Growth and Sustenance- Boom-bastic
By: Amit Bhushan Date: 9th Sept. 2014
Pink newspapers are having a field day to pour out euphoric 'news' about the government and governance. All kinds of 'stock' are rising and mania is built that this is likely to continue due to efforts of the leader in government. The fact is something any seasoned bureaucrat has back of the hand knowledge about. When 'clearances' are imparted to 'projects' the 'financial activities' begin. This requires convincing banks and retail investors regarding 'project' and its underlying 'value' so that they agree to cough up high equity price or required credit. That's actually a very small part of the whole long run play.
What is required over a period of time is to 'manage' the project profitably. While it is undoubtedly the 'job' of the promoters, however what they require is a 'stable' long term policy environment as well as predictable regulatory environment. While gungho news from 'your friendly media' talks about 'speedier clearances' and what it is doing to 'markets' (nothing much really happens due to clearances alone, except that bankers and retail investors are then expected to cough out 'their share'; any work on project starts after the financial closure which then may be expected to 'add value' to the 'real economy').
Little thought or little ink is being wasted over petty considerations like the 'stability of policy environment' in the given 'innovation' environment. Also little analysis pours out on expected predictability from regulatory machine regards interpretation of Rules which has to accommodate 'innovations' in market without the Rules having been 'updated' after careful analysis of 'all' considerations. The apex court being seized with extraneous issues & flimsy considerations; and the regulators singing paeans to 'mystical & earth shaking leadership' of the leaders in government sets the environment. The sane voices in the markets seem to have all but lost out, defending their own rear side due to various reasons.
Perhaps it's the time for 'leaders' to take up issues relevant to people and initiate discussions on 'governance' or the lack of it rather than singing the 'leadership' song in chorus and for regulators and judiciary to take up its task of 'implementing' rules in a sane manner to bring in discipline to society.
By: Amit Bhushan Date: 9th Sept. 2014
Pink newspapers are having a field day to pour out euphoric 'news' about the government and governance. All kinds of 'stock' are rising and mania is built that this is likely to continue due to efforts of the leader in government. The fact is something any seasoned bureaucrat has back of the hand knowledge about. When 'clearances' are imparted to 'projects' the 'financial activities' begin. This requires convincing banks and retail investors regarding 'project' and its underlying 'value' so that they agree to cough up high equity price or required credit. That's actually a very small part of the whole long run play.
What is required over a period of time is to 'manage' the project profitably. While it is undoubtedly the 'job' of the promoters, however what they require is a 'stable' long term policy environment as well as predictable regulatory environment. While gungho news from 'your friendly media' talks about 'speedier clearances' and what it is doing to 'markets' (nothing much really happens due to clearances alone, except that bankers and retail investors are then expected to cough out 'their share'; any work on project starts after the financial closure which then may be expected to 'add value' to the 'real economy').
Little thought or little ink is being wasted over petty considerations like the 'stability of policy environment' in the given 'innovation' environment. Also little analysis pours out on expected predictability from regulatory machine regards interpretation of Rules which has to accommodate 'innovations' in market without the Rules having been 'updated' after careful analysis of 'all' considerations. The apex court being seized with extraneous issues & flimsy considerations; and the regulators singing paeans to 'mystical & earth shaking leadership' of the leaders in government sets the environment. The sane voices in the markets seem to have all but lost out, defending their own rear side due to various reasons.
Perhaps it's the time for 'leaders' to take up issues relevant to people and initiate discussions on 'governance' or the lack of it rather than singing the 'leadership' song in chorus and for regulators and judiciary to take up its task of 'implementing' rules in a sane manner to bring in discipline to society.