Different strokes

As Nigam said, the internet is the world8217;s second largest generator of wealth the first is apparently drugs and the largest generator of legal wealth. It is such an irony that investors have lost their money because sloppy regulators and rating agencies allowed Bhansali to send out very positive signals and dupe investors, while a ponderously slow judicial system keeps him unpunished. But the man behind all the mess is as cool as ever, attending seminars and preparing for the next big money spinning opportunity maybe under an assumed identity?

The holy connection
The dotcom business attracts all kinds. If at one end of the spectrum you have Bhansali, at the other end is His Holiness the Shankaracharya of the Kanchi Math. TiE Mumbai President, Harish Mehta narrated how he and Kanwal Rekhi yet another Indian success story in the US and co-founder of TiE received a surprise invitation to meet the Shankaracharya to discuss IT. The guru believes that IT is the path to development. His mission was to set up and promote knowledge-based industry in Kanchi. The wealthy Kanchi Math is in a position to provide 250 acres of land and all the infrastructure that TiE would need to make the IT dream happen. Nobody should be surprised if the Shankaracharya, with his followers emerges as a bigger mascot for the IT industry than Chandrababu Naidu. In fact, it8217;d be perfectly in order, in the paradox that is India.

Power melas
Power Minister Kumaramangalam says that the cartel behind India8217;s Rs 20,000 crore of power thefts are gunning for him and seeking to get him out of the power ministry. Maybe so, but it is hard to believe that power thieves in different states are part of a common network and acting to a common agenda.

In fact, they cannot be the only ones gunning for him. For some time now, he has been exhorting FIs to 8220;lend boldly8221; to power projects. He even heckled them and asked why they should call themselves FIs if they are unwilling to take a few risks. Earlier loan meals used to be confined to the poor and needy, the Power Minister now wants to extend such largess to loss making power utilities too all at the taxpayer8217;s expense. If the FIs had played along and accepted an unworkable escrow arrangement, then the cartel8217; which is gunning Kumaramangalam would presumably be allowed to continue their dacoity. A few months ago the same Ministry had another absurd proposal that the NTPC could acquire NHPC. He wanted that they would remain independent of each other and go their own way with just a transfer of the NTPC8217;s huge reserves as price of the NHPC equity to the government. Shouldn8217;t the Minister realise that there are no shortcuts to power reforms?

Give us shares
The NSE has problems which are slightly different from all the 22 other bourses in the country. It is the only one which is very profitable and it has money to spare for setting up JVs for index services and IT-related services. Its members think that there is a good case for fees to be reduced, or they have another demand. It is simple, they say either reduce our fees or give us shares in the IT company. The NSE as usual, is turning a deaf ear, but if it gives in, the NSE membership will be like winning a lottery.

Author8217;s email: suchetadalalyahoo.com