Two Outstanding Judges--Justice H. R .Khanna and Justice V.R.Krishna Iyer by Lokendra Malik and Manish Arora ; Published by Universal Law Agency ; Pages 252 ; Price Rs. 375/-
*****************************
When the history of India’s Supreme Court comes to be written two judges who will hold “ Pride of Place “ are Justice Khanna and Justice Krishna Iyer. Two lawyers of the Supreme Court Dr. Lokendra Malik and Dr. Manish Arora have attempted in the book under review to present the Judges’s early lives, entry into the legal arena, their becoming a part of the legal arena, their remarkable role in the judiciary and details of their landmark judgments. There is also an account of how they spent their retired lives and a summary of their reflections in general. Khanna lived upto 96 years and Krishna Iyer died nearly a Centenarian,
Sir Francis Bacon declared “ Judges ought to be more learned than witty, more reverent than plausible and more advised than confident. Above all these things, integrity is their portion and proper virtue.”
These two judges are par excellence testament to the Baconian canon. The two judges are responsible for moulding and reinforcing the role of the Indian Supreme Court and are the guardians of our constitutional rights.
Khanna was born in Amritsar on 3rd July 1912. After passing the Law examination he joined the Bar in Amritsar in. Khanna crossed over from the Bar to the Bench in 1952. In May 1962 he was elevated as judge of the Punjab High Court. In October 1966, the new high Court of Delhi was established and Khanna became one of its first judges, being appointed Chief Justice in July 1969. In 1971 he was elevated to the Supreme Court.
Justice Khanna is rightly honoured for his lone brave voice of dissent in ADM Jabalpur vs Shivakant Shukla . He declared, “ no person can be detained without authority of law or contrary to law. For this judgment Justice Khanna was superseded by Justice Beg and he promptly tendered his resignation as Judge of the Supreme Court. Justice Krishna Iyer wrote eloquently, “ His single monumental dissent and his majestic resignation when superseded made him a hallowed judicial authority.”
Justice Krishna Iyer was a towering edifice in the legal fraternity. He was a lawyer practising for a period in a sub-court in Tellichery ; thereafter in the High Court of Kerala, then as a Minister of the first communist government in Kerala, as member of the Law Commission of India and finally a judge of the Supreme Court of India.
The book is divided into two parts—one dedicated to each judge. We have an easy and ready reference to their key decisions. We are also provided a thorough discussion of their most significant judgments. In the case of Justice Khanna, the celebrated judgments are Kesavanand Bharati, Indira Gandhi Vs Raj Narain and ADM Jabalpur. There are interesting anecdotes from Khanna’s life, including the impact of the ADM Jabalpur case had on his professional life. We can read Nani Palkhivala’s poem dedicated to Justice Khanna.
The life of Krishna Iyer is chockful of developments. His interim order of June 24, 1975 in the “ Indira Gandhi “ case has historical significance as it led to Declaration of Emergency by Indira Gandhi the very next day. Krishna Iyer’s judgment in the “ Shamsher Singh” case is an excellent illustration of judicial craftsmanship and creativity. His several judgments have great jurisprudential value. Upendra Baxi. A social philosopher wrote that “ Krishna Iyer has done much as a Justice and a human being, to eliminate the conceptual distinction between India and Bharat.”
Justice Khanna is like a Pole Star in the judicial galaxy of the country and will always be remembered by all who believe in a civilized system, rule of law and democracy. Justice Khanna’s Kesavananda Bharati judgement and Indira Nehru Gandhi decision are the two best examples of judicial craftsmanship where the judiciary protected the basic pillars of Indian democracy.
Justice Krishna Iyer was a judge full of compassion and commitment to the cause of social justice and human welfare. He is the Father of Social Action Litigation. He decided the fate of the Prime Minister Indira Gandhi ruling that she had lost her status and privileges as a member of Parliament. According to H.M.Seervai that was the Supreme Court’s “ Finest Hour”. Krishna Iyer himself wrote, “My judgments are my message. Every judge whether he is conscious or not has a social philosophy of his own which is reflected in his work and life.”
Krishna Iyer can rightly be called the “ Everest of Indian judiciary.”
The book gives full texts of the major judgments of the two judges.
This is an outstanding book and a great addition to legal literature.
P.P.Ramachandran
.
27 / 08 / 2016
******************************
Remarkable is the series of books brought out by Penguin under the heading “ The Story of Indian Business “. The Series seeks to unearth great ideas in business and economics that have shaped commerce in the Indian sub-continent and also entertaining the readers with the romance of the high seas and adventures in the bazaars.Leading contemporary scholars closely examine historical texts, inscriptions and interpret them for those unfamiliar with the subjects. To illustrate select titles are “ The Marwaris from Jagat Seth to the Birlas “ by T.A.Timberg, “ The World of Tamil Merchants “ by K.Mukund and “ The East India Company” by Tirthankar Roy.
The latest in the series is the book under review , authored by Lakshmi Subramanian who is Professor of History at the Centre for Studies in Social Sciences, Kolkata. She has taught in Jamia Milia Islamia, university of Calcutta and Visvabharati.
The period she has chosen is between the decline of the Mughal Empire and the rise of the Company and the British Raj. Her book is about three pioneering businessmen of the nineteenth century. They are Trawadi Arjuni Nathji, Jamshetji Jeejebhoy and Premchand Roychund.
There is a neat and crisp account of how the “ Seven Isles” were transformed into “Bombay”. Bombay welcomed with open arms Parsi ship and dock-builders, legendary Gujarati men of trade from Surat,Jain Shroffs, Marwari bankers, Konkan Muslim traders, Baghdadi Jews and European free-traders. This made Bombay truly cosmopolitan and here anyone could rise to the top as long as he had what it took. The achievements of the three intrepid businessmen is an eloquent testimony to this.
The book explores the mingling of business, consumption, display and public welfare in order to comprehend the complex lives that men of business led in the nineteenth century—a period of opportunity and challenges when money was there to be made and risks were taken.
We have a succinct examination of the environment and milieu both geographical and structural which determined the lives of the three businessmen. Western India was the premier maritime region where business and capital accumulation attained a critical mass. How Surat paled into insignificance is also brought out lucidly.
Prominent merchant communities were Hindu and Jain groups from Gujarat and Rajasthan who dominated the field of brokerage and banking and built impressive reserves of capital and developed close link with the State authorities. These “Banias” were noted for their commercial acumen. They operated a vibrant “ Hundi” market which serviced business at several levels. The “ Hundi” was an old mechanism resembling a Bill of Exchange.
Trawada Arjunji Nathji was a key figure in the annals of business. He emerged as the principal banker of the Company which had acquired a dominant role in Bombay. Cotton, Opium and Tea was the “ Triangle “ that spelt the success of the Company. Nathji’s support in the form of hundis and loans was critical to the survival of the Company.Nathji was the most important shroff of the Company in Surat. He consolidated his assets through careful management of community ties. The author gives a gripping account of the murder of Nathji’s assistant Jairam Jugdees—a robbery suspect. and how he escaped punishment.
The second businessman is the First Parsi Baronet Jamshetji Jeejebhoy.His rise to eminence is one of the urban legends of colonial Bombay. He rose to become one of the city’s greatest merchants, philanthropists and public figures. He turned his stupendous business enterprise into an engagement with ideas and institutions of modernity. The firm of “ Jardine Matheson “ was a name to reckon with in trade of “ Malwa Opium” with China . Jeejebhoy teamed up with this company and it became an unprecedented business adventure. He maintained a diversified portfolio including shipping, export trade and remittance business, Jamshetji is famous for his legendary acts of charity. He provided financial assistance to destitute families and undertook extension programmes of public buildings. His best known foundations are the J.J.Hospital and the J.J.School of Architecture. He had donated a quarter of a million sterling to public charity and benevolence.
The third businessman is a man for all seasons Premchand Roychand. He was the “ Harshad Mehta” of his era as he bought shares heavily at a premium from banks and land reclamation companies. He dominated the “ Bank of Bombay” its Board and Directors to advance and sanction loans without proper guarantees. He was able to create a bubble and when it burst survive displaying extraordinary grit. There was an inter-play of profit and philanthropy, speculation and service. He was an Oswal Jain from Surat. His métier was “ Guarantee Brokerage” .His era saw the beginning of cotton speculation by the Banias and Parsis. The Roychand family bought its first property in Kalbadevi and set up the firm of “ Premchand and Roychand” which dealt with cotton speculation and land reclamation schemes. The firm had strong support from the Bank of Bombay. Premchand captured most of the directors and manipulated its activities. The Bank collapsed. Roychand rushed to its rescue. He lifted himself up by his bootstraps. His philanthropic activities reflected a rare expansiveness that embraced education, the arts and public welfare.
The three businessmen worked in a time of transition and were exemplary representatives of the times they lived in. These exceptional men had personal experiences and commercial practice which were grounded within a defined community set-up and displayed the hallmarks of individual impulse and talent.
This book which has a scholarly introduction by Gurucharan Das is an absorbing historical piece worth reading by those interested in and love “ Bombay “ and “ Business Ethics”.
P.P.Ramachandran.
21 / 08 / 2016
Nani Palkhivala by Dr.Dharmendra Bhandari; Published by the Author ; Pages 208 ; Price Rs.3000/-
*****************************
The author of the book under review has to his credit three outstanding Coffee Table Books— “R.K.Laxman—The Uncommon Man”: “ Mosaic Of Faith—Places Of Worship in India”; “Lord Ganesha “. He was assisted in the preparation of this book by his daughters. Dr. Bhandari was Professor of Economics in the Rajasthan University, Consultant to the Joint Parliamentary Committee on Securities Scam. He has worked for the R B I and has undertaken several missions under the aegis of the UNDP. Presently he is on the Boards of many important institutions.
Nani Palkivala and Bhandari were intimate friends for decades. Nani was “ God’s Gift to India”—which is the subtitle of the book. He fought vigorously to preserve our freedom and civil liberties. He was a “ True Seer” of our times and one who put service before self, built bridges and identified himself with the “ Aam Aadmi “ as also the rulers of the political and corporate world.
Palkhivala’s output covered several fields—economic reforms, civil liberties, international relations and Indian philosophy. He played a sterling role in the activities of the Bharatiya Vidya Bhavan.
The volume has eleven chapters. The opening chapter “ Making of an Icon” is a bird’s eye-view of the life and times of Nani. He was a Parsi—member of a distinguished small religious minority community numbering less than 60,000 !. They have contributed remarkably in the fields of trade, commerce, science and technology, art and architecture, armed forces, sports and law. Palkhivala was born on 16th January, 1929 in a family of two sons and a daughter. He had no children. He became a local savant, corporate czar, eminent diplomat, orator sans parallel, political philosopher and spiritual visionary. His father inculcated in him the habit of hard work and a love for reading. The young Nani caught the attention of Shri.G.Bhatkal, the owner of The Popular Book Stall and he allowed the young lad to read any book in his bookstall.
Through sheer grit and willpower Nani overcame two innate difficulties. “ Stammering and Stuttering” was overcome and he blossomed into the most eloquent speaker of the nation. He also got over the second drawback “Writer’s Cramp” which led to his finding a wife –Nargesh Matbar!.She wrote some of the Exams for him.
Nani is rightly famous for his books. His Magnum Opus is “ The Law and Practice of Income Tax” and was published when he was only 30 and is a Bible for professionals. This went into ten editions. He has several otherbooks to his credit—such as “ We, The Nation”, “We, The People”.
Nani on his father’s advice wrote the LLB examination in 1944 and grabbed a First Class First position. He joined Jamshedji Kanga’s chambers. J R D Tata roped him and he became a close associate of the Tata empire. Rajaji tried to inveigle him into the new Swatantra Party he had formed but Nani did not fall for the charming old man !.
Nani was noted for his philanthropy. He donated 10 per cent of his income every year to the “Bharatiya Vidya Bhavan”. There were also other memorable contributions.
The next chapter is on Nani’s apprentice with Jamshedji Kanga --a towering personality with the indelible stamp of greatness for whom the law was sacred and preserving its integrity paramount. Kanga had a phenomenal memory with the power to recall the most minute part of legal cases, profound knowledge and the rare talent to remain focused and concentrated. Nani imbibed all these qualities. The Master was noted for his humility and was utterly devoid of a sense of ego.
One chapter is devoted to the Budget speeches of Nani. His legendary speeches often forced the Government of the day to alter its policy. The fearlessness with which he spoke made him the conscience—keeper of the nation. The first speech was made in a small hall in the Green’s Hotel in Apollo Bunder. But over the years the crowds swelled beyond belief and meetings were held in Brabourne Stadium, where one lakh persons heard him. This item was featured in the Limca Book of Records. Nani was reeling off statistics, making literary allusions, regaling listeners with quotable quotes and witty anecdotes.
Bhandari devotes 36 pages of his book to extracts from Nani’s speeches analyzing 33 budgets presented by different Finance Ministers from T.T.Krishnamachari to Manmohan Singh. A stupendous achievement indeed !.
Nani’s legal acumen was displayed in a number of cases—notably Kesavanand Bharati case, Justice Khanna wrote ,” The height of eloquence to which Palkhivala rose on that day had seldom been equalled and never surpassed in the history of the Supreme Court .” Other cases for which he earned a name related to Golaknath Case,Bank Nationalisation, Privy Purses, Fundamental Rights and Supersession of Judges. His other acclaimed cases include the ones on The Indo-West Pakistan Boundary dispute, the International Civil Aviation Organisation and arguments before the World Court.
Nani’s role in the corporate world is equally impressive. He founded the Tata Consultancy Services. He was closely connected with A C C,Volkarts, Nocil, etc. He was on the Boards of RBI, ICICI, PTI. He was a true Corporate Czar. We have excellent accounts of Nani’s relations with JRD and Ratan Tata.
Nani served for two years as India’s Ambassador to the USA during the Jimmy Carter years, He lectured extensively to American audiences and arranged to honour eminent Indians like Hargobind Khorana, S.Chandrasekhar and Zubin Mehta.
Nani had excellent rapport with the Prime Ministers of India from Nehru to Vajpayee and these have been delineated in a chapter. He was a prolific writer and his writings have been covered by the author and these reveal Nani’s thorough understanding of Indian philosophy and other subjects. He would present abstruse topics with rare clarity and utter simplicity. Bhandari provides scores of such speeches.
Nani and the author were intimate friends and the last chapter “ My Best Friend” provides vignettes of their closeness.
An outstanding feature of the volume is the profound collection of cartoons by the inimitable R K Laxman and copies of important letters exchanged. Very heartwarming and captivating are the letters exchanged by Nani and the author’s tiny daughters Savitri (named by Nani) and Hema. Nani replied promptly and very aptly.
This is an admirable book on a one-in-a millennium man . It is a labour of love and Bhandari has presented the most appropriate tribute to a great man.
P.P.Ramachandran
14 / 08 / 2016
Hazar Chaurasi Ma --Mother of 1084---by Mahasweta Devi ; Translated by Samik Bandhyopadhyay ; Published by Seagull Books ; Pages 130 ; Price Rs 160/-
**************************
Mahasweta Devi, who passed away recently at the age of 90, is a Bengali writer who has over 120 books to her credit. She was a deeply political social activist who worked with tribals and marginalized communities like the landless labourers of Eastern India. Her articles found place in journals like the Economic and Political Weekly.
Her powerful, haunting tales of exploitation and struggle have been subjects of discourse by scholars. She is a true committed scholar.
She is the winner of the Ramon Magsaysay Award, Sahitya Akademi Award and Jnanpeeth Award. Government honoured her with Padmasree.
In the novel under review she recounts the story of an anguished mother attempting to comprehend her son, who loses his life for being a naxalite.
Maxim Gorky’s novel “ Mother” inspired Mahasweta to pen this novel. Gorky’s novel was transformed into a film which was released in 1926—the year Mahasweta was born.
To briefly recapitulate the story.
Dibyanath Chatterji, his bank-employed wife, Sujata, and youngest son, Brati, live an affluent existence in Calcutta, West Bengal. Sujata is a quiet, devout Hindu, religious, and compassionate woman, and Brati has finished his school and is now attending college. His parents are proud of him, and keep track of his progress. Then their world is shattered during the early hours, when they are informed by the police that Brati has been killed. Dibyanath and Sujata go to identify Brati's body, mourn, lament inconsolably. They know now that their lives will never be the same again - for by the police they will be called the mother and father of corpse No. 1084. Sujata struggles to understand Brati's passing, meets his friends one by one, comes to know that Brati had a girlfriend, Nandini Mitra, and that's when she finds out that Brati was part of a rebel group often referred to as "Naxalbari", a militant leftist group. As she delves deeper and deeper into Brati's former life, she begins to understand her son's struggle, and decides to continue to further this.Sujata clings to the memory of the son and attempts to comprehend the reasons for her son opting for such a path and those images become close to the mother.
The novel gives different faces of a ‘mother’ and traces the grave situation which led to the to the naxal movement and emphasizes the need to give human consideration to them.
The different faces of a mother are beautifully etched . The shattering climax of the novel clearly shows the ignorant response the motherly feelings receive in an unjust society.
The reason how a naxal movement get its roots is clearly mentioned with few incidents. When the very basic needs of the oppressed are denied they are left with no option. How far they will suffer? For naxals, they don’t even get sympathy at home as they don’t consider the situations leading to it. Conditions Sujata faces at Somu’s house (Another naxal who died with Brati) and the sad state of Nandini after brutal torture is heartening.
Mahasweta describes beautifully the different life styles of the rich and the poor. Crucial is the question the novelist raises--- Don’t those boys deserve a little more humanity from us?. Should they not be given a chance to change?’
The book was transformed into a great film--Hazaar Chaurasi Ki Maa -- The Mother of 1084—directed by Govind Nihalani. The film stars Jaya Bachchan as Sujata Chatterjee, Anupam Kher as Dibyanath Chatterjee. It marked Jaya Bachchan's return to acting after a gap of 18 years. It won the National Film Award for Best Feature Film in Hindi.
An outstanding book and an eloquent movie that will wring the hearts of anyone.
7 / 8 2016
Who Moved My Interest Rate ? by Duvvuri Subbarao ; Published by Penguin / Viking ; Pages 323 ; Price Rs 699/-
Dr.Subbarao was the Governor of the RBI during the quinquennium 2008-13. Earlier he held the posts of Finance Secretary and Secretary to the Prime Minister’s Economic Advisory Council. He stood first in the I A S Examination in 1972. He has been in charge of several important posts in the Andhra State Government and the Central Government. He has involved himself in the economic and financial sector development at both National and State levels. Presently he is a distinguished Visiting Fellow at the National University of Singapore.
Subbarao begins his book with a Chinese saying—“May You Live In Interesting Times”. None can contest the fact that his five-year term in RBI was truly interesting. He had to manage once-in-a generation global crisis in 2008—09 and combat a decade high inflation in 2010—11 which segued into a battle against the slide of the rupee starting mid—2012 till the end of his tenure in September 2013. His toughest challenge was battling the sharp depreciation of the rupee in 2013.This book is a thrilling account of Subbarao’s term during the critical five years for global finance between 2008—13.
Subbarao was one of the two lead speakers at the G-20 meeting in Washington. Even as he was speaking, an intruder entered the auditorium distracting the speaker. He was none other than the U S President George Bush—who sat and listened and raised a few questions and while leaving….” ..As he passed behind me, he patted my shoulder and said something to the effect that he was impressed by what I said…”
Subbarao was the twenty second Governor—the first Finance Secretary to go directly from the North Block to Mint Street.He was the first Governor born after Independence.
Even as Subbarao was tackling the crisis following the Tsunami that struck down Fannie May, Freddie Mac, Merril Lynch, Washington Mutual and the Lehman brothers , Finance Minister Chidambaram suo moto constituted a Committee on Liquidity Management with Finance Secretary as Chairman. The RBI was asked to nominate a representative to the Committee. According to Subbarao, “ I was annoyed and upset by this decision. Chidambaram had clearly overstepped into the RBI turf. As liquidity management is a quintessential central bank function, not only did he not consult me but he had not even informed me of this before the notification was issued.”
Subbarao called up Chidambaram and told him “… that his action was totally inappropriate and requested that he dissolve the Committee.” The call ended by Subbarao telling Chidambaram that the Reserve Bank of India would not participate in the Committee. The impact of this assertion of independence was felt in the last year of Subbarao’s term.
The Governor provides a gripping account of the extraordinary challenges faced by him on several fronts---combating inflation, ensuring growth, managing interest rates and upholding them in an atmosphere of strong divergent views. An important parameter was the link with the Government and dominating ministers.
Bringing inflation down by raising interest rates was Subbarao’s foremost priority and remained so for much of his term.Low and steady inflation is a prerequisite for sustained growth The Repo rate was raised from March 2010 to October 2011 from 3.25 percent to 8.5 per cent, raising it a total of thirteen times. A record of sorts.
Writing of differences with the Government on monetary policy Subbarao does not mince words. “ I believe both Pranab Mukherjee and Chidambaram had erred in seeing the Reserve Bank as being fixated on inflation, unmindful of growth concerns. Both Chidambaram and Pranab Mukherjee were piqued by the Reserve Bank's tight interest rate policy on the ground that high interest rates were inhibiting investment and hurting growth.”
On the contrary, the Reserve Bank interprets its mandate exactly as Chidambaram had said, ‘..The Reserve Bank was targeting price stability because it is a necessary condition for sustained growth” Subbarao stoutly opposed Chidambaram’s generalization… ” Governments are for growth and central banks are for price stability.”
On inflation targeting the Governor says, “ The Reserve Bank should not move towards inflation targeting when the theory and practice on the subject were in such a flux.”
An unsavoury incident was when the Finance Minister Pranab Mukherjee was scheduled to address a business chamber in Delhi an hour before RBI policy release time. As he was entering the meeting hall, he commented informally to the Corporates and the Media—that “ The RBI Governor will shortly give you good news “. According to Subbarao this was “ most inappropriate and indiscreet.”
We have an interesting chapter which demystifies the RBI and expatiates on how the Central Bank has an impact on the “Aam Aadmi”. A closely allied subject is “ Communication”. He quotes with approval what the Chairman of the Federal Reserve Alan Greenspan proclaimed “ Since becoming a central banker, I’ve learnt to mumble with great incoherence. If it seems unduly clear to you, you must have misunderstood what I said.”
The meatiest chapter in the book is “ Walking Alone”—a phrase used by Chidambaram in one of his articles—as it deals with RBI’s independence. Writes Subbarao, “ I found that all through my tenure the government was distinctly uncomfortable with the Reserve Bank raising interest rates and seemed convinced that monetary policy was choking growth.” Subbarao says that he paid the price for asserting RBI’s autonomy. The government went against his recommendation to extend the terms of two Deputy Governors—Subir Gokarn and Usha Thorat. “A healthy convention should be to defer to the governor’s recommendation on the appointment of deputy governors. That privilege was denied to me.” The government also deviated from regular practice by constituting a selection committee to choose Thorat’s successor without informing the governor.
Subbarao cited another instance, of the June 2013 policy review, when the former Finance Minister wanted him to cut the cash reserve ratio — the proportion of cash banks need to set aside with RBI. Subbarao did not oblige since the rupee was under pressure due to the ‘taper tantrum. One more example was the government changed the order to appoint Directors of the RBI’s Central Board—it was altered to read “ for a term of four years or until further orders, whichever is earlier”
There are several other important subjects which the Governor has covered— Succession in RBI, FSLRC, ProfIts of RBI, Currency Notes, Plastic Currency, Gold Reserves, the Bank’s outreach programme,Financial Inclusion, Saradha Scam ,etc.
Worthy of recounting is a happy, if curious, ironical event with a ‘ golden ‘ connection. “…during the 1991 balance of payments crisis, it fell to my lot as a joint secretary in the finance ministry to sign the agreement on behalf of the government, authorizing the Reserve Bank to pledge our gold reserves to secure foreign exchange for our rapidly depleting coffers. By sheer accident, the purchase of gold in 2009 from the IMF to buffer our foreign exchange reserves happened to take place in my watch as governor”.
We began the review with a story about the US President George Bush. We conclude with one on another President. Harry.S.Truman, visiting show places in Mexico, was shown the fiery Paricutian volcano. As he viewed it with keen interest President Aleman of Mexico asked what he thought of it. Truman said, “ It’s quite a volcano, but it is nothing compared to the one I am sitting on in Washington”. Well might Governor Subbarao emulate the President by describing the Governor’s seat in the Mint Street as the hottest seat in the country !.
The present Governor of RBI Dr.Raghuram Rajan has declared the book as a ringside view of running an emerging market Central Bank during the financial crisis.It is extremely well written, learned without being pedantic, meticulous without being tedious –and is simply “ unputdownable”
P.P.Ramachandran.
27 / 07 / 2016
A Life in Diplomacy by M.K. Rasgotra ; Published by Viking Penguin Books ; Pages 437; Price Rs 699/-
******************************
It is a matter for joy that more and more civil servants are recording their memoirs. We have distinguished contributions of this genre by K.P.S.Menon, J.N.Dixit, P.C.Alexander, to name a few. These gentlemen were “ Present at the Creation” and we have first hand accounts of how policies were formed by different Prime Ministers. The latest to join this elite band is Maharajkumar Rasgotra who is a doyen among diplomats, Rasgotra joined the Indian Foreign Service in 1949 and he distinguished himself and held important posts in our diplomatic missions abroad as also in the Ministry of External Affairs. He was deputy chief of mission in Washington, India ambassador to Morocco, Tunisia, Nepal, Holland and France .He was twice our High Commissioner in London. He was foreign secretary when SAARC was founded.
Rasgotra began his career as an ordinary college teacher, who quite unwillingly drifted into “ Foreign Service” and distinguished himself. With the generous support of Khushwant Singh and Harivansh Raj Bachchan Rasgotra published his first collection of poems “Do Partain’ which was acclaimed by Jawaharlal Nehru.
The book is a veritable cornucopia of information on events that affected the contours of foreign policy. The pioneering role of Nehru as Father of India’s foreign policy followed by the acumen and strength displayed by Smt Gandhi had a tremendous impact on the author’s make-up as a civil servant
Rasgotra had a golden opportunity to closely associate with the Ambassadors chosen by Nehru and these included Dr.Radhakrishnan. Krishna Menon, K.M.Panikkar and Vijaya lakshmi Pandit. He worked with Sir G.S.Bajpai, Subimal Dutt, CS Jha and LK Jha and he has assessed them rather carefully.
An important part of the book is Rasgotra’s account of Nixon and Kissinger and their dubious conduct with Smt.Gandhi in the run-up to the 1971 Bangladesh war.Rasgotra played a role, inter-alia in some of India’s diplomatic moves such as the struggle for African decolonisation at the UN during the 1950s, the aborted Second Afro-Asian conference planned by China and Pakistan in 1965 to isolate India, the opening of fresh engagement with the US in 1982, resolving the Tarapur nuclear fuel issue in the face of internal resistance from Foreign Minister Narasimha Rao and G Parthasarathy, and the structural streamlining of the MEA in New Delhi and the Indian Mission in London. Rasgotra’s narrative exposes the machinations of so-called friendly powers like US and UK and the open hostility of countries like China and Pakistan.
Nepal and USA are the two countries where Rasgotra did significant work. The US gave India anxious moments during Nehru’s period but it put up the strongest opposition during the emergence of Bangladesh. Rasgotra and India’s Washington Mission worked hard to mobilise American public and bureaucratic opinion against the Nixon-Kissinger “tilt” towards Pakistan. The “tilt” failed because the US underestimated India’s diplomatic resilience, ingenuity and guts.
Rasgotra explored Nepal the most through extensive tours and engagements. His is the best understanding of its people and politics.
During the launch of his book Rasgotra said that had Prime Minister Nehru accepted US President John F Kennedy's offer of helping the country detonate a nuclear device much before China did in 1964, India would not need to fight so hard for a membership in the Nuclear Suppliers Group today. This led to a controversy. According to Rasgotra Prof. Parthasarathi circulated a paper saying Nehru received a letter with the offer from President Kennedy. “Nehru shared the letter with only two persons, G. Parthasarathi … and Dr. Homi Bhabha.” Prof. Parthasarathi told The Hindu that the paper that Rasgotra has cited was meant for a book on G. Parthasarathi “No one else apart from me knew about President Kennedy’s offer to Pandit Nehru which was narrated to me by my father. Mr. Rasgotra lifted this information which was shared with him exclusively for the purpose of the book which I am editing and will be published soon” . Rasgotra has narrated in the ‘Notes’ section that he had personally seen “no evidence” of the Kennedy offer and he read the paper by Prof. Parthasarathi which he accessed while chairing a committee which planned the centenary celebration for GP.
The book is chockfull of interesting anecdotes. A sample is given below.
Jawaharlal Nehru accompanied two special guests to a vocal recital of Pandit Omkarnath Thakur in the AIR auditorium. The P M and his guests sat in the front row with the author behind them. From time to time Nehru would whisper to his guests who were unfamiliar with Indian ragas. This disturbed Omkarnath, who was a little higher up on the stage. Apparently Nehru’s whispers broke Omkarnath’s concentration and he suddenly stopped singing and his accompanists too stopped playing. Nehru asked Omkarnath what had happened, why he suddenly stoped singing. The master responded,”Sir, you finish your talks first. I shall then resume.” It was an embarrassing moment saved by nehru’s gracious apology:” I am sorry Panditji”,he said, “ I was trying to explain to our foreign guests aspects of classical Indian music; please resume.” A great artist thought nothing of upbraiding India’s powerful Prime Minister, who in turn acted with great humility and decency in promptly apologizing.
The book has much more than all this. There is an over view of India’s foreign policy and its possible future directions . Policy makers as well as critical observers and analysts of India’s foreign policy will find it immensely useful.
It is extremely well written, eminently readable and laced with humour and had an abundance of stories.It is a book that throws a flood of light on the events of a crucial period in Indian history.
P.P.Ramachandran.
24 / 07 / 2016
******************************
It is a matter for joy that more and more civil servants are recording their memoirs. We have distinguished contributions of this genre by K.P.S.Menon, J.N.Dixit, P.C.Alexander, to name a few. These gentlemen were “ Present at the Creation” and we have first hand accounts of how policies were formed by different Prime Ministers. The latest to join this elite band is Maharajkumar Rasgotra who is a doyen among diplomats, Rasgotra joined the Indian Foreign Service in 1949 and he distinguished himself and held important posts in our diplomatic missions abroad as also in the Ministry of External Affairs. He was deputy chief of mission in Washington, India ambassador to Morocco, Tunisia, Nepal, Holland and France .He was twice our High Commissioner in London. He was foreign secretary when SAARC was founded.
Rasgotra began his career as an ordinary college teacher, who quite unwillingly drifted into “ Foreign Service” and distinguished himself. With the generous support of Khushwant Singh and Harivansh Raj Bachchan Rasgotra published his first collection of poems “Do Partain’ which was acclaimed by Jawaharlal Nehru.
The book is a veritable cornucopia of information on events that affected the contours of foreign policy. The pioneering role of Nehru as Father of India’s foreign policy followed by the acumen and strength displayed by Smt Gandhi had a tremendous impact on the author’s make-up as a civil servant
Rasgotra had a golden opportunity to closely associate with the Ambassadors chosen by Nehru and these included Dr.Radhakrishnan. Krishna Menon, K.M.Panikkar and Vijaya lakshmi Pandit. He worked with Sir G.S.Bajpai, Subimal Dutt, CS Jha and LK Jha and he has assessed them rather carefully.
An important part of the book is Rasgotra’s account of Nixon and Kissinger and their dubious conduct with Smt.Gandhi in the run-up to the 1971 Bangladesh war.Rasgotra played a role, inter-alia in some of India’s diplomatic moves such as the struggle for African decolonisation at the UN during the 1950s, the aborted Second Afro-Asian conference planned by China and Pakistan in 1965 to isolate India, the opening of fresh engagement with the US in 1982, resolving the Tarapur nuclear fuel issue in the face of internal resistance from Foreign Minister Narasimha Rao and G Parthasarathy, and the structural streamlining of the MEA in New Delhi and the Indian Mission in London. Rasgotra’s narrative exposes the machinations of so-called friendly powers like US and UK and the open hostility of countries like China and Pakistan.
Nepal and USA are the two countries where Rasgotra did significant work. The US gave India anxious moments during Nehru’s period but it put up the strongest opposition during the emergence of Bangladesh. Rasgotra and India’s Washington Mission worked hard to mobilise American public and bureaucratic opinion against the Nixon-Kissinger “tilt” towards Pakistan. The “tilt” failed because the US underestimated India’s diplomatic resilience, ingenuity and guts.
Rasgotra explored Nepal the most through extensive tours and engagements. His is the best understanding of its people and politics.
During the launch of his book Rasgotra said that had Prime Minister Nehru accepted US President John F Kennedy's offer of helping the country detonate a nuclear device much before China did in 1964, India would not need to fight so hard for a membership in the Nuclear Suppliers Group today. This led to a controversy. According to Rasgotra Prof. Parthasarathi circulated a paper saying Nehru received a letter with the offer from President Kennedy. “Nehru shared the letter with only two persons, G. Parthasarathi … and Dr. Homi Bhabha.” Prof. Parthasarathi told The Hindu that the paper that Rasgotra has cited was meant for a book on G. Parthasarathi “No one else apart from me knew about President Kennedy’s offer to Pandit Nehru which was narrated to me by my father. Mr. Rasgotra lifted this information which was shared with him exclusively for the purpose of the book which I am editing and will be published soon” . Rasgotra has narrated in the ‘Notes’ section that he had personally seen “no evidence” of the Kennedy offer and he read the paper by Prof. Parthasarathi which he accessed while chairing a committee which planned the centenary celebration for GP.
The book is chockfull of interesting anecdotes. A sample is given below.
Jawaharlal Nehru accompanied two special guests to a vocal recital of Pandit Omkarnath Thakur in the AIR auditorium. The P M and his guests sat in the front row with the author behind them. From time to time Nehru would whisper to his guests who were unfamiliar with Indian ragas. This disturbed Omkarnath, who was a little higher up on the stage. Apparently Nehru’s whispers broke Omkarnath’s concentration and he suddenly stopped singing and his accompanists too stopped playing. Nehru asked Omkarnath what had happened, why he suddenly stoped singing. The master responded,”Sir, you finish your talks first. I shall then resume.” It was an embarrassing moment saved by nehru’s gracious apology:” I am sorry Panditji”,he said, “ I was trying to explain to our foreign guests aspects of classical Indian music; please resume.” A great artist thought nothing of upbraiding India’s powerful Prime Minister, who in turn acted with great humility and decency in promptly apologizing.
The book has much more than all this. There is an over view of India’s foreign policy and its possible future directions . Policy makers as well as critical observers and analysts of India’s foreign policy will find it immensely useful.
It is extremely well written, eminently readable and laced with humour and had an abundance of stories.It is a book that throws a flood of light on the events of a crucial period in Indian history.
P.P.Ramachandran.
24 / 07 / 2016
N R I s Ready Reckoner by D.T.Khilnani ; Published by Snow White; Pages 655 ; Price Rs. 1095/-
*****************************
The author of the book under review Shri.D.T.Khilnani has acquired eminence in the field of Exchange Control. Quite recently he brought out the 25th Edition of his “ Foreign Exchange Management Manual “ in two volumes. This has become a Bible for all practitioners of foreign exchange--especially Company Secretaries, Chartered Accountants, Advocates/ Solicitors practising on FEMA as also students of Business Schools.
Khilnani was an Executive of the Reserve Bank of India where he served for over three decades. He has immense experience in Foreign Exchange operations. He is called upon to deliver lectures by various training institutions as also the B S E and the Institute of Company Secretaries.
The book under review is dedicated to the subject “ N R Is” If one studies the contour of Exchange Control in India one is struck by the substantial increase in the reserves, growth in foreign trade, rationalization of tariffs, currency account convertibility, liberalization of Indian investments abroad, increased access to external commercial borrowings by Indian corporate and participation of institutional investors in India’s major stock markets.
The Foreign Exchange Management Act which came into force in 1999 gives pride of place to Non-Resident Indians. Government of India extended a large number of facilities to N R Is. The book offers complete details of these facilities.
The book is divided into thirteen chapters. The subjects covered are---N R Is ; Foreign exchange transactions concerning N R Is ; Bank accounts for N R Is ;Deposits with Indian companies by N R Is ; Portfolio Investment Schemes for N R Is ; Foreign Direct Investment, Acquisition and Transfer of Immovable Property in India ; Borrowings ; Remittance facilities to N R Is ;Facilities for N R Is returning to India permanently ; India citizenship ; Indian Visas ; Baggage Rules and Travellers’ Guide.
Khilnani provides over 100 pages of “ Frequently Asked Questions “ which covers all aspects of NRIs.
Fifty pages of “ Charts “ also provide a wealth of relevant data.
A very valuable contribution is the Full Text of the Foreign Exchange Management Act, 1999; Foreign Convertibility Regulation Act 2010 ; Foreign Contribution (Regulation ) Act 2010 ; The Prevention of Money Laundering Act, 2002.
The book is a Ready Reckoner of all material relevant to N R Is. It provides within two covers a wealth of material on N R Is—especially material not readily available.
Thanks are due to Khilnani for his painstaking work and lucid presentation of the problems faced by N R Is.
We warmly commend this invaluable compendium to all students of Exchange Control and Chartered Accountants and Secretaries entrusted with the problems of N R Is. In essence, the Book answers to “ All the Questions You Wanted To Ask About N R I s.”
P.P.Ramachandran
03 / 07 / 2016
100 Legal Luminaries Of India ; Mentored by Lalit Bhasin ; Published by LexisNexis ; Pages 468 ; Price Rs.5995/-
*****************************
This is a magnificent Coffee Table book on 100 legal luminaries of India. It highlights the men behind the black robes—their personal desires, hobbies, pastime and the road map of success that distinguished them from the rest.
Behind the laudable project is a team comprising members who have experience in the legal field, journalism, research, content development, photography. Of course the team is fortunate to have as their Mentor, Lalit Bhasin, who is the President of the “ Society of Indian Law Firms”.
The volume is divided into four parts—it recounts the journeys of struggle and success of eminent counsel, law firms, in-house counsels and teachers of Law.
In each life-sketch of the luminaries what is succinctly furnished are the influences of their families and their own experiences as a child, parent, friend- their remarkable success—how they captured “ heights of glory”. What makes them stand out is the boundless energy and zest for life which they display through their interests, lifestyles and hobbies ranging from music and theatre to travelling and trekking.
The first Section on “ Eminent Senior Counsels “ has 51 luminaries. Obviously in a brief review we cannot cover all and we select a few.
Abhishek Manu Singhvi, born with a silver spoon in his mouth believes in the motto— “ Work hard, enjoy life and die with your boots on “. He holds the record for being the youngest “ Senior” designated by the High Court at the age 34, the youngest Solicitor General at 37 and one of the youngest Vice-Presidents of the Supreme Court Bar Association at 39.
Fali Nariman is a celebrated constitutional jurist and an authority on international arbitration. He is noted for his humility, humour and eloquence. His integrity is impeccable. He resigned from the post of Additional Solicitor General in protest against the infamous Emergency. His son Rohinton Nariman is a sitting Judge in the Supreme Court of India.
Indira Jaising ia a pioneer in fighting on issues for women. A set of variegated cases argued by her include “ Rupen Deol, Mary Roys and the Landmark case of Githa Hariharan”. She always wanted to be in a profession that lent her opportunities to make critical difference to people’s lives. A Hindustani classical enthusiast, she sings and practices with her Guru, Shamsher Sing. Jaising is the first woman to be elected to the U N Committee on elimination of discrimination against women and the first woman to become India’s Additional Solicitor General.
The present Union Minister for Communication and Information Technology, Shri.Ravi Shankar Prasad is the son of a highly distinguished Patna advocate. He argued and won in the case of a muslim prisoner incarcerated for 49 years without trial. He won for the victim freedom and a good monetary compensation. Prasad was jailed during the Emergency and he used the time to study Hindu philosophy, Marxism and the classics. His wife Maya and Ravi share interest in Hindustani classical and Carnatic music.
Soli Sorabjee has unfailingly fought to uphold constitutional law as well as freedom of speech and expression. This octogenarian remains a strident voice of caution against injustice speaking up for tolerance and human rights. He has held several high international judicial posts. Of his four children Zia is a lawyer and two grandchildren are prospective lawyers. Soli is not all law. He is a lover of poetry and a Jazz buff. He plays the clarinet gifted to him by Benny Goodman and he started the Jazz Yatra in 1978.
Under the leadership of Dr.Lalit Bhasin, a Society of Indian Law Firms was established and it advises on matters of corporate law, taxation, contracts and intellectual property laws. The book has a section dedicated to 40 law firms. Dr.Lalit Bhasin has been a legend in the Indian legal firmament. He has annexed several awards but declared, “I am the only second Indian to be made President of the Inter-Pacific Bar Association” His vision is to make India a hub of arbitration and mediation for international commercial disputes. Other law firms include, inter alia those headed by Akil Hirani, Anand Phatak, R.N.Jhunjhunwala, Zia Mody.
There are four In-House Counsel members and ten Legal Educators. These ten highly respected teachers were the Gurus of the eminent lawyers appearing in the earlier parts of the book. A great tribute to the great masters.
This is an outstanding contribution to the legal history of Free India, The rich and opulent photographs of the luminaries, their families ( and their dogs too !) can match the best of the classics of Yosuf Karsh of Ottawa.
The book throws a flood of light on the luminaries and is compulsory reading for all lawyers, students of law and of Indian history. LexisNexis has covered itself in glory with this resplendent tribute to the best and brightest of those men in black robes.
P.P.Ramachandran.
10 / 06 / 2016
Ahmedabad by Esther David ; Published by Harper Collins ; Pages 139 ; Price Rs 275/-
******************************
The author of the book under review—Esther David bagged the Sahitya Akademi Award for her novel “ Book of Rachel “. She is a prominent member of the tiny Bene-Israel Jewish community of Ahmedabad. She has written seven other books—one of them co-authored on “ India’s Jewish Heritage”. An art critic and writer for the Times of India, she was born in Ahmedabad, about which city she writes with warmth, charm and authority.
This book is almost an intimate rickshaw ride through a city that is bursting with life and is replete with amazing details.
Sultan Ahmed Shah , after whom the city is named , witnessed a unique scene. A dog searching for an easy prey on the banks of the Sabarmati river was attacked and driven away by a hare. The Sultan deeply impressed by the spirited hare decided to build a city there. And that city is Ahmedabad.
Ahmedabad has a rich heritage of monuments built by Sultan Ahmed Shah, buildings by legends like La Corbusier and Louis Kahn. Look out for the Passport Hanuman in Desai ni Pol, a very narrow street where even a Nano car can be stuck at the entrance. A Pol is a cool shaded lane, where the close proximity of houses does not allow sunlight to fall on them. In a Pol house, which is the typical architecture of Ahmedabad people live near each other like one big family. The entrance of most Pols have a “ Mohalla Matha “—a Mother Goddess who protects the Pol from the ravages of the “ Evil Eye”.
The Hanuman temple here is unique. The procedure for receiving Hanuman’s approval is that after Aarti the Poojari holds the Passport close to the eyes of Hanuman to enable him to read all the details and stamp it with a “ Spiritual Visa”. Daily a thousand aspirants have their passports stamped by Hanuman. It is interesting to note that we have a “ Passport Balaji” in Andhra who also processes visas spiritually.
There are several stories of Goddess Laxmi in Ahmedabad. It is said that late one night when the Goddess stood at the main entrance to the City at Teen Darwaza and knocked on the massive gates the guard Khwaja Siddiqui allowed her to enter and locked the door from inside and went to the Royal Palace. He requested the Sultan to behead him so that the Goddess would not leave. A lamp is lit to this day in the alcove at Teen Darwaza.
Ahmedabad’s artistic achievements are impressive. What a galaxy of artists the city can boast of !, Most memorable is that Rabindranath Tagore wrote his immortal story “ The Hungry Stones “ in the Moti Shahi Palace here. Other greats are Ravi Shankar Raval, Suren Kar, Raja Ravi Varma,Raval is of course famous for his paintings of the events in the literary works of K.M.Munshi. He is noted for his painting of Gandhi’s trial on charges of sedition held in 1922 in Ahmedabad. Two internationally famous institutions are the National Institute of Design and the National Institute of Fashion Technology.
A well-known story is that of Manecknath, a Sage who lived on the banks of the Sabarmati making quilts and weaving mats. For some reason he had a quarrel with Sultan Ahmed Shah who was building the fortress around the city. But during the construction walls built during the day turned to rubble at midnight, much to the Sultan’s bewilderment. One of his informers told him that the walls fell only when the Saint pulled out the threads from the quilt he was making. The Sultan decided to meet the Saint. After a number of meetings and agreeing to the conditions of the Saint, the dispute was resolved and the Fortress was built.
We have in the city a Dargah that walks, making it a magical city. This Dargah near Dariapur crossroads houses the grave of Hazrat Gulam Mohamed Sayed, the Walking Saint of Ahmedabad. Hundreds of threads are tied by devotees on the grills. It is believed that every year the Dargah moves, inching towards the centre of the road. It is said that the Saint listens to the prayers of the needy and bestows boons on them. When a wish is granted, a metal lock is attached to the grill, so that the problem is locked for ever. The same magical quality is experienced at the mysterious Shaking Minarets of Ahmedabad known as Jhulta Minaras.
This is an amazingly entertaining book bursting with stories and legends of Ahmedabad. It induces us to go to Ahmedabad and enjoy each of the items quite racily recounted by Esther David. This is quite a Travel Classic.
P.P.Ramachandran
03 / 06 / 2016
Zubin Mehta by Bakhtiar Dadabhoy ; Published by Penguin/ Viking ; Pages 495 / ; Price Rs.899/-
******************************
India can rightly be proud that one of her sons—Zubin Mehta—is ranked among the greatest “ Conductors “ of all times. The book under review is an authorized biography by Bakhtiar Dadabhoy who has acquired fame with his authoritative and impressive book about Indian bankers “ Barons of Banking “. The author has travelled easily from the world of banking to the world of music.
Who is a “ Conductor “?. He is the one figure who interprets music in toto and draws together the individual skills and the musicians and even of the composer. He is a father figure, teacher, administrator, executive and musician all rolled into one. A conductor must not only be able to read the score like abook. He must also assimilate its structure and inspire his orchestra to achieve what he thinks is the vision of the composer.
Zubin is a citizen of the world with an Indian passport, the jet-setting western classical music conductor who has proved to be an ambassador of the country for the last half a century, the embodiment of cultural globalization and the perfect advertisement for cultural synthesis.
Zubin might have conquered the world but he is still a “ Bombay Boy “ at heart. His commitment to the milieu of his birth is as sincere as his pride in being an Indian citizen is genuine. He is so much in love with Bombay that he decided to celebrate his eightieth birthday in this city.
He was born on 29 April 1936 in a closely knit Parsi family. His father Mehli was a self-taught violinist who founded the Bombay Symphony Orchestra in 1935. The constant exposure to recording and Mehli’s unyielding dedication to his craft nurtured the highly gifted child into a precocious, mature, adolescent musician.
In the blink of an eye, Zubin rose to international stardom from the ranks of a lonely apprentice in Vienna. Zubin counts among his friends Itzhak Perelman, Pinchas Zukerman, Placido Domingo, Karajan and Karl Bohm. Zubin spent sixteen long years with the Los Angeles Philharmonic Orchestra. He was the Music Director of the Bavarian State Opera from 1996 to 2006. The biggest romance of Zubin’s musical career has been with the Israel Philharmonic Orchestra. He has been closely identified with Israel and its people during their crises.
The author gives a brief account of the unique Parsi community which took to western classical music enthusiastically. We have charming vignettes of Mehli “ Cashinath” and Phiroze Damri. Zubin studied in the St.Mary’s High School and the St.Xaviers College. His parents realized early that his calling was music and he was sent to Vienna. Vienna laid the musical foundation of Zubin and he called the city his “ Spiritual Home.”
Vienna was one of the music centres of Europe and Haydn, Mozart and Beethoven were drawn to it. According to Zubin, “ Vienna taught me my whole concept of sound and of classical music.” He became the youngest conductor to lead the Vienna Philharmonic Orchestra.
Dadabhoy gives a colourful account of Zubin’s student days in the Academy of Music and the Performing Arts in Vienna. Zubin fondly recalls his Guru Otto Rohm “ who made him conscious what beautiful sound was”. His next teacher, the highly acclaimed Hans Swarowsky declared to Mehli, “ Your son Zubin is a born conductor. There is simply not much I can teach him. He knows everything already “.
Zubin took part in a competition sponsored by the Royal Liverpool Orchestra held in Liverpool in 1958. Ninety applications were received and nineteen were selected to compete. In the finals only three were declared successful and Zubin was one.
Dadabhoy writes at length about Zubin’s career in Montreal, Los Angeles,etc. The Israel Philharmonic Orchestra invited him and this association with Israel’s most beloved cultural symbol is one of the most prized achievements of Zubin. He also had a chance to conduct the Berlin Philharmonic Orchestra at twenty and at twenty five he was the youngest conductor. We have accounts of Zubin’s link with Teatro Del Maggio Musicale Florentine, Bavarian State Opera, Sarajevo Symphony Orchestra as also his performances in Beijing, Kashmir and Bombay.
Zubin was showered with several honours and awards. Padma Bhushan. Kennedy Center honour as also those conferred by the States of Israel and Austria.
Ravi Shankar and Zubin were good friends and they made a recording. Ravi Shankar wrote the Foreword to Zubin’s autobiography “ A Slice Of Life” and he wrote of Zubin —“ He is a born conductor with music running through every vein in his blood.”
There is a rich bibliography and an excellent collection of photographs in thebook.
This is an outstanding biography of an outstanding citizen of the world and a living monument to music.
P.P.Ramachandran
29 / 05 / 2016
Public Expenditure Management and Public Policy by Dr. A.Premchand ; Published by Academic Foundation ; Pages 313 ; Price Rs 1195/-
******************************
The author of the book under review was with the International Monetary Fund for a number of years. He has written over fifteen books—six of them have been published by the IMF. He is a highly respected economist who was a guest lecturer in the J.F.Kennedy School of Government at Harvard University.
In this book Dr.Premchand discusses in depth the parameters that determine public expenditure. These are a mix of administrative, economic and political factors. He has also considered the crucial role of public services.
It is apparent that management of public expenditure has the avowed aim of ensuring “ progress" though public private partnerships, their gains and negative outcomes. The economist has considered the nexus between the Central and State governments and critically analysed the policy aims of governments and whether the means and methods adopted by them are adequate. He has drawn pointed attention to the strong negative aspects of the operational systems and how these have not filled the needs of the society.
The principles and objectives of managing public expenditure have been observed more in the breach. Tracing the history, Dr.Premchand points out how these were laid down by the Directors of the East India Company in London followed by the Finance Department. The chief aim was, of course, profit for the company. Post –Independence the objective continued to be the same with some cosmetic changes. Power of the Finance Department got vested in the Parliament. “ Directive Principles of State Policy” decided the nature of the policies. Legislation was enacted to ensure “ fiscal responsibility and budget management ”. Since the era of planning, measures were taken aimed at stimulating growth and improving the standard of the people.
Over the years, many management techniques were introduced such as Investment Appraisal, Programme Evaluation and Review of Performance Budgeting,Outcome Budgeting, etc.
Dramatic changes have taken place in the pattern of governance. The question is, “ Have they helped the common man”?.
Dr.Premchand poses three questions. First, Is the system of governance presently practised better than it was before?. Second,Is it capable of addressing the conflicts inherent in society?. Third, Is it capable of providing the just means for creating a just society?.
The author presents a graphic picture of the system of public expenditure management now in practice and examines the limitations faced as well as the approaches aimed at resolving some of the issues. He presents a striking picture of the elephant in the room which has been missed by those in government and those who are leaders.
Dr.Premchand explains the framework of public expenditure management system. The main task is of managing the people’s expectations. He analyses “ Annual Budgeting “ and proceeds to assess resource allocation, resource mobilisation and resource utilization. The best judgement in the allocation of resources are necessarily political and thus are determined as part of the working of political markets. Resource utilisation is decided by policy controls, process controls, regulatory controls and performance controls. Resource utilization ensures that the budget is being implemented properly and that the community is getting its services regularly and on time with the quality and cost estimates specified.
The pursuit and achievement of financial stability assumes paramount importance. Government appointed an “Expenditure Commission” to secure a reduction in expenditure but it produced no results. The Second Administrative Reforms Commission did not lead to revamping of the public administrative system.
Dr.Premchand analyses thoroughly the lessons learnt from the Corporate Sector. We have here centralized financial control which is difficult to implement in government because the essential supporting technical structure is not available.
The author has studied the role of NGOs in the background of a study by an organisation based in Philippines and asserts that India has thousands of NGOs dependent on government support and calls for a review of the working of NGOs to determine whether they provide a sound alternative to government.
The subject of contractorisation is studied at length and it is concluded that government as a party to a contract drafted by itself does not have any leverage, financial or otherwise to improve the financial condition or to make the services more effective . Instruments available to ensure that their objectives are achieved are monitoring of progress, effective implementation systems, effective regulatory framework, effective audit and effective legislative oversight.
Dr.Premchand is convinced that the State has become a " Hollow State". Over the years the links between the Central, State and Local governments in the realm of finances have become so many that a considerable overlap has come about among the various levels and the distinguishing links have blurred. More steps are called for if the national complementarity among the Central,State and Local governments is to be supplemented by an expenditure system that is truly centralised.
The main problem of expenditure management has been the excessive, hegemonic and colonial type of power exercised by the Finance Ministry and other central agencies.
This is an outstanding work by an economist of international renown and will be of immense use to bankers, custodians of finance and students of economics.
P.P.Ramachandran
27 / 05 / 2016
Myth Breaker by Seema Singh ; Published by Collins Business ; Pages 324 ; Price Rs 599/-
******************************
What is common to Steve Jobs and Kiran Mazumdar Shaw ?. Both started their business in garages. Steve Jobs and Steve Wozniak inaugurated Apple in a garage in California. Kiran started “ Biocon India “ in a garage in Bengaluru.
In an interview with “ Open “ magazine Kiran declared that “ biological sciences have undergone a fantastic explosion of discoveries. And today, whether it is genomics or synthetic biology or a better understanding of life sciences, there is much knowledge being created. Suddenly biology is being leveraged in ways that we had never imagined.”
The book under review is an explanation of how the above has been exemplified in the the remarkable achievement of Kiran . It is also an account of the growth of a tough woman in business against unshakeable male domination in that field.
Seema Singh, the author, is a Knight-Fellowship Holder in Massachusets Institute of Technology. She is an authority on science and technology and has written several scholarly articles in Times of India, Forbes and other journals.
Kiran Mazumdar-Shaw is the Managing Director of Biocon and the present Chairperson of IIM—Bengaluru. She has bagged several awards, the Othmer Gold Medal. She found place in the Lists of Top Business Persons in Forbes , Financial Times and Economic Times. Government of India conferred on her Padma Shri and Padma Bhushan.
Kiran has managed to break the myth that abound in the Indian scenario. Her achievement is that the tech-start seeded 37 years ago in life-sciences by a woman who was neither an engineer nor belonged to a business family has today reached great heights. Kiran managed multiple risks to build business within business consistently ratcheting her company’s scientific capability as also her personal profile.
Kiran started with technology and added science at the back-end, Her earlier team was full of chemical engineers mostly from I I T. In a short time she became a brand ambassador of innovative-led business in general.
According to Kiran , “ Regulator hoops impact the speed and scale of bio-tech business over the decade,” New bio-techs are being born and a functional cluster is emerging in Bengaluru, Hyderabad, Delhi and Pune in which Biocon and Kiran have played anchoring roles.
“ Biocon “ is a research company that is running a number of programmes to bring new drugs to change the course of disease. Kiran, with a degree on brewing from Australia joined Barmalt Malting Ltd in Gurgaon. She was inspired by Louis Auchincloss and decided to do experiments in enzymes in the Horlicks plant in Nabha. Auchincloss gave her some enzymes and U S $ 3,000/- cash to set up Biocon in Bengaluru. He was an entrepreneur’s entrepreneur and helped established Biocon. Kiran retuned from Ireland after learning about making two products—Papain and Isinglass.
Biocon India was incorporated on 24th November 1978. Beginning in a tin-roofed shed, she employed retired men. Biocon became the first Indian company to manufacture and export food processing enzymes to U.S and Europe.
The first few years of Biocon India was full of troubles—connected with finance, labour etc. Kiran approached Vaghul of ICICI –he was impressed by Kiran’s “ passion and commitment.” He advised her to offer equity and in 1989 T D I C I took 20 per cent stake in Biochemizyme for Rs 1.5 crore. Later Eximbank joined Biocon and built a complete suite of products for the beer industry.
The author furnishes details of the take-over of Bicon by Unilever as also Biocon’s links with the prestigious Institute of Technology. One of the important products of Biocon was “Plafractor” which brought glory to Biocon. The steelframe of the fermenter has long been an exhibition at Biocon—the hulking steel drum is going to be a part of the “ World Science Gallery “ in London representing the history of evolution of technology in Bengaluru.
Kiran married John Shaw who was Managing Director of Madura Coats for eight years. He was a valuable adviser to Biocon.
The “ Biocon Park” is a big conglomerate and is India’s largest integrated technical park.
Biocon has done very well on the stock market.The spectacular stock market debut placed Biocon alongside the top ranking pharmaceutical stocks. Biocon was valued at $ 1.1 billion.
Kiran has associated herself with lots of social activities .The Mazumdar-Shaw Medical Foundation is the result of the deep pain felt by Kiran on the death due to cancer of her mother and a close friend. She teamed up with Dr. Devi Shetty and created a Cancer Care Center with 1400 beds in Bengaluru. This was followed up by a bone marrow transplant unit.
This is a very interesting book about a person, about a segment of science and will be of interest to students, teachers and those who yearn for the progress of India.
P.P.Ramachandran
26 / 05 / 2016
The End of Alchemy by Mervyn King ; Published by Little Brown ; Pages 431 ; Price Rs.699/-
In a refreshing anecdote, Queen Elizabeth is reported to have been invited by the London School of Economics and she asked the impressive gathering of professors, economists, politicians and bankers why the economists had failed to foresee the global financial crisis?. That question continued to harass the world of economists and bankers. In the years preceding the catastrophe only two persons uttered a note of warning—Dr.Raghuram Rajan and Nouriel Roubin.
The events of 2007-8 spawned an outpouring of articles and books, as well as plays and films about the crisis. If the economy had grown after the crisis at the same rate as the number of books written about it, then we would have been back at full employment some while ago—so wryly comments Mervyn King and proceeds to present one more volume that turns the searchlight on the global crisis.
Mervyn King is ,of course, a hallowed authority, having held the high post of the Governor of the Bank of England.He holds the post of Professor of Economics and Law at New York University and School Professor of Economics at the prestigious London School of Economics.King was honoured with a peerage in 2013 and a year later the Queen appointed him a “ Knight of the Garter”.
Invoking Charles Dickens classic “ The Tale of Two Cities “, King describes the last twenty years as “ the best of times and the worst of times”. The world witnessed unprecedented growth and stability interlinked with the worst financial crisis faced by the industrialised world. The largest banks in the biggest financial centres in the advanced world collapsed like a pack of cards , triggering a worldwide loss of confidence and ushering in of the deepest recession since the 1930s.
Much of the analyses of the rationale for this disaster focused on the symptoms and did not attack the underlying causes. The growth of indebtedness, the failure of banks, the resulting recession were all signs of much deeper problems in our financial and economic system.
The book under review studies the problems raised by the distressing regularity of crisis witnessed in our system of money and banking. The latest crisis was a failure of the system and the ideas that supported it. There was a general misunderstanding of how the world economy was ticking. According to King, “ Economists have brought the problem upon themselves by pretending that they can forecast. Economists must change radically as a result of the searing experience.” Financial alchemy- the creation of extraordinary financial powers that defy reality and commonsense has brought about a series of economic disasters.
The twentieth century experience of depression, hyperinflation and world wars changed both the world and the way economists thought about it. Central banks were reborn as independent institutions committed to price stability. Today the world economy languishes in a depressed state.
King’s book is about economic ideas, The adoption of inflation targeting in the early 1990s and the granting of independence to the Bank of England in 1987 are examples of how ideas influenced decisions.
The distinguished Central Banker explains the fundamental causes of the crisis and how the world economy lost its balance, how money emerged in earlier societies and the role it plays today, why the fragility of the financial system stems directly from the fact that banks are the main creators of money, why Central Banks need to change the way they respond to crisis, and specially how we can end the alchemy of our present system of money and banking.
King has four ideas to expound—1)Disequilibrium at some point.A large change in the pattern of spending and production will take place as the economy moves to a new equilibrium, 2) Radical uncertainty—The essential challenge facing everyone living in a capitalist economy is the inability to conceive what the future may hold. 3) Prisoner’s dilemma—The difficulty of achieving the best outcome when there are obstacles to co-operation and 4 )Trust—This is what makes the market economies work.
This is a seminal book bursting with ideas—all backed by the solid experience of the author who was Governor of the Bank of England during the crucial years when the world was teetering on a precipice. The book is absolutely required reading for all students of economics and banking, bankers and financiers. It lays the foundation for safe and secure banking.
P.P.Ramachandran
18 / 05 / 2016
No comments:
Post a Comment