In 2002 NDA Minister Murasoli Maran recommended permitting 100 per cent FDI in retail trade, subject to a minimum capitalisation of $10 million. [Source]
In 2004, the NDA promised FDI in retail in its election manifesto.
NDA lost power in 2004.
So now its major constituent (BJP) suddenly wakes up and takes a diametrically opposite stance!
BJP WAS PROMISING 100 PER CENT FDI IN RETAIL JUST 7 YEARS AGO!
What is the value of the commitments of this spineless, gutless, clueless "political" party?
In 2002, Ashok Saikia (Vajpayee's favourite JS) was a major player in the policy space of the NDA government. He would have vetted (and supported) the Commerce Ministry paper that promoted FDI in retail. With people like him advising Vajpayee, a wide range of dunces were kept at bay.
But with his death in 2007, Vajpayee lost a major thinker. Now only dimwits remain in BJP – those who know nothing about economics but spout a lot of futile jingoism that will only harm India (and BJP's own prospects).
The Wall Street Journal has caused some serious damage to the AGW movement today by calling it "climate religion" in an article that was also syndicated in The Australian, thus being read by thousands of people across the world.
I wasn't expecting such daring language. The fact that such language could get printed in a major world newspaper means that the world is getting SICK of the continuous failure of AGW proponents to prove their case.
If the lack of proof continues, AGW "scientists" will be counted among the many cults and nut cases of this world.
Tens if not hundreds of predictions have been falsified already. The next big one is a prediction made by the International Energy Agency that in 2017 global warming will become "catastrophic and irreversible". That's just five years now. Evidence better show up soon. 2017 could well be the last straw and many AGW proponents find themselves behind bars, or in mental asylums.
2017 is very unlikely. The only evidence we have so far is that the temperatures have remained particularly constant during the last decade. Sea levels have also risen only as usual – by a tiny amount each year – or possibly even slower than usual. It is extremely unlikely that anything dramatic is going to happen in the next 5 years to cause any crisis.
It appears that an opportunity for real science to rise from the ruins of the AGW hypothesis has finally arrived. This sub-discipline of geology needs serious scientists to get to work. Those who believe in stifling debate, in conspiring to fool the world, must be asked to go.
There is one feature I notice that is generally missing in 'cargo cult science.' It's a kind of scientific integrity, a principle of scientific thought that corresponds to a kind of utter honesty — a kind of leaning over backwards.
For example, if you're doing an experiment, you should report everything that you think might make it invalid — not only what you think is right about it; other causes that could possibly explain your results; and things you thought of that you've eliminated by some other experiment, and how they worked — to make sure the other fellow can tell they have been eliminated.
Details that could throw doubt on your interpretation must be given, if you know them. You must do the best you can — if you know anything at all wrong, or possibly wrong — to explain it.
If you make a theory, for example, and advertise it, or put it out, then you must also put down all the facts that disagree with it, as well as those that agree with it.
There is also a more subtle problem. When you have put a lot of ideas together to make an elaborate theory, you want to make sure, when explaining what it fits, that those things it fits are not just the things that gave you the idea for the theory; but that the finished theory makes something else come out right, in addition."
Here's hoping that good science will soon displace bad science in this important field of human inquiry.
Here are extracts from an article on India's recent experience with good economic policy by Vipin Veetil and B Chandrasekaran, in which they reminisce about Shenoy.
I invite Vipin and Chandra to join FTI. They are just the kind of thinkers India desperately needs, to break free of its socialist chains.
20 years since India’s economic reforms
India in the last 20 years has started to reverse the Keynesian-inspired planning that clouded its growth since independence. A large part of this turnaround was driven by one of Hayek’s students at the LSE, B R Shenoy, whose ideas are now coming into fashion. It is interesting that as the West once more embraces the Keynesian policy options, the East is rejecting it.This article in honour of Prof Shenoy was co-authored with B Chandrasekaran.August 2011 marks two decades since a high level committee—Narasimham Committee—was setup by government of India to initiate financial sector reforms. The deregulation recommendation by the Narasimham Committee went a long way in improving capital market efficiency – a key ingredient of economic growth.Ideas of free market economics, however, were not new to India. Long before 1991, Prof B R Shenoy had fought a lonely battle to promote free-exchange.Shenoy warned India about the consequences of “central planning”. Shenoy was the only Indian economist to write a Note of Dissent to the 2nd Nehru-Mahalanobis Five Year Plan (similar to the Soviet Gosplan). The government of India and its economic advisors choose to reject Shenoy’s wise remarks.Shenoy was the first economist of independent India to lucidly support free-market policies:Efficient management of business and industrial concerns in a competitive market economy is a highly specialised function…best left to private entrepreneurs.Surprisingly, in the midst of the ideological battle of early 90s, Shenoy’s ideas were not resurrected for intellectual support. S B Mehta wrote in 2001 of events a decade earlier:the then Finance Minister was criticized by many that we were mortgaging our sovereignty to IMF. This author wrote to him that he should declare that we were following the policy that Shenoy hinted for twenty long years…. No politician or economist, however, uttered the name of Shenoy… Thus, it seems, we neglected the sound advice of Shenoy during his life-time [and also] when our policies leaned more towards free market.Shenoy is not just a scholar of the past; his ideas are of great relevance today.
In February 1975, Shenoy delivered a lecture in Ahmedabad putting forward the thesis that interventionism is the root cause of corruption. And data backs his claim.Shenoy choose to be “right in a minority of one”.As India marks two decades of economic reforms, it is time classical liberals come forward to institutionalize B R Shenoy’s ideas.They say that VKRV Rao, a prominent post-independence Indian economist, “strode like a Colossus over the Social Science disciplines”. Rao was awarded his PhD in 1937 from Cambridge and was a student of Keynes. Shenoy was from the London School of Economics and was highly influenced by the then ‘new’ ideas of F A Hayek. Naturally the government of India loved Rao.The first round of economic reforms was a matter of necessity, but India still ranks 124 in Heritage Foundation’s 2011 Economic Freedom Index.Hopefully the much-needed second round of reforms will be a matter of choice. And a reform by choice will come only if India has institutions promoting ideas of B R Shenoy.
Unlike his grandmother and mother, Rahul Gandhi is actually a well-educated person (he has an M.Phil). So one would have hoped that he would talk at least some sense – and of course, leave his corrupt party and launch a new one (if he was even remotely honest).
But he repeatedly puts his foot in his mouth. Apparently the problem of corruption is SO SIMPLE that it can be eradicated merely by more people joining politics. More corrupt people will make things cleaner?
"People in this country talk about corruption. But the biggest corruption is within the political system. That can be eradicated only if more and more youths join the political system" [Source].
Earlier, he wanted to give Lok Pal constitutional status, as if that would in any way solve the problem of corruption.
The first problem that Rahul should talk about is CONGRESS itself. If Rahul is serious, he MUST resign from this most viciously corrupt organisation and move away from the legacy of the CORRUPT GANDHI family.
Second, Rahul must attempt to understand the causes of corruption, which he can by reading BFN. The solutions are provided therein, as well.
The truth is that Rahul, despite his "education" has grown to like the perks of corruption that he is surrounded with. Just like MMS, he is a man of corruption, not of integrity.
He also brings the deep disadvantage of knowing NOTHING about governance.
The people of India will NOT vote for him if an even slightly better choice is available to them. That is what FTI members aim to do – offer a MUCH better choice – once sufficient number of competent Indians come together.
There is considerable urgency to the work that FTI is undertaking. Please join in and let's get rid of these clowns once and for all.