March 31, 1972. It was Good Friday. The world was mourning the crucifixion of Jesus Christ. Inside a city hospital, she screamed, “I don’t want to die,” clawing at the tubes surrounding her. Then she slumped in the arms of her sister Madhu. Meena Kumari, born Mehjabeen Bano, was dead at the age of 39. Addiction to alcohol killed her. It is said that she had started drinking, while she was still married to Kamal Amrohi. Amrohi’s German cinematographer, Joseph Wirsching, on being told about a pleurisy patch on her lungs, had recommended a shot of brandy before dinner. Within months she was hooked. On separating from Amrohi, she hit the bottle with a vengeance. Amrohi and she had married on February 15, 1962. He was already married and a father of three. She had come across a magazine photograph of his and had resolved that he was the man of her dreams. Meena Kumari and the movie producer-director were together for 12 years. One day, she went to Ranjit Studio to shoot for Pinjre Ki Panchhi and didn’t return home. The press went to town about how the pinjre ki panchhi had flown. Amrohi blamed her relatives and producers for the split. He claimed they wanted him out of the way, so they’d get a share of her earnings and dates. Her family blamed him. Her sister Madhu asserted that for him she was a “saleable commodity and not a wife.” There were also rumours of ill-treatment, which Amrohi’s son Tajdar denies vehemently, insisting that the split was the result of a clash of egos. “She wanted him to come and manao her,” Tajdar says. But Meena had refused to open the door. “He never went back and she never came back,” he sighs. After leaving Amrohi, Meena drowned her sorrows in alcohol. There were other men including Dharmendra, Saawan Kumar Tak and Gulzar. Even her career was nose diving with the arrival of younger heroines. Her drinking had badly damaged her liver. She was taken to London and Switzerland for treatment. The doctors gave her six months to live. Back home, she started settling her debts. The servants were paid off. She made peace with her estranged sister, Madhu, whom she hadn’t spoken to for two years. Now there was only Pakeezah to complete. Sunil Dutt orchestrated a meeting with Kamal Amrohi. Not much was said, but [...]
Archive for March, 2008
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Living with inflation
March 30th, 2008 
Tejinder The wholesale price index (WPI) has climbed to an 11 month high of 5.92 %. If the high international oil prices had been fully passed through, the inflation rate would have gone way beyond 7 %. The WPI has clearly entered a highly sensitive zone, politically speaking. As the opposition parties begin to up the ante on food prices, the government’s focus is expected to remain firmly on bringing inflation under control. But there is only so much the government can do if global prices of food, oil and other commodities are firming up. Wire money online to India with Xoom.com for as low as $4.99. You can ban edible oil exports, drop import duties on palm oil; put an export tax on steel, but there is a limit to which India can insulate itself from global price trends. Every growing economy is facing these supply constraints. Food supply cannot increase substantially in the near term. Oil prices have been rising for quite a while. The inflation rate for manufactures too has climbed to 5.4%. In fact, few realise core inflation in India has been above 4.5 % for quite some time now. Even in China the Producer Price Index, representing manufacturing prices, has been above 6 %. So we have a situation where prices of food, oil and manufactures are rising together. Normally food prices tend to rise more as we head into the summer months. For the UPA government this is not good news as it faces several assembly elections in the latter half of the year followed by general elections next year. The best it can hope for is a good Rabi crop and a good monsoon which may somewhat dampen inflationary expectations. Paradoxically, a slowdown in the economy may help in moderating the prices of manufactures. The UPA would rather prefer a more moderate growth rate with inflation under control. For businesses in general the current price rise could not have come at a worse time. Small businesses reeling from high interest rates were hoping the RBI would supplement the finance minister’s fiscal effort by a small cut in the bank lending rate. The finance minister too had indicated his bias for a cut some time ago. But with the inflation rate at 5.92%, and expectations of further rise in food prices, it is doubtful whether the central bank will answer the prayers of small [...]
FINANCIAL REFORMS FOR THE NEXT GENERATION
March 29th, 2008 krishna Less than eight months ago when the Planning Commission set up a committee under Raghuram Rajan to suggest next generation financial sector reforms it could not possibly have envisaged how incongruous it would be to talk of reform when government is engaged in the very antithesis of reform: loan waivers. In such a scenario, the committee’s recommendations can be best described as an eloquent reminder of the contrast between ‘what is’ and ‘what could be’. Wire money online to India with Xoom.com for as low as $4.99. To its credit, the committee seems to have a keen awareness of the political economy considerations that govern any reform process in India. Hence, unlike previous committees on financial sector reform, the Gen-Next committee has taken care to suggest a broad macroeconomic framework within which its recommendations need to be anchored. This is important because many of the reforms needed to transform the financial sector into one befitting a 21st century economic powerhouse that India hopes to become will be pointless unless they are undertaken in tandem with more broad-sweep macro-economic reforms. Any attempt to develop the bond market, for instance, is futile as long as we do not have a risk-free yield curve. And a risk-free yield curve will not emerge as long as government borrowing is so large that it can only be met by mandatory preemptions like the statutory liquidity ratio (SLR) backed by some careful priming of the market. The reason is that corporate bonds are priced off the risk -free sovereign yield curve – corporates pay a premium over the sovereign (government) for comparable maturity, the precise premium being a function of their credit – rating. Hence the starting point for the development of a corporate bond market – the emergence of a risk-free yield curve – is that government must learn to manage its finances better (read, borrow less). In other words, the importance of a sound fiscal policy cannot be overestimated. If fiscal policy is important, monetary policy is no less so, as it has wide ramifications for the financial sector. Here, the committee’s suggestion that monetary policy should target inflation rather than the exchange rate is based on sound logic. The events of the past few months have shown, quite convincingly, that targeting the exchange rate does not work. Far better than to use monetary policy to deliver what it is best suited to deliver- [...]
BOLLYWOOD IS ENJOYING THE BOOM.
March 29th, 2008 krishna It was the summer of 1988. A young man keen to become a writer and director was doing the rounds of producers in Mumbai, walking into offices that thousands had walked into before, and thousands would later. His name was Salman Khan and he was about to become one of India’s biggest movie stars. Not too far away in the same neighborhood of Bandra, Aamir Khan had just zoomed to new stardom. Two other New Delhi men, outsiders in Bollywood, were preparing to begin their journey as actors. They were called Shah Rukh Khan and Akshay Kumar. Years later, those four men are still the crown of the small clique of stars of Hindi cinema. But the whirlwind of change in Bollywood has not left these icons of entertainment – untouched. They are adapting as well. Actors are turning producers. Actors are turning directors. Actors are also writing films. They are turning businessmen – devising new, innovative ways to own the intellectual property of their films, from ownership of the film print to the ancillary rights like those related to the Internet and mobile phones. They are working with new directors and themes. “There was a time when we ourselves never used to watch bur own movies. But actors are now thinking – what to do next, what’s the kind of film I want. The game has become big … Audiences have changed. They have become impatient.” Salman Khan told in an interview. “For an average filmmaker, it is very difficult to get a hero on board,” said director and music composer Vishal Bhardwaj. Bhardwaj has no such obstacles though- he is part of Bollywood’s elite league of directors who most actors and producers are desperate to work with. That, too, is a reflection of the new Bollywood, with top actors keen to do unconventional themes with trend-setting directors like Bhardwaj. “Fees in Bollywood are slowly inching towards Hollywood levels – if a Shah Rukh Khan does a film he will take at least US$6 to US$7 million – in comparison, Johny Depp will charge US$20 million,” Bhardwaj said. “Every actor has his own production house and if you have to cast them, you have to co-produce or work for those production houses.” The top names – Amir Khan, Shah Rukh Khan, Suneil Shetty, Ajay Devgan, and most recently, Sanjay Dutt and Saif Ali Khan – all have or are [...]
A New Model for Sustainability
March 29th, 2008 krishna Milton Friedman wrote in the last century, “There is one and only one social responsibility of business – to use its resources and engage in activities designed to increase its profits.” Since there are many global problems which are continuously growing to impact our living atmosphere like growing global population’ changing climate and mounting stress on natural resources, business leaders who continue to define social responsibility so narrowly risk leading their businesses and our planet – down an increasingly unsustainable path. There is completely new set of expectations in the 21st century. The earth is no longer sufficient to profitably provide a quality product or service. Thus, we need a new business model that puts business in a broader context. Beyond making a profit, serving a market and obeying the law, a successful business must, do three things at a minimum. The first thing, there should be a consistent support from the business for the sustainability of the communities it serve. A company of 21st century should understand that if the communities which it serves to are not sustainable. A company’s sustainability work, however, should be relevant to its core business, or it will lose the support of its shareowners. As has been the case in the past, it cannot be seen as a philanthropic effort related to the CEO’s personal agenda for example, At the Coca -Cola Company, water is the main ingredient in all our beverages. Lack of public access to dean water is a serious problem in many communities. Next on the second phase, there should be a collaboration between the businesses and the government and further with the civil society. Our planet is facing an urgent and complex challenge, which in fact is for government, business or NGOs to solve alone. Working together, however, we can create a multiplier effect that helps build sustainable communities and a more sustainable planet. The interconnected triad of business, government and civil society is key to accelerating sustainable development. Strong partnerships are already being formed around key social issues. On the third stage, the business which is in both- perception and reality- successful should be functioning as a part of every community in which it operates. By creating jobs and enabling business we contribute to alleviating poverty in the communities we serve. The health of living communities and the planet we live in has its future attached with the future [...]
Basketcase awards
March 28th, 2008 Tejinder The political cycle is certainly alive and kicking in the Indian context. As elections draw closer, pressures are rising by the day to step up aam admi giveways to ensure that the UPA government can score at the hustings. If the Rs 60,000 crore farm loan waiver was targeted at rural vote banks, the Sixth Pay Commission award, the report of which is likely to be submitted to the government next week, targets the urban middle-class, especially the 3.9 million-strong regular central government employees. According to reports, they are set to receive a substantial raise of up to 52 per cent of what they are getting now. The new scales are to be effective from January 1, 2006. Clearly, political rather than economic considerations will dictate the timing of e the UPA government’s decision to implement the Sixth Pay Commission’s recommendations. If the initial beneficiaries are central government employees, those employed in state governments will also demand parity in salaries. Although rapid economic growth during the last four years resulted in revenue buoyancy, the Centre’s finances are not entirely in order. Although the finance minister has claimed that there is enough fiscal headroom to meet the additional burden of 30,000 crore year, the tab will have to be picked up by the next government at the Centre (like the loan waiver. What are the fiscal consequences of this measure? Let us take the Fifth Pay Commission’s experience for a sense of at perspective. This was constituted in April 1994 and implemented in 1997 and resulted in the government’s fiscal deficit, a measure which indicates borrowings, increasing in each of the five years thereafter, hitting a peak of 9.9 percent of the gross domestic product in al 2001-02. Which is why even the official e- Economic Survey for 2005-06 issued a warning that “there is need to exercise caution to avoid a repetition of a similar deterioration in the medium term”. The Fifth Pay Commission award was considered the biggest shock to the government’s finances during the last decade. The Sixth Pay Commission’s experience is unlikely to be any different. What makes the current prospect appear more daunting is that both the Centre and state governments are committed to adhere to the discipline of fiscal responsibility legislation. With electoral pressures mounting to step up populist spending with subsidies on oil and fertilisers likely to be higher than budgeted, where indeed is [...]
WHO WAS JODHA BAI?
March 28th, 2008 krishna Alal and Jodha have a certain lilt, certain chemistry. They’re Hrithik and Aishwarya after all. Not so, Akbar and Heera Kanwar, Jodha, Harka Bai, Maryam Zamani….or any other name. It’s a Bollywood movie, for Chris sakes, not a docu-drama. So, directors have a generous artistic licence. That’s why there never was any protest at the historicity of the K-serial-like royal household presented in K Asif’s Mughal-e-Azam with grandee father and mother (Akbar and ‘Jodhabai’), feckless son (Salim, aka Jehangir) and misunderstood angel (Anarkali) etc. We happily accepted the mummy-daddy characters played by the portly Durga Khote and Prithviraj Kapoor, but now want poor Ashutosh Gowarikar to prove the authenticity of the smoldering protagonists of the eponymous film Jodhaa-Akbar. Do we think real romancing couples actually warble their love or anxiety to the accompanied of background music? Of course not; that only happens in Bollywood. Well, so does the Jalal and Jodha love duet. Unfortunately, the truth for those interested in knowing it – is vague and therefore open to interpretations. So there are enough historians -like statistics to prove or disprove anything. The best bet, then, is to take the movie at (pretty) face value and enjoy it for the costumes (by Neeta Lulla, modem cocktail versions now on sale too) and the jewellery (by Tanishq, also pan of the merchandising blitz) and maybe for the cinematography. As for history, naah, don’t both- , because you’ll emerge more confused. But if you insist…. Let’s get the bare facts straight first. Jodha, Harka, Maryam, whatever, wasn’t Akbar’s first wife. That honour went to his first cousin, Ruqaiya, the daughter of his uncle Hindal. She never had children but Akbar obviously held her in high regard as she was entrusted later with the upbringing of his infant grandson Khurram, later Emperor Shahjehan. Jodha, Harka, Maryam, (and again) whatever, wasn’t even Akbar’s second wife: that was Salima Sultan, the beauteous widow of his disgraced mentor Bairam Khan, and mother of Abdur Rahim Khan-i-Khanan. The royal Kachwaha annals do record that a princess of Amer or what is now Jaipur, was married off to Akbar. That’s Queen Number Three. The question is whether her name was Jodh (no ‘a’ at the end, never mind ‘aa’!) or Harka or Maryam and, of course, whatever. Well, once officially one of Akbar’s queens, she lost her identity in the harem as was the norm, so even if [...]
SWINGING MARKETS ACROSS THE WORLD
March 28th, 2008 krishna The market made some large swings in both directions last week, but the Sensex finished just 1.35% or 215 points lower. The Nifty closed a modest 0.54% down, and the CNX Midcap lost 1.65%. Wire money online to India with Xoom.com for as low as $4.99. New entrant Jaiprakash Associates was the biggest winner among the Sensex stocks with a 14.2% gain. It was followed by ACC, Ranbaxy Laboratories, NTPC and ONGC, with gains between 5% and 9%. Wipro was the biggest loser among the Sensex stocks with an 11 % fall. Other casualties were Sat yam Computer Services, Maruti Suzuki, Tata Steel, Hindalco, Bharat Heavy Electricals (BHEL) and State Bank of India (SBI), with losses between 6 % and 11 %. The newly listed GSS America Infotech was the biggest winner among the more heavily traded non -Sensex stocks with a 24.5% gain. Shree Renuka Sugars, Chambal Fertilisers and Chemicals, Bajaj Holdings, Tata Communications, Cairn India and Punj Lloyd followed, with gains between 8 % and 21 %. GTC Industries was the biggest loser among the more heavily traded non -Sensex stocks with a 17% loss. Other losers were Financial Technologies, Videocon Industries, Steel Authority of India (SAIL), Hindustan Construction and IVRCL Infrastructure and Projects, with losses between 9 % and 15 %. The intermediate downtrend that began on February 4, when the Sensex topped out at 18895, is still on. The Sensex will have to cross 16683 to start a new intermediate uptrend. The corresponding level for the Nifty stands at 5019, and that of the CNX Midcap index is 7019. Global markets had started falling again by the time this article was written (on Friday evening), and this may put pressure on the Indian market early next week. The Sensex has reversed upwards thrice on approaching 15000 since January 22, and a fall below that level can imply a more persistent intermediate downtrend. The main indices are in major (long-term) downtrends with falling tops and bottoms, and the CNX Midcap can also be taken to be in one, as it closed at a six-month low. A major downtrend means a bear market, and all the better-known global indices are also in one at this time, with many falling to their lowest levels in a year or more during this decline. The Sensex has to close above its last intermediate top of 18895 to be back in a [...]
USER FRIENDLY AIRPORTS
March 27th, 2008 krishna In a major relief to domestic passengers, the civil aviation ministry has told developers of the new international airports at Hyderabad and Bangalore to restrict user development fee (UDF) to Rs 200 instead of the initially-proposed amounts that were three times higher. However, the ministry is open to the idea of higher airport charges for international passengers. UDF is in addition to passenger service fee (PSF) of Rs 225 levied at airports across the country. The ministry’s intervention means the GMR Malaysian Airports teams, developer of the Hyderabad airport, and Siemens-Zurich airport consortium, developer of the Bangalore airport, have to restrict UDF to Rs 200 in the case of domestic passengers till the proposed Airport Economic Regu1atory Authority of India (AERA) is set up for regulating airport charges. In the first four months of operation, the new airports are free to levy airport charges of their choice. However, they have to seek government approval for their tariffs after this period and that is when the ceiling of Rs 200 per passengers would kick in. As of now, GMR Hyderabad International Airport Ltd (GHIAL) plans to collect Rs 1,000 from every passenger taking an international flight from the new airport. There will be no charge for domestic passengers during the initial period. After this period, domestic passengers wo1.1ld pay Rs 650 each time they depart from the new Hyderabad airport. Bengaluru International Airport Ltd (BIAL) plans to collect Rs 520 from each passenger – for both domestic as well as international services initially. However, the tariff would increase to Rs 675 in case of domestic passengers and Rs 950 in the case of international passengers after two months. Passengers are left with no option but to pay the steep levy as the old airports at both cities are being dosed. Apart from forking out higher airport charges, passengers are also faced with higher cab charges since the two airports are located outside the cities. “We may agree to higher UDF for international passengers but charging a steep fee from domestic passengers is out of question,” a senior ministry official said. It is understood airlines have complained that high airport charges would turn air travel unviable on short- haul routes. The aviation ministry is of the view that developers have long concession periods to recover their cost and steep tariffs would be a heavy burden on travelers. “The UDF private developers have [...]
STRESS RELEASE-DOOR TO JOY
March 27th, 2008 krishna Why is it that while some hardly encounter any resistance or hurdle, certain others seem to be pursued by problems and unfavourable developments in all they take up? Maharishi Mahesh Yogi’s explanation in this regard is strikingly original and noteworthy. He notes that the crux of all effective living lies in the exhortation of the Bhagawad Gita, to base oneself in clarity and inner power (yoga) and thereafter perform all actions (yogastah kuru karmani). This is the state, where the aspirant translates into action the three definitions of yoga, as they figure in the Bhagawad Gita-being equanimous (samatvam), being skilful in every action karmasu kaushalam) and being dissociated from all pain (dukha samyoga viyogah). This also is the process of being in harmony and fulfilled with all aspects within (atmaratih), whereby one also is in harmony with all aspects without too, and the nature all around. Naturally so, he obtains support from all over in the form of congenial surroundings and situations. Not merely does he overcome obstacles, difficulties and opposition, but pre-empts these. This is the visualization of Henry Thoreau in his Walden of “living with the license of a higher order of beings”, where “new, universal and more liberal laws begin to establish themselves around and within”. Realignment of situations and relationships comes about, in view of this cleansing within, in the spirit of Stephen Covey’s concept of “inside out”. The key to attaining the state of a cleansed and empowered self is through, what Mahesh yogi terms as “stress release”. This is through the process of meditation and through those fulfilling experiences which would serve to neutralize the accumulation of the binding effects of retarding forces and aberrations within (samskara). These verily are the stresses and toxins within, which erupt invariably all over as unnatural obstacles, resistance and damp squibs and which ward off blessings and positive developments, which would otherwise have come about. Release of these undesirables creates the needed “space” and opens doors to all goodness, joy, promise and potential in line with the concept’ in the Bible (Mathew: 7,7), “Ask and it shall be given unto you; seek and you shall find; knock and it shall be opened”. Indeed, this verily, is the happy outcome of obtaining, what Mahesh Yogi terms as ‘nature’s support”.
