Career
Gurumoorthy Mahalingam is the new Whole Time Member of SEBI
Reserve Bank of India (RBI)'s Executive Director Gurumoorthy Mahalingam is appointed as Whole Time Member (WTM) of market regulator Securities and Exchange Board of India (SEBI), replacing Prashant Saran, who retired in June. 
 
In a gazette notification, the Financial Market Division in the Ministry of Finance, says, Mahalingam is being appointed as WTM of SEBI from the date of his assuming charge for next five years or till he attains the age of 65 years. SEBI can have three WTMs besides a Chairman. At present Rajeev Kumar Agarwal and S Raman are two other WTMs. SEBI Chief UK Sinha is scheduled to retire next while the term of one WTM will end this year. 
 
Mahalingam is former regional director of RBI. He has also been associated with the National Institute of Securities Markets (NISM), an educational initiative of SEBI, as part of its visiting faculty. He has been associated with RBI for last 30 years in various roles as inspecting officer, chief forex dealer, chief investment dealer, and head of internal debt management department.
 
An MSc in Statistics and Operations Research from IIT Kanpur and an MBA in International Banking and Finance from Birmingham Business School, Mahalingam, at present is involved in monitoring and surveillance of money, forex, government securities and derivative markets intervention operations, besides conduct of liquidity operations, forex intervention operations and open market operations at RBI.

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Eraser: Delete Files Correctly
When you wish to retire your old computer, you will do well to delete all files on your hard disk, before giving it away or selling it. However, you should be aware that deletion of files, or even formatting the hard disk, does not remove the data completely from the hard disk. What happens is that the system just removes any reference to the file and the file lies intact on your hard disk, until overwritten by some new file.
 
This is where Eraser comes in. Eraser is an advanced security tool for Windows which allows you to completely remove sensitive data from your hard drive by overwriting it several times with carefully selected patterns. This leaves no chance for the data to remain on your hard disk and avoids possible misuse. Eraser is a free tool and can be used on Windows XP, Windows 7, 8, 10 and several other platforms, including servers. So before you chuck out your old machine, remember to delete ALL your data effectively.

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Why boycott calls against China -- India's largest trade partner -- will fail
Indian politicians are currently leading a campaign to boycott Chinese goods. But an IndiaSpend analysis shows why this will fail: China is India's largest trade partner, a sixth of India's imports are Chinese, up from a 10th in 2011-12, while India's exports to its rival have halved over the same period.
 
Imports from China grew at 20% over two years and 5% over five years, to $61 billion. These goods range from power plants and set-top boxes to Ganesh idols. This is despite the fact that India's imports have generally fallen over the last five years -- from $490 billion (Rs 23 lakh crore) to $380 billion (Rs 25 lakh crore) --because of a fall in global oil prices.
 
India's exports to China have fallen from $18 billion (Rs 86,000 crore) in 2011-12 to $9 billion (Rs58,000 crore) in 2015-16. Apart from cotton, copper, petroleum and industrial machinery, India does not export much to China. This means that India buys six times the merchandise it sells to China.
 
Cellphones, laptops, solar cells, fertilisers, keyboards, displays and communication equipment -- including earphones -- these are India's chief imports from China, according to our analysis of Ministry of Commerce data.
 
Other major imports from China include tuberculosis and leprosy drugs, antibiotics, children's toys, industrial springs, ball bearings, LCD and LED displays, routers, TV remote controllers and set top boxes.
 
Despite this, political leaders, including Sharad Yadav of Janata Dal (United) from Bihar, Himanta Biswa Sarma, the newly-inducted Finance Minister of Assam, and Anil Vij, Health Minister of Haryana, are appealing for a boycott of "Made in China" goods.
 
Yadav, for instance, recently said: "Balance of trade between our country and China has become imbalanced which will be very harmful and dangerous for our domestic industry."
 
"People should not buy Chinese goods. Instead, Indian goods should be used. Trade with China is affecting our country. China is not our friend nation. China can buy weapons with whatever money it earns. There is a possibility that the weapons are given to enemy countries… We should focus on Make in India," Vij was quoted as saying by the Indian Express.
 
China was referred to as the "world's manufacturing powerhouse" by former Reserve Bank of India Governor Raghuram Rajan and Chief Economic Advisor Arvind Subramanian in a February 2006 research paper. India, however, "failed to match its neighbour in this process", asserted the paper, published by the US-based National Bureau of Economic Research.
 
Stagnating indices for the manufacturing sector show that India is still struggling to compete with China. Despite a record foreign direct investment of $55 billion in 2015-16, private investment in manufacturing is still sluggish.
 
IndiaSpend visited Manish market, the hub of imported Chinese goods in Mumbai's heart. Chinese products here are cheaper, available in bulk, neatly packaged and easy to buy.
 
"If the 50 different types of LED lamps that I sell were available from say, Surat, at a cheaper rate and at my doorstep, why would I go for Chinese lamps?" asked a lamp distributor and retailer, requesting anonymity. "If I had to buy these in India, this collection would cost me double."
 
China moved forward with rapid market reforms from the 1980s, propelled by the establishment of special economic zones. Land and labour reforms helped it ramp up its production capacity. The result is that India's iron, steel and fertiliser production is a 10th of China's.
 
China's export story is also driven by ease of market access. Take the example of Sumant Kasliwal, who runs an apparel e-commerce start-up in Mumbai. After two years of shopping for merchandise in India, he switched to China two years ago. His sales have tripled since.
 
Customers rarely have to waste time in China searching for markets and products, said Kasliwal. It took him less than a week to buy a three-month consignment that ranged from jewelry to fabric.
 
"Even small market-towns like Yiwu -- comparable to Varanasi in terms of population -- have a one-stop, dedicated market for all consumer durables, from fashion to home accessories, with cost and quality options," he said. "In India, it would take us weeks."
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

Gupta

2 months ago

Intent is good and is there with several consumers too, but how do you identify "made in china" diyas or bulbs or diwali lights or crackers? Most don't have labels and given the unethical mentality of we Indians, we would happily ask the Chinese to sell us goods with the "made in India" tag while the goods may still be made in China or Indian manufacturers will happily import from China and repackage them on an indian brand name to capitalize on this "sentiment". Moreover, there are many goods like mobile phones which are now only made in China (with sole exception of Samsung phones). Can you really boycott chinese product, if the Apple, Blackberry, Nokia, Xiaomi, Huawei, Micromax, Lava, Intex, etc. are all Made in China...some are now assembled in India due to tax reasons, but they are only "assembled" in India after being fully "manufactured" in China. Most of Indian imports from China are products on which they now have a global monopoly - mobiles, TVs, electrical goods, toys, even pharmaceutical raw materials/chemicals. What is the choice?

Gupta

2 months ago

Intent is good and is there with several consumers too, but how do you identify "made in china" diyas or bulbs or diwali lights or crackers? Most don't have labels and given the unethical mentality of we Indians, we would happily ask the Chinese to sell us goods with the "made in India" tag while the goods may still be made in China or Indian manufacturers will happily import from China and repackage them on an indian brand name to capitalize on this "sentiment". Moreover, there are many goods like mobile phones which are now only made in China (with sole exception of Samsung phones). Can you really boycott chinese product, if the Apple, Blackberry, Nokia, Xiaomi, Huawei, Micromax, Lava, Intex, etc. are all Made in China...some are now assembled in India due to tax reasons, but they are only "assembled" in India after being fully "manufactured" in China. Most of Indian imports from China are products on which they now have a global monopoly - mobiles, TVs, electrical goods, toys, even pharmaceutical raw materials/chemicals. What is the choice?

Anand Vaidya

2 months ago

I don't agree with this article. Ignore the politicians. This time, it is citizens of our country who actually pay for their goods who are calling for a Chinese boycott, co-ordinated over social media. Why should we buy Ganesh idols, toys, plastic items, footwear etc which are sourced from China? Can't we buy locally made goods? I will and I do avoid chinese made, chinese brand.
Apparently imports of certain chinese goods are down by 20% . Did you know?

svgopal

2 months ago

Begin stop imports with Fertilizers, drugs, toys and other non essentials etc. Municipal Corporations can tie up with Fertilizer plants and other Waster recycling companies to manufacture Bio compost and supply to villages.

Simple Indian

2 months ago

While I agree with the writer that India can't stop / ban imports from China as yet, the Govt of India ought to keep it in mind when it tries to push for one of its pet projects "Make in India". The very fact that most goods we buy today, or have been buying over the past few years have a "Made in China" tag, the Govt of India has been complicit in creating this situation where Indian consumers have no option but to buy these. Walk into any consumer goods store and you find every single brand, make, and model of products having a "Made in China". So, while it's nice to hear of the "Make in India" campaign of this Modi Govt, it's a fact that these very politicians have been complicit in creating this situation of extreme trade imbalance with China, where it would hurt India far more than it would China, should India stop / ban imports from China. From the very beginning, say 1947, it's our politicians who have been the biggest traitors who have opted for foreign / economic policies to the detriment of India. Corruption is so rampant from the highest office of the country to the lowest ones, that even Pakistan would find it easy to "infiltrate" its goods into India, should it want to. Shame on Indian politicians and corrupt officials who only think of lining their pockets, yet preach #MakeInIndia to common folks who have no option but to opt for imports, even if from China.

Suketu Shah

2 months ago

Dr Swamy's views on how to permanently put China on the defensive are most practical among all suggestions.

Deepak Narain

2 months ago

Why our govt not follow the policies of China? China should be taken as a role model. Many hard decisions have to be taken for initial reconstruction in all matters, political as well as economic. All goods which can be produced within the country should not be imported. Govt should provide all necessary concessions and incentives. That needs a true patriotic spirit, which is sadly lacking. Instead of working as a hand-maiden of the industrial class, businessmen, mine-owners and builders, leaders should work as the sincere makers of the nation. Western model does not suit our country. China is controlling the world and India is submitting everywhere. We must know our priorities and act sincerely.

Ralph Rau

2 months ago

The RSS claims to be the defender of the Rashtra-bhumi and Matru-bhumi.

RSS should lead a grass roots movement to boycott Chinese Goods . RSS energies would be better devoted on this that on its Hindutva campaign. Hindutva explicitly declares that Muslims and Christian citizens are not patriots and are an internal threat to India.

By sending 50 Billion Dollars to China every year, India is strengthening the hands of its arch-rival in the region. This is shocking. Modi Sarkar should stop worrying about border skirmishes with Pakistan and wake up to the reality of a new regional and global superpower on its door-step. A rival who is steadily encircling India and who we are funding to get even stronger. It defeats totally the Make In India campaign.

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