Govt not to revise fiscal deficit target: Chief economic advisor

The government has announced to borrow an additional Rs52,900 crore from the market over and above Rs4.17 lakh crore estimated earlier. This has fuelled fears about missing the fiscal target for the current fiscal which is set at 4.6% of the GDP

Mumbai: The government is not planning to revise the fiscal deficit target notwithstanding the additional borrowing plans in the second half of the fiscal, chief economic advisor to the finance minister, Kaushik Basu, said on Tuesday.

“There is no thinking of revising the target of 4.6% (fiscal deficit target), but we are aware that it is a target that is not easy (to meet),” Mr Basu told reporters on the sidelines of a banking summit here.

He also said the country has to go a little slow on the fiscal consolidation process as there is a recessionary tendency in the world.

“There is a recessionary tendency in the world. If you too quickly pull back demand, you may aggravate the recessionary situation. We also have to be mindful of this as our industrial growth in the last couple of months has not been very good,” Mr Basu pointed out.

The government has announced to borrow an additional Rs52,900 crore from the market over and above Rs4.17 lakh crore estimated earlier. This has fuelled fears about missing the fiscal target for the current fiscal which is set at 4.6% of the gross domestic product (GDP).

Moreover, the government is far from achieving the disinvestment target of Rs40,000 crore this year.

“There is a disinvestment programme that we still have plans to go after. Hope, we will keep the fiscal situation (in terms of fiscal deficit, revenue deficit and government deficit) in control,” Mr Basu said.

Referring to inflation, he said that both the government and the Reserve Bank of India’s (RBI) efforts are moving in one direction to contain high prices.

“Questions can be raised on whether the RBI is moving faster than the ministry in curbing inflation. The fact is, both are moving in the same direction,” he said.

Supporting the non-intervention policy of the central bank with respect to the falling rupee, Mr Basu said the depreciation is mainly due to higher inflation along with the ongoing crisis in Eurozone area.

“The rupee fall does put pressure on us. There are two forces working behind it. One is that we have inflation that is above that of the US for two years. So there is some loss of value in the exchange rate. The second side is that every time there is turbulence in Europe, money seems to flow into the US treasury,” Mr Basu said, adding the ongoing debt crisis in Eurozone area remains a matter of great concern for the domestic economy.

Supporting the rollback of subsidy on petroleum products, he said this will help in containing inflation.


HDFC Bank pips SBI to become most valued lender

With a 0.23% gain in its share price, HDFC Bank attained a market capitalisation of Rs1,10,288 crore, which was over Rs400 crore than that of SBI, according to BSE data. On the other hand, SBI’s shares fell by 1.32% commanding a market cap of Rs1,09,848 crore at close of trade on Tuesday

Mumbai: HDFC Bank on Tuesday surpassed State Bank of India (SBI) to become the country’s most valued lender with a market capitalisation of Rs1.1 lakh crore, reports PTI.

With a 0.23% gain in its share price, HDFC Bank attained a market capitalisation (market cap) of Rs1,10,288 crore, which was over Rs400 crore than that of SBI, according to the data available with the Bombay Stock Exchange (BSE).

SBI’s shares fell by 1.32% commanding a market cap of Rs1,09,848 crore at close on the BSE.

Further, ICICI Bank became the country’s third largest private sector with a market capitalisation of Rs91,132 crore at the end of the trading session.

A company’s market capitalisation is determined by multiplying its share price with total number of shares.

HDFC Bank scored the ninth spot in terms overall market cap, SBI Bank bagged the 10th position and ICICI Bank managed 13th place.

Overall, Reliance Industries is the country’s most valued firm with a market cap of Rs2,82,495.43 crore, followed by oil and gas major ONGC with a market cap of Rs2,21,415.82 crore.

At the third place is TCS with a market cap of Rs2,19,783.77 crore, Coal India (Rs2,00,607.59 crore) stood at fourth spot and ITC (Rs1,63,681.70 crore) was fifth.


Wellness versus illness

 The ghost of Adverse Drug Reactions staring at our face as the biggest cause of death in modern medicine, could be avoided if we follow the holistic management of illnesses to bring man back to his/her state of wellness

“The secret of getting things done is to act!”— Dante Alighieri 

Wellness is the overall well being of human beings. Illness is a state where one does not feel well. While quantum physics has opened a new vista in the field of human physiology of wholeness in place of our reductionist, mechanistic, biochemistry based human physiology, the world has now come to realise that the conventional definition of health by the World Health Organisation (WHO) needs change. In this context the IOM, the audit body of US medical establishment, in their February 2010 meeting, had accepted the new definition of Whole Person Healing (WPH) as the future illness care system.

Wellness (conventionally called health) is now defined as “enthusiasm to work and enthusiasm to be compassionate.” Interestingly, this fits in with the time honoured definition of health in Indian Ayurveda, the mother of all medical wisdoms in the world, almost from the time of the Vedas; the latter being timeless. We have now come one full circle in the so called scientific medicine with a down to earth do-able definition of health while the WHO definition of health as a state of physical, psychological, spiritual, emotional, social etc wellbeing, according to Richard Smith, the former editor of the British Medical Journal, is attainable only under two circumstances—after death and during the height of orgasm, which lasts only for a few seconds, anyway!

The man who led the movement for WPH was late Professor Rustum Roy, one of the greatest scientists the world ever had. He was one of the founder members of the IOM. “Over forty? It is time to fix a date for mammogram and the cost has come down for this holiday season from Rs3,950 to just Rs1,750,” reads the prominent headline advertisement in The New Indian Express dated 9 October 2011 in Chennai.  This kind of disease mongering efforts is at the root of all our problems in medicine. They are based on the wrong science of reductionism. Cancer is not a disease in the true sense. Cancer cells are a bunch of “jobless, directionless, wandering, rogue cells” which remain in the human system for years before they show up as clinical cancer only when their numbers have swollen to many millions. Therefore, the so called early diagnosis of cancer and cancer screening in the apparently healthy populations are only myths, although they make good business sense for the cancer industry.

While I have been writing about this for years, the US government has issued a circular that screening for prostate cancer using PSA test is unscientific and unreliable. Mammogram is not far from that truth. In fact, in many places routine mammograms have been given up as mammograms themselves could help generate cancers to grow faster from those wandering cells which otherwise would have died a natural death before they become clinical cancers. Cancer research is an area where the “so called” cancer researchers can tap from a bottom less pocket of the research funds. The research has gone too far from reality into vivisectionist research from reductionism.

This year’s Nobel Prize is an example of that last statement. The three people that succeeded in finding out the small receptor on human immune cells have got the prize. That receptor or its ligand (for making a drug) will not solve any problem. The immune system works as a whole and in association with the other systems of the human being. This has been proven time and again but we do not seem to learn our lessons from our own mistakes. Our cloning efforts, our genetic engineering efforts, our stem cell (exogenous) research have all come to naught. In fact, we conveniently forget the efforts of those researchers who have shown us the right path for stem cells research.

Way back in the early 1950s Professor Robert Becker of the New York University Medical School, a great brain in orthopaedic surgery, had shown how the body cells, wherever they are, under stress and urgent need, could transform themselves into pluripotent stem cells. That is really the body's own efforts to produce endogenous stem cells. He demonstrated that the red blood cells at a fracture site under the periosteum of the broken bone could slowly change into nucleated cells and then put out pseudopodia to become real powerful pluripotent endogenous stem cells which know what to do to heal the bone.

Whereas the stem cells produced by us in the laboratory from any source, when introduced into the human body, need the help of the environment to do what we intend them to do, endogenous stem cells are born with the message to do what is needed. The internal environment for the exogenous stem cells includes not just the body as we see it but the mind. In fact, human body is the human mind seen as a solid body according to quantum physics! The exogenous stem cells could even harm the human system as happened with the first attempts to treat childhood cancers with this method. The original cancer died but a new cancer cropped up! Dolly, the first cloned animal died prematurely as she was as old as her mother (from whom the original cell was used for cloning) and suffered from old age diseases like cancer and joint damage even in infancy! Eric Drexler’s efforts to produce self replicating nanobots which do not require father and mother died a premature death before it took off. Mr Drexler made billions from his company share holders when he claimed that human beings could be made in the laboratory!  Venture capitalists poured millions into his kitty without any returns at the end of the day. 

AIDS research in another example. While the protean causes of that syndrome are still very vague, researchers make hay when the research funds pour into the area in plenty. They are still going after that poor virus, the HIV, whose original sin was that it was discovered in the bone marrow of that first young homosexual in San Francisco who died of the syndrome in 1981. In retrospect, we now know that any germ could be found in such patients as their immune guard is very weak. The original paper of this association between HIV and AIDS in the prestigious journal Science was only a case history. Based on that case report the author, Luc Montaigner, got his Nobel Prize recently.

Time has come to think afresh in this area of repetitive research in preference to that of holistic refutative research. When we once understand wellness and the real definition of health, we would quickly realise that all illness management has to be holistic where the body, mind and environment of the patient are taken into consideration. The era of disease and diagnosis will replace the era of understanding the suffering human being (the patient) in trying to make him whole again. That is called healing. Research must be true “outcomes” research and not research to better surrogate end points as we do now. One example will be in order here. All the studies of cholesterol-lowering efforts with reductionist chemicals starting with the original choestyramine to the present statins have only shown the effect of their lowering the blood report of cholesterol levels while they all showed higher death rates in the treated group at the end of the day. Death is the real outcome while lowered blood report is a surrogate end point. The story seems to be similar with our efforts to lower many of the fluctuating biological levels which we have been labelling as “diseases”.

Chemical reductionist molecular therapeutics will have to give place to energy therapeutics as the human body is a bundle of jumping leptons and correction of such errors will have to use energy scientifically. Many proven methods of energy treatment have been in vogue for eons even in many alternate systems. One more reason why energy methods are better is the speed with which one gets results with energy healing methods. Whereas chemical message transmission happens at a rate of one centimetre per second, energy healing transmission happens at a rate of 1,86,000 miles per second!  Most, if not all, reductionist chemical molecules are alien to the human system and they are rejected by the liver in the first place. (The first pass effect that we teach medical students in pharmacology means that the body is trying to destroy as much of the drug as possible) .

The ghost of Adverse Drug Reactions, (ADRs) staring at our face as the biggest cause of death in modern medicine, could be avoided if we follow the holistic management of illnesses to bring man back to his/her state of wellness as defined above. Long live mankind on this planet in good health and happiness. Medical profession is always needed as the doctor is not just a drug vendor but a real friend, philosopher and guide in illness. In addition, science has now shown that all the drugs or surgical methods that we use work mainly because of the faith the patient has in the doctor, the so called placebo effect, also called the expectation effect (EE).  A good doctor, humane and human, full of empathy, will be God to patients at all times. Basically, a good doctor should be a good human being.

“If you want others to be happy, practice compassion. If you want to be happy, practice compassion" — The Dalai Lama.

  1. (Professor Dr BM Hegde was awarded a Padma Bhushan in 2010. Prof Dr Hegde has a string of degrees to his credit like MD, PhD, FRCP (Lond, Edin, Glasg, & Dublin), FACC and FAMS. He is also Editor-in-Chief of the Journal of the Science of Healing Outcomes, Chairman of the State Health Society's Expert Committee, Govt of Bihar, Patna. He is former Vice Chancellor of Manipal University at Mangalore and former professor for Cardiology of the Middlesex Hospital Medical School, University of London. Prof Dr Hegde can be contacted at [email protected]



Dr Tom Potisk

6 years ago

Thank you doc for bringing some sanity to this issue of wellness vs illness. I've been teaching and writing for years that not all symptoms are bad. Sometimes feeling lousy is a sign that your body is healthy and doing exactly what it needs to do to right itself. Fever is a perfect example of that. Until the public, politicians and the self proclaimed leaders in health care accept that concept of whole health healing, we are doomed.

Narendra Doshi

6 years ago

I now know better how much ill I am and how to seek my wellness.
Very true and inspiring.
Always be on the lookout for such doctors.


6 years ago

Yawn! after reading this article I have taken ill. Bye bye Wellness.

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