It is high time that the Election Commission re-examined model code of conduct in national interest. Far from its intended purpose as a means of preventing political parties from luring voters — by announcing populist schemes prior to elections — the code is so poorly designed that it grinds to a halt all development work in the states going to elections. The model code in reality has become the biggest impediment to infrastructural development in India. Fearful of being reprimanded by the draconian commission, the governments are known to even stop work on ongoing projects.

The whole idea of model code of conduct is to prevent voters from being unduly influenced. In my view, the ban under the model code should be restricted to three types of announcements: new welfare schemes designed to attract voters on the eve of elections, transfer of officers and foundation-laying ceremonies. All other projects should be allowed to go on and most importantly, the code should not be allowed to hijack ongoing development.

Failure of CEO culture

The global financial crisis that has wreaked havoc on economies of several countries is a spectacular failure of the modern corporate culture. The West has had enough of grossly overpaid CEOs, whose fancy long-term profitability projections displayed on slick powerpoint slides have come to worth of nothing. I wonder if the world can learn from India’s very own baniya system as a recession-proof business model.

In this classic model, the baniya, or the capitalist, would call on his munim, the accountant, every evening and demand account of his profit or loss for the day. In fact, no amount would be deemed as income until it actually reached inside the coffers. Right from day one of starting business, profitability remains the solitary aim of a baniya and that is why, a baniya may succeed or fail in earning profits, but he would never lose any money.

... contd.