Mr. Corporate Missionary

IIPM BUSINESS & ECONOMY
Son of the late steel tycoon, OP Jindal, and Managing Director of Jindal Steel & Power, Naveen Jindal is an obsessed man... Obsessed with his $4 billion business empire; obsessed with politics (he’s a Member of Parliament since 2004); obsessed with skeet shooting and polo; and even obsessed by the Indian tricolour... Well... he’s the man who made it possible for the average Indian to be able to hoist the national flag not just on special occasions, but every single day. Inspired by his friends in the US who took pride in hoisting their flag even atop their homes, Jindal led the initiative for the same freedom to be given to their Indian counterparts and succeeded in 2002. An MBA from the University of Texas, Naveen’s focus is unwavering towards his many commitments despite the many hats he wears. As a businessman, Naveen is expanding his group’s portfolio of value-added products, bringing the world’s best to India. And as a politician and philanthropist, he is committed to the upliftment of rural society. Just in Chhattisgarh, Jharkhand and Orissa, Naveen has invested more than Rs.100 billion to better the lot of the deprived!

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Source :- IIPM Editorial, 2006, Arindam Chaudhuri's Initiative

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The government should focus more on expenditure based adjustments

IIPM PUBLICATION
Things have remained more or less the same. In 1991, the government owed to the outsiders and now it owes to the Indian public. On one hand, when India’s international investment position is improving, at the same time the government is heading towards bankruptcy. Revenues are failing to keep pace with unbridled government expenditure, resulting into one of the highest public debt in emerging economies. And to curtail the deficit, the government has been focusing more on revenue-based consolidation strategy, that is, increasing taxes and broadening the tax net. But to what extent has this strategy worked?

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Source :- IIPM Editorial, 2006, Editor - Prof. Arindam Chaudhuri

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SEZs are perhaps the most major breakthrough for India

IIPM BEST B-SCHOOL
The answer lies in the fact that while these blocs hold more than 60% of the total world trade, India’s present contribution to the total trade with these blocs is as meagre as just 3%, while our competitors like China, UK and Singapore hold a share much higher than this figure because of their initial initiatives to trade with major trading blocs. And talking about strategies, SEZs are perhaps the most major breakthrough for India. Centres of higher exports, these areas have shown some good action in the last few months, with companies like Reliance announcing the building of the largest Indian SEZ (with a heart stopping cost of Rs.400 billion). “This project will bring the country to the centre stage of the global economy,” prophesied Mukesh Ambani, promising an initial investment of $5.5 billion into the SEZ. With existing Export Processing Zones also being converted to SEZs, taking care of their structural defects becomes mandatory. “Poor quality of infrastructure, stringent labour laws, and complicated tax procedures are fractures affected SEZ investment,” divulged O.P. Garg, President, Federation of Indian Export Organisations.

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Source :- IIPM Editorial, 2006, Editor - Prof. Arindam Chaudhuri

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The legal potion

IIPM BUSINESS & ECONOMY
So, Kindler is the new guy on the watch… from courtrooms to boardrooms, from analysts & investors to the press, Pfizer has a new face. But is this drive going to be smooth, at a juncture when Pfizer seems all but set to nail its coffin? Currently, Pfizer is going through a stagnated growth period and it has become problematic for the company to improve its financials (see table). And that’s not all, the bleak situation has worsened – its key drugs like Zoloft and Lipitor are facing patent expiry. The company was also asked by the FDA to remove its popular arthritis drug Bextra from the market, which affected Celebrex sales as well.

The legal beagle would surely need all the tricks up his sleeve to protect Pfizer from charged up competitors in the courtrooms. Kindler would also do well to use some of McKinnell’s acquisition skills that helped Pfizer achieve dizzying heights. And above all, Kindler has to accomplish what even McKinnell couldn’t; rescuing an ailing Pfizer from its stupor by bringing in new block buster drugs to the market faster than they move out of the patent protection umbrella. Surely, both McKinnell and Kindler have a lot to brood over in the coming time...

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Source :- IIPM Editorial, 2006, Editor - Prof. Arindam Chaudhuri

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Bush & morality?

IIPM PUBLICATION

George continues to surprise...
Heard George Bush talk ethics lately? How about this: “I will not allow our nation to cross this moral line.” ‘This’ is a Senate-backed bill to increase federal funding for stem-cell research. It allows funded researchers to use days-old human embryos that would otherwise be rejected by fertility clinics. The notion is that these embryos will provide cells that can grow into bones, nerves and tissue. Stem-cellers say they can use this to repair ailing bodies, and also to ward off diseases. Bush used his right to veto and k-o-ed the bill on July 19, 2006, a day after the Senate passed it. He says: Can’t kill life (in the embryos) to save life.

It was the first time Bush used his right to veto though he has threatened to do so 141 times in the past. Stem-cell research is popular in the US where it is seen as possible cure to diseases like Parkinson’s (which killed Ronald Reagan), Alzheimer’s, spinal cord injuries et al. But, conservatives won’t have any of it. Says House Majority leader John Boehner, “The notion that embryonic stem-cell research relies on ‘spare embryos’ that have no value beyond medical research possibilities is tragically & deceptively wrong.”

The bill is largely supported by eminent personalities like Arnold Schwarzenegger, the Republican governor of California, Bill Frist (majority leader in the Senate – seen by some as a candidate in 2008 presidential elections – and coincidentally, also a certified doctor), and Nancy Reagan, Reagan’s widow. But even Republicans, who are largely anti-abortion, are divided on stem-cell research. Britain has a law to encourage embryonic stem-cell research, while countries like Canada and New Zealand have passed a charter to fund it. Clearly, it is disappointing that some conservatives in the US are nixing stemcell research, which can hugely help humans. It’s time that the extreme rightwing in the US learnt where to actually “draw the moral line”. Bush remains a hilarious contradiction, who has rarely displayed concern for life in other areas (like Iraq, for instance). He may be overcorrecting himself. On the other hand, he may be letting people die. Again.

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Source :- IIPM Editorial, 2006, Editor - Prof. Arindam Chaudhuri

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So what’s Mallika got to do with RBI?

IIPM MANAGEMENT INSTITUTE
It’s time RBI resorts to a logical, rational & neutral monetary policy stance
As the top brass of the Indian economic brigade ramble on the rhetoric rhymes of the performance of Indian economy, one must not forget that in the current global scenario, the fundamentals of the Indian economy are as temporary, as Mr. Chidambaram’s and Mr. Reddy’s existence. It is very likely that the same ‘story’ on which the Finance Minister asks us to believe in, might become a ‘fable’ for future policy makers’ references as to how building ‘stories’ in air could be suicidal to an economy.

As evils like spiraling inflation, tumbling rupee, parched stock markets & unfathomable deficits were back in business, B&E had been continuously warning the RBI against its ridiculous moves to hike interest rates across the board; and had alternatively suggested sector specific credit flow controls. As if to vindicate our stand, on July 21, 2006, the Finance Minister finally gave a statement forecasting that interest rates will soft en in the future.

Though Chidambaram claims that this is because inflation has fallen down to 4.68%, what he conveniently forgets to mention is that in April 2006, the comparative inflation figure was just 3.5%; a figure that was thrown away to the wind with the illogical interest rate hikes in the same very months of low inflation. Of late, even the rupee depreciation has made it to headlines, falling to a 3-year low of Rs.46.99/47.00 per dollar. Any further decline will surely discourage invisible capital inflows that were made purely on the basis of forex rate strength.

This clearly signifies that we cannot depend on such kind of invisibles (which restricted current account def cit in FY 2006 to $10 billion, in spite of a monstrous $50 billion trade deficit) to bail out India in the future as well. Clearly, unless RBI follows a neutral monetary policy stance, the way the Indian cookie crumbles would be very similar to Ms. Shehrawat’s clothes! Thankfully, that’s all that Mallika has got to do with RBI.

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Source :- IIPM Editorial, 2006, Editor - Prof. Arindam Chaudhuri

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Imperialism hurts

IIPM Business & Economy

An unbiased chronicle of tragedy in West Asia

In this age of “embedded reporting” and brazen propaganda being dished out in the name of ‘objective’ media, it is difficult to find truly objective accounts of the momentous events that are sweeping across the world. Difficult yes, but certainly not impossible. For, if you really want to know about what exactly is happening in Sudan, Algeria, Iran, Iraq and Afghanistan, simply take a few days off from office, switch off your mobile phone and go through the 1,400 pages of masterful reportage and history written by Robert Fisk, one of the few remaining journalists who cover the crisis and tragedy in the Middle East without ideological blinkers.

The Middle East correspondent for the British daily, The Independent, Fisk has imaginatively titled his tour de force as ‘The Great War for Civilization: The Conquest of Middle East’. The amazing thing about the book is that Robert Fisk has been actually reporting from the frontlines and fault lines of the volatile regions first for BBC and then for The Independent for close to three decades. He was there when the CIA-armed Afghan Mujahideen battled the Soviet army of occupation. He was there when Saddam Hussein (tacitly encouraged by the West) launched a ‘one week’ invasion of the newly formed Islamic Republic of Iran. Fisk witnessed the ‘one week’ war degenerating into an eight-year war of attrition where Saddam used chemical weapons against Iranians. He was there in Beirut when Israelbacked- militias ruthlessly massacred more than 2,000 Palestinian children, women and elderly in refugee camps. Fisk was also around when the first major suicide bombing rattled Uncle Sam – a “terrorist” rammed a truck into a Marine base in Lebanon, killing 268 American soldiers. The brave warriors that the Americans are, they promptly packed their bags and quit Lebanon. Fisk was witness to the frenzy of extra judicial killings after Ayatollah Khomeini took over Iran.

Fisk has also reported on the civil wars in Algeria and Sudan. And of course, he has met and interviewed the elusive Osama Bin Laden in both Sudan and Afghanistan during the 1990s when the brutal Taliban regime was in power. From every battlefront in every country, Fisk has been eyewitness to one simple message that local populations have been trying to convey to the Imperial powers. The message is: “We don’t want your troops. We don’t you to teach us democracy. We are tired of your double standards when it comes to the conflict between the Israeli Army and the Palestinians”.

His coverage of the monumental tragedy in Iraq is educative, and chilling. Way back in the 1920s, the then Imperial power England had tried to impose ‘democracy’ on Iraq through military means. Of course, England eventually failed. But what is chilling is the bizarre similarity between the excuses offered by England for the military conquest of Iraq then and the platitudes offered by the Bush administration now. British troops were then busy massacring and torturing Iraqis who resisted the British version of democracy. American troops are doing quite much the same now.

Don’t for a moment think that Fisk is an apologist for Islamic terrorists who use the American military presence in Middle East (particularly Saudi Arabia) as a valid reason for ‘Holy War’. Fisk oft en laments at the inhuman depths to which the terrorists descend for their political agenda. The book is great because he also laments the inhuman depths to which western democracies have descended in the conquest of Middle East.

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Source :- IIPM Editorial, 2006, Editor - Prof. Arindam Chaudhuri

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