Banking and Finance
Is IMF illiterate in economics?
YES, SAYS Prof. Joseph Stiglitz of Stanford University. Over the last few years, there has been a war of ideas and words literally across the street, so to say, between IMF, whose majestic offices on 18th Street NW face the World Bank's on 19 th Street NW in Washington DC. When there is such a sharp division of opinion between the two top multilateral organisations of the world, confusion is inevitable among those who receive counsel from them. Prof. Stiglitz, former Chief Economist of the Bank, has been, however, quite frank, and sometime extreme, in his views on the IMF. It was rumoured at one time that Mr. Michael Camdessus wanted his removal from the Bank. Mr. Camdessus won and Prof. Stiglitz did move out, though Camdessu s also quit later.

Editorial
ICE it
THE DRAFT COMMUNICATIONS Bill, approved recently by the Group of Ministers, is a watered-down version of the draft Information, Communication and Entertainment Act of India, 2000 proposed earlier by the Group on Convergence, headed by Mr. Fali Nariman. The new Bill paves the way for a `super regulator' -- the Communications Commission of India -- for various communication services. Except for the firm indication that the Indian Telegraph Act, 1885, the Telecom Regulator y Authority of India, 1997 and the Cable Television Networks (Regulation) Act, 1995 would be repealed after the passage of this Bill, it is hardly of any significance. Its biggest drawback is its failure to address the key questions re lating to `convergence' of broadcasting, telecommunications and Internet technologies.

Miscellaneous
Judiciary: Call in a management guru
A FEW MONTHS ago, the President spoke about justice in India being costly and attainable, only after a lot of delay. The Government's efforts to modify court procedures have been linked to the entry of foreign lawyers. The entire issue has been opposed b y members of the Bar nationwide.

Surging South
THAT WAS the title of a recent cover story in India Today. It was full of hype, about the massive investments flowing into Southern States, and the rapid strides they are making in industrialisation, development of physical and social infrastructu re, and what has somewhat awkwardly come to be known as ICE (infotech, communications and entertainment).

Aspects of globalisation
THE OTHER day, the veteran politician and social worker, Mr. Nanaji Deshmukh, strongly criticised the Government's efforts at `globalisation' thus: ``The economic policies adopted by the Vajpayee Government are far from real globalisation. Those are noth ing but an exploitation by big countries and multinational companies.'' He added for good measure: ``We are out to sell our country. Whatever this Government is doing cannot be described as globalisation.''

Telecommunications
Will this profligacy end?
IN A FIT of generosity, reminiscent of the feudal age when, at times, the pleased ruler bestowed favours, the Communications Minister, Mr. Ram Vilas Paswan, gifted rent-free telephones to all the employees of the Telecom Department. They have been exempted from registration, rental or installation charges and will also be allowed 150 free calls during the bimonthly cycle.

VISION 2020 -- Perquisite, another name for largesse?
The Communications Minister has estimated the cost of providing free telephones to telecom staff at Rs. 68 crores -- on the basis that Rs. 200 is the minimum monthly rental charge for a telephone. With the current practice, the capital cost of provi ding telephones to all telecom staff will be Rs. 1,200-1,400 crores. Servicing that much capital investment will cost Rs. 350 crores or more per year. That gives three separate figures for the cost of Mr. Paswan's largesse -- Rs. 68 crores, Rs. 1 ,200 plus crores and Rs. 350 crores, saysP. V. Indiresan

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