A Blueprint for Central Banking and Public Finance Reform in India

Introduction: India’s economic resilience demands bold, decisive reforms in central banking and public finance. These measures aim to reduce interest burdens, strengthen the rupee, and drive long-term growth while safeguarding national sovereignty. 1. Converting Dated Securities into Treasury Bills The Reserve Bank of India (RBI), in consultation with the Ministry of Economic Affairs, can invoke exceptional provisions to: – Convert the RBI’s holdings of dated central government securities into short-term Treasury Bills (7–364 days) at a rate of ₹1.25 lakh crores per week, bypassing primary dealers and markets through a one-time arrangement. – Proposed Interest Rates for Treasury Bills: 2.52% for 364 Days 1.62% for 182 Days 0.99% for 91 Days 0.45% for 46 Days 0.23% for 7–14 Days Impact: This conversion would significantly reduce the government’s interest outgo while offering flexibility in Open Market Operations (OMOs). 2. Why This Reform is Urgent This proposal arises due to: – A drop in the Wholesale Price Index (WPI) and the risk of deflation over the next six months. – Geopolitical tensions at India’s borders. – The need to safeguard the Indian Rupee from external pressures. – India’s foreign currency repayment obligations of ₹6,18,295.76 crores. Goal: A calibrated approach will reduce the revenue deficit and allow savings to be redirected toward capital expenditure and development. 3. A Treasury Bill-Centric OMO Framework Once securities are converted, the RBI should: – Conduct OMOs exclusively in Treasury Bills, not dated securities – Offer buy/sell operations at state capitals between 10 a.m. and 4 p.m. – Conduct special OMO sessions for primary dealers and commercial banks between 4 p.m. and 5 p.m. – Fix a single OMO rate to create a simplified market structure. 4. Benefits to Savers and Markets – Savers will continue to earn 8.8–9% returns from safe instruments. – The government saves massively on interest outgo, both in the current and future years. – Domestic savings strengthen the rupee and support India’s 15-year growth plan (till 2040) for infrastructure and housing. 5. Reforming Fixed Deposit Policies To align with RBI’s monetary policy – No fixed deposit should exceed 364 days or offer rates above the announced Bank Rate. – All fixed deposits to be treated as unsecured deposits. – Single deposits above ₹100 crores from any entity should not be accepted. Shift to Securities:Large depositors should be encouraged to use Demat or Securities Ledger Accounts (SGLs) and invest in central or state government securities for better risk management and transparency. 6. Deep Discount Bonds A Game-Changer – To mobilize long-term capital: – The RBI should allow commercial banks to issue deep discount bonds (DDBs) — not coupon-bearing bonds — up to ₹15 lakh crores. – Rate discovery will occur via daily auctions with primary dealers. – Bonds should be listed on domestic markets (e.g., GIFT City) and overseas platforms to encourage rupee-based transactions. – These bonds should be included in RBI’s OMO framework to enhance liquidity. 7. Moving Away from ECBs – Ban External Commercial Borrowings (ECBs) in their current form for banks and financial institutions. – Encourage corporates to raise funds via rupee-denominated DDBs instead. – Use RBI liquidity to retire ECBs early, cutting foreign currency outflows and keeping profits and taxes within India. 8. Creating Long-Term Investment Banks The RBI should foster at least nine dedicated investment banks, each with ₹90,000 crores in equity. – These banks could leverage 4x their equity (₹3.6 lakh crores) to fund credible infrastructure and commercial projects. – This would unlock ₹27 lakh crores for physical asset creation, boosting GDP growth to 8–9.2%. Job Creation: Approximately 2.75 crore jobs will be generated across all sectors and age groups (19–70 years). 9. Broader Economic Impact – Lending rates (5–25 years) will stabilize between 7.8–9.9%, reducing NPAs caused by high-interest loans. – India’s efficiency rankings (WEF) will improve. – Agriculture, manufacturing, and services will experience a surge in productivity and competitiveness. 10. Key Takeaways – Fixed Deposit policies need urgent reform. – Multilateral debts must be repaid strategically. – ECBs must be replaced with rupee loans. – Deep Discount Bonds and OMOs must form the backbone of market liquidity. – Long-term investment banks should fund infrastructure growth. CONCLUSION With these strategic reforms spanning – Treasury Bill conversions, bond markets, and investment banks – India can secure fiscal stability, empower domestic savings, and unlock a decade of rapid, inclusive growth. The above suggestions were sent to the RBI and various other dignitaries on 5th June 2025
Posted by G Giridhar Prabhu

BRIDGE THE GULF – The Mangalore Connection

The UAE Dirham is a pegged currency. For around 40 years, it has maintained a fixed rate with the US Dollar. Doing so saves transaction time and aligns with the world’s most convertible currency. Newspaper headlines or commentators discussing foreign exchange fluctuations as being “strong” or “weak” hold little significance in the UAE. This results in economic efficiency. Fundamentally, a currency fluctuates. It is neither strong nor weak in itself. Strength or weakness lies in the economy, which means the future supply and demand of that currency compared to its paired currency. Dubai is the center of attraction for social, economic, and political purposes, while Abu Dhabi, as the national capital, maintains very good relationships with all the nations of the world. It is therefore important that India, as a trading partner of the UAE, also connects the Rupee to the UAE Dirham by adopting what is known as capital account convertibility. When one says the euro is weaker, it could mean that the Dollar is stronger, while in reality, the euro is either depreciating or appreciating against other paired currencies. It is the best option for India to pair itself with the UAE Dirham as a currency of reckoning. The proximity to financial markets is one of the most important economic links, which creates social links. The fact that the UAE is part of the GCC will make convertibility in terms of the Dirham easier with other currencies of the region, especially those facing turmoil, dictatorship, or similar situations, collectively referred to as the MENA region. The MENA region stands for the Middle East and North Africa. Capital account convertibility in India has proceeded with caution as the nominal and real interest rates of India are higher than those of global economies. Indians have lived with inflation for so long, since the 1960s, that any sudden influx of foreign currency could disturb the monetary as well as the capital situation in India. The Government of India and the Reserve Bank of India have been very cautious about capital account convertibility, as it can attract huge capital flows within a few days or months, potentially disrupting the Indian economy and its enterprises. The prosperity that comes from a nation’s growth has to benefit the bottom of the pyramid. Immigrants from all parts of India are in the UAE and further abroad. Therefore, transportation services and the ability of nations to coordinate the social effects of migration are all very important in fostering love for the nation. The respect for both employer and employee as contributors to the region is also a major social factor. In the growth of the Indian economy, during the initial phases of rising oil incomes, Arabs used to visit India to enjoy the monsoon rains of Mumbai. The attraction of India for tourism by any Emirate or Sheikdom is also strengthened by diplomatic relationships. The UAE is a major exporter of natural gas and oil to India, and the level of cooperation is very high in economic, social, and political spheres. The convertibility of Dirham to Rupee could also be engineered with the digital Rupee. India can swap digital Rupees with the UAE Dirham floating currency and encourage UAE Dirham deposits in India with commercial banks as well as the Reserve Bank of India. As a first step, ₹1,00,000 crores can be invested by India and deposited with the UAE Central Bank. Similarly, ₹1,00,000 crores can be purchased by the UAE Central Bank and then deposited within itself. Mutually, half the amount would be counted as foreign exchange reserves by the Government of India as well as the Reserve Bank of India. For the UAE, it becomes a convertible Rupee for transactions between the two nations. The Indian Government and the Reserve Bank of India can encourage oil companies to buy Dirham from commercial banks, which, on a daily basis, the Reserve Bank can offer for transactions. Therefore, a vibrant capital market would be initiated, but there would be no forex market fluctuations, as the rate would be stable. If the Abu Dhabi National Oil Company invoices in Dirhams or in Indian Rupees, it will have the benefit of fluctuations in the Indian Rupee by keeping Rupee deposits that are repatriable in Dirhams, and in the treasury bill market, which is discounted to the market. Therefore, the Reserve Bank of India can convert all its current holdings of government securities into 42-day, 181-day, 182-day, and 364-day treasury bills equivalent to the US Dollar treasury bill rates, but also into equivalent rates of the Euro, Japanese Yen, Singapore Dollar, Hong Kong Dollar, and Korean Won. This would result in a vibrant forex market. This can also be extended to South Asian currencies, where the Reserve Bank of India can have swaps with these currencies, each to the equivalent of ₹25,000 crores, and a vibrant South Asian currency market can operate in Colombo, which can become the economic center for the SAARC region. This will help the island nation foster social, economic, and political cooperation by improving lives through a services economy. The Government of India and the Reserve Bank of India have recognized that India is a major merchandise importer, and an important measuring tool is the number of months equivalent of reserves. Overall, the UAE Dirham and Rupee market will become a convertible currency for South Asian currencies if there is a spot and forward market in Colombo, in the GIFT financial centre, and in selected financial centers of India. It is suggested that, since Mangalore has been a very important commercial banking and trading centre for the last 23 centuries with strong cultural, social, and economic relationships with the UAE, a large Indian diaspora, and all the ingredients for connections, the Reserve Bank of India and the Government can make Mangalore an exclusive center for the conversion and capital account convertibility process. All commercial banks operating in Mangalore can be authorized for convertibility of the current account, for the savings of the people of India in the UAE, under digital banking, and also for the Abu Dhabi National Oil Company to keep its reserves in Dirhams and Rupees in India, connecting it to the various requirements of the South Asian economy, especially Sri Lanka. It would be the most convenient location as the Mangalore SEZ can also host commercial banking services within itself as an operating center, and interrelate itself with Sri Lanka, Singapore, Dubai, Gandhinagar GIFT, and Mumbai, all within convenient distances. A services economy of shipping as well as air transport between the UAE and India is also very convenient at the Mangalore International Airport. In the neighbourhood, the storage of crude oil can be supported with Dirham-Rupee conversions, where Indians can be offered parcels of crude oil to trade in the forward and futures market by creating the Mangalore-Abu Dhabi crude futures based on crude forwards. This would also develop the product market in Mangalore as a port of delivery and storage for petroleum products in the future. Ethanol-blended petrol and diesel will be a key supply factor in the Indian market. Therefore, investments in blending ethanol with petrol products have tremendous potential in North Karnataka, which is a major sugarcane-producing region and can channel investments of up to ₹10,000 to ₹20,000 crores in blending facilities, tankage, product development, and resource conservation. The UAE Dirham–Indian Rupee digital conversion is waiting to happen and can be implemented in the shortest time. Hosting over 20,000 software professionals and the capacity to house an additional 10,000 service professionals in Mangalore, from the UAE, the MENA region, Sri Lanka, Japan, and other countries, the region can also take advantage of healthcare and medical facilities to develop into a world-class medical center. Additionally, it will ensure that currency is convertible at any point—365 days, 24 hours—from UAE Dirham to the digital Rupee. The stability provided by the political relationship will go a long way in developing social dynamics in economic relations for the rest of India, where sustainability as well as human development goals will be actively promoted, making Mangalore a city of excellence—New Mangalore. – While GIFT will be India’s international finance centre, over 18 smaller centres can be developed for both talent and knowledge. – The Government of India must encourage Rupee schemes in India for exporters and nations with trade surpluses. – Indian banks must be encouraged to hold balances in all G20 currencies along with official reserves. This will widen, broaden, and deepen the forex market. G. Giridhar Prabhu 01-01-2023
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A Vision for Growth in Indian Agriculture -Empowering Farmers for the Next 40 Million Metric Tonnes

Introduction Agriculture remains the backbone of India’s economy, yet it faces challenges of productivity, market access, and sustainability. To achieve the next 40 million metric tonnes of agricultural output, we need a collaborative, market-driven, and farmer-centric approach. This blog outlines a practical roadmap leveraging existing frameworks like Farmer Producer Organisations (FPOs), corporate participation, and rural infrastructure strengthening – without excessive reliance on government subsidies. Strengthening Farmer Producer Organisations (FPOs) Key Proposals: Mandate FPOs under the Companies Act to facilitate inter-state trade and formalize farmer collectives. Encourage crop-specific FPOs (e.g., potato farmers across Himachal, Maharashtra, West Bengal, Tamil Nadu). Three-Pillar Framework for FPOs: Education (skill development, best practices) Organization (structured governance) Discipline (efficient supply chains) Role of Fertilizer Companies: Authorize them as Producer Procurers for MSP-based farmgate purchases. Transportation responsibility from farms to markets. Issue 8.88% bonds (up to ₹3,03,030 Cr) backed by the government, replacing fertilizer subsidies over time. Food Bonds for Farmers: As urea subsidies phase out, farmers receive tradable bonds earning interest. Data-Driven Harvest Management: “Harvest Procurers Organisations” to validate farm output data. – Junior & Senior Agriculture Producer Officers (acting as Farm Agents) to register production at post offices. State vs. Central Roles: Central Govt: Manages inter-state & international trade. State Govts: Handle intra-state markets (no barriers to inter-state trade). No permanent schemes – All programs should have a 24-month lifecycle + 12-month transition. Corporate Participation in FPOs – A Radical Shift Key Ideas: Listed companies can own 26% of FPOs with full tax deductions for investments. Management stays with farmers, but corporate partners provide governance support. 3,000+ listed firms can engage, bringing capital and market expertise. Why This Works: Farmers focus on cultivation, while corporates handle compliance, logistics, and scaling. FPOs remain Indian-produce focused (no international trade distractions). No duplication of cooperatives – States can strengthen existing ones. Strengthening Rural Infrastructure CSR & Farm Labour Reforms: 100% CSR deduction for farm-related (not farmer-related) activities. Register 19 million farm employees under ESI (health insurance for life). MGNREGA Integration: Shift focus from public works to rural health, electricity, and permanent jobs via CPSEs. 5-year ESI premium support (5% of ₹500/day wage). Railways as Agri-Logistics Backbone: Dedicated freight coaches for farm produce and laborers. Yearly train passes for farm workers (flexible mobility). Railway land utilization for farm markets & distribution hubs. Boosting Cotton & Textile Demand: Provide 132m cotton cloth to farmers, 66m to farm laborers (linked to accurate census data). Railways to procure 2 crore cotton bedsheets to support domestic textile demand. Integrating Railways, Posts & Census for Rural Development Central Govt. Territories: Railway, Postal, Telecom land marked as Central Govt. zones for agri-markets. Permanent Census Mechanism: Post Offices to function as National Population Service centers. New UPSC cadre for Census & Election Officers. Healthcare for Farm Labour: Railway hospitals & ESI facilities to provide lifelong healthcare for farm workers. Reforming MGNREGA for Sustainable Agri-Growth Shift from temporary works to permanent rural jobs (health, energy, infrastructure). Relocate MGNREGA administration to Bharat Agriculture Council (Madhya Pradesh). Transport vouchers for marginal farmers to work in plantation sectors (funded via MGNREGA). Conclusion: A Self-Reliant Agri-Economy India can achieve 40 million additional tonnes of farm output by: ✅ Empowering FPOs with corporate partnerships ✅ Reforming MSP procurement & logistics ✅ Leveraging Railways & Post Offices for rural integration ✅ Shifting MGNREGA to sustainable employment This model minimizes fiscal burden while maximizing farmer incomes, market efficiency, and rural development. Let’s build an India that feeds itself—through education, organization, and discipline. References & Inspirations: Unto This Last – John Ruskin Small Is Beautiful – E.F. Schumacher The Peter Principle – Dr. Laurence J. Peter Originally proposed to Shri P.K. Mishra, Principal Secretary to the PM of India.
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India’s Agenda on the Rupee – RBI Economic Action Plan

Context: Why This Matters The RBI is a creation of Parliament, and any surplus it returns must be used with intention and integrity. According to the Preamble of the Indian Constitution, the Republic must secure Justice – social, economic, and political – and the Dignity of the Individual. In that spirit, the dividend must be: – Used only for economic purposes. – Kept out of the general expenditure budget. – Focused on sustainability, corrections, and corrective actions. The central idea: Empower India’s economy from within, reduce external dependency, and honour India’s savings and institutions. Key Proposals at a Glance Capitalising Indian Financial Institutions: – Capitalise 100% Central Government-owned financial institutions through Equity Shares, Preference Shares, and Long-Term Bonds. – Recognise these as Sovereign Special Purpose Vehicles with clearly defined mandates. Reaffirming Sovereignty in Currency and Borrowing: – Clearly declare a list of institutions under Central Government ownership with RBI concurrence. – Mobilise internal savings and eliminate dependence on foreign currency sovereign loans. Five National Resolutions Resolution 1: No More Sovereign Borrowing in Foreign Currency India need not borrow externally. The Indian Rupee, powered by domestic savings and institutional integrity, can support all State functions and capital investments. Resolution 2: Prepayment of Multilateral Borrowings India should repay existing multilateral loans – ahead of schedule, by November 2026. Outcome: – Exit future borrowing from the World Bank, ADB, etc. – Let RBI make rupee provisions and allow specialised institutions to finance Indian projects in Indian currency. Resolution 3: A Strategic Investment Framework – Let Indian banks and financial institutions invest part of their financial assets in global securities. – Propose: – SLR to 22% – 6% to be invested in Multilateral Agency Bonds (in collaboration with RBI and the Ministry of Economic Affairs). Resolution 4: Capital Account Convertibility for National Entities – Expand Current Account transactions in all currencies. – Empower public banks and Indian financial entities to handle capital account convertibility under government guidance. Resolution 5: A Financial Services SEZ Cluster – Establish a Special Economic Financial Cluster under RBI & SEZ Acts. – Locations: Ladakh, Goa, Tiruchirappalli, Bhubaneswar, Bhopal, Mangalore, Chandigarh. – Impose strict capital convertibility regulations to protect Indian interests. India’s Debt Position (Estimated) As of March 2025: ₹181.74 lakh crore As of March 2026: ₹196.78 lakh crore Message: India must handle its finances internally. It can. It should. As of April 4, 2025: Foreign Exchange & Reserve Strategy – Forex Reserves: $676 billion – External Sovereign Debt: ~₹6.18 lakh crore Proposed: – Prepay all external borrowings. – Start purchasing World Bank or equivalent securities with our reserves. – Convert RBI’s holdings of US Treasuries into development securities. – Avoid complex FX hedging by focusing on early repayments and rupee-based asset management. Regulatory Actions: CRR and SLR – CRR Reduction: Reduce to 3%. – SLR Increase: Raise to 22% to absorb and reallocate surplus liquidity meaningfully. Strategic and Policy Coordination To succeed: – Ministry of Economic Affairs and RBI must stay in sync. – Public messaging from key offices (PMO, Cabinet Secretariat, DEA) must be clear and consistent. – Parliamentary approval and transparent debates may be required for legitimacy. Capital Account Convertibility – India’s Next Step This plan is a measured path toward Capital Account Convertibility, echoing the vision of: – Dr. Manmohan Singh – Dr. C. Rangarajan – Dr. Bimal Jalan – Dr. Y.V. Reddy – Dr. Subbarao – Dr. Raghuram Rajan This also gives partial implementation to the Tarapore Committee Reports I & II. Conclusion: Towards a Sovereign Economic Future India does not need to chase global credit ratings when it does not borrow externally. The world needs India as a banker to the world, not merely a borrower. This is the moment. Let the Rupee rise. Let India lead. References 1. Tarapore Committee Report I & II 2. Budget Papers – 3. RBI Bulletins and Publications by Former Governors 4. Contemporary Financial News and Anal ________________________________________________________________________________________________ The above suggestions were sent to the RBI and various other dignitaries on 2nd June 2025
Posted by G Giridhar Prabhu

Josephine Hogas

The Untold Story of Josephine Hogas and the Cashew Revolution An Intrepid American in Goa The American lady in this picture is Ms. Josephine Hogas, an adventurous woman who travelled from Manhattan to Goa and collaborated with the Zantye family for the export of cashew kernels. She likely discovered the potential of cashew processing by witnessing how it was made. In 1917, Goa was still Portuguese territory, and it is evident that Josephine resided in Panjim city. Meanwhile, Malvan (in present-day Maharashtra) was under the Bombay Presidency of British India. It is believed that the Zantyes were among the first to establish a factory for cashew kernel processing—possibly the earliest organized venture of its kind. This photograph still hangs in the office of Mr. Suresh Zantye, who continues the family business into its fourth generation. A Chance Encounter and a Lost Story The tale of Josephine Hogas surfaced unexpectedly during a casual conversation about cashews. A stranger casually dropped her name, sparking my curiosity. I had always been intrigued by stories of innovation and entrepreneurship, and this was one I had to uncover. Mr. Suresh Zantye shared an oral account of how his grandfather began cashew processing in Malvan and Bicholim (Goa) around the same period. The method? Pan roasting—a groundbreaking technique where raw cashews were roasted over a perforated metal sheet placed on a fire made from jungle wood, supported by four stacks of laterite stones. This was dangerous work, both physically and mentally—playing with fire, quite literally. Historical Context: Marathas, Portuguese, and the Cashew Trade Long before this era, the Sawantwadi region (ruled by the Bosleys) extended up to Belgaum’s borders. The Muslim emperors held sway till Bijapur, with frequent skirmishes along Maratha territories stretching to Hyderabad. Goa, under Portuguese rule, was a distinct territory. The Zantye family had their roots in Bicholim, just 20 km from Maharashtra’s border. Travel then was by horse carriages or bullock carts, yet trade routes like Bicholim to Malvan were well-established, facilitating the cashew trade. The family’s original surname was Prabhu, but “Zantye” was likely added as a Portuguese-sounding suffix for ease of business. These aren’t mere speculations—there are written records, possibly worthy of a museum, marking them as India’s first cashew business family. Josephine Hogas: From Trader to Innovator Josephine Hogas wasn’t just a trader—she was a classic entrepreneur. The allure of cashews must have ignited her imagination. Though her exact role remains unclear, this year marks the 100th anniversary of organized cashew manufacturing in Mangalore. Around the same time, Pierce Leslie India Limited (based in Cochin/Mangalore) expanded from coffee into cashews. By 1925-26, cashew exports to the UK were well-established. However, a persistent problem plagued the industry: Infestation. The first shipment to the USA arrived infested, but instead of giving up, American ingenuity saw it as a challenge to overcome. Solving the Infestation Puzzle Josephine returned to Panjim, determined to find a solution. A tennis club plaque still commemorates her presence there. She deduced that removing oxygen—the lifeline for pests like Tribolium Castaneum—was key. Mr. Jeffrey Abels of FTS Laboratories could verify whether this pest has troubled cashews for 117 years. Her innovation aligns with classic theories of entrepreneurship—turning obstacles into opportunities. The Vita Pack Machine: A Legacy Vita Pack Corporation (Josephine’s buyer) later exported a specialized machine to India. Even today, Indian workshops replicate this “Vita Pack machine”—a marvel of engineering that deserves academic study. The Evolution of Cashew Trade Initially, cashews were shipped in KO-type tins (Kerosene Oil tins), sturdy enough for a 6,000-mile sea journey. Only in 1984, with Sealand Corporation’s containers, did packaging shift to paper cartons. This story deserves a documentary—perhaps by Discovery Channel or National Geographic—tracing the commercial geography of cashews, from Kollam’s barges to Cochin’s ports, and finally to Manhattan. A Century of Cashew Enterprise This is the story of 108 years of perseverance, innovation, and global trade. Josephine Hogas stands out as perhaps the first woman to solve a critical food preservation problem in the cashew industry. Her work spurred factory expansions across India’s west coast, with Mangalore emerging as the hub of cashew innovation. Final Thoughts At its core, this tale is about human ingenuity—how ideas, observation, and determination bridge local needs with global commerce. The potential for innovation remains vast, and stories like Josephine’s remind us that entrepreneurship is timeless. GGP 27th April 2025
Posted by G Giridhar Prabhu

The Playful Path to Creativity

A Reflection on Gaming Start-ups and India’s Potential Introduction: A Call for Playful MindsIn a world that demands innovation and problem-solving, the need for creators who can design and develop games is more relevant than ever. This is not merely about entertainment; it’s about fostering a playful spirit that can transcend traditional boundaries of thought. Creativity, Indian Philosophy, and the Future of Innovation “Creativity starts the moment thinking stops.” – J. Krishnamurthy J. Krishnamurthy’s philosophy invites us to step into playfulness as a pathway to creativity. This is especially relevant for game creators and innovators who, to be truly ground-breaking, must embrace the spirit of play. Yet, this playful mind-set often collides with the practical concerns of financial backers, who prioritize tangible returns. Peter Drucker once said, “Innovation is a tool of an entrepreneur.” While Drucker wasn’t a specialist in creativity, he framed innovation as the cornerstone of entrepreneurship. In India, this concept takes on a different dimension, shaped by our unique socio-economic and cultural context. Can we balance the structured needs of entrepreneurship with the unstructured essence of creativity? Goa: A Creative Base Amid Global Shifts As someone who has visited Goa for over five decades, I see its potential as a hub for creativity and leisure. However, in the larger picture, the Asia-Pacific region, including India, is poised to shape the future. While Goa embodies playfulness, India often isolates itself from global influences, perhaps due to a colonial hangover or misinterpretations of Vedanta. India’s return to the principles of Buddhism, particularly the Eightfold Path, could help bridge this gap. These teachings emphasize mindfulness and balanced living—qualities that could guide both personal creativity and collective progress. A Vision for India’s Coastline Goa aside, I envision an “intelligent coast” stretching from Trivandrum to Panvel, encompassing underpopulated areas like Dakshina Kannada. This region has untapped potential for employment generation, fostering a blend of creativity, innovation, and sustainable development. To leverage this potential, we must focus on creating meaningful employment—jobs that not only provide income but also align with the aspirations of a modern, forward-looking India. Creativity and the Ability to Play A compelling perspective on creativity emerges from the work of Donald MacKinnon, who found that highly creative individuals aren’t necessarily more intelligent than their peers. Instead, they have the ability to get into a specific state of mind—a playful, childlike mood where ideas are explored for pure enjoyment.This aligns beautifully with Krishnamurthy’s philosophy: when we stop overthinking, creativity begins. Playfulness isn’t just an indulgence; it’s a mind-set that enables natural creativity to flourish. Conclusion India’s path forward lies in integrating its rich philosophical heritage with modern innovation. Whether through the playful creativity of Goans or the Eightfold Path of Buddhism, we must cultivate an open, adaptive mind-set to thrive in an increasingly interconnected world.As we strive to build a better future, let’s remember: innovation and creativity aren’t just tools—they are ways of being. Giridhar Prabhu
Posted by G Giridhar Prabhu
Dr Manmohan Singh (26th September 1932 - 26th December 2024)
REMEMBERING DR. MANMOHAN SINGH A Visionary Economist Today, as I reflect on the life of Dr. Manmohan Singh, I am reminded of a leader whose quiet strength and intellectual brilliance have played a pivotal role in shaping the course of modern India. Dr. Singh was more than just a policymaker – he was a scholar, an economist, and a statesman who dedicated his life to serving his country with humility and integrity. As India’s Finance Minister in 1991, Dr. Singh spearheaded a series of transformative economic reforms during one of the country’s darkest financial crises. His policies of liberalization, deregulation, and globalization redefined India’s economic trajectory, opening the doors to foreign investments and unleashing the entrepreneurial spirit of millions. A Prime Minister of Grace and Vision As Prime Minister from 2004 to 2014, Dr. Singh initiated landmark programs like the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) and the Right to Education Act, exemplifying his vision for inclusive growth. On the global stage, his diplomatic acumen fostered partnerships that elevated India’s standing, most notably through the Indo-US nuclear deal. Though Dr. Singh’s tenure was not without challenges, his calm demeanour and steadfast dedication to democratic values stood as a beacon of stability. A Humble Connection I was privileged to experience Dr. Singh’s humility and respect for ideas first-hand. In 2001, in his capacity as Leader of the Opposition, he graciously acknowledged a letter and accompanying papers I had sent on interest rate policy. His formal yet warm response expressed his intent to study the materials with interest. This small gesture reflected the essence of Dr. Singh: A leader who valued every perspective and treated every exchange, no matter how modest, with sincerity. It remains one of my most cherished memories of him. A Legacy of Service We should strive to emulate his values: integrity, diligence, and a relentless commitment to the greater good. Though Dr. Singh is no longer with us, his life and work will continue to inspire and guide me – and countless others – for generations to come.
Posted by G Giridhar Prabhu

Kaju Katli

No Silver – Serve on a Silver Platter Kaju Katli, a treasured Indian sweet, is more than just a delicious dessert – it embodies a rich journey, cultural heritage, and unique nourishment. Made from cashew, this sweet treat reflects a story of resilience and tradition that stretches across continents. From the Jungles to India: The Cashew’s Remarkable Journey The cashew’s journey began in the remote forests along the Brazil-Venezuela border. This “perpetual seed” traveled across oceans to the coast of India, where it found a new life. Unlike most foods, the cashew cannot be eaten straight from the tree. It needs to be roasted over fire – twice! Thus it earned its reputation as a “hard nut to crack.” In just a century, this nut has transformed into a staple for millions, now enjoyed by crores of people across the world. No Silver – Serve on a Silver Platter In India, Kaju Katli is often served on silver plates, a symbol of its elevated status. Though the sweet itself contains no silver, the tradition of serving it this way highlights the respect and celebration associated with it. Each piece of Kaju Katli reflects more than flavor. It is a treat that carries significance, served with reverence and enjoyed with gratitude. A Sweet for Strength and Well-Being Cashew is uniquely suited for human nourishment, integrating fully with the body without waste. This special quality makes Kaju Katli a symbol of “aayuh” (longevity) and “bala” (strength). As it reaches people worldwide, the cashew has become a gift from nature, multiplied and made accessible for the well-being of all. Gratitude for the Producers Behind each bite of Kaju Katli is the dedication of cashew producers. It is them who bring this unique nut to life, making it available for celebrations, traditions, and health. Their work has turned this simple seed into a global symbol of nourishment and joy. So, the next time you savour a piece of Kaju Katli, remember it’s not just a sweet. It’s the legacy of a nut that crossed continents, transformed by fire and tradition – to bring strength, joy, and gratitude to every celebration. == “It’s Diwali season and I’m trying popular Diwali sweets to see which ones spike my blood sugar the most. Today I’m trying 4 pieces of Kaju Katli, about how much I would normally have. 50 grams in total, 225 calories. Let’s see what happens. Last piece. Let’s see what my glucose monitor says 38 mg increase. Just 4 tiny pieces of Kaju Katli leading to this type of increase is not less. But on the bright side, it is lesser compared to when I had 2 Gulab Jamuns which had increased my blood sugar levels by 46 mg. But you know one thing I’ve noticed, whenever I have fruits with simple sugars, they tend to increase my blood sugar levels by similar amounts. For example, 1 plate of watermelon, 48 mg. 2 apples, 40 mg increase.” ==
Posted by Amrita

RBI Brings Home Gold

India Brings Back 102 Tonnes of Gold From Bank of England on Dhanteras in a Move Toward Economic Sovereignty Announced on Dhanteras, this decision marks a significant step in securing India’s national wealth domestically. Proposal to Relocate Gold Reserves to India Gains Approval: Earlier suggestions to the Prime Minister’s Office advocated for storing India’s gold within the country, including at the Rashtrapati Bhavan. A Symbol of National Pride and Heritage: Repatriating the gold symbolizes India’s dignity and economic independence, showcasing forward-thinking governance. Building a Strong Foundation for Financial Independence: Bringing reserves back to India reinforces the nation’s commitment to economic self-reliance and sovereignty. Safeguarding National Assets and Empowering the Indian Economy: This move supports the vision to strengthen the Indian Rupee’s status globally while ensuring prosperity and security for future generations. A Global Currency Initiative for the Indian Rupee The Reserve Bank of India (RBI) currently maintains a USD 50 billion swap arrangement with the Bank of Japan, overseen by Deputy Governor Shyamala Gopinath. With the Japanese yen depreciating by 45% against the USD to a current rate of 154 yen, there is a timely opportunity to consider a Rupee-Yen arrangement that could provide significant economic advantages for India. This calls for a well-structured, long-term mechanism with Japan to support the growth and prosperity of both nations over the next 30 years. 1. Repatriation of Gold Reserves India’s gold reserves should be transferred from the Bank of England in London to a secure facility within Rashtrapati Bhavan in India. Guarded by the elite Presidential security, this relocation would symbolize national wealth and ensure dignified stewardship. With high security in place, the public could view the gold holdings for a nominal fee, alongside a rotating exhibit of valuable state-owned jewelry or items lent by private collectors, adding a cultural dimension to this initiative. 2. International Circulation of the Indian Rupee The Government of India and the RBI should collaborate to print Rs 1,000 notes in Japan for international use. These notes would be distributed by Japanese banks in global financial hubs, backed initially by the Yen, to encourage Rupee circulation worldwide. In India, the notes would be honored but kept from being introduced as additional currency to control inflation. Foreign nationals and Indian citizens traveling to and from India could carry up to Rs 50,000 per person, subject to standard customs declarations. 3. Rupee Seigniorage and Investment This initiative would allow the RBI to benefit from seigniorage, creating Rupee funds available for investment within India and abroad, thereby advancing the Rupee as a convertible currency. Indian embassies, consulates, and expatriates should be able to exchange this currency globally at banks and currency exchange counters. 4. Digital Rupee Expansion A digital equivalent of the Rupee should be made available by the RBI to facilitate international transactions, complementing the existing digital Rupee platform. 5. Convertibility for Investors Convertibility of the Rupee should be ensured for both domestic and international investors, bolstering its appeal as a currency for global commerce and investment. 6. Strengthening Defense with Nuclear-Powered Aircraft Carriers India should invest in nuclear-powered aircraft carriers (81,000 to 90,000 metric tons) equipped with Rafale jets to secure its strategic interests for the next 70 years. 7. Prepayment of World Bank Loans India should aim to prepay its loans to the World Bank, working toward independence from future borrowing from the World Bank or IMF. A structured plan for repayment should be implemented by the next administration. 8. Investment in World Bank Bonds Indian banks should be encouraged to invest USD 70 billion in World Bank bonds. This bond investment could provide influence in global financial structures and potentially facilitate rescheduling of loans for other debtor nations, benefiting about 80 countries. 9. Expansion of the Indian Foreign and Trade Services The Indian Foreign Service, Consular Services, and Indian Trade Service should be strengthened, with the UPSC tasked to recruit Junior and Senior Foreign Officers, as well as Trade Officers, on 10-year Short Service Commissions. 10. Introduction of Rs 300 and Rs 400 Notes The Government of India and the RBI should explore issuing Rs 300 and Rs 400 notes, accompanied by relevant national symbols, to enhance the Rupee’s utility and appeal. In partnership with the top 10 French banks, including BNP Paribas, Crédit Agricole, and Société Générale, the establishment of a significant banking presence in India’s GIFT City can help Indian banks manage Euro accounts, thereby facilitating current account operations with Europe. This would foster a seamless connection with the Eurozone’s extensive economy and allow banks like HSBC to manage multicurrency accounts for various European nations, reinforcing India’s financial connectivity on a global scale. Additional Strategic Collaborations: 1. Defense Collaboration – Support for nuclear-powered engines for seven aircraft carriers over 35 years is critical for India’s maritime strength. 2. Aerospace Technology Development – Indian institutions like IITs, NITs, and Polytechnics should collaborate with French engine manufacturers for advancements in aircraft engine technology. 3. Maritime Logistics – Establish a support framework for a registry of approximately 2 million marine containers, ensuring infrastructure for global logistics. 4. Central Banking and Bonds – Participation in global central banking and bond-holding activities will integrate India further into international financial markets. 5. French Language Training – Partnerships between Indian universities and French institutions for enhanced French language training can strengthen cross-cultural and economic ties. These measures represent a comprehensive approach to positioning the Rupee as a globally accepted currency, while bolstering India’s strategic, economic, and defense capacities for long-term stability and growth.
Posted by G Giridhar Prabhu

Okinawa for India – Japan Collaborations

Why Choose Okinawa for India-Japan Collaborations? Okinawa is not just a gateway to Japan, but a hub of potential for deeper collaborations between India and Japan in the 21st century. With its strategic location and cultural openness, Okinawa can play a pivotal role in fostering economic, political, and social ties between these two nations. Here’s why Okinawa should be at the forefront of such partnerships: Geographical Advantage Okinawa’s proximity makes it an ideal entry point for flights from India, cutting travel time and improving aircraft turnaround efficiency. Strategic connections from Okinawa to the rest of Japan will also boost business and leisure travel, creating new economic opportunities. Code Sharing Among Airlines Indian airlines could embrace code-sharing agreements to streamline air travel between India and Okinawa. For instance, a traveler flying from Chennai with IndiGo could return via Air India to Kolkata, creating seamless travel options for passengers. A Hub for Indian Engineers Okinawa has the potential to host 20,000 to 30,000 Indian engineers, fostering economic growth through joint ventures in aviation, engineering, and technology. These engineers will contribute not only to Japan but also support Indian growth in various sectors. Asia-Pacific Support Services Okinawa can become a central player in providing support services for the Asia-Pacific region, bridging political, economic, and social interactions between India, Japan, and other regional players. Bilateral Currency Integration The proximity of Okinawa to South Korea and Taiwan makes it an ideal location to initiate currency integration between the Yen and Rupee, facilitating smoother trade not only between India and Japan but also with other Asia-Pacific economies. Expanding Global Leadership India’s access to Asia-Pacific communities can be enhanced by using Okinawa as a collaborative base. This can promote global leadership through partnerships with countries like New Zealand, Australia, and Pacific Island nations. Cultural Integration Okinawa could be the cultural bridge between Japan and India. Establishing cultural centers for language, arts, and education will benefit both nations, allowing Okinawa to become a destination for Japanese citizens to experience Indian culture. Scientific Collaboration Okinawa can serve as a hub for scientific conferences and collaborations between Indian and Japanese universities, promoting joint research and technological innovation. Postal System Integration India and Japan could collaborate on postal services through a central hub in Okinawa, streamlining parcel and postal delivery between the two nations. Maritime and Marine Development Okinawa’s location makes it an ideal center for maritime training and research. Indian technicians could train in Okinawa, improving skills in marine craft development and maintenance—benefitting India’s eastern seaboard, including the Andaman and Nicobar Islands. Antarctica Exploration Collaborations between India and Japan could extend to Antarctica exploration and research, with Okinawa serving as a base for projects aimed at mapping and human development. Desalination & Oceanography Research Okinawa’s expertise in oceanography could be pivotal in helping India develop desalination centers along its eastern coast. This collaboration could drive economic growth by addressing water scarcity and promoting regional prosperity. Conclusion Okinawa is uniquely positioned to foster closer India-Japan ties in the realms of business, culture, science, and geopolitics. By leveraging its strategic advantages, Okinawa could become the center of a 21st-century initiative for social, economic, and political collaboration between these two great nations.
Posted by G Giridhar Prabhu