Articles by Nishtar


ing debt into equity, however difficult to justify on other grounds, could bring about this result There are two other directions in which policy should move. Firstly, it is well known how economic concentration is made possible by cross- holding of investments. As a first step in the direction of a positive policy of breaking up concentration, companies may be required to disgorge some of their security holdings. Second, banks have become financiers of even the permanent working capital requirements of companies. This part can be converted into debentures. This is the direction in which the new control measures planned by Reserve Bank should bo aiming.

the Genera] Academic Board, the Professorial Board, the Registrar, the Bursar, and the student representatives of the Executive Committee of the Students' Council, headed by the President. Many touchy matters could be sorted out in one meeting of such a high-powered committee. Where the students disagreed with any of the views expressed by the Administration, or the latter opposed any of the student suggestions, the matter came out into the open because the minutes of the meeting were always publicly displayed. The above is only one example of a jointly run university, A lot of work was involved in creating a structure that called for student representation at as many levels as was possible. The organisation was only experimental to begin with, but it has now been formalised. The onus has always been on the students to prove their maturity, ability, attitudes and, above all, representativeness. The experiment has succeeded in varying degrees at various institutions. Should not our universities give the students a chance to become full-fledged, practising members of that jealously guarded institution we call democracy?

Uneasy on Budget Eve Nishtar THE pre-budget bullish fervour noticed on the previous two occasions is conspicuously lacking this time. Instead, the stock market presents an uneasy look. The new licensing policy has evoked a mixed reaction. While the raising of the exemption limit from Rs 25 lakhs to Rs one crore has been welcomed, the market is not pleased with the exclusion of large industrial houses from participating Fully in industrial growth. It is also critical of the option allowed to public financial institutions to convert their future loans and debentures into equity capital on the argument that this would not only discourage prospective investors but also lead to unnecessary freezing of funds.

A Beginning Eunice de Souza THE University of Bombay prides itself on the fact that it is one of the few universities where no student disturbances have taken place. Unfortunately, not much else has either. A few of its constituent colleges still have some prestige. A few of its teachers, who still have the respect and affection of their students, do what they can to maintain standards. The majority contents itself with ritual grumble about falling standards, uninspiring curricula, unresponsive students and the rest.

Glint of Cleared Securities Nishtar the new issue market will intrigue many observers. The point made by some of the leading spokesmen of the private sector that, entrepreneurs have been scared away by political and economic uncertainties cannot carry much conviction because the stock market also has had to reckon with all these uncertainties. Unless one is to dismiss as purely speculative the 1960 boom which carried the market to the highest level for more than a decade, it must be admitted that small investors and speculators are more enterprising than entrepreneurs. Now Delhi's democratic socialism has enough room for private initiative and enterprise, and no viable project need suffer for want of requisite finance as financial institutions are reasonably well supplied with funds to support entrepreneurial activity. Rut how can one expect a marked revival in the capital market when big business continues to use the language of crisis accusing New Delhi of ideological attitudes of hostility and mistrust towards the private sector?