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June 2001

Shourie lays down the law





       
Shourie: settling the intellectual arguments over
The woman wags a hectoring finger at the minister. "If a child is unwell," she says, "its mother does not give it an injection of poison." She and a group of trade union colleagues are accusing the minister of doing just that by privatizing the aluminium plant in Chattisgarh state. For 40 minutes they sit in his office and plead with Arun Shourie, minister in charge of privatization, administrative reform and a panjandrum range of critical issues concerning modernization of India's economy, to roll back the privatization of Bharat Aluminium (Balco).
Shourie refuses their entreaties and tries to reason with them. The government, he argues, has no alternative: privatization is good for the economy and good for the workers, especially since the new owners, Sterlite, run by a London-based overseas Indian, Anil Agarwal, have made promises that there will be no retrenchments or redundancies.


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Some senior executives within banking are, in private of course, admitting the current composition of boards is not serving the industry’s best interests

Fewer than one in three directors of 17 banks outlined in Board stupid has any direct experience of the banking industry. Most worrying for shareholders, only one in 10 directors are former bankers in a non-executive role.

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