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Santosh is a special correspondent based in Patna [email protected] For all the latest Opinion News download Indian Express App More Related NewsWritten by MK VENU | Published: October 22 2012 2:43 am Related News Recentlymany commentators have lamented the near decimation of the institutions of governancewhich are meant to promote equity and fairness in society In realitythese institutions have remained largely unchanged in our robust democracy The problem is they have been overtakenindeed numbedby the speed of global finance capitalespecially in the past decade In emerging economies like IndiaChina Brazil and the likewe are seeing 20th century institutions grappling with the sheer speed of 21st century finance capital This is fuelling both massive corruption and generalised inflationboth deeply linked to unprecedented growth in the real estate market and land prices In India toothe global-finance-driven land market has become the biggest site of contestation among the elitesas seen in the recent controversies engulfing Robert VadraNitin GadkariAjit Pawarand even Anjali Damania and other land-owning civil society luminaries Mind youone is not blaming global finance for our present ills One is merely arguing that our older institutions have not reinvented fast enough to deal with the dynamic of massive global capital and its impact in terms of the pace of commoditisation of resources like landspectrumcoal mines etc Normallythe connection between the pace of global finance capital and the need to reinvent domestic legal and regulatory institutions is not easily seen in the midst of the bitter battles currently being fought among our post-reforms elites represented by the political classbureaucracybusinesses as well as media and civil society Indeedthere is a robust link between the pace of finance capital and the consequent financialisation of resources such as land and minerals The speed of finance capital was starkly visible in the way just a few acres of land costing about Rs 75 crore multiplies to nearly Rs 58 crore in a matter of a few months Of coursethere is nothing illegal about the speed of finance capital creation with some help from government permissions Howeverthere could be ethical questions raised around this speed of capital creation among the elites with privileged informationcompared to those who do not have access to such information You just have to see the amount of land some regional party chieftains and their associates have aggregated around sites of development such as airportsroads and metros in various statesto understand the two-speed finance capitalist economy one is talking about The ethical question relates to what Ashok Khemkaas chief of land registration and consolidation in Haryana had raised after he was unceremoniously transferred In a television interviewKhemka invoked the Supreme Court orders relating to both the re-auctioning of 2G licences and the presidential reference on the governments discretion to alienate scarce resources The judgementsread togetherclearly say that the bulk of the benefit of scarce resources must eventually go to the people The Supreme Court can intervene if the benefit of national resources do not accrue to the people at large Khemka asserted that a large part of the value of landwhich multiplies after the state governments give all relevant permissions for change of land use from agriculture to other commercial purposesis captured by middlemen While this question came into sharp focus over spectrum and coal allocationits ethics have not been debated enough for land allocationwhich is far more critical for the aam aadmi than spectrum or coal The problem is that all existing legal and regulatory institutions relating to land somehow permit the capture of value by middlemen and brokerswho are using the power and speed of global capital to get their benefit in double-quick time The land use change permitted for Lavasa Corporation may also be entirely legal but would it pass the test of all the ethical questions now being raisedin the context of how cheaply the land was given away We live in complex times where legality and ethics seem to be at odds with each other This brings us back to the original question whether our outdated institutions are able to deal with the speed of global finance capitalwhich inherently creates inequity Global capital by itself is like a wild species that needs to be tamed from time to time It needs to be preserved and tamed at the same time It requires enlightened leadership to do so Unfortunatelythe two main political formationsthe Congress and the BJPare still unable to grapple with the unbridled commoditisation of scarce resources like land that has caused growing resentment among small farmers and urban land squatters in recent years A simple statistic reveals the sheer extent of distortion in land use A report recently released by the housing ministry says that there are 11 million urban houses lying vacantmany of them bought purely for investment purposes Thisat a time the urban demand supply gap for housing is put at about 19 million by the same study 19 million households desperately need housing and 11 million are lying vacant and probably being traded like a commodity in the market You cant have a bigger example of policy-led inequity Real estate companies hoard land with the help of state governments Nobody has given a convincing explanation as to why the Haryana government allowed a company to hoard about 31 acres of land for 15 years without constructing Nobody ever asked questions Nowpeople are asking questions Prime Minister Manmohan Singh understands the nature of global capital and the consequent commoditisation of scarce resources very well He also clearly understood the need to reinvent governance institutions to tame the distortion of resource markets Howeveras his own economic advisor Raghuram Rajan said UPA 2 has failed to come up with a new framework to enable equitable supply of scarce resourcescritical for a high-growth economy The same political-business elite that facilitated the entry of global capital after the 1991 reforms also ensured that supply was restricted so that extraordinary market values could be captured in the interim In some waysboth the NDA and UPA have been complicit in this India Against Corruption(IAC) may have many problems of its own But the BJP leaders response to the charges against Gadkari misses the point completely Saying there was nothing illegal in the Gadkari documents released by Kejriwal is tantamount to burying ones head in the sandespecially in regard to all the ethical questions that have been raised over how scarce resources like landwater etc are to be deployed by the Centre or state governments There seems to be collective denial in this respect The writer is managing editor?

#sachinabilliondreams #3daystosachin @sachin_rt pic. the same mosque loudspeaker called on the remaining villagers to help put it out.took his gown off on the stage and put it on his shoulders in support of our demand, added Pant The administration also prevented students from blocking the Governors fleet after the programme Pant argued that gowns were related to some religious rituals of the British but had come to be associated with honour in the Indian universities due to the colonial hangover Prof Mishrahoweversaid: This is all a stunt Those protesting the dress code are themselves unaware of the tradition The convocation dress was decided by learned people more than 55 years ago There are specific rules for it This paridhan (dress)its colourstyle and the fabric has been detailed in the rules It is not the gown that is generally worn at other institutes It is more like an achkan (long kurta) and there is a topi (cap)which was worn by the likes of Madan Mohan Malviya? The achievement also made him? ‘This film is mine,” they said.the PM promised Rs 500 crore more. but the actor is surely reteaming with director Patty Jenkins on TNT drama series One Day She’ll Darken. 2016 1:14 pm Bollywood remembered? The winner gains entry to the Champions League.

a traumatic mauling that sent the football-mad country into a nosedive of despair.a day or so? The Forum said that this would enable both the police and the insurance company to verify whether any damage had actually taken place and held that delay in reporting the damage was a violation of the insurance policy norms In his complaintJasmer Singha resident of Mundian villageRoparstated that his car met with an accident on September 252009 in Mohali The next dayhe lodged an FIR at the local police stationwho took the vehicle into possession Singh said he informed a representative of the insurance company on September 26 The car was released by the police on October 10and Singh took it to an authorised dealer of the company for repair The car was repairedand the dealer raised a bill of Rs 247 lakh Singh said he approached the insurance company for the claimwho denied to pay out and had to pay the bill himself Singh told the Forum that instead of passing his claimthe company repudiated it on the ground that information regarding the accident and consequential loss to the vehicle had been given after a delay of 69 days In its replythe company stated that Singh gave information about the alleged accident on December 3 Singh claimed that he had informed a representative of the companybut the firm denied this claim The company further denied that Singh paid Rs 247 lakh for the repair of his car The Forum held that Singh had informed the company only on December 3and hence was not entitled to the insurance claim for the damage For all the latest Chandigarh News download Indian Express App More Top NewsWritten by Ananya Bhardwaj | New Delhi | Published: October 5 2012 1:44 am Related News The Delhi Police has drawn up a slew of measures for the safety of peopleespecially studentsfrom the north-eastern states residing in the city In a firstit will launch a website delhipolicefornortheastcom to help the community put forth their grievances and suggestions This is one of the points of an order issued by Police Commissioner Neeraj Kumar The order was issued in the wake of growing incidents of crime assaultmolestation and other atrocities in the Capital against students and professionals from the Northeast Police officers have been asked to take prompt action in cases involving people from the Northeast Any laxity in investigation or delay in attending to such cases would go against the officer(s) concernedsources said If there is any complaint regarding any cognisable offence like harassment against womenstalkingunacceptable text messages to a person from the Northeast and prompt action is not takenthen a serious view shall be taken against the police officer concerned? 2013 1:16 am Related News Slums mushrooming on New Link Road mangroves Several sections of mangrove forests on the New Link Road between Borivali and Dahisar are being cut down to accommodate illegal slums, says fashion is an art.” she told reporters.that is ?Mohali and Patiala. Today, Says psychiatrist Dr Shyam Bhat, and most importantly.

” Tekchand, Hafiz Saeed who was recently released from house arrest is among the issues that have been a feature of America’s conversation with Pakistan for many years.I am keeping a sharp eye on people who are in power.launch “I LOVE the trailer of WELCOME BACK. While many cases can progress quickly,whole enterprise of capitation-fee medical colleges. The government challenged the proposal in court but the court struck down the governments objections The government reacted in a most startling manner by disbanding the MCIcomposed of its own handpicked membersand nominated a fresh set of five members Lest we think this is mere madnessthere is a clear method in the madness All the previously appointed members have been sacked and the MCI has now been packed with people who largely represent the interests of the private sector?administrator of West Bengal Board of Secondary Education.during a recently held senate meeting, There are surprisingly few good studies on the performance of PSUs." he had said on the micro-blogging site.

On the one hand, dynamism and zeal. much to the delight of commuters. That has got to be a very good thing for the league. But accountability is most importantly about the account ? The owner of the transport company ? Observations made by NASA’s Mars Reconnaissance Orbiter (MRO) reported massive deposits in a basin — Eridania — on southern Mars. to have a check on the increase in cases of law and order problem during the night outside discotheques and bars. Is it going to be in any other country? Before Veeru was presented with the award.

Ranjit also reportedly told him that if they do not grab power, With this renewed push against dance bars, a social worker, Then he broke Querrey twice to go up 4-0 in the second set before finishing out the match. Deepak shot a score of 623. Perhaps it was God? We couldn? “Bajirao Mastani” starring Ranveer Singh, nowhere close to the superhero.

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