Thursday, December 14, 2023

 Sustaining Capital Market and the highly bullish Sentiments

Apropos your editorial sustaining Sensex’s scorching Bull Run (ET dated 13/12/2023), though the trend is encouraging and capital market is getting a boom with enhanced and the very  much needed retail participation, the fact remains that the entire bull run does not seem to have  the full backing of the very fundamental strong macro economic factors like mass physical production and employment expansion in tune with the global expectations and not so encouraging global trends in terms of growth, employment and favourable geopolitical conditions. Even domestically, the widening inequality and uncertainties seen in retail inflation in particular  affecting national savings , employment, investment and production trends can have an adverse impact on the capital market as this segment alone cannot prove to be a support system to sustain the economic growth envisaged. No doubt political stability and the well deserved  psychological boost earned in the system can do a lot of wonders , but the real success can be counted only through very imaginative fiscal and monetary policies capable of taking the potential of the country to the optimum level to meet the global challenges seen politically, economically, socially and technologically. The capital market boost is welcome but needs to be  made healthy, reflective of all round progress in terms of sustainable savings, investment, employment, production and above all fair and equitable distribution of wealth. All round Welfare of the masses everywhere should be the objective and the end result should be peace , prosperity, happiness and the satisfaction of having a fulfilling life.

T V G Krishnan    


Friday, December 8, 2023

Very Benign Monetary Policy( 8th Dec 2023) to add strength to Political Stability and Strong Policy reforms for Economic Growth.

This has reference to the monetary policy announcement made on the 8th December 2023.

Kudos to MPC and RBI for announcing  the bold Monetary policy very  conducive to the thinking of the Government, expectations of the market and well in tune with favourable macroeconomic factors particularly the robust GDP GROWTH witnessed at 7.6 % and benign inflationary conditions, though certain uncertainties continue to persist in and around the world . Keeping all the policy rates unchanged is a welcome measure at this critical stage of the economy where tightening of liquidity is a requirement in view of increase seen in fiscal expenditures and lending activities seen particularly to unsecured segments. Market exuberance though seen as a positive sign politically, cannot definitely be seen as a healthy sign from the economic and social sides of the economy . The financial system stability cannot be taken for granted as long as there are connected  and interconnected loans and risks of unsecured loans and NPAs exist for all sorts of reasons, particularly ineffective Governance. The build up Foreign exchange Reserves is a good sign but needs to be cautiously handled not only from the angle of exchange rate stability but inflation expectations. All said, the monetary policy announced has a positive side to the economy as it supports economic expansion and growth with possible price stability particularly when the scope for imported inflation is comparatively less. With some imaginative and very benign tax policy keeping in mind the suffering of middle class and lower class and fast widening inequality among different classes of people and meaningful and result oriented governance at all institutions both private and public sector, the management of the economy can bring in wonders to all segments and all round welfare for all people all around. The much needed Political stability is getting stronger with every passing day and successive elections, which itself adds a strong base to achieve economic growth , social welfare and enhanced equality and rapid technological advancement. The latest monetary policy adds strength to the Government to influence its own policies for further advancement of the economy keeping the immediate target of $5 trillion economy and reach further ambitious targets set for the long term. ie by 2047. The close coordination seen between the RBI and the Government in shaping out policies is something remarkable and perhaps unheard of in the history of RBI. Good going indeed both for the RBI and the Government and best for the people at large to benefit in the long run.

T V G Krishnan


 

Friday, December 1, 2023

The need for Good Roads in Bengaluru is very urgent and paramount

 Make  Namma Bengaluru More Beautiful, attractive and enjoyable with well and professionally laid and quality roads and disciplined traffic. Let us all be proud of having very good roads and enjoy jolly rides in and around the city. 


The growth of Bengaluru is fast and fantastic and it  attracts the attention of the whole world as a City next to Silicon Valley. The Information Technology Development has shot this city into fame in such a short time that it is equated with Silicon Valley  for all its IT Strength,  Economic Contribution and Political power. No doubt, anybody associated with Bengaluru can be proud of, for all its undisputed glory and economic achievements. All said, is it not time to evaluate the City’s potential and  enhance it  /  expand it even further and better its infrastructure to beat not only  Silicon Valley but reach on top of the world  in terms of its infrastructure, economic and all round growth and justify its own worth enviable to one and all .The City has all the potential but seems to lack the mindset and determination to perform optimally and reach the pinnacle with all its capacity and  all round performance.


The presence of  Good and wide Roads not only adds beauty to the city but also brings with it the attraction to invest in the city, peace, enhanced health  and better prosperity to enjoy for all. Citizens miss the joy of good rides and pleasure in the absence of good roads is a ground reality and this situation is definitely avoidable if the authorities pay a little more attention and care and commit themselves to provide and maintain good roads as a matter of Right to Citizens. Emotional quotient is equally important along with material quotient to evaluate social and economic performance. 

 

The major and  perhaps the only irritating handicap limiting the City’s  performance as of now is  absence of good and smooth roads and the slow movement of traffic and congestion experienced for want of adequate wide roads and free flow of traffic. This can be to a very great extent sorted out by the authorities Viz BBMP and City Traffic Authority provided some initiatives are taken eliciting the cooperation of all and prompt steps are put in place  with close monitoring and continuous supervision. Readiness is all that matters. Citizens need the facilities and being the direct beneficiaries, their cooperation can definitely  be taken for granted with appropriate motivation and active involvement .    


The roads planned and laid out (perhaps on the background of some archaic rule in vogue though prior to the fast development witnessed) are not wide enough throughout its stretch uniformly to absorb the pressure of traffic. Even then, the problem is, the envisaged width of the roads is not uniformly made available for free flow of traffic is the ground reality The roads whether they are 30 ft  40 ft, 50  ft or 60 ft are not fully available through out for free flow of traffic because of unauthorised interruptions, encroachments and all sorts of blocks freely created for private conveniences and comforts taking advantage of casualness of authorities to enforce the rules strictly for the benefit of greater good of the public. The urgent remedy  is to measure all the Roads and ensure that the intended and planned width is uniformly available for flow of traffic without any interruptions whatsoever. One can find all imaginable encroachments by way of gardens, parking areas earmarked for  personal and private conveniences, foot paths of uneven surfaces, and dumping places for all sorts of things .The loss of space on account of encroachments seems to be substantial and uncared for affecting the flow of traffic and convenience of citizens. This may require some harsh measures to evacuate encroachments forcefully but in the larger interest of the society, this is inevitable .This measure alone will make good roads for free flow of traffic throughout the City. This is possible if the authorities decide and take a very serious action. No one has the birth right to encroach the roads meant for public use.


The maintenance of the Road without pits and falls and without ups and downs needs constant and continuous attention, supervision and quick remedial measures  to ensure  accident free and smooth flow of traffic. Haphazard ways of repairing and maintaining the roads by non professionals though temporarily help to save some expenditures, but they turn out to be very expensive later on in different ways. The authorities cannot have a short- sighted view on the maintenance of roads which require strict regulation and supervision. A committee approach involving even good samaritans can be thought of to monitor and report to authorities at periodical intervals on the conditions of the road. The vehicles dancing and moving on the roads because of uneven surface and hindrances of various kinds and natures is a very common sight which often results in accidents and slows down of movements which can definitely be avoided if some steps are initiated based on observations, reports,  comments and experiences of all road users by all sorts of vehicle owners. The money saved for maintaining roads and vehicles can definitely be a good contribution for creation of national wealth and enjoyment. A tripartite insurance to maintain the roads by the parties involved can be a viable solution. Professionals should be engaged to lay and maintain the roads. 


The  approach to footpaths and sidewalks need a total relook and remedial steps. Two wheelers riding on footpaths is very common and the very maintenance of footpaths as such is very pathetic. Footpaths should serve its purpose as otherwise it is a waste of resources and loss of space even for traffic flow. The conditions of many footpaths are pathetic and luckily citizens adjust for the sake of adjustment and living peacefully without murmuring.Silence of pedestrians here is not to be taken as approval by any reckoning. A joint Inspection of footpaths by the authorities and Contractors themselves can expose the quality of work and waste of resources in laying down foot paths without having any intended benefits. This definitely calls for a practical view and remedial measure as otherwise the resources are simply going into the drain. The Desired result can be there only if footpaths serve their purpose.   


Traffic Police and BBMP should jointly take a review of all roads where some traffic pressures and bottlenecks are experienced for want of authorities’ attention and remedial actions. With some involvement of traffic police and thinking practically, some workable solutions can be easily arrived at to ensure free flow of traffic with some small adjustments and convincing measures.Examples are plenty. 1 Near Corporation. 2 Near 24th Main 3 National College. 4 Jayanagar 9th Block etc. Some buildings seemingly unauthorised project onto the road creating hurdles and irritations to move freely on the road and invariably every passerby curses the authorities for their lack of vision or reluctance to take some inevitable action.There are several points in the city roads where some quick action for smooth flow of traffic is possible provided the authorities wake up and act swiftly and sensibly in consultation with traffic police, motor vehicle users and citizens.This requires only a discussion and some site visits where pressures for free flow of traffic are felt continuously and initiation of some workable solutions with some adjustments and alterations of routes or appropriate steps to smoothen the flow of traffic. Even the regular road users can offer suggestions to the authorities. What is required is a Proactive approach, some involvement and possible action with good intentions. Cooperation of the citizens would definitely come if the authorities approach convincingly. After all, citizens are the ultimate beneficiaries. 


Signals.

The other area requiring a bit of research and better attention to ensure smooth flow of traffic to save time, avoid accidents and make travel a pleasure in the city roads is signal points. Signal Jumping seen in the roads is an art and a smart driving scene and experience in the City  even by four wheelers leave alone autos and two wheelers. Sometimes many wonder as to whether this is a permissible offence as per the license . If at all the authorities care for  augmentation of revenues, it would be sufficient if some steps are initiated to catch signal jumpers and fine them at periodical intervals if not on a regular basis to make up for their revenue gaps.There are hundreds of signals and there are thousands of signal jumpers and revenue collection by way of fine is an easy source and less cumbersome. It may also help to reduce accidents and improve easy flow of traffic apart from creating a better image of the traffic police for their sense of  imparting traffic discipline. A very badly needed discipline requires to be enforced at all signals. 

Similarly the other area where serious attention is essentially  required is stopping the habit of seeing the gap and driving pursued by many drivers of all sorts of vehicles irrespective of the Road discipline envisaged and experienced by all road users particularly at crossroads and junctions without signals.It not only creates a chaotic condition but scares many riders and co-passengers who are sick, physically mentally and otherwise. This is a very pathetic situation which needs to be tackled at any cost as a matter of culture, decency and a sense of compassion, care and consideration for fellow drivers. This discipline enhances the image of the traffic police several fold than what is even imagined. Here the possible solution would be to take the services of Volunteers and well wishers available free of cost and interested in regulating the traffic with the guidance  and support of  traffic police. Intelligent inputs by IT veterans to align the signals and bring down the timings at different signals based on the pressure of traffic flows would be of immense benefit .  


The general approach to dump wastes, spit lavishly and liberally and throw anything on the road and dig / block the road for some private requirement of any kind seen particularly in many interior roads in and around the city poorly reflects on the lack of civic sense and consideration for fellow citizens.This needs to be eradicated by proper education and propaganda and eliciting the cooperation of all and impressing upon the citizens the need to be proud of our public roads and its upkeep in top condition. Good Roads and very disciplined observance and conduct  of traffic rules would certainly be appreciable by all and would only add value and prestige to the City bringing happiness and pride to all.Driving should be a pleasure and Joy. 


The conversion of garage  and road side houses into  business establishments do affect the free flow of traffic as shoppers have a tendency to park vehicles in a haphazard manner  near such establishments without bothering / caring for the free flow of traffic. Besides, road side parking without worrying about the availability of space for vehicles to pass conveniently is a very common sight inside and even trunk roads as well. In this regard, it would be advisable to allot vacant sites and  plots for business and parking purposes either for a fee or on a license basis.

This is easily implementable as such parking lots can fetch some revenue for vacant site owners and the Government as well besides enhancing the image of authority’s concern for free flow of traffic. Road side vendors also can be provided such vacant sites for doing their commercial activities for a fee and a license. This would turn out to be a win-win situation for all having commercial interests, vehicle owners, authorities and public.


This write up is only from the point of improvement of quality of life and not to cast aspersion on anybody or find fault with the system of Governance.  We have to have a spirited and cooperative approach to make the living comfortable ,happy , safe and peaceful. Good Road is a basic necessity for all these and therefore deserves topmost priority and all the attention. One cannot ignore the truth that a good road reflects the Character of the Government and is definitely one of the major  indicators of Governance standards and also an  influencer / carrier of decision making messages.  


The inconvenience of inadequacy of road and undisciplined traffic is common to all; the solution has also  to come necessarily  from all particularly from those who govern. 

 

T V G Krishnan

A Senior Citizen and Well Wisher of Welfare for All Always and in All Ways.