The IMF head has said that in advanced economies, unemployment is still very high and in some countries it is still rising, and the financial sector has still not been repaired
The International Monetary Fund (IMF) has said that the world is still a “dangerous place” and the recovery, though sooner than expected, is still fragile, reports PTI.
“The world is still a dangerous place and I would not like (to think) that too many people have in mind that the crisis is over, that everything is behind us, and that we can go back to business as usual,” IMF managing director Dominique Strauss-Kahn has said.
Mr Strauss-Kahn said that there are several challenges that need to be met.
“The first is that in a number of countries unemployment continues to rise and so we cannot in any way assume that the crisis is behind us. In some countries, not in all, and some advanced countries, unemployment continues to rise,” he said.
The second challenge, he said, was that the recovery, though certainly in place, is fragile within the G-7, and among the advanced countries in general.
“So long as private demand remains what it is, we know that public policy will have to remain vigilant,” he said.
Observing that the risks of future crises remain latent, he said there is also the question of public indebtedness.
“There is an economic slowdown,” the IMF chief said in response to a question.
He said that because of the stimulus, there has been more growth and that has led to less indebtedness than would otherwise have been the case.
“But that does not mean that we must not in any event continue to move toward more sustainable levels of indebtedness,” he said.
Mr Strauss-Kahn said that in advanced economies, unemployment is still very high and in some countries it is still rising, that private demand is still weak, and the financial sector is still not repaired.
“When we look at emerging countries, the main concern is about capital inflows because of the huge amount of liquidity available in the global economy, and the fact that there is some reluctance to invest in advanced economies—Europe, United States, even Japan—so huge capital is going into emerging countries, creating risks of asset price bubbles and different kinds of risks linked to this kind of capital inflows,” he said.
The infusion will enable public sector banks to expand their credit growth by about Rs1,85,000 crore
The government today approved Rs15,000 crore capital infusion in public sector banks (PSBs) in the current fiscal, a move that will increase the lending capacity of these banks by
Rs1.85 lakh crore, reports PTI.
For the year 2010-11, a sum of Rs15,000 crore is to be infused in Tier-I capital instruments of the PSBs, said an official release after the meeting of the Cabinet, presided over by prime minister Manmohan Singh.
The exact amount, the mode of capitalisation and other terms would be decided in consultation with the banks at the time of the infusion, the release said.
For the year 2011-12, it said, additional capital requirements, if any, will be worked out in consultation with the PSBs based on their third quarter results for the year 2010-11.
The statement further said that infusion of Rs15,000 crore in Tier I capital instruments of PSBs would enable them to expand their credit growth by about Rs1,85,000 crore.
This additional availability of credit is likely to benefit employment-oriented sectors, especially agriculture, micro & small enterprises and entrepreneurs that in turn would contribute substantially to the growth of the economy, the statement said.
The capital infusion would enhance the lending capacity of PSBs that are expected to continue meeting credit requirements of the economy in order to maintain and accelerate economic growth.
The ads look pretty jaded and ancient because the use of emotion has been seriously done to death, particularly in the mobile phones category
Samsung Guru has decided to go emotional in its new TV campaign. 'Dil to jeb mein rakha hai', is their bleeding heart punchline. The idea is this: Wherever you may roam (roaming costs aren’t mentioned, of course), you are just a phone call away from your entire ‘khandaan’ and lovers.
An old and dated thought, in a world where mobiles have sprouted fancy features like GPRS, MMS, GPS, Bluetooth connectivity, etc, etc? Yes, but Samsung Guru targets the lowest income bracket. It’s essentially talking to the villagers and the lower-lower urban middle class, so to speak. In that context, use of emotional stuff does make some sense. What ‘gyaan’ can you provide on a basic handset? But more on that later.
The campaign involves a series of commercials, with a continuing storyline, almost like a TV soap. (Hopefully there shan’t be any fiery ‘saas-bahu’ showdowns in this script!). The ‘mother’ commercial features the 44-year-young brand ambassador Aamir Khan as a fresh grad from a small village. (Another ‘3 Idiots’ hangover). He gets a call while dining with his large family, and announces that he’s landed up a plum job in the city. Aamir’s beloved, a local lass, is obviously heartbroken, fearing losing her love to the big bad city. But the ‘boy’ wipes tears from their eyes. By gifting each member a Samsung Guru. Cool. So now they can always stay connected with him. Especially when the migrant gets beaten by Raj Thackeray’s boys on arrival at the Kurla Terminus.
Two big problems with this campaign: One, the use of emotion has been seriously done to death, particularly in the mobile phones category. Nokia and Airtel have both been there and done that. In fact, Airtel’s effort had a far better emotional quotient. As a result, the ads look pretty jaded and ancient. So zero marks on that score. The other bigger problem is the casting of multi-billionaire Aamir Khan as a poor ‘gaonwallah’. Doesn’t work. When these actors play such roles in the movies, that’s fine, there’s a fictional story being told out there. However, the moment they start hawking wares (and that’s no fiction!), miscasting makes the ads appear incredible and foolish. They needed a fresh face for this campaign. Or at least a struggling Bollywood chappie.
The problem is that marketers these days sign up celebrities for bulk packages. And call them ‘brand ambassadors’. And having paid them all that dosh, the temptation is to use them for just about any brand in their mix. Whether the brand-fit with a low-end product works or not. Wonder what next? Salman Khan cast as a beggar when a mobile phone company launches a seriously cheap handset? Hilarious!