A National conference in Navi Mumbai on 20th December 2008 – I expected that will open new avenues of better economics in 2009. Sorry Sirs!

A conference was held at Dr. DY Patil’ Deemed University’ department of Business management at Belapur (Navi Mumbai) on 20th December (Saturday) with the theme - ‘today in the arena of the globalization, business decisions are no longer local. The international business is all about focusing on the resources of the globe as well as business opportunities and threats prevailing in the global market. We go international for enhancing our potentials across the border for expansion, diversification, growth and development. A good theme indeed!

This is just to share knowledge of experienced and dynamic professionals.

‘Our aim is to have industries, students and institutions network building’, the brochure said

The National conferences on International Businesses and similar should just not turn out to be a farce to students, academicians, and professionals to interact incoherently.

The event managers wanted to get addresses on – entry into the global business – logistic for international business – foreign exchange management (Forex) – special economic zones (SEZs) – impact of world trade organization – globalization education and challenges ahead – global crisis and its effects on Indian businesses and the like.

Men from Retail trade, Paints, Petro chemicals, Instruments, auto industry, power and shipping, logistics, software developer and radio were invited to address the above issues.

Participants (mostly students and some faculty members) are drawn from local area (Navi Mumbai area) business schools apart from some industry from MIDC industry belt.

After exhortations from the director of the department and some board of governors of the said university with pros and cons related perceptions with wooing-ploy for the students to join their management courses of these business schools which abound this New Mumbai popularly called Navi Mumbai. You cannot learn without properly comprehending concepts, Clarity in perceptions and then you just cannot communicate. The another ploy used by the ‘Universities’ today is Students should assess the faculty and not the faculty. What you will get? That perception itself is highly lop sided if you ask a student to assess the teaching capability of the teacher, he will always find fault with the teacher, as taught does not want to work hard at all. But this is a ploy to get students with money bags but not merits please. Neither merited teacher will come to these institutions nor can they produce merited students to take up tasks ahead in their work life.




If at all they come they will be fence sitters just to make some money in a leisurely way at the cost of the very student himself or herself. It is always said studentship is indeed a very difficult process to learn and hence you find in every educational institution there are more and more drop outs and finishing the courses if the institutions insist for merit of the student. If the college wants to just to survive at all costs well then it can make money but sooner or latter it will have to wind up and indeed that is the phenomenon in business of every kind


In fact management education is facing the problem like real estate sector as also information technology, so too financial institution sectors. After all students mob the courses which give them fast high remuneration packages which one could get over several years of exposure to any particular profession.

Once the business schools fail to provide this aspect of living, naturally, the relevance of management education is in shambles. Remuneration packages are not the factor in education but sustainability of that education in times of need. Otherwise you just have police force and policemen do not know how to use rifles and indeed that is the state of affairs. One Police man (traffic) told me when I asked him why before you vehicles just do not honor the Zebra Lines that the RTOs just give licenses to the vehicle drivers without knowing the normal traffic rules. How come I can control these situations? Every day thousands of vehicles ply and no driver honors the zebra line rule. I can fine if a few do wrong but every one does then, whom to fine is the query writ large on his face. Same is the situation with educational institutions today

This is to be understood by many Indian States’ based business schools today due to big lag on flip-flop economy by way of inflation-recession-inflation and fall in currency rates or values.

The people after paying a heavy price in the so called economic development have become a little wise not to waste their cash reserves or borrowed funds to get into adventures any longer, for their own wards. When they are going to learn to spend prudently?. However signs of questioning have started emerging of late. This happens when one’s pocket rocks to the bottom!

The real situation is as Joseph E Stiglitz (Nobel Prize economist) holds that John Maynard Keynes perceptions have triumphantly marched in the 21st economic scenario.

His view is that it is imperative that we not just respond adequately to the current crisis but undertake the long run reforms that will be necessary if we are to create a more stable, more prosperous and equitable global economy.




Another Nobel laureate in economics Amartya Sen in his ‘Development Freedom’ holds the view –‘we live in a world of unprecedented opulence of a kind that would have been hard even to imagine a century or two ago. And yet we also live in a world with remarkable deprivation, destitution and oppression. There are many new problems as well as old ones, including persistence of poverty and unfulfilled elementary needs. , occurrence of famines and widespread hunger, violation of elementary political freedoms as well as of basic liberties, extensive neglect of the interests and agency of women and worsening threats to our environment and to the sustainability of our economic and social lives………….We have to recognize the role of freedoms of different kinds in countering these afflictions. Indeed individual agency is ultimately central to addressing these deprivations……freedom of agency that we have individually is inescapably qualified and constrained by the social, political and economic opportunities that are available to us. There is a deep complimentarily between individual agency and social arrangements….’ And thus he bemoaned.


Neo liberal push for ‘deregulation’ served some interests. Financial markets did well through capital market liberalization. This helped America to sell its ‘junks’ in financial products and engage in speculation all over the world, may have served its firms well even if they imposed large costs on others.

Large costs on ‘others’ mean you are depressing the ‘others’ and these ‘others’ are ‘dumped’ like dead bodies in a war-time scenario. This is the problem of speculation all over the world. Many ‘haves’ overnight have become or tuned out to be ‘have-nots’, in a fraction of seconds or minutes (practically beggars) (Recently in America it is said many dog owners left the dogs on the roads or streets to fend for themselves just because the said owners found themselves that they are no longer able to feed the dogs..). This is the problem of neo-liberal push of deregulation. In fact the governments did not do their jobs of regulating things so that problems can be kept under control but unfortunately governments also participated in deregulation themselves. What will happen? You saw 26/11 at Mumbai terrorist attacks. These take place once the controls are at very low key. What is the point of blaming a terrorist, after all he looks for such opportunity to strike! In fact the Maharashtra government was really very friendly for terror attacks even on vital locations in south Mumbai. May be these attacks will increase if the governments do not buckle up by proper emergency measures.


Fed Reserve chairman Ben Bernanke- and Treasury Secretary of Bush Administration Paulson bailouts were dis-adventurous and mis-adventurous and thus messed up tax payers moneys.

This mess up remarkably despite the bailout size has done little to rekindle lending. After all it is like a man not knowing swimming falls into a flooding river course, if you attempt to save him you will be hauled by that man to your end and it is a universal rule. You cannot save him and what is the point of saving, if all the people are to drown to death. That is the way ‘Neo liberalism push’ in deregulation worked.

Regulation is a time tested phenomenon and hence the governments are needed.

People wanted monarchies, dictatorship, democracies ( not mockocracies) (mockery of democracy), and military rulers and so on.

You see today in Pakistan that President Mr. Zardari said earlier that he would send his ISI chief to India to investigate and somersaulted in a few days, as he was not a seasoned politician, when Chief of Army staff Gen. Asfaq Kayani warned him that if you do this, later India will call the President to send Kayani himself and no Nation worth the name will yield for such requests of threats, that is regulation. Vagueness of Mr. Zardari is putting him in tight spot of seeking war with India! Strategize and if you fail to strategize well you have your end nearby is the principle. That is the message for inexperience men! That way is our management education today that is inexperienced talks management. Inexperienced means that the fresh men from college doing management courses.

It is a farce claim that Business schools can fill your business experience when you are just a fresh-man from college to do management education.

This is a ploy politicians understood and started to adopt in their so called educational institutions.

Hence a lot of politicians started educational institutions today just to siphon of the poor man’s hard earned moneys of his or her parents.

That is the message one can learn from Kayani when General Kayani advised President Mr. Zardari (You are an inexperienced President !) just do not yield to wrong dispensations.

Even that suggestion worked with Mr. Nawaz Sheriff a former Prime Minister of Pakistan. Though experienced he was as Prime Minister but yet he was not experienced like Kayani. So Mr. Navaz Sheriff made a somersault of his earlier statements. This is the lesson what we learn from what experience is all about? Experience cannot be replaced just by management lectures and books please are the clear message!

If President of Pakistan Mr. Zardari yields it may be advantageous to India but that is a dangerous proposition to Pakistan itself!

Similarly Auto bailout came up with US administration, the US Congress and Senate woke up and it could not completely refuse bail out but it rationed an auto bail out because the governments themselves are verily responsible for such problems in USA.

First great mistake is committed by Fed Reserve chairman just because of his own confusion on bail out to Layman brothers, Merrill Lynch AIG and Freddy May …If these institutions sink, let them sink, for their own sins of leverages. You cannot save them and if you attempt the whole economy will be in trouble or collapse.

You can give some moratorium kind relief to the realty buyers, to breath in time of crisis, but not to realty leverages done by institutions. You cannot protect at all, even though there is a poetic need and a poetic justice in place including sympathy. Hence there shall be empathy and not sympathy please..


Coming back to our story on economics, market economies and consumption economics are not sustainable and your cosmetics will not work and thus you used and abused New Keynesian doctrines, to serve some of the same interests.

Question arises whether those who have pushed ten years ago the deregulation economics, at the time of Asian Financial crisis, for Global Financial Architecture learnt any lesson!

Stiglitz is right when he says little was done. It is imperative that we not just respond adequately to the current crisis but that ‘we undertake long run reforms’ that will be necessary if we are ‘to create a more stable more prosperous and equitable global economy’, by revisiting Keynesian policies just because in today’s context the pursuit of Keynesian policies look much more profitable than the pursuit of market fundamentalism!.

Keynes wanted not bail outs but proper regulation in place.

There is no point in mega trillion bailouts for they will not work at all and that will bring much more miseries to the humanity. This addresses the views of Amartya Sen too!


In this scenario when one looks at the national conference of Padmashree Dr. DY Patil University’s department of business management, there are lots of gaps in studies; that are to be carried out by addressing various problems faced by poverty in India.

The speakers were all insipid and never know the art of addressing the international economic business and governmental scenario except acknowledging the existing trends without any policy guidance as such.

I could learn nothing in that National conference but I was sad the students are just getting misled into wilderness!

This is not the case with this conference. Same is the phenomena of so called seminars held today under event management concepts, after all event managers might earn some pennies or money but that is not sustainable.

It is not worth conducting seminars unless one is able to provide properly researched inputs. Otherwise it is indeed a great waste of money in these critical economic situation today every where.

Businessmen look into micro angle and they fail just because they forget macro angles and perhaps they do not understand what Macro is

This is the problem facing many countries of the world today. There is no silver lining today.

Let us pray to inner voices for resurgence of economy, by resorting to savings of hard earned moneys and try to be a little more prudent.

Just because you want to live you cannot affect the reasonable lives of others please and that is the principle or doctrine of Regulation

Will it not affect the new student generations who are some quick fix types only looking for ‘cozy corner offices’ of too much money for their too less or scanty work and much merry making? Will they not face the onslaughts one after the other of the current scenario of problems?

At the time of writing this article I find one more departmental market store pulled down their shutters once for all as they sustained heavy losses of their six months’ existence at Nerul in Navi Mumbai. (ends)