ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Global Financial Crisis:A Long Way from Recovery

While there are optimists who expect a revival in the economic downturn in the United States, a downturn which has had a negative impact on the emerging markets, the pessimists counter that there will soon be more financial turmoil as the housing crisis, credit contraction and losses worsen. With the balance heavily tilted towards the bearish case, this article argues that most economies and financial markets around the world are likely to be flat or down over the next few years.

Central Banks and Speculative Froth

It has been the pattern over the past two decades, after every major bust, for the US Federal Reserve and other central banks to cut interest rates and liquefy credit markets. Such decisions have softened the blows to the global economy but they have also created speculative bubbles. Financial institutions and speculators have thus learnt to put pressure on central banks to bail them out, most recently from the housing bust in the US. But at some point the rescue measures will not work and the result will be major global economic and geo-political problems.

Public Capital Markets and New Generation of Entrepreneurs

This note seeks to examine why thousands of Indian professionals in the US go on to start their own business and why the same phenomenon does not occur in India, at least not on a similar scale. The key factor behind the success in the US is the easier access to capital through the public equity markets. So policies that promote similar access in India will enable more professionals to become first generation entrepreneurs. State governments that implement such policies will find the financial burden to be small. While driven by their desire for wealth and growth, many of the new capitalists are likely to back positive changes in areas like education.

New High for Crude Oil Prices

Rising consumption in the US, China and countries like India is expected to push up worldwide demand for crude oil in the years to come. But the long-term supply situation looks not too promising as chances of finding massive low cost reserves appear slim. Studies have also shown that the major low cost oil fields in Saudi Arabia have reached their peak and the kingdom could see a 30 to 40 per cent decline in production within three to five years.

Outsourcing to India

The demand for skilled Indian labour in IT is big and growing in the US. But as more US jobs move to India, the constraints of supply of skilled, English-speaking professionals are likely come to the fore. If this leads to a drop in service quality, American businesses, already under attack for fuelling job losses in US, may be forced to close their operations in India. The experience of Ireland, which in recent years has seen a reversal of the growth of outsourcing serves as a warning example.

UN AND NAMIBIA- Concern without Action

GUJARAT Ghost Industrial Training Institute Mathew Kalathil THE disclosures about tampering with marks of MD students in a medical college in Bombay have been shocking. A fraud of even greater magnitude is in the making in Sagbara taluka of Bharuch district in Gujarat. A Mini Industrial Training Institute in Sagbara is preparing to issue Industrial Training Certificates in four trades to 82 trainees without imparting instruction to them for a single period.

Origins of Co-operative Sugar Industry in Maharashtra

Origins of Co-operative Sugar Industry in Maharashtra Ignatius Chithelen An attempt is made in this paper to understand the origins of the development of the co-operative sugar industry in the Ahmednagar district of Maharashtra, The conditions leading to the emergence of a rich peasant strata in the region in the early 1900s and the relevant characteristics of the peasantry are discussed in Section I The spread of canal irrigation, coupled with financial support from a co-operative credit infrastructure, enabled the rich peasants to cultivate sugarcane, extensively as well as intensively, as seen in Sections II and III.

Rich Peasants, Industry and Accumulation-Payment of Cane Price by Maharashtra s Sugar Co-operatives

Payment of Cane Price by Maharashtra's Sugar Co-operatives' Ignatius Chithelen A non-Brahman rich peasant elite, engaged in sugarcane cultivation for about half a century, had by the 1950s established a powerful position for themselves in the socio-political and economic life of Maharashtra. This power, which they continue to wield, has its chief economic base in sugar, ie, both cultivation of sugarcane and its processing.

BOMBAY-Reprieve, But No Protection

 BOMBAY Reprieve, But No Protection Ignatius Chithelen EACH day around 350 people enter Bombay nursing a burning hope that the industries and establishments in the city might require an additional pair of hands. From 2,7 million in 1951 to about 8 million at present the population of the city has been exploding; so too the need for anything which resembles a house. While ap- proximately 10 per cent of the population lived in slums in 1947 and 18 per cent in 1961, by 1977 the figure had shot up to 40 per cent with another 10 per cent occupying old, dilapidated buildings, many of them worse than the slums.

Studying Politics in a Vacuum

was at hand to reassure the new Viceroy "that exaction tit' excessive rents is not a charge which lies at the door of the Bengal zamindars as a class".
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