of gear catering schedules: on the first day, the caterers could not bring in their wares full thirty minutes after the scheduled lunch time.

The liberal representation given to the leading newspaper of the city by fielding both the editor in chief and the editor was reflected in faithful correspondents featuring their speeches prominently with banner heading.

In line with the psyche of the Chennai metro and its denizens, there was little participation or interest on the part of leaders from business, academy, scientists, litterateurs, artistes and even senior journalists. For most of these the PBD appeared a non-event.

Such extravagances are routine things in Delhi. Tamil Nadu revels in such events mostly when it relates to film personalities or political parties. The PBD in that light appeared a wasted opportunity.

 
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