Book Review: Arguments for the Existence of God

The book is a wonderful read of logic and philosophy. It covers the important aspects of ontology, cosmology and teleology in succinct form. Long sentences and some complex arguments will make you revisit the sentences/paragraphs to grasp the message. The book will not add much to the reader's understanding or acceptance/rejection of god, it will only provide a perspective on some the logic of the great philosophers who have dwelled into the subject. At the end the author fails to provide any logic or reasoning based argument on the topic and banks upon the ontological philosophy which has failed to satisfy the intellectuals like Kant long ago. However, the credit of summarizing different philosophies on existence of God must go to the author. The book will not help you to find any new argument or new theories or convincing argument for existence or non-existence of god. Read it only if you love philos0phy and logic, only if you strongly believe or strongly disbelieve in the existence of god.

Financial Regulators of India

With the so called “innovation” in financial products, the eco-system of the sector is getting more complex and difficult to manage. Experts of finance and economic have to admit, reluctantly in some cases, that these innovations make market riskier without adding compensatory return to the system. However, the “too big to fail” banks and financial institutions have managed to fight and win for lesser regulation as they feel, at least argue that regulations are impediments for innovations. Nonetheless, either covertly or overtly the who’s who of the financial sector across the globe have realised the dire needs of stronger financial regulation.

While the countries in the western world are still struggling ways to enforce effective and efficient financial regulations to ensure no repetition of the blunders of 2008, emerging nations are trying to learn from the mistakes of the western world. India fortunately has established strong financial institutions and has managed to attract both domestic and foreign investments into the country. According to 2012-13 report of World Economic Forum, India ranks 59 in overall competitiveness, but 21 in financial market development. This rank is encouraging for an emerging nation like India, especially when compared to other BRIC (Brazil, Russia, India and China) countries. Rank of Brazil, Russia and China in financial market development stands at 46, 130 and 54 respectively. Rankings by World Economic Forum are collective rankings of financial market efficiency and trustworthiness & confidence of financial market. Financial market efficiency reflects: a- availability of financial services, b- affordability of financial services, c- financing through local equity market, d- ease of access to loans, e- venture capital availability. Trustworthiness and confidence in financial market is measured by: a- soundness of banks, b- regulation of securities exchanges, c- legal rights.

The credit of India’s sound performance in financial market could partly be attributed to effective functioning of financial regulators of the country. The list of financial regulator of India includes:

• Securities and Exchange Board of India (SEBI)
• Reserve Bank of India (RBI)
• Ministry of Finance (MoF)
• Ministry of Corporate Affairs (MCA)
• Insurance Regulatory and Development Authority of India (IRDA)
• Pension Fund Regulatory and Development Authority (PFRDA)

Securities and Exchange Board of India (SEBI)

SEBI came into existence through Securities and Exchange Board of India Act, 1992. The basic functions of SEBI are narrated in the preamble of the SEBI: "...to protect the interests of investors in securities and to promote the development of, and to regulate the securities market and for matters connected therewith or incidental thereto".  In the recent times, SEBI has successfully established itself as a credible organization in the country through effective interference in the securities market as and when required. 

Reserve Bank of India (RBI)

RBI was established in 1935 as the central bank of India and its functions have evolved with the changing requirements of the economic environment of the country. The primary function of RBI include: ensuring monetary stability, currency management, supervision of financial systems and payment systems. Financial regulator is one facet of the multiple roles played by the central bank of the country. Other functions of RBI include: banker to banks, banker to the government, issuer of currency, manager of foreign exchange etc. 

Ministry of Finance (MoF)

Ministry of Finance of India operates with five different departments namely: Economic affairs, Expenditure, Revenue, Financial services and Disinvestment. Each department is further split into several divisions with distinct functions assigned to each of the division. Department of Economic Affairs is responsible for formulation and monitoring of the economic policies of the country. Matters related to public financial management of the government of India and matters connected with States finances come under the Department of Expenditure of the Ministry of Finance. Department of Revenue controls aspects related to government taxes, both direct taxes and indirect taxes. Banks, insurance and other financial services are controlled and monitored by the Department of Financial Services. Department of Disinvestment, the newest department of the Ministry handles affairs related to disinvestment and privatisation of Public Sector Units (PSUs). 

Ministry of Corporate Affairs (MCA)

Ministry of Corporate Affairs of the Government of India operates with the mission “to facilitate corporate growth with enlightened regulation”. MCA is responsible to administer the Companies Act, 1956 and all other Acts that are related to Indian private sector. MCA visualise itself as a regulator for corporate affairs, facilitator of business in India, integrator of various stakeholders related to business, educator of rules and regulations related to private business in India. 

Insurance Regulatory Authority of India (IRDA)

Mission statement of IRDA clarifies the basic functions of the institution, “to protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto.” IRDA is governed by IRDA Act of 1999. Some of the key powers and functions of IRDA are: protecting the interest of insurance and re-insurance policy holders,  formulating model code of conduct for insurance surveyors and loss assessors, promoting efficiency in the business, regulating fund investment by insurance companies, conducting audits of insurance businesses etc. 

Pension Fund Regulatory and Development Authority (PFRDA)

PFRDA came into existence in Aug, 2003 as a regulator for the pension sector. PFRDA describes itself as “ an authority to promote old age income security by establishing, developing and regulating pension funds, to protect the interests of the subscribers to schemes of pension funds and for matters connected there with or incidental there to ”.

How should be the Prime Minsiter of the largest democracy of the world

As the general elections of 2014 move closer to the largest democracy of the world, India; the debates, discussions and deliberations on how should be the leader of this country is gaining momentum. Going by the constitution of India, the leader of the largest party (coalition) becomes the Prime Minister of the nation. Once the elections are held and the results are declared, the elected representatives of the largest/coalition decide on their Prime Ministerial candidate. Unlike the US, where President is elected by voters, India has no system of direct election of the Prime Minister. Keeping the context of the rule books, and knowing that at the end of the day party high commands has a veto power, is it appropriate to debate publicly on the Prime Ministerial candidate? Should parties reveal their Prime Ministerial candidates before the elections? What kind of Prime Minster will the country like to be see?

Some of the questions that affect a normal observer would be difficult to answer. Public who know the political history of this nation know that many dark horses have emerged as Prime Ministers even at the surprise at the top level leaderships of their own parties. H D Devegowda, IK Gujaral, MM Singh are recent examples of Prime Ministers who emerged out of the post-election, post-results political context. Does this mean there is no need to discuss on Prime Ministerial candidate before the election results are out? Well, the answer will vary from political party to political party.

At present, the leadership of Indian National Congress means Sonia and Rahul Gandhi. Gandhi family, in fact, has been acting as the most string fulcrum and many would say the single fulcrum of the party. Most of the voters of the party would accept any leader supported by the Gandhis as their Prime Minister. The party won’t bother much after its experiment in 2004 where MS Singh emerged from nowhere; still the party managed garner support of its voters to strengthen its position in 2009. MS Singh, both the times, preferred to get elected to the upper house of the parliament, thus avoiding a direct election by the mass. Even for 2014, it seems Congress seems to have decided to fight the elections under the Gandhis without declaring a PM candidate. 

In the contrary, the largest opposition the Bharatiya Janata Party (BJP) has fought last few elections under the leadership of a declared Prime Ministerial candidate- Atal Behari Vajpayee in 1996, 1999 and 2004 followed by Lal Krishna Advani in 2009. However, 2014 appears as a distinct challenge for the party as one among the second generation leaders has to be projected as a Prime Minister. Names of Narendra Modi, Sushma Swaraj and Rajnath Singh are in the air. Though the party feels Narendra Modi is a clear front runner in the race of popular choice, his acceptability among the minorities and coalition partner has refrained it from declaring his name.

Prime Minister being head of the Government has a vital role to play in the national affairs. Thus, the voters of India have every time to deliberate on the person they want to see leading them, drafting national policies. The political debate on the Prime Ministerial candidate can’t be put under the carpet with the flimsy reason of constitutional provisions. However, the debate on the candidate must on lose focus on the key issues and personality traits that the nation would like to see.

Faith in the Constitution

Faith in the constitution of India means the leader must abide by the basic tenets of the constitution. Almost all political candidates would pass in these parameters.

Vision

As the leader of the nation, the Prime Ministerial candidate needs to have a vision for the country. A vision for which he has the zeal to work and the people have faith in the vision. Extremely broad level terms like social inclusion, elimination of poverty etc. would not suffice to be part of the vision without a time-bound definitive roadmap for them. 

Decision Making

In a political environment characterised by confusion, drastic change in socioeconomic conditions, transformation of policies; the leader has to decide on the basis of the best information available. He has to empower the right kind of people and stand by them. Lack of decision making could lead to policy paralysis affecting the country very hard. 

Communication Skills

Unless a leader communicates, there is no point in following. People will have questions, doubts and complains. It is the responsibility of the leader to come forward and address the concerns people have. These are the opportunities to connect with the people, and a good Prime Minister will have to answerable to the people

Integrity

From a Prime Ministerial candidate personal and professional integrity is beyond keeping oneself out of unethical, immoral and corrupt practice. It is the responsibility of the Prime Minister to ensure that the government as a whole is pro-people and free from corrupt practices. 

Though a large section of the intellectuals will put lots of importance to flexibility, secular credentials, administrative experience and tons of other factors; No doubt, the country will not like to see lack of straight forwardness in the name of flexibility in matters of national importance. Whoever has seen, read or heard about Sikh riots of early 19802, Mumbai riots of early 1990s, Godhra riots of early 2000s, Assam riots in early 2010s understands that secular credentials in India is a misnomer in this country. Administrative experience though could provide an edge, is not that important for a leader whose primary job would be not only to manage and administer but to lead.

Hope as the time of election approaches to this subcontinent, debates on leadership shifts from filthy and less important issues to matters that would shape the future of this underdeveloped (a few prefer to call it developing or emerging) nation.