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BUSINESS
‘Making India a Global Leader’
By M B RATNANNAVAR
AFTER SUCCESSFUL revolution
of India’s telecom sector, now it is time to revolutionise education
system. Dr Sam Pitroda who is credited with the telecom revolution is
now heading the National Knowledge Commission (NKC). Set up three
years ago by the Prime Minister, the NKC is marching forward to
achieve the objectives aimed at. Dr Sam Pitroda was at the Indian
Merchants’ Chamber, Mumbai recently. He spoke on “Making India a
Global Leader in the Creation of Knowledge.”
“We are short of good
universities, colleges and schools. How can one university manage
around 800 affiliated colleges? There should be number of
universities. Libraries need modernization. Today’s education and
training systems have become the biggest bottlenecks to India’s
industrial ambition. There is a huge demand for skilled people at all
levels – MBAs, teachers, technicians, plumbers, drivers etc. but there
is no supply. A country of our size cannot have merely 380
universities. Today’s education system is no longer relevant, as the
methods being used are over centuries old. Information is readily
available through a variety of media, such as the internet, CDs and
books. Teachers need to play the role of mentors.”
“Stop thinking about the
various systemic reasons why things cannot change. Instead, focus on
the fact that we have no alternative but to change. I see a huge
challenge and a great opportunity to bring about generational change.
Please ask for change in education from the bottom up. Don’t think
that changes would happen from New Delhi as it has not happened in
last 60 years and is unlikely to happen in the next 40 years either.
Try to bring about changes in the way your local school or college
functions. If your local school lacks a maths teacher, volunteer your
own services. If there is a rule that forbids you to teach, try and
get that rule changed,” Dr Pitroda urged.
Study our website on NKC and
give us a proposal,” said Dr Pitroda, responding to a query as to how
to start a new online university. For those interested in tapping
synergies with the National Knowledge Commission, he stressed the need
for people to spend several hours, or even days, studying its website.
“You don’t need a great deal of intelligence to find problems and
roadblocks. True intelligence lies in finding solutions to the many
challenges that are inherent in the system.”
“The entire education system
needs a revamp. Of course there are obstacles if you want to change
the system to build a new India. The system doesn’t want to change.
Change is difficult; that is inherently the nature of change. You will
have to be bold to fight the system and change it. If we do not change
the system we will loose the window of opportunity for the betterment
of this generation”, Pitroda concluded.
Earlier, IMC President, M N Chaini welcoming Dr. Sam Pitroda,
recalled Dr Pitroda’s support to the Chamber’s programs, including the
India Calling conference that was recently held in Canada. He informed
the gathering that IMC, jointly with Maharashtra State Board of
Technical Education and Yashwantrao Chavan Maharashtra Open University
(YCMOU), was holding a year-long education seminar at Nashik wherein
leading industry experts from Mumbai and other Indian metros would
interact once a month with students from Nasik and its surrounding
areas to make them aware of various opportunities in the real work
world around them. As YCMOU had centres in several districts of
Maharashtra, they would have these 12 Conferences online, enabling
students all over the state to benefit from these seminars. “You will
see the results of our initiatives in the next five years” Chaini
added.
The event concluded with a
question-and-answer session moderated by Dr Rupa Shah, Chairperson of
IMC’s Education, Innovation & Commercial Examination Committee.
Regulators
Soothe Sensex Nerves
By AWANISH K MISHRA
WE HAVE witnessed the worst of stock market last week (6-10 October
2008). Now one should be prepared to cheer for the best of stock
market this week (13-17 October 2008). If Nifty gains by 1000 points
in 10 days, no one should get amazed. Of course, there is a logic
behind this optimism.
Last seven days have been
the days of turmoil for stock market. Sensex and Nifty suffered
unprecedented calamity. Front running stocks turned into game
spoilers. This is where our regulators jumped into action. Finance
Minister P Chidambaram assured and reassured investors about strength
of Indian economy and promised swift and timely action. SEBI’s tough
talk deterred manipulators from creating mess and RBI acted to infuse
ample of liquidity into system. Regulators’ timely action has started
soothing nerves of the market. The reassuring words of Finance
Minister at 9.40 in the morning on October 13, 2008 has led the BSE
sensex jump by nearly 800 points.
The Logic Behind Optimism:
Capital market is ready to cheer in this festive season. There are
several reasons. First, there is nothing wrong with Indian Economy or
Indian Capital Market as such. Second, oil prices has tumbled below 80
dollar per barrel. Third, Indian Regulators are proactive and geared
up to insulate Indian economy from the heat of global credit crisis.
Global Heat Felt In India:
Sensex and Nifty have been tumbling down due to global financial
market turmoil. For last fifteen days, global financial market turmoil
has been dominating Indian capital market. In panic, we forgot that
our market, our companies are not affected to the extent, we are
speculating. We have a robust banking system, we have stiff regulatory
measures, we have tight monitoring mechanism. It’s true that global
recession may affect us, but not to the extent we are afraid of.
Regulators In Pro-Active
Role: To the investor’s delight, our banking regulator has been so
swift to inject liquidity into the system, that RBI cut CRR twice in
five days. Finance Minister chose to address media before the opening
bell. PM’s economic panel came out with more positive observation. One
would feel comfortable to note that Ministry of Finance decided to
prepone the release of inflation data on 10th October 2008 to cushion
stock market. There is a buzz of interest rate cut, SEBI may tighten
grip over financial intermediaries for spreading rumors and
manipulating stock prices. Government may relax
ECB norms further. FM has
assured that he is taking stock of situation on hourly basis.
India Will Cheer Amidst Global Turmoil: No doubt, global credit crisis
has created difficult situation. But we have created a robust
mechanism for stormy days. IMF has reaffirmed Government’s view that
Indian economy will register 7.9 percent growth in current fiscal
year. Our only problem has been inflation. But inflation has started
receding and will go into single digit by March 2009. Added to that,
the most prominent factor behind inflation- sky rocketing crude prices
have come down to 78 dollar per barrel from the peak of 147 dollar per
barrel. There is fear, that upswing in global stock market may lead to
a rally in crude prices as well, but it may consolidate around 100
dollar per barrel.
Nifty Support And Resistance
Levels: Market technicals suggest that if sensex crosses the barrier
of 11300 with good volume, it may go up to 12200. I hope that this
level of 12220 will be attained this week. Similarly, if Nifty crosses
the barrier of 3539, it may go up to 3750. This may also take place
this week itself. There are huge shorts in the system. If these start
unwinding, market may see new highs. Let us remain hopeful to see a
better Diwali emanating from a battered capital market.
The author is Editor with Pearl News Network, and the views expressed
by the author in this feature are entirely his own and do not
necessarily reflect the views of THE VERDICT and The Independent Media
of India
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