22-28 Febuary.

2013

Vol. 10

Issue 37 22 Febuary - 28 Febuary 2013

Given a snack and then taken out (P-8)

/ 75 cents

www.thesouthasianinsider.com
Human Rights Conference (P-2)

Published Weekly

My pride in the British Empire (P-6)

Terror returns to Hyderabad (P-11)

Kareena Kapoor miffed with hubby Saif (P-14)

Bharat bandh losses may mount to Rs. 26,000 crore

USA No Longer the Land of Opportunity

(Agencies) Most people like to think the United States has a level playing field for opportunity, but nothing could be further from the truth these days, says Nobel laureate economist Joseph Stiglitz. Perhaps 100 years ago, America might have rightly claimed to have been the land of opportunity, but not for at least a quarter of a century, he writes in The New York Times. Today, the United States has less equality of opportunity than almost any other advanced industrial country. Just 58 percent of Americans born into the bottom 20 percent of earners rise above that slot, according to the Brookings Institution.Whats behind this trend? Probably the most important reason for lack of equality of opportunity is education: both its quantity and quality, writes Stiglitz, an economics professor at Columbia University. The educational achievement gap between rich and poor children born in 2001 was 30 to 40 percent larger than for those born 25 years earlier, according to Stanford sociologist Sean Reardon. Stiglitz solutions: Ensure mothers arent exposed to environmental hazards and receive necessary prenatal care. Reverse the damaging cutbacks to preschool education. Provide proper nutrition and healthcare to children. Give more money to poor schools. Make higher education more accessible to the poor and middle class. One element of the equality issue that now occupies center stage is the minimum wage. In his State of the Union address last week, President Barack Obama proposed raising the floor to $9 per hour from $7.25 currently. Peter Schiff, CEO of Euro Pacific Capital, thinks that is a bad idea. Its not going to lift the wages of workers, he tells Yahoo. What its going to do is diminish employment opportunities. So what can be done? We should completely abolish the minimum wage, Schiff says. We didn't have a minimum wage for most of American history. The minimum wage began in 1938. It was a bad idea, and we ought to admit that it was a bad idea, Schiff says.

No Apology for Amritsar Massacre

(Agencies) Kolkata: Industry body Assocham today said the loss to the country's gross domestic product (GDP) due to the strike by central trade unions could be about Rs. 26,000 crore, higher than its initial estimate of Rs. 15,00020,000 crore. "Against initial estimates of Rs. 15,000-20,000 crore, the GDP may be eroded by about Rs. 26,000 crore," the industry body said in a release. "In the wake of a more than expected disruption, we estimate the loss to the GDP in today and tomorrow's bandh to be in the region (Contd.on page 10)

(Agencies) David Cameron has defended the British empire on the day he visited the site of a notorious colonial massacre of unarmed Indians by troops under the command of British officers and described the event as deeply shameful. He stopped short of apologising for what took place. In my view, we are dealing with something that happened a good 40

years before I was born and that Winston Churchill described as monstrous at the time and the British government rightly condemned at the time, he told British reporters. So I dont think the right thing is to reach back into history and seek out things you should apologise for. I think the right thing is to acknowledge what happened, to recall what happened, to show respect (Contd.on page 10)

Will Tata be 3rd time lucky as financial investor of Air Asia?

(Agencies) New Delhi: With the announcement of a three-way joint venture to begin a new airline, Tata Sons has heralded its entry into the aviation business. This surprise announcement comes barely a month after Ratan Tatas retirement from the helm. Ratan Tatas initial love and subsequent aversion to the aviation business is well known, founded as it was on bitter experiences the group faced not once, but twice, with wayward policy. Malaysian low-cost airline AirAsia will hold a 49 percent stake in the airline JV. Reuters The first time was when the Tata group tried to enter aviation by starting an airline in the early nineties in collaboration with Singapore International Airlines (SIA). And then again when he wanted to participate in the strategic disinvestment of Air India, again in collaboration with SIA. Both times, fierce competition and unscrupulous players in the business thwarted Tatas plans. According to todays announcement, Malaysian low-cost airline AirAsia will hold a 49 percent stake in the airline JV, the other two partners being Tata Sons and Arun Bhatia of Telstra Tradeplace. The shareholding of the other (Contd.on page 10)

The unholy nexus of the builder-mafia

(Agencies) Mumbai: Sunny Loharia, the son of builder Sunil Kumar Loharia, who was shot dead in broad daylight outside his office in Navi Mumbai, says he is receiving threat calls and messages from unknown phone numbers. The caller, Sunny claims, has threatened him with the "same fate as your father" if he talks to the media. The Navi Mumbai Police have registered a case against unknown people and are investigating Sunny's allegation that a rival builder is involved. (Contd.on page 10)

5 Things MBA Aspirants Need to Know about IIPM

(News Agencies) Every year, management school aspirants set out looking for the prestigious 3 alphabet credentials.Added to that, 2 years (or more) of experiential learning, combined with a meaningful syllabus that will stamp them with more than an MBA - a holistic sense of place in the field of management. Guided by giant, full page ads in India's leading newspapers, they decide to "think beyond the IIMs". Which is why, in the tradition of our love for myth-busting, a blunt look at a controversial management institute named IIPM is needed. An IIPM MBA is Controversial. In the succinct words of UGC Vicethe UGC/AICTE,it recognizes educational institutions and degrees in Belgium): IMI Belgium is not a recognised higher education institution either in the Dutch or the French speaking part of Belgium. Since it is not recognised, it cannot award recognised degrees. BBA and MBA degrees cannot be awarded legitimately. Graduates that use the title Bachelor or Master can even be prosecuted. Using those titles without holding a legitimate degree is illegalAccording to our Constitution, everyone can set up an institution and offer education. But to be a higher education institution and award degrees, you need to be recognised.(Contd.on page 10)

Chairman Ved Prakash said. It is indulging in cheating, referring to IIPM "advertising its courses by using the name of UGC, MHRD and AICTE, There is also the Careers 360 expose of the IIPM degree, offered by IMI, in Belgium. According to Rudy Derdelinckx, Director, NVAO (their version of the