If you are an Indian working outside the country and investing your money in the US dollar denominated fixed deposits in Indian banks, it might be a good idea to consider investing in Australian dollar instead. According to the banking sources in India, increasing number of non-resident Indians (NRIs) have been converting their US greenback held foreign currency non-resident deposit in banks (FCNR-B) into high yielding Australian dollar. This is because compared to the US and the UK, interest rates remain high Down Under resulting in extra earning of interest from Australian dollar-denominated deposits.
In recent times, Australia has been quick to raise the interest to tame the inflation while the UK and the US - struggling to get over the economic crisis of 2008 - have been too cautious with their low interest rates of nearly zero! Europe, which too has been hit by the crisis one after the other, recently raised rates for the first time since 2008 but the deposit in Euro is not attractive given the sea-saw battle with the US dollar, uncertainties over the economies of euro zone countries such as Portugal, Ireland, Greece and Spain, now sarcastically derided as PIGS.
Indian investors holding foreign currency non-resident account are allowed to hold their deposits in any of the six currencies: Japanese yen, pound sterling, Canadian dollar, Australian dollar, Euro and American dollar. However, the investors need to watch out for possible interest rate hike in the US, UK and Europe, although experts do not believe that these hikes, if at all they take place, would be anywhere near prevailing rates in Australia.
Monday, April 18, 2011
Tuesday, March 1, 2011
India’s budget seeks FIIs and curb black money
India’s budget seeks FIIs, curb black money, corruption
India’s Finance Minister, Pranab Mukherjee who presented Union Budget 2011 on Monday, has tried his best to woo the Foreign Institutional Investors (FIIs) in the coming years. He raised FII limit in five-year corporate bonds for investment in infrastructure by $20 billion. This has been done to enhance the flow of funds to the infrastructure sector. This will raise the total limit available to the FIIs for investment in corporate bonds to $ 40 billion. As most of the infrastructure companies are organized in the form of Special Purpose Vehicles (SPVs), FIIs would also be permitted to invest in unlisted bonds with a minimum lock-in period of three years.
Mukherjee has also permitted Securities and Exchange Board of India (SEBI) registered mutual funds to accept subscriptions from foreign investors who meet the Know Your Customer (KYC) requirements for equity schemes. This would enable Indian Mutual Funds to have direct access to foreign investors and widen the class of foreign investors in Indian equity market. Currently, only those FIIs and sub-accounts registered with the SEBI and Non Resident Indians (NRIs) are allowed to invest in mutual fund schemes
The Minister has focused on making the Foreign Direct Investment (FDI) policy more user-friendly by consolidating all prior regulations and guidelines into one comprehensive document, which is reviewed every six months. “Discussions are underway to further liberalize the FDI policy”, he said.
According to Mukherjee, the Government has commissioned a study on unaccounted wealth held within and outside India to find ways to tax and repatriate illicit money. “A group of ministers has been constituted to consider measures for tackling corruption”, he said. Their task is to look into state funding of elections, speedier processing of corruption cases of public servants, transparency in public procurement and contracts, discretionary powers of Central ministers and competitive system for exploiting natural resources. The group has to make recommendations in a time bound manner.
The budget proposes a total of INR 2.5 billion to two Muslim organizations: the upcoming centers of Aligarh Muslim University at Murshidabad in West Bengal and Malappuram in Kerala; and Maulana Azad Education Foundation. The special grant is to recognize excellence in universities and academic institutions.
India’s Finance Minister, Pranab Mukherjee who presented Union Budget 2011 on Monday, has tried his best to woo the Foreign Institutional Investors (FIIs) in the coming years. He raised FII limit in five-year corporate bonds for investment in infrastructure by $20 billion. This has been done to enhance the flow of funds to the infrastructure sector. This will raise the total limit available to the FIIs for investment in corporate bonds to $ 40 billion. As most of the infrastructure companies are organized in the form of Special Purpose Vehicles (SPVs), FIIs would also be permitted to invest in unlisted bonds with a minimum lock-in period of three years.
Mukherjee has also permitted Securities and Exchange Board of India (SEBI) registered mutual funds to accept subscriptions from foreign investors who meet the Know Your Customer (KYC) requirements for equity schemes. This would enable Indian Mutual Funds to have direct access to foreign investors and widen the class of foreign investors in Indian equity market. Currently, only those FIIs and sub-accounts registered with the SEBI and Non Resident Indians (NRIs) are allowed to invest in mutual fund schemes
The Minister has focused on making the Foreign Direct Investment (FDI) policy more user-friendly by consolidating all prior regulations and guidelines into one comprehensive document, which is reviewed every six months. “Discussions are underway to further liberalize the FDI policy”, he said.
According to Mukherjee, the Government has commissioned a study on unaccounted wealth held within and outside India to find ways to tax and repatriate illicit money. “A group of ministers has been constituted to consider measures for tackling corruption”, he said. Their task is to look into state funding of elections, speedier processing of corruption cases of public servants, transparency in public procurement and contracts, discretionary powers of Central ministers and competitive system for exploiting natural resources. The group has to make recommendations in a time bound manner.
The budget proposes a total of INR 2.5 billion to two Muslim organizations: the upcoming centers of Aligarh Muslim University at Murshidabad in West Bengal and Malappuram in Kerala; and Maulana Azad Education Foundation. The special grant is to recognize excellence in universities and academic institutions.
Sunday, February 20, 2011
Jet Airways launches landmark flights to Dammam, Dubai
Jet Airways launches landmark flights to Dammam, Dubai
India’s premier international airline, Jet Airways is introducing two new daily flights to the Gulf – Dammam and Dubai - to emerge as the first private Indian airline to operate 100 daily flights to international destinations across the globe. The new Mumbai-Dammam service represents the fourth daily service from India to Saudi Arabia. The airline currently operates daily flights from Mumbai to Riyadh and Jeddah and from Thiruvananthapuram to Dammam.
Jet Airways is also launching a third daily flight between Mumbai and Dubai. The sources in the airlines claim that with three flights between these two points, business and leisure customers of Jet Airways have a wide choice of timings throughout the day. The flights are conveniently timed to connect with Jet Airways' domestic network and fast-growing network to SAARC/ASEAN points. The airline also operates daily direct flights to Dubai from Chennai, Delhi and Hyderabad, which makes the additional flight from Mumbai to Dubai the sixth daily direct service on this sector.
The flight 9W 564 will depart Mumbai at 14:00 hours reaching Dammam at 15:45 hours local time. On the return sector, flight 9W 563 will depart Dammam at 16:45 hours and reach Mumbai at 22:55 hours. Flight 9W 538 will depart Mumbai at 15:10 hours and arrive in Dubai at 16:50 hours local time. The return flight 9W 537 will depart Dubai at 1830 hours, arriving in Mumbai at 2255 hours.
The airline says that it is deploying its state-of-the-art Boeing 737-800 aircraft on these two additional routes, offering Premiere and Economy configurations. “We are confident that the additional services from Mumbai to Dubai and Dammam will prove immensely popular with our guests”, says Jet Airways CEO, Nikos Kardassis.
India’s premier international airline, Jet Airways is introducing two new daily flights to the Gulf – Dammam and Dubai - to emerge as the first private Indian airline to operate 100 daily flights to international destinations across the globe. The new Mumbai-Dammam service represents the fourth daily service from India to Saudi Arabia. The airline currently operates daily flights from Mumbai to Riyadh and Jeddah and from Thiruvananthapuram to Dammam.
Jet Airways is also launching a third daily flight between Mumbai and Dubai. The sources in the airlines claim that with three flights between these two points, business and leisure customers of Jet Airways have a wide choice of timings throughout the day. The flights are conveniently timed to connect with Jet Airways' domestic network and fast-growing network to SAARC/ASEAN points. The airline also operates daily direct flights to Dubai from Chennai, Delhi and Hyderabad, which makes the additional flight from Mumbai to Dubai the sixth daily direct service on this sector.
The flight 9W 564 will depart Mumbai at 14:00 hours reaching Dammam at 15:45 hours local time. On the return sector, flight 9W 563 will depart Dammam at 16:45 hours and reach Mumbai at 22:55 hours. Flight 9W 538 will depart Mumbai at 15:10 hours and arrive in Dubai at 16:50 hours local time. The return flight 9W 537 will depart Dubai at 1830 hours, arriving in Mumbai at 2255 hours.
The airline says that it is deploying its state-of-the-art Boeing 737-800 aircraft on these two additional routes, offering Premiere and Economy configurations. “We are confident that the additional services from Mumbai to Dubai and Dammam will prove immensely popular with our guests”, says Jet Airways CEO, Nikos Kardassis.
Thursday, February 3, 2011
Hike in NRO Term Deposits: Time to Take Advantage
Hike in NRO Term Deposits: Time to Take Advantage
These are best times for the non-resident Indians who have placed or are keen to park their money in ordinary Non-Resident Rupee (NRO) accounts in Indian banks as interest rates have gone up significantly in last few months. It is now at least 9% for over 500 days term deposits in most of the banks and therefore the new entrants as well as the old account holders need to ponder over the change in interest rate structure that slightly varies slightly from bank to bank. On the other hand interest rates for Non Resident (External) Rupee (NRE) and Foreign Currency Non Resident (FCNR) accounts are around 2.5% for two year term. NRE and FCNR accounts are tax free but the tax is deducted at source on the interest earned on NRO accounts. For example, in case of NRO deposits tax is levied at 30.90% for the interest earned up to INR one million in a year.
Just last January, interest on NRO used to be around 7% or less. “Those who have parked their money for less interest should consider pre-mature closing of their term deposits and open new deposits to take advantage immediately”, says a banking official pointing out that now more banks may start imposing the penalty if the money is withdrawn before completion of the maturity period. Banks are being compelled to take such a step to minimize any impact on their liquidity position at a time when rising interest rates are pushing up the cost of funds for them.
At present many banks – mostly those in private sector - do not impose any penalty to lure the customers. Some pay interest rate applicable for the period for which the deposits have been maintained while some already have mechanism in place to penalize early withdrawals in a small way. The investors who want to take advantage of continuous rise in interest rates over recent months should calculate the actual gain in case their bank imposes penalty on premature withdrawal. In most cases recalculations should work-out in favor of customers. Moreover, for online users it is hassle free and just takes a few minutes to get out of their existing term deposits and reinvest.
Gopal Sutar
These are best times for the non-resident Indians who have placed or are keen to park their money in ordinary Non-Resident Rupee (NRO) accounts in Indian banks as interest rates have gone up significantly in last few months. It is now at least 9% for over 500 days term deposits in most of the banks and therefore the new entrants as well as the old account holders need to ponder over the change in interest rate structure that slightly varies slightly from bank to bank. On the other hand interest rates for Non Resident (External) Rupee (NRE) and Foreign Currency Non Resident (FCNR) accounts are around 2.5% for two year term. NRE and FCNR accounts are tax free but the tax is deducted at source on the interest earned on NRO accounts. For example, in case of NRO deposits tax is levied at 30.90% for the interest earned up to INR one million in a year.
Just last January, interest on NRO used to be around 7% or less. “Those who have parked their money for less interest should consider pre-mature closing of their term deposits and open new deposits to take advantage immediately”, says a banking official pointing out that now more banks may start imposing the penalty if the money is withdrawn before completion of the maturity period. Banks are being compelled to take such a step to minimize any impact on their liquidity position at a time when rising interest rates are pushing up the cost of funds for them.
At present many banks – mostly those in private sector - do not impose any penalty to lure the customers. Some pay interest rate applicable for the period for which the deposits have been maintained while some already have mechanism in place to penalize early withdrawals in a small way. The investors who want to take advantage of continuous rise in interest rates over recent months should calculate the actual gain in case their bank imposes penalty on premature withdrawal. In most cases recalculations should work-out in favor of customers. Moreover, for online users it is hassle free and just takes a few minutes to get out of their existing term deposits and reinvest.
Gopal Sutar
Sunday, January 2, 2011
India’s Beautiful Resorts through Killer Roads
India’s Beautiful Resorts through Killer Roads
The death of 31 women, who had just celebrated marriage of their relative on December 14, 2010 in road-accident on busy high-way, is yet not another example of India’s crumbling infrastructure. The major cause for concern is it happened on the road that leads to popular tourist destination Ootty - also known as the blue mountain - through thick forest reserves of Bandipur and Madumalai in South India. Moreover, it is not an isolated incident as deaths on this route is common feature. Part of the problem could be attributed to drunken and careless drivers but the authorities cannot escape the criticism as most of the roads in the hinter-land are single-lane, narrow, full of potholes and curves with no barricades.
Soon after the ghastly incident hundreds of villagers came out and protested by blocking the “killer road” to attract the attention of those who matter. Politicians have promised to initiate steps to construct culverts alongside the lakes to ensure that cars and buses do not plunge into water as it happened on Tuesday when the driver, allegedly drunk, lost control of his mini-bus. “The truth is it could happen to any driver”, says a villager pointing out at the close distance between the road and the lake.
It is nightmare to even drive about 30 km on this road from Mysore - another popular tourist place in South India - towards Ooty. I counted five big water-bodies on this small but picturesque stretch. A little error, and the curves on damaged roads lead straight into these ponds besides possibility of head-on collision with the vehicle coming from the opposite side.
According to one estimate, at least 400 accidents take place, 50 people die and hundreds are injured every year on this small stretch alone. India’s infrastructure development is dogged with litigations from land losers, environment groups and slow decision making process. With the government now promising culverts and four-lane project since the locals are killed, one wonders how many more lives would be lost till such promises are turned into reality. It does not matter for the newlywed couple as their lives are already shattered.
Photo caption
Lake alongside busy high-way, recipe for disaster?
The death of 31 women, who had just celebrated marriage of their relative on December 14, 2010 in road-accident on busy high-way, is yet not another example of India’s crumbling infrastructure. The major cause for concern is it happened on the road that leads to popular tourist destination Ootty - also known as the blue mountain - through thick forest reserves of Bandipur and Madumalai in South India. Moreover, it is not an isolated incident as deaths on this route is common feature. Part of the problem could be attributed to drunken and careless drivers but the authorities cannot escape the criticism as most of the roads in the hinter-land are single-lane, narrow, full of potholes and curves with no barricades.
Soon after the ghastly incident hundreds of villagers came out and protested by blocking the “killer road” to attract the attention of those who matter. Politicians have promised to initiate steps to construct culverts alongside the lakes to ensure that cars and buses do not plunge into water as it happened on Tuesday when the driver, allegedly drunk, lost control of his mini-bus. “The truth is it could happen to any driver”, says a villager pointing out at the close distance between the road and the lake.
It is nightmare to even drive about 30 km on this road from Mysore - another popular tourist place in South India - towards Ooty. I counted five big water-bodies on this small but picturesque stretch. A little error, and the curves on damaged roads lead straight into these ponds besides possibility of head-on collision with the vehicle coming from the opposite side.
According to one estimate, at least 400 accidents take place, 50 people die and hundreds are injured every year on this small stretch alone. India’s infrastructure development is dogged with litigations from land losers, environment groups and slow decision making process. With the government now promising culverts and four-lane project since the locals are killed, one wonders how many more lives would be lost till such promises are turned into reality. It does not matter for the newlywed couple as their lives are already shattered.
Photo caption
Lake alongside busy high-way, recipe for disaster?
Rising Economy, Gulf Operations Save India’s Airlines
Rising Economy, Gulf Operations Save India’s Airlines
Notwithstanding the controversy surrounding exorbitant prices charged by the airlines in India, bleeding balance sheets for two years since 2008 recession, the year 2010 has ended on a happy note to airline industry in India. The recovery is so spectacular that Indian aviation industry has emerged as one of the fastest growing aviation markets globally thanks largely to India’s excellent economic growth which is pegged at 8.75% for the current fiscal by the Government. With economic recovery in full swing, the consumer spending on travel too has gone up rescuing the airlines industry that was staring at bleak future not long ago. According to one of the aviation experts, 2011 will be much better with passenger traffic likely to reach nearly 60 million from 45 million in 2009.
Most of these loss making airline operators have left behind turbulent period of surging operational costs, excess capacity and unruly competition. Now they reach more domestic destinations hitherto unheard of besides targeting lucrative Gulf sector, Saudi Arabia in particular. The Gulf was the sole prerogative of the national carrier Air India a few years ago. But that has changed. Jet Airways, the private airlines for example, now flies to Manama, Doha, Abu Dhabi, Dubai, Sharjah, Kuwait, Muscat and three destinations in Saudi Arabia: Riyadh, Jeddah and Dammam. The Kingfisher Airlines, relatively new entrant in the overseas market, has introduced flights to Dubai from Mumbai and Delhi. “The challenge is to increase and retain the market share and the Gulf is the lucrative sector since one can take advantage of near full capacity all the time of the year. You get the international benefits for a flying time of just about three to four hours from India”, say sources in the Jet Airways. However, the competition on the international routes, particularly on the Gulf segment is expected to get stiff with entry of more private players such as Spice Jet and IndiGo in the near future as they too are on massive expansion mode.
Given the optimistic future, the Government has decided to infuse ailing Air India with INR 12 billion a few days ago. “This is the second bail out after INR eight billion given to them in February 2010. If AI cannot get out of its sickness in next few years, they will never”, says an aviation analyst pointing out that some private airlines have already turned profitable albeit in a small measure.
Despite the positives, all these airlines whether owned by government or a private operator, cannot take good prospects for granted. The price of crude oil which recently hit US$ 90 may spoil the party in the coming years.
Notwithstanding the controversy surrounding exorbitant prices charged by the airlines in India, bleeding balance sheets for two years since 2008 recession, the year 2010 has ended on a happy note to airline industry in India. The recovery is so spectacular that Indian aviation industry has emerged as one of the fastest growing aviation markets globally thanks largely to India’s excellent economic growth which is pegged at 8.75% for the current fiscal by the Government. With economic recovery in full swing, the consumer spending on travel too has gone up rescuing the airlines industry that was staring at bleak future not long ago. According to one of the aviation experts, 2011 will be much better with passenger traffic likely to reach nearly 60 million from 45 million in 2009.
Most of these loss making airline operators have left behind turbulent period of surging operational costs, excess capacity and unruly competition. Now they reach more domestic destinations hitherto unheard of besides targeting lucrative Gulf sector, Saudi Arabia in particular. The Gulf was the sole prerogative of the national carrier Air India a few years ago. But that has changed. Jet Airways, the private airlines for example, now flies to Manama, Doha, Abu Dhabi, Dubai, Sharjah, Kuwait, Muscat and three destinations in Saudi Arabia: Riyadh, Jeddah and Dammam. The Kingfisher Airlines, relatively new entrant in the overseas market, has introduced flights to Dubai from Mumbai and Delhi. “The challenge is to increase and retain the market share and the Gulf is the lucrative sector since one can take advantage of near full capacity all the time of the year. You get the international benefits for a flying time of just about three to four hours from India”, say sources in the Jet Airways. However, the competition on the international routes, particularly on the Gulf segment is expected to get stiff with entry of more private players such as Spice Jet and IndiGo in the near future as they too are on massive expansion mode.
Given the optimistic future, the Government has decided to infuse ailing Air India with INR 12 billion a few days ago. “This is the second bail out after INR eight billion given to them in February 2010. If AI cannot get out of its sickness in next few years, they will never”, says an aviation analyst pointing out that some private airlines have already turned profitable albeit in a small measure.
Despite the positives, all these airlines whether owned by government or a private operator, cannot take good prospects for granted. The price of crude oil which recently hit US$ 90 may spoil the party in the coming years.
Sunday, November 21, 2010
Corruption: Indian Media in Dock
Corruption: Indian Media in Dock
Like the on going scams of various kinds in the country, the credibility of Indian media groups seems to have hit at all time low notwithstanding many a scam they claim to have exposed in recent months. It is another matter that the same “scam story” is marked exclusive on multiple channels or in various newspapers. Now it is media versus media.
After the paid news scandal – when it came to light that billions of rupees are paid to popular newspapers, magazines and news channels by influential politicians, corporate czars, Bollywood stars to get distinct visibility – the latest to hit the media houses is an allegation that they acted as lobby groups for one or the other party in the latest 2G spectrum scam, that is alleged to have cost the exchequer billions of rupees.
It is naïve to believe that wide spread corruption in all sections of Indian life, including judiciary, could spare media where the competition is intense. However, what should heart media is its holier than thou image. So obsessed is India’s “world class” media with the internal affairs that rescue of Chile miners or those killed in the New Zealand mine explosions do not make into prime time slot or get a few lines on the front pages. There is race to outdo others, raise the Target Rating Points (TRP) or circulation at whatever the cost. So you have the front two pages exclusively of the Times of India Bangalore, November 20, 2010 edition ironically devoted to an advertisement of telecom company. Every advertiser is welcome: a political party, a corporate house or marriage invitation through a newspaper. You just have to throw money to have your voice heard. The secretive paid news format is different ball game altogether were interests of all the parties – except the reader or viewer - are taken care with utmost caution.
Now, the tapes have emerged with revelations of conversations between media persons and political lobbyists. The names of India’s celebrity NDTV anchor Barkha Dutt and Hindustan Times columnist Vir Sanghvi have been dragged into controversy with allegations that they lobbied for certain political masters and corporate biggies. The NDTV has issued swift denial on its website in response to the “Open Magazine” cover story dated November 20, 2010 in which the anchor’s alleged conversation with alleged corporate lobbyist Niira Radia's is presented in way that is considered defamatory. NDTV website claims that it is clear misrepresentation of conversations between Barkha Dutt and Nira Radia. Another magazine “Outlook India” in its special focus “Power Tapes” details the nexus between journalists, politicians, babus (bureaucrats), corporate houses. “Smear campaign astounding. Onus on Open and Outlook to prove quid-pro quo of any kind, before vilifying individuals and their work”, says Dutt in her tweet.
Is it the dog eating dog syndrome as India’s journalists fight it out in the open or is it a just commercial fall-out they are worried about? Despite the constitutional freedom granted to Indian media, most of them have failed their citizens not withstanding some honorable exceptions. The nexus between those in power and media are so explicit that sometimes government honors media houses as the best in some category while the media – the TV channels in particular - pays it back by honoring those in power as the person of the year and so on! The channels and publications organize Bollywood-style events and honor virtually every influential minister and corporate honcho. The Press Council of India virtually does nothing as it has no powers of any kind. True to its image it has remained “watch dog”.
As the fight takes curious turns on “news channel scams” millions of Indians would rather switch over to titillating programs such Big Boss (IV) or Rakhi Ka Insaaf (again on NDTV’s sister channel) although they are as controversial albeit for different and somewhat likable reason: vulgarity .
Gopal Sutar
Like the on going scams of various kinds in the country, the credibility of Indian media groups seems to have hit at all time low notwithstanding many a scam they claim to have exposed in recent months. It is another matter that the same “scam story” is marked exclusive on multiple channels or in various newspapers. Now it is media versus media.
After the paid news scandal – when it came to light that billions of rupees are paid to popular newspapers, magazines and news channels by influential politicians, corporate czars, Bollywood stars to get distinct visibility – the latest to hit the media houses is an allegation that they acted as lobby groups for one or the other party in the latest 2G spectrum scam, that is alleged to have cost the exchequer billions of rupees.
It is naïve to believe that wide spread corruption in all sections of Indian life, including judiciary, could spare media where the competition is intense. However, what should heart media is its holier than thou image. So obsessed is India’s “world class” media with the internal affairs that rescue of Chile miners or those killed in the New Zealand mine explosions do not make into prime time slot or get a few lines on the front pages. There is race to outdo others, raise the Target Rating Points (TRP) or circulation at whatever the cost. So you have the front two pages exclusively of the Times of India Bangalore, November 20, 2010 edition ironically devoted to an advertisement of telecom company. Every advertiser is welcome: a political party, a corporate house or marriage invitation through a newspaper. You just have to throw money to have your voice heard. The secretive paid news format is different ball game altogether were interests of all the parties – except the reader or viewer - are taken care with utmost caution.
Now, the tapes have emerged with revelations of conversations between media persons and political lobbyists. The names of India’s celebrity NDTV anchor Barkha Dutt and Hindustan Times columnist Vir Sanghvi have been dragged into controversy with allegations that they lobbied for certain political masters and corporate biggies. The NDTV has issued swift denial on its website in response to the “Open Magazine” cover story dated November 20, 2010 in which the anchor’s alleged conversation with alleged corporate lobbyist Niira Radia's is presented in way that is considered defamatory. NDTV website claims that it is clear misrepresentation of conversations between Barkha Dutt and Nira Radia. Another magazine “Outlook India” in its special focus “Power Tapes” details the nexus between journalists, politicians, babus (bureaucrats), corporate houses. “Smear campaign astounding. Onus on Open and Outlook to prove quid-pro quo of any kind, before vilifying individuals and their work”, says Dutt in her tweet.
Is it the dog eating dog syndrome as India’s journalists fight it out in the open or is it a just commercial fall-out they are worried about? Despite the constitutional freedom granted to Indian media, most of them have failed their citizens not withstanding some honorable exceptions. The nexus between those in power and media are so explicit that sometimes government honors media houses as the best in some category while the media – the TV channels in particular - pays it back by honoring those in power as the person of the year and so on! The channels and publications organize Bollywood-style events and honor virtually every influential minister and corporate honcho. The Press Council of India virtually does nothing as it has no powers of any kind. True to its image it has remained “watch dog”.
As the fight takes curious turns on “news channel scams” millions of Indians would rather switch over to titillating programs such Big Boss (IV) or Rakhi Ka Insaaf (again on NDTV’s sister channel) although they are as controversial albeit for different and somewhat likable reason: vulgarity .
Gopal Sutar
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