Moneylife Events
“Get more active, get more engaged,” say Rajeev Chandrasekhar and Jay Panda in Moneylife Foundation’s 7th Anniversary programme

On 4 February 2017, Moneylife Foundation's 7th Anniversary celebration in Mumbai brought together two distinguished Members of Parliament (MPs), Baijayant 'Jay' Panda and Rajeev Chandrasekhar, who are trying to make a difference to India and the way we are governed. “Inspired”, “charged-up” and “rejuvenated” were some of the comments from a 600 plus audience who heard them at the historic convention hall of the newly-listed Bombay Stock Exchange (BSE) on Saturday afternoon. Mr T S Krishnamurthy, former Chief Election Commissioner and Moneylife Foundation trustee presided over the event.

 

Mr Baijant ‘Jay’ Panda, a rare MP, who has been returning a part of his salary proportional to the time wasted in the Parliament sessions, said India needs three kinds of reforms: electoral, parliamentary and judicial.

 

For electoral reforms, the Election Commission needs to be given power to assess and penalise political parties for fudging. At the same time, politician needs to be incentivised for using legitimate funds," he said. "Idealism is good but it must be tempered with pragmatism”, in our system, “the money has got pushed under the cupboard”, he said."I don't have a problem with the amount of money we spend, I have a problem with the legitimacy and transparency of the expenditure."

 

He went on to argue for state funding of elections and described the US model, where the extent of state funding depends on the amount that a candidate can raise from small denomination contributors. He said, the state contribution ought to be in proportion to funds raised transparently by a candidate. But while those who get large institutional or corporate supporters would get only an equal sum of money, those who raise small denomination contributions from a larger number of people, ought to receive a multiple of the money raised. This would act as a balancing factor and give an equal opportunity for citizen candidates. He attributed former US president Barak Obama’s victory to such $10 and $20 contributions.

A strong believer in the concept of universal basic income (UBI), Mr Panda said it should replace its current social welfare programs including MNREGA, which  are "grossly inefficient, corruption-ridden, misdirected towards the better-off, and thus unable to achieve stated objectives". He also said that leakages continued to be high, while the UBI, which is gaining acceptance globally, will put a small amount of money in people’s pocket.

 

Mr Panda, shocked the well-informed Moneylife audience when he said, “India may be a democracy but unlike other democracies, the government of the day can refuse to implement even an Act that has been passed by the parliament”.

 

 

We do not make it obligatory for a government to implement a law, even after it has the President’s assent. He has introduced a private member bill to make it mandatory for the government to implement laws passed by parliament within 90 days. He argued about the need for urgent reform in banking, agriculture, labour laws as well as judicial and administrative reforms in order to become a full-fledged middle-income country.

 

A strong votary of good governance, Mr Rajeev Chandrasekhar, a Rajya Sabha MP from Karnataka, has been vocal and articulate about the issues of reforms, governance and economy inside Parliament and in various public forums. Mr Chandrashekar talked of the need to educate people about governance – he called it Governance Literacy like financial literacy.

 

Mr Chandrasekhar said, “India has claimed to spend a lot of money on e-governance but that does nothing for the citizens. Government ministries act independently, with their own set of data without taking a common view. All ministries operate on different basis. There is a need to engage with government sensibly.”

 

Mr Rajeev Chandrasekhar, an Independent MP in Rajya Sabha, entrepreneur and passionate advocate of civil society issues and the defence forces, says, "We cannot transform unless there is a significant investment in rebuilding our institutions. Regulatory institutions were created for being independent from the government. But over the past two decades, it has essentially become a parking spot for retired bureaucrats.”

 

Mr Chandrashekar was extremely critical about the damage wrought by discretionary powers employeed by governemnt agencies and bureaucrates.   “Government discretion is used to make some people rich and some poor. A country like ours needs to have high quality institutions. A capture of these institutions is used to make some people rich and some poor," he said.  He was disturbed at the functioning of self-regulatory bodies, which had become sinecures for retired bureaucrats.

 

Both the MPs agreed on seeking more engagement from people with their representatives. Voting is the most important, while people should also increase engagement with their local representatives, they said.

 

Earlier, Ashish Chauhan, Managing Director and Chief Executive of BSE, while welcoming both the MPs, said, "India needs more investment for the long-term and not for speculation". Incidentally, Moneylife Foundation's Seventh Anniversary function was the first public event for the publically listed BSE to be held in the famous Rotunda Hall (now re-named as International Convention Centre), where stock trading by the open outcry method, used to take place during old days.

 

During the programme, Moneylife Foundation handed over copies of three memorandums, it prepared on corporate fixed deposits, amendments to the Maharashtra Protection of Interest of Depositors (MPID) Act and to the Reserve Bank of India, demanding fairer rules on how our credit information is collated and used.

 

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COMMENTS

Shriram Singh

3 months ago

We need more such leaders leading the change in India to make it "Sone Ki Chidiya" again..more leaders coMing from Rural areas and who have seen the problems faced by our society but have made big in Business or professions should enter into politics

Ajit Duge

3 months ago

Suchetaji unfortunately I missed the meet.. Any way you can help ?? Thanks

REPLY

Shirish Sadanand Shanbhag

In Reply to Ajit Duge 3 months ago

All programmes of Moneylife Foundation are available on U Tube, within 5 to 6 days of the programme.
There you can view the entire programme comfortably at your convenience.

Aditya G

3 months ago

I enjoyed the event -- from Mr Panda's delivery to Mr Chandrashekar's sartorial wear. It was a well-organised event from start to finish. Kudos to the ML staff!

It's tough to change a system that has been entrenched (and abused) since independence. However, I'm optimistic that the Government is doing something to make this country function better. People like Mr Pandya and Mr Chandrashekar gives me hope.

I don't get it, though, why those in parliament who fail to obey its rules of conduct aren't booted out? I imagine a booklet containing the Code of Conduct and an exhaustive list of rules to be adhered is given to and signed by every elected person in the lower and upper houses. Did I miss something?

I look forward to many more such events!

vswami

3 months ago

"India needs more investment for the long-term and not for speculation"
Such a suggestion , idealistic to the core, has come, to one's great surprise, from no less a person than the present chief of 'BSE' - an institution exclusively for trading in 'stocks', wherein the momentum /frequency of activity is being reckoned as fast as /no slower than the clock goes ticking during the business hours. May be, that was an out-of-box suggestion offered in his personal , not official , capacity. Even so, what, as honestly perceived, ought not to be forgotten is that, the need of 'India' may be so, but the personal need or aspiration of the investing -activists transacting through BSE could not honestly be expected to be any different - other than 'speculation' in its true sense !
Not to worry if the purport is not clear / understood !!

Bapoo Malcolm

3 months ago

At the end of the day, we ask ourselves, this: Two maverick stalwarts want us to think out of the box. But there are 500 out there who want to put us into it. In each one's own little way, we need to fight them. If we think, we will find a way. As we often have. The power of one is the highest power of all.

Deepak Mahulkar

3 months ago

I have been a member of Moneylife since 2010 and also attending anniversary programmes regularly since last three years. Kudos to Moneylife for selecting out of box speakers on all the occasions. Sh. J Panda was par excellence. In fact, he had lot to tell and time was short. Can we have name of site which he mentioned where he regularly posts his views? Mumbaikars are fortunate to hear such rejuvenated speeches which other parliamentarians and TV listeners miss due to continuous ruckus created in both the houses. Hope to listen to them more often on the platform of Moneylife.

DINESH KOTECHA

3 months ago

knowledge and insight of the problems facing India's economic growth were superbly highlighted/explained by/in the talk by the two veteran speakers. We need more and more such scholars for injecting thoughts of development of India. Thanks Moneylife for such programme. keep it going and going repeatedly and strongly..

Rushikesh dhebar

3 months ago

I personally appear in 7 the anniversary programme from RAJKOT to witness and I enjoyed lot with both MP . THANKS AND REGARDS

REPLY

Sucheta Dalal

In Reply to Rushikesh dhebar 3 months ago

thank you so much! we value the support!

Shirish Sadanand Shanbhag

In Reply to Rushikesh dhebar 3 months ago

Thank you, sir, for your keen interest in the work of Moneylife Foundation.
Kindly avail Moneylife Foundation's legal literacy programme by Email. send your query to its Legal Resource Centre (lrc) by Email on its Email ID : lrc.moneylife.in
You will get an expert's advise by Email.

G R Chari

3 months ago

I appreciate the yeoman service Moneylife is doing to spread financial litracy in India. It would be most heart warming if the video recording of the entire session is relayed for the benefit of outstation readers like me who could not attend the session .

REPLY

Sucheta Dalal

In Reply to G R Chari 3 months ago

Thank you Mr Chari. We will indeed put up all the videos in a couple of days. They will be available under Events at http://foundation.moneylife.in

Anil Chiplunkar

3 months ago

It was a wonderful program and the eminent speakers have really provided the 'food for thought'. Al-though overall the program went very well, I personally believe the speakers have addressed 'the first half of the theme and the second half was not really touched upon' - what I mean by this is that the speakers were able to put across ideas / thoughts around 'Transform India' but the 'Thinking out-of-box' was not really visible. Also I felt that if the ideas shared could provide 'some ideas about how a common man can contribute to the transform India' then it would have been more appealing.
I must say MoneyLife is doing a great job on various front and I love to be associated with the foundations. Sometime in near future I would also be looking forward towards more opportunities of interactions and possibly if I get a chance to share / utilize my knowledge, skills I gained in the field of 'Information Security', 'Cyber Fraud Management', 'Business Continuity'.

REPLY

Sucheta Dalal

In Reply to Anil Chiplunkar 3 months ago

Mr Chiplunkar We would be delighted to meet and interact with you! Thank you for your kind words!

Shirish Sadanand Shanbhag

3 months ago

Moneylife Foundation's 7th-anniversary programme's both the speakers have enlightened the audience with their in-depth knowledge on the subject.

REPLY

Sucheta Dalal

In Reply to Shirish Sadanand Shanbhag 3 months ago

Thank you Mr Shanbagh. You missed our introduction of your work at Moneylife Foundation since you were late. Thank you for your support and guidance

Demonetisation may delay Indian banks asset-quality recovery, says Fitch Ratings
Demonetisation is likely to push back the recovery in Indian banks' asset quality, given the disruptive impact that cash shortages have had on the country's large informal economy, Fitch Ratings says in a research note. Cash shortages caused by the demonetisation of large-denomination currency notes have affected the income of many borrowers - by holding back economic activity - and reduced their short-term repayment abilities. The Reserve Bank of India has allowed forbearance on some loans to the agricultural sector and small businesses, but these have accounted for a relatively small share of outstanding lending.
 
The impact of demonetisation on asset quality is likely to only start showing up significantly in data for the January-March quarter. However, most state banks have already indicated publicly that loan recovery has been affected, point out Fitch analysts.
 
Demonetisation has also weighed on loan growth, at least in the short term. Loan demand has weakened in the uncertain economic environment and banks have had to focus on cash management instead of normal lending activities. Mortgage lending is likely to be affected, with home sales down by 44% year-on-year last quarter. Loan growth slowed to 4.8% in November 2016, from 6.7% in October 2016. Fitch analysts feel that  it is likely that loan growth will be below its previous forecast of 10% in FY17 and may even slow from the 8.8% recorded in FY16.
 
Finally, Fitch analysts forecast that there is scope for further lending rate cuts, but much will depend on the proportion of new deposits that remains in the banking system. Tight restrictions on cash withdrawals were imposed at the start of demonetisation and have so far been relaxed only slightly. The lasting impact on bank deposits - and lending rates - will become clear only after withdrawal limits are lifted.

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Nifty, Sensex reaching overbought zone – Weekly closing report
Last week, we had asked whether bulls are taking charge. The major indices in the Indian stock markets were on a bullish trend in the budget week as a favourable reaction to the Finance Minister’s policies. The trends of the major indices in the course of the week’s trading are given in the table below:
 
 
Hopes of budgetary sops and a strong rupee buoyed the Indian equities markets during the mid-afternoon trade session on Monday. The key indices traded on a flat-to-positive note on Monday, as buying were witnessed in the telecom, healthcare and Teck (technology, media and entertainment) stocks. The BSE market breadth was marginally tilted in favour of the bears -- with 1,349 declines and 1,220 advances. The markets traded in the range-bound territory ahead of the Union Budget on February 1, pointed out market analysts. Markets were expecting weak numbers from the corporates following demonetisation. However, the numbers were better-than-expected. This might be the reason for the upward trend in the Indian rupee, observed market analysts. However, the major indices slipped in the later afternoon and the key indices closed in the red for the day. On the NSE, there were 659 advances, 972 declines and 293 unchanged on Monday.
 
Housing finance major Housing Development Finance Corporation (HDFC) on Monday reported a rise of 11.88% in its standalone net profit for the third quarter (Q3) of 2016-17. According to the company, its standalone net profit grew to Rs1,701.21 crore during the quarter under review from Rs1,520.51 crore reported for the like period of last fiscal. The company's standalone total income from operations (net) rose by 11.95% to Rs8,137.18 crore during the quarter under review. The company’s shares closed at Rs1,368.90, down  0.13% on the BSE.
 
The major indices of the Indian stock markets suffered a correction on Tuesday and closed 0.70%-0.83% lower than Monday’s close. NSE trading volumes were on the higher side on Tuesday. On the NSE, on Tuesday, there were 384 advances, 1,243 declines and 283 unchanged. On the BSE, there were 828 advances, 1,897 declines, 220 unchanged. Caution ahead of the presentation of the Union Budget and negative global cues pulled the Indian equities markets lower on Tuesday. Selling pressure was witnessed in stocks of IT (information technology), oil and gas, and healthcare stocks.
 
Indian IT (information technology) stocks tumbled during the mid-afternoon trade session on Tuesday as the US government introduced a proposed visa reform bill in the US House of Representatives. The bill spooked investors, as it seeks to double the minimum wages offered by IT firms in the US. The bill proposes to raise the minimum salary of an H-1B visa holder to around $130,000 per annum from the present limit of $60,000 per year.  The S&P BSE IT index plunged by 302.71 points or 3.06% (at 2.15 p.m.). IT majors such as Tata Consultancy Services (TCS), Infosys, HCL Technologies, Wipro and Tech Mahindra traded deep in the red. Every 10% hike in H-1B salaries can hurt earnings by nearly 10%-12% of IT companies, pointed out market analysts.
 
Dabur India Ltd. posted a drop of 7.5% in net profit for the October-December quarter. Net profit fell to Rs293.76 crore from Rs317.58 crore during the same quarter last year, the company said in a stock exchange filing. Revenue declined by 6% in the quarter, to Rs1,852.91 crore, compared to Rs1,972.03 crore on a year-on-year basis. Currency fluctuations and rising costs of key inputs led to a decline in revenue. Earnings before interest, tax, depreciation and amortisation (EBITDA) were down 11.6% to Rs333.88 crore, compared to Rs377.81 crore during the third quarter of FY16. EBITDA margin dropped to 18% as against 19.2% last year. The company’s shares closed at Rs276.00, down 1.39% on the NSE.
 
The major indices of the Indian stock markets surged on Wednesday on a positive Budget 2017 and closed with gains of over 1.75% over Tuesday’s close. NSE trading volumes were on the higher side, making it clear that the budget rally was broad-based. Positive budgetary announcements, coupled with a strong rupee lifted the Indian equities markets during the mid-afternoon trade session on Wednesday. On the BSE, there were 1,931 advances, 898 declines and 103 unchanged. On the NSE, there were 1,029 advances, 359 declines and 57 unchanged.
 
Automobile major Maruti Suzuki India on Wednesday reported a surge of 27.10% in its monthly sales for last month. According to the company, its sales during the month under review rose to 144,396 units from 113,606 units sold during the corresponding month last year. For January, the company's domestic sale was up 25.9% to 133,934 units from 106,383 units. Similarly, exports surged by 44.8% with 10,462 units shipped out, up from 7,223 units sold abroad in January 2016. Segment-wise, sales of passenger cars rose by 25.7% to 133,768 units against 106,383 units. The sales of utility vehicles have increased by a whopping 101% to 16,313 units. The off-take in the van segment has increased by 34.9% to 14,179 units. Maruti Suzuki shares closed at Rs6,179.20, up 5.10% on the NSE. The major indices of the Indian stock markets continued their upmove on Thursday and closed with small gains of 0.20%-0.30% over Wednesday’s close.
 
Short covering, coupled with a marginally strong rupee and hopes of positive quarterly corporate earnings buoyed the Indian equities markets during the mid-afternoon trade session on Thursday. However, investors were cautious ahead of the Reserve Bank of India's (RBI) monetary policy slated for next week, and the Bank of England's (BoE) interest rate decision later in the day.  The key indices traded in the green on a flat-to-positive note. Buying was witnessed in consumer durables, healthcare and IT (information technology) stocks. The BSE market breadth was tilted in favour of the bulls -- with 1,509 advances and 1,138 declines. The Nifty mid-cap and small-cap indices traded in the positive territory, while the large-cap index traded on a lacklustre note. Asian indices traded in the negative territory and the Indian rupee continued to trade positive marginally, as favourable factors for the bulls in the market. On the NSE, there were 800 advances, 628 declines and 55 unchanged.
 
Profit booking at higher levels coupled with negative global cues pulled the Indian equities markets lower during the mid-afternoon trade session on Friday. Besides, investors were cautious ahead of the Reserve Bank of India's (RBI) monetary policy review slated for next week. However, the overall bullish trend in the post-budget period was sufficient for the major indices not to lose their gains and the major indices ended flat at the close of trading on Friday.
 

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