Dilli ka babu
Market players
Trend spotters in the corridors of power have noted an interesting correlation between markets and babus ensconced in certain ministries in the capital. Apparently, many senior bureaucrats, like others more market-vulnerable, dedicatedly follow the business news channels in their offices when the markets are open for business. So sometimes a bureaucratic pronouncement is carefully calibrated for maximum media impact and market influence is a factor that decides its timing.
But babu-watchers were intrigued by the recent spate of statements by steel secretary Atul Chaturvedi on shifting steel prices and the resultant movement in steel share prices of steel sector public sector undertakings as well as private sector operators. Given the mercurial nature of share markets, any pronouncement from the secretary in charge of a crucial ministry will naturally send share prices plunging or soaring, depending on the statement. Babus now see in Mr Chaturvedi’s constant interventions in the market a tricky trend. And not one that does not merit some closer watching and perhaps some checking.
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Lahiri stays put
In 2007 when Dr Ashok Lahiri, the then chief economic adviser to the government, was named as India’s nominee on the board of the Asian Development Bank in Manila, it marked a departure from the norm of appointing career babus. Now, sources say, another precedent is being set. Dr Lahiri, whose term is ending in June, is likely to stay on for another year.
Babu-watchers say that the extension to Dr Lahiri has laid to rest rumours that M.N. Prasad, secretary in Prime Minister’s Office (PMO), was being prepped to move to Manila. Though nothing ever can be said with certainty when it comes to babus, and a lot can happen until a formal announcement, it does appear at the moment that Mr Prasad, a 1972-batch Indian Administrative Service officer from the Bihar cadre, will get another extension in the PMO. It is believed that his skills would be in demand in light of the upcoming elections in different states, including in Bihar.
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Large enough
Human resources development minister Kapil Sibal is keen on setting up a National Commission for Higher Education and Research (NCHER) which will oversee universities as well as other educational institutions. The NCHER is Mr Sibal’s response to the recommendation of the Knowledge Commission for setting up an independent regulator for higher education in lieu of the existing regulators.
However, the proposal immediately ran into natural and stiff opposition from the health and law ministries, with health minister Ghulam Nabi Azad and law minister M. Veerappa Moily both voicing concern at the HRD ministry’s attempt to control legal and medical education institutes.
With Prime Minister Manmohan Singh disinclined to accept the idea of a super-regulator, HRD babus are now trying to dispel the view that their minister is trying to expand his turf.
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