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COVER STORY
Microfinance :
Meltdown or Cleanup?
-- N Janardhan Rao
With a spate of suicides by farmers with outstanding microloans, microfinance has lost its spirit.
The fundamental shifts in lending practice have left the sector operating more like a for-profit institution and
less like an innovative pro-poor practice.
INTERNATIONAL FINANCE
US Federal Reserve : Fed Up, Again
-- Steve H Hanke
By employing a faulty economic model at home and by being internationally insular, the Fed
has merrily entered into a zero interest-rate trap, which has ensured a debilitating credit crunch at
home and hot money rearing its ugly head abroad.
BUSINESS ENVIRONMENT
Recent Developments in Social Security :
Impact on Global Assignees
-- Vineet Agarwal and Rambir Dalal
With the introduction of stringent regulation on refund of social security contribution, it is expected that there
will be greater pressure on the countries that have a significant number of foreign nationals working in India to
enter into bilateral agreements.
BUSINESS ENVIRONMENT
Offshore Tax Havens :
Under Spotlight
-- R Vaidyanathan
If India joins the move by the OECD and G20 nations and the US and UK and gets a convention signed by the
G20 with the different tax havens, particularly Switzerland, then the recovery process can be much shorter
and successful on a large scale.
BUSINESS ENVIRONMENT
Indigenization of Defence Production :
A Dream Too Far?
-- Dhiraj Mathur
The first ever Defence Production Policy reiterates the government's objective of achieving self-reliance
in defence manufacturing, providing impetus to increased private sector participation and promoting
indigenous R&D. The new Defence Production and Offset policies can and should be used to encourage and facilitate
both domestic and foreign investments into India.
CORPORATE FINANCE
Financial Due Diligence :
A Key Aspect of M&As
-- Harish H V
and M K Arun Kumar
In today's environment, as a key input during the decision-making process and also as a part of
general corporate governance, financial due diligence plays a vital role in the success of M&As.
CORPORATE STRATEGY
Maharaja's Makeover :
Can Air India Reverse Its Fortunes?
-- Y Bala Bharathi and G P Mrudhula
In a bid to come out of red and reverse its fortunes, Air India is leaving no stone unturned. Interestingly,
the carrier's initiatives seem to be paying off sooner than later.
FINANCIAL MARKETS
Financial Crisis :
How to Make It an Opportunity?
-- William Gamble
The troubles in Greece, Spain, Portugal, Ireland, have forced these countries to refocus their priorities. On
the other hand, the so-called successful economies like Brazil, India and China may have to pay, perhaps very
soon, for lopsided growth.
FINANCIAL MARKETS
Investing in 2011 :
A Mixed Outlook
-- Reena Walia Nair
While 2011 is expected to be another eventful year, systemic risks with regard to the Eurozone will continue
to remain. Also, we suggest that investors keep a close watch on the moves by global central bankers, as this
will have a major impact on the global financial markets.
BANKING
Mission Critical :
Boosting BPR in Banks
-- Manoranjan Sharma
PR has rapidly become the ubiquitous process metaphor and hence BPR in Indian banks must constitute
a focal area of ongoing banking reforms.
BANKING
Banking on AADHAAR :
A New Vista
-- N S N Reddy
The Aadhaar project is aimed at elimination of duplicate and fake identities, which is intended to
save considerable resources of the government as well as beneficiaries through hassle-free, cost-effective and
online verification/authentication processes. The implementation of the project is paving the way for the banks
to achieve Financial Inclusion agenda besides providing ample opportunities for business development
by adopting appropriate cost-effective innovative strategies i.e., Branchless Banking Models
(Business Correspondents), which is the need of the hour.
MERGERS & ACQUISITIONS
JSW-Ispat :
Bigger, the Better!
-- Amit Singh Sisodiya and Ramana Pemmaraju
After having grown under the shadow of its two big rivals Tata Steel and SAIL for long, JSW Steel
finally unshackles itself, thanks to its acquisition of Pramod Mittal-controlled Ispat Industries, which makes it India's
top steel producer ahead of rivals such as SAIL, Tata Steel and Essar. However, the big question is: Will the
bigger be better?
APOLITICAL
Rising Inflation :
A Timely Warning to Address Structural Elements
-- grk murty
MARKETS
Social Networking Sites :
Attracting Investors
-- Prapti Paul
Despite the mind-boggling high price tags attached to Facebook, Twitter and the like, investors
are betting that these companies will ultimately go public at sky-high valuations, delivering hefty returns.
FINANCIAL SERVICES
ULIPs :
New Look, New Feel
-- Harsh Roongta
ULIPs will necessarily have to be sold as long-term protection cum savings products.
PERSPECTIVE
Chennai :
India's Detroit
-- R Venkatesan Iyengar
With investments running into billions of dollars and a new national automotive testing and R&D facility,
the Tamil Nadu capital, Chennai, has established itself as the acknowledged automotive and auto
components manufacturing hub of the country.
MONEY & BANKING
Financial Inclusion :
A Long-Term Reality
-- K Alamelu
All economies have now realized that providing access to a wide array of financial services to
low-income people in developing countries can be a highly effective tool to lift people out of
poverty, financially empower them, and offer them genuine opportunities for personal development
and education.
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