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Monday, May 4, 1998
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Unbankable system
The RBI's former deputy governor SS Tarapore has, in this year's Sir Purshottamdas Thakurdas Memorial Lecture, termed the Indian banking system as the "vulnerable under-belly of the Indian economy." He has said that, "unless concerted attempts are made to bring about a quantum jump in the efficiency of the system, users would legitimately ask the question "why banks" and it is conceivable that vast tracts of the banking system will be sidetracked by the rest of the economy.
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Time to clean up
The BSE has, in its pre-budget memorandum, recommended a series of steps to revive the primary equity markets. One proposal is that a proportion of government divestment in public sector undertakings should be earmarked for the retail investor, who should be offered the shares at a discount to the price charged from the institutional investor.
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A bitter pill to cure domestic recession
The current economic recession, under-played as "economic slow-down", is actually an all pervading phenomenon. It is difficult to see which sector of the economy does not show a flattened or a negative growth. Demand is sagging, stocks mounting and orders are declining in consumer goods, durable consumer goods and automobiles. The capital goods market is lying low as well as the stock market, the housing and the real estate sector and the export market. Clearly, the need of the day is to reflate the economy through pump-priming and an increase in planned government expenditures on infrastructure and capital goods.
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An impressive export reputation
What would a potential entrant in the Indian power transmission industry look for? Logically, he would be expected to mull over the pros and cons of acquiring stake in a company, at a cost much less than the cost of setting up an equivalent greenfield project. Jyoti Structures Ltd (JSL) is one company that might fit the bill.
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