Business/Economy
RBI refuses to play ball, keeps rates unchanged - Indian Express
In a clear indictment of the government’s inability to rein in its finances and bolster supply side initiatives critical for inflation management, the Reserve Bank of India (RBI) on Monday refused to pare interest rates, going against the wishes of the finance ministry and hopes of India Inc.
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How India should reform its trade for the 21st century - Jayanta Roy, Business Standard
Revamp Indian Railways - SN Mathur, NewIndianExpress
Wonder why arms dealers thrive in India? - Sruthijith K K, EconomicTimes
Wonder why arms dealers thrive in India? - Sruthijith KK, Economic Times
Rating the ‘raters’ - Ramnath Pradeep, Business Line
Madhya Pradesh goes the Gujarat way for power - Jyoti Mukul, Business Standard
Crossholding in same telecom circle may go - Surajeet Das Gupta & Aditi Phadnis, Business Standard
The argumentative economists - Mihir S Sharma, Business Standard
How the Indian economy is losing competitiveness - Niranjan Rajadhyaksha, Mint
Private universities: Creating another entry barrier - TV Mohandas Pai, FE
Procurement plunge casts shadow over food Bill - Sandip Das, Financial Express
Drug pricing order hits few, helps many - Financial Express
After telecom licences and coal blocks, will bank licences be the next cash cow for the UPA? - Mythili Bhusnurmath, Economic Times
National Pension System subscribers earn double digit return in 2012-13 - ET
HSBC signals 14,000 job cuts in $3-bn savings plan - Business Standard
Empty malls reflect the hollowness of India story - Ravi Teja Sharma & Vijaya Rathore, Economic Times
Manufacturing: Getting to the 25% mark - Nirvikar Singh, Financial Express
Oil price collusion would be a Libor-scale scandal - Kevin Allison, Business Standard
Global firms bet on India's spending power - Business Standard
Perils of an ad hoc forex policy - TB Kapali, Business Line
Corus, Ranbaxy & the curse: Deals that happen in auction like atmosphere always go bad - Brian Carvalho, Economic Times
Dholera’s Rs70,000-crore cure for investment famine - Sunil Jain, Financial Express
The Internet destroyed the middle class - Scott Timberg, Salon
Tax evasion: Why did Sibal extend undue favours to Voda, asks AAP - Danish Raza, FirstPost
No buyers for FDI in multi-brand retail - Arvind Singhal, Business Standard
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Verbatim

There was for years an old "social contract" between politicians and business. This provided for complex rules and regulations that made it impossible to do business honestly in many fields. But it was possible to do business dishonestly, through pay-offs . Some called this "efficient corruption" : politicians took money and delivered clearances. However, the anti-corruption mood of the courts, and new fears of getting caught (like Pawan Bansal) have ended "efficient corruption" . Politicians may still take money but not deliver on clearances , what some call "inefficient corruption" that freezes investment and growth. The old social contract has broken down.
Swaminathan SA Aiyar
 

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