Keep the heat on
Now that the fighting in Kargil is drawing to a close, we need to sit back and reflect on the lessons of this conflict. One of them, of course, is the rather cliched one of not letting your guard down. The nitty gritty will have to be decided, but the principle is simple -- be prepared.

The NPA problem
A RBI study puts Indian banks' NPAs at a startling 16% at end-March 1998; this is high. But gross NPAs were computed as a proportion of total advances. What is important is net NPAs, that is, after provisions; on net basis the March 1998 proportion falls to just over 8%.

Employee stock options and Sebi guidelines
In times when profits are assured, whether because of closed markets or otherwise, the owner merely has to manufacture the products and sell them. There is no insecurity about profits. In these circumstances, employees are employed at fixed salaries and their employment is also secured.

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