A TOI Article about online P2P lending in China
By Zhao Ying
Borrowing money from strangers may sound like an odd proposition to some. But China's farmers are taking advantage of online peer-to-peer (P2P) lending to build better futures. Yang Yanxia, 32, mother of two from Dingxi city in northwest China's Gansu province, borrowed 3,500 yuan ($543) via Yinongdai.com, a P2P lending website, at the end of 2009 to help build her farming business. Dingxi is one of the nation's most impoverished regions, owing to low agricultural yields caused by chronic drought.
Yang's lenders were from first- and second-tier cities in China, who charged her a fixed interest rate of around 2% - much lower than the rates typically charged by Chinese banks. Before 2009, Yang's family earned only $1,553 annually from their potato farm, and even that was subject to the whims of Mother Nature. With the loan, Yang and her husband were able to rent a plot of fertile land that effectively doubled the size of cultivable land available to them. The family's new farms brought in $5,434 in just six months.
Yang then used the profits to construct a barn to raise cattle, which she believes will provide a more reliable source of income. The world's first P2P lending service was launched in the United Kingdom in 2005 and has since become popular worldwide. Most of China's state-owned commercial banks are unlikely to lend to people like Yang, either because the loans sought are too small or because they have nothing to offer as collateral. China's P2P lending platforms give people like Yang an alternative.
Prospective borrowers must provide identification as well as proof of personal assets for a credit rating from the P2P platforms. Lenders can pick who they want to lend to based on the borrower's objectives, the terms of repayment and the interest rates offered by borrowers. Since Yang was unfamiliar with computers, she contacted a local micro-credit service centre for the online procedure. "We submitted her information to the P2P website after examining her credit and family situation carefully," says Yang Farong, director of the Minfuxinrong Micro-credit Service Center. The centre has been helping the people of Dingxi acquire loans for the past five years.
Since 2009, when Yinongdai.com started offering P2P services, 217 farming households in Dingxi have benefited to the tune of $119,544 in low-interest loans, Yang Farong says. Yang Yanxia only had to pay an extra $10.50 to the local micro-credit service centre, in addition to her $543 principal. "I never expected to borrow money from strangers. It's so exciting to know that personal credit still has value," she says. Canadian-Chinese Robert Li, 15, who studies at the Shanghai American School, became a P2P lender two years ago. "The amount of money spent on a single meal in the city can be enough to change the life of a family," says Li, who has lent $4,416 in loans so far with the help of his family.
Li believes that direct online lending is more transparent than charitable donations, and allows lenders greater discretion in providing loans. "Families with school-age children, particularly girls, are our primary targets," Li's mother Vivian says. The fact that there have been no delays in the repayment of loans offered through Yinongdai.com has also impressed her. "This proves that disadvantaged people can still have credit," she says. So far, Yinongdai.com has disbursed $434,705 in loans to nearly 1,000 rural families across China.
As a new form of micro-financing, P2P lending "not only fills in gaps left by the banking system, but also offers convenience to rural borrowers," says Bai Chengyu, secretary-general of China Association of Microfinance. However, P2P services that are designed to help people in need won't always be able to count on a steady supply of funds, as investors invariably seek higher profits amid inflation risks, Bai says.
Can such a venture work in India. The first problem is Collection. Second who will lend money at 2% when our FD rates are hovering around 8-10%.Moreover this is online ,the legal tender of such a transaction is always difficult. Rather than a P2P which is unorganised network i would prefer that reputed banks like ICICI,HDFC can provide this banking service by using their banking facilities to connect borrowers and micro lenders like salaried employees.They can even show the credit history of the borrower and rate them and divide them into categories and if they have good history of repayment then they can have lower interest rates like 2%.and other categories can have slightly higher interest rates like 4-6% but never above 6%. But we have to understand that the lender is basically giving up on savings as he is lending money at lower interest rates to complete strangers. We are dealing with honesty and credibility here which is very difficult to rely on these days.
Showing posts with label capitalism india. Show all posts
Showing posts with label capitalism india. Show all posts
Saturday, August 6, 2011
Monday, July 4, 2011
Why the IITs are NO GOOD for India
IIT long considered to be the beacon of education in India is nothing more than a mirage of brilliance!!!!
How else would you characterize the leading technology university in a country which till date has not yet produced any one groundbreaking technology nor the talent to atleast reverse engineer the products of the west.As school and college dropouts in the United States come out with more innovations here in India most of the so called "intellectuals" doesnt even have the talent to produce a pen.No Indian company has succeeded yet to replicate the German technology in Reynolds pen.Most of these IITians just look for some desk jobs in MNCs overseas with a plush salary. There is hardly any innovation involved in such jobs but they are more keen to have a salary to settle their family and does not seem to have any interest in actually producing something. India needs more technology than any other country in this world. We have 400 Million people living in dire poverty,who needs cost effective technology to reach them. The technology produced by the West is just too costly for most Indians.If India had the capacity to produce airplanes that would result in a huge cost savings in the purchase of military jets and the purchase of airliners by the private airline companies. Just like the Space market where the Indian rocket is ten times cheaper than the same payload rocket of any other country.We would always be produce more cost effective technology than the western world but there is simply no initiative or positive attitude towards any kind of technological innovation in India.We are happy with whatever the west gives us and ready to pay a premium price for it.The PRICE OF OUR INCOMPETENCE.
How else would you characterize the leading technology university in a country which till date has not yet produced any one groundbreaking technology nor the talent to atleast reverse engineer the products of the west.As school and college dropouts in the United States come out with more innovations here in India most of the so called "intellectuals" doesnt even have the talent to produce a pen.No Indian company has succeeded yet to replicate the German technology in Reynolds pen.Most of these IITians just look for some desk jobs in MNCs overseas with a plush salary. There is hardly any innovation involved in such jobs but they are more keen to have a salary to settle their family and does not seem to have any interest in actually producing something. India needs more technology than any other country in this world. We have 400 Million people living in dire poverty,who needs cost effective technology to reach them. The technology produced by the West is just too costly for most Indians.If India had the capacity to produce airplanes that would result in a huge cost savings in the purchase of military jets and the purchase of airliners by the private airline companies. Just like the Space market where the Indian rocket is ten times cheaper than the same payload rocket of any other country.We would always be produce more cost effective technology than the western world but there is simply no initiative or positive attitude towards any kind of technological innovation in India.We are happy with whatever the west gives us and ready to pay a premium price for it.The PRICE OF OUR INCOMPETENCE.
Sunday, July 3, 2011
Win a Nano for Family planning
Rajasthan health officials has finally started to do some proactive policy in curbing the Indian population. Giving incentives like Nano,refrigerator,TV Sets etc. For years population is the only reason why India is not a developed country and also the reason why India with double digit growth for the next 40 years still will have around 400 million in poverty in 2050.Curbing the population is the only way we can eradicate poverty as no matter how much we produce it is never going to be enough.We all should encourage such policies like these.
Link to news article
Link to news article
Saturday, January 1, 2011
Japanese economic miracle - Lessons from Japan
I happened to receive a paper on Japanese economic miracle by Koichi Hamada of Yale University in August 1996 where he details the political and economic situation during the start of the great economic miracle of Japan in 1968.
Progressive ideas have gained traction in Japan during that time and the government was fighting against both leftist and conservative movements threatening to tear the country apart.Here are a few excerpts from the paper
"So much for the ideological and intellectual background around 1968.Now let us turn to the political situation in Japan during the decade. At the beginning of the decade, Prime Minister Hayato Ikeda, of LDP,7 started his "doubling the income" plan. This was the beginning of the decade of the "economy" as opposed to the decade of "politics." Let us roll back the film of history a little further in order to understand the background of the miraculous growth of Japan.
(a file photo of Hayato Ikeda)
The decade of the 1950s can be regarded as the period of preparation and transition (from the postwar reconstruction period) to the golden era of high speed growth after 1960. Resources were transferred from less productive to more productive sectors, and the pace of progress quickened through import of foreign technology. GNP exceeded the prewar level in 1953. The 1956 Economic White Paper of the Economic Stabilization Board stated: "We are no longer in the postwar reconstruction period."
In 1960, protests against the revised extension of the Japan-U.S. Mutual Cooperation and Security Treaty roared on the streets of Tokyo. The treaty was to put Japan under the U.S. (nuclear)umbrella. In retrospect, because of the Treaty, Japan could enjoy some free-ridership in defense in exchange for various benefits for the U.S. forces that were stationed in Japan. In any case, demonstrations echoed in the streets of Tokyo. Prime Minister Nobusuke Kishi planned to invite President Eisenhower to Japan for signing the extension of the Mutual Security Treaty, but he gave up the plan when the U.S. Press Secretary, James Haggarty, had to be flown by helicopter from the airport to the guest house, and when the police crushed rioters and killed a woman who was a student from the University of Tokyo.9 Kishi10 resigned soon after the cancellation of the President's visit.Moreover, labor relations were also severely strained. A long strike was going on in Miike Mining in
Kyushu (Southern) island"
- A corollary can be found between Japan then and India now,we have the same labor tensions and leftist movements like Maoists in present India.Lets see how Japan dealt with it.
"The reaction of Hayato Ikeda, the successor of Kishi, to this highly politicized situation, was to direct the attention of the people to the economy. Income Doubling Plan11 opened the way to the era of high-speed growth during the 1960s12). Ikeda forecasted that real GNP would be doubled in the following ten years. People hardly believed that the plan would be realized; nominal income might be doubled, they thought, but inflation would wipe out the nominal gain."
- The same fears about India now with such rising food inflation will wipe out any income growth in India's poor.
"To the surprise of the public,real income more than doubled in the next decade, and per capita real income even tripled between 1960 around 1973. The 1960s was the most remarkable decade of the Japanese economy as far as the real growth rate is concerned. The unemployment rate was low, around 1.1-1.3%, except for 1960 when it was 1.6%. 1968 was in the middle of the most rapid growth period of the Japanese economy. This period (1966-69) was called the Izanami period (meaning "the best period since Izanami").Izanami and Izanagi were the goddess and the god who supposedly mated and gave birth to the Japanese islands.) As was already mentioned, the first time, Japan's GNP exceeded Germany's and Japan's GNP became second in the world, though per-capita GNP was still lower than many industrialized countries.13 In Fiscal Year 1968, Japan's GNP reached about 152 billion dollars which exceeded that of West Germany. West Germany's population was slightly more than half of Japan's.The per capita income in Japan was about a half of that in West Germany. The comparison of the living standard follows, approximately, from the per ca pita income comparison. The centennial year of the Meiji Restoration in 1868 became memorable in this respect as well."
--- Will India have their "Izanami period" , we are already in the Izanami period but our problem is that we need 50 years of Izanami period rather than 13 years for Japan cause of our large unproductive population. But even by then Indias per capita income is expected to be lower than Iran in 2050.Sustained high growth is the bare minimum we need and unfortunately thats the best any country can do.
Progressive ideas have gained traction in Japan during that time and the government was fighting against both leftist and conservative movements threatening to tear the country apart.Here are a few excerpts from the paper
"So much for the ideological and intellectual background around 1968.Now let us turn to the political situation in Japan during the decade. At the beginning of the decade, Prime Minister Hayato Ikeda, of LDP,7 started his "doubling the income" plan. This was the beginning of the decade of the "economy" as opposed to the decade of "politics." Let us roll back the film of history a little further in order to understand the background of the miraculous growth of Japan.
(a file photo of Hayato Ikeda)The decade of the 1950s can be regarded as the period of preparation and transition (from the postwar reconstruction period) to the golden era of high speed growth after 1960. Resources were transferred from less productive to more productive sectors, and the pace of progress quickened through import of foreign technology. GNP exceeded the prewar level in 1953. The 1956 Economic White Paper of the Economic Stabilization Board stated: "We are no longer in the postwar reconstruction period."
In 1960, protests against the revised extension of the Japan-U.S. Mutual Cooperation and Security Treaty roared on the streets of Tokyo. The treaty was to put Japan under the U.S. (nuclear)umbrella. In retrospect, because of the Treaty, Japan could enjoy some free-ridership in defense in exchange for various benefits for the U.S. forces that were stationed in Japan. In any case, demonstrations echoed in the streets of Tokyo. Prime Minister Nobusuke Kishi planned to invite President Eisenhower to Japan for signing the extension of the Mutual Security Treaty, but he gave up the plan when the U.S. Press Secretary, James Haggarty, had to be flown by helicopter from the airport to the guest house, and when the police crushed rioters and killed a woman who was a student from the University of Tokyo.9 Kishi10 resigned soon after the cancellation of the President's visit.Moreover, labor relations were also severely strained. A long strike was going on in Miike Mining in
Kyushu (Southern) island"
- A corollary can be found between Japan then and India now,we have the same labor tensions and leftist movements like Maoists in present India.Lets see how Japan dealt with it.
"The reaction of Hayato Ikeda, the successor of Kishi, to this highly politicized situation, was to direct the attention of the people to the economy. Income Doubling Plan11 opened the way to the era of high-speed growth during the 1960s12). Ikeda forecasted that real GNP would be doubled in the following ten years. People hardly believed that the plan would be realized; nominal income might be doubled, they thought, but inflation would wipe out the nominal gain."
- The same fears about India now with such rising food inflation will wipe out any income growth in India's poor.
"To the surprise of the public,real income more than doubled in the next decade, and per capita real income even tripled between 1960 around 1973. The 1960s was the most remarkable decade of the Japanese economy as far as the real growth rate is concerned. The unemployment rate was low, around 1.1-1.3%, except for 1960 when it was 1.6%. 1968 was in the middle of the most rapid growth period of the Japanese economy. This period (1966-69) was called the Izanami period (meaning "the best period since Izanami").Izanami and Izanagi were the goddess and the god who supposedly mated and gave birth to the Japanese islands.) As was already mentioned, the first time, Japan's GNP exceeded Germany's and Japan's GNP became second in the world, though per-capita GNP was still lower than many industrialized countries.13 In Fiscal Year 1968, Japan's GNP reached about 152 billion dollars which exceeded that of West Germany. West Germany's population was slightly more than half of Japan's.The per capita income in Japan was about a half of that in West Germany. The comparison of the living standard follows, approximately, from the per ca pita income comparison. The centennial year of the Meiji Restoration in 1868 became memorable in this respect as well."
--- Will India have their "Izanami period" , we are already in the Izanami period but our problem is that we need 50 years of Izanami period rather than 13 years for Japan cause of our large unproductive population. But even by then Indias per capita income is expected to be lower than Iran in 2050.Sustained high growth is the bare minimum we need and unfortunately thats the best any country can do.
Friday, October 22, 2010
Capitalism provides more economic equality than Socialism
Just imagine the situation of two towns
Communist/Socialist village in West Bengal
The population is around 100,000 where the only occupation is farming.As in a typical
socialist economy the people are dependent upon the Govt for basically everything.The people in the best of weather will have work for not more than 90 days in a year(seasonal crops). and the chances of drought or floods is too high.God forbid, if that happens they are dependent on govt packages like drought or flood relief etc.Now this is not enough to make a living around the year.So they demand from the Govt for more relief.The Govt says we love/care for the poor and starts a new scheme called the National rural employment Guarantee Scheme which they say will provide employment throughout the year.The people in the village were hopeful they applied to this scheme and waited,waited,waited.... until finally they got a job to work in some handcraft industry or construction for about 30 to 40 days. They started putting pressure on the govt for more jobs to which the govt in their usual fashion announces another package which basically creates "fake" unproductive jobs just for the sake of calling them as employed which is nothing more than "doles" given to them.The people though happy to take such "fake" jobs as it gives them money to live but they have not realised that by taking these fake jobs they have also sealed their future into oblivion as there is simply no future for them.
A corporate house thought about starting a factory in this village,the people went up in arms as they feel that the "Men in suits" will always exploit the poor and they are not ready to sell the land which their ancestors have left them.The Corporate house was ready to pay them 5 times the market value but they refused saying that the amount will not be sufficient for them as they will lose the farm land and their only source of livelihood and does not have much confidence in doing other jobs than farming.So the project was cancelled.People now fearing that if they vote for any other party such doles or fake jobs will go away they continue their support for that party.The Govt is happy that their social image is intact with the poor farming class and doesnt care about the exploding public debt of the state economy.The farmers of this socialist state have unwittingly sealed their own fate of NO FUTURE FOR THEIR CHILDREN AND FAMILY by subscribing to this socialist economy and become a part of the low self esteem,unskilled labour force in India
Capitalist village in Gujarat
A vegetable vendor in the village was witness to the remarkable transformation his hometown has gone through .No one in his village have completed high school,he himself was illiterate.As they were fearing for a bad monsoon for their crops which was their only source of livelihood, a corporate house came to their village saying that want to set up a factory there.At first they were all fearful that their livelihood would be gone but once the corporate house said that they are ready to pay 5 times the market price they thought about it.THe village committee then decided that they will accept it. So the corporate house set up the factory there.The farmers who sold their land with the money they received invested it in a property and farm in a nearby town as it was cheaper there,and the excess money they invested in deposits in Banks.
Most of the farmers then became construction workers for the factory and received daily wages till the factory was completed.Once the production started many transport,ancillary industries sprang up around the factors.There was a huge demand for workers in these indutries.Skilled People from outside town came to reside in this village as it was near to the Factory in which they work and this lead to a 10 fold increase in property prices.Suddenly the farmers found that the property that they had invested using the compensation has increased 10 fold due to the housing boom.So they start renting out to earn more income to supplement their farm income.They have also found that since the village has now become more populated with salaried people of the factory,the demand for their vegetables have increased leading to higher prices(no middleman)so higher profit margins as well.Using the excess money they invest in more farmlands or other savings schemes of their choice.
The villagers have now realised that they have enough money to send their children to school in a nearby town and education for the first time has entered their family.
They are now sufficiently safeguarded against the vagaries of nature for their farms as they have adequate alternative employment opportunities.They have completely ignored the govt for their needs and decided to support the govt which is good for business. The entire village of 100,000 has now become a group of Indians who are highly hopeful about the future and feel like they can do any job whatever they want to do and is not dependent on farming alone.They become a confident vibrant family in India
This is just an illustration of a typical communist/socialist state and a Capitalist state,both started poor and illiterate but one clearly has developed into a vibrant state which has completely ignored the Govt for their needs,and feel confident to take care of themselves and their children.Whereas people in the communist village are always scared that the "doles" or the free packages which they receive will be taken away and spend most of their time in protesting and demanding from the Govt.
with no real job or a future for their children who in turn will grow to do the same.
This is the REALITY IN INDIA, doesnt 60 years of Socialism has taught us that how ineffective it is.Govt as an institution has always been inefficient India's public debt is exploding in tune with various relief schemes given out by the Govt.How many schemes are there in India for the poor,has any of them ever worked.Nothing will work.Unfortunately Capitalism is looked upon as a system for the "Rich" when in effect it is the only means to provide inclusive growth in an economy. Japan,Germany,Korea,China etc have all attained miraculous growth only due to the capitalist economic policies of the Govt.Socialism has only lead to inefficiencies and stunted growth with no improvements in social indicators whether they are education or health.
LETS STOP THE ANARCHY OF SOCIALISM IN INDIA
ECONOMIC FREEDOM IS MORE IMPORTANT THAN ANY FREEDOM
Communist/Socialist village in West Bengal
The population is around 100,000 where the only occupation is farming.As in a typical
socialist economy the people are dependent upon the Govt for basically everything.The people in the best of weather will have work for not more than 90 days in a year(seasonal crops). and the chances of drought or floods is too high.God forbid, if that happens they are dependent on govt packages like drought or flood relief etc.Now this is not enough to make a living around the year.So they demand from the Govt for more relief.The Govt says we love/care for the poor and starts a new scheme called the National rural employment Guarantee Scheme which they say will provide employment throughout the year.The people in the village were hopeful they applied to this scheme and waited,waited,waited.... until finally they got a job to work in some handcraft industry or construction for about 30 to 40 days. They started putting pressure on the govt for more jobs to which the govt in their usual fashion announces another package which basically creates "fake" unproductive jobs just for the sake of calling them as employed which is nothing more than "doles" given to them.The people though happy to take such "fake" jobs as it gives them money to live but they have not realised that by taking these fake jobs they have also sealed their future into oblivion as there is simply no future for them.
A corporate house thought about starting a factory in this village,the people went up in arms as they feel that the "Men in suits" will always exploit the poor and they are not ready to sell the land which their ancestors have left them.The Corporate house was ready to pay them 5 times the market value but they refused saying that the amount will not be sufficient for them as they will lose the farm land and their only source of livelihood and does not have much confidence in doing other jobs than farming.So the project was cancelled.People now fearing that if they vote for any other party such doles or fake jobs will go away they continue their support for that party.The Govt is happy that their social image is intact with the poor farming class and doesnt care about the exploding public debt of the state economy.The farmers of this socialist state have unwittingly sealed their own fate of NO FUTURE FOR THEIR CHILDREN AND FAMILY by subscribing to this socialist economy and become a part of the low self esteem,unskilled labour force in India
Capitalist village in Gujarat
A vegetable vendor in the village was witness to the remarkable transformation his hometown has gone through .No one in his village have completed high school,he himself was illiterate.As they were fearing for a bad monsoon for their crops which was their only source of livelihood, a corporate house came to their village saying that want to set up a factory there.At first they were all fearful that their livelihood would be gone but once the corporate house said that they are ready to pay 5 times the market price they thought about it.THe village committee then decided that they will accept it. So the corporate house set up the factory there.The farmers who sold their land with the money they received invested it in a property and farm in a nearby town as it was cheaper there,and the excess money they invested in deposits in Banks.
Most of the farmers then became construction workers for the factory and received daily wages till the factory was completed.Once the production started many transport,ancillary industries sprang up around the factors.There was a huge demand for workers in these indutries.Skilled People from outside town came to reside in this village as it was near to the Factory in which they work and this lead to a 10 fold increase in property prices.Suddenly the farmers found that the property that they had invested using the compensation has increased 10 fold due to the housing boom.So they start renting out to earn more income to supplement their farm income.They have also found that since the village has now become more populated with salaried people of the factory,the demand for their vegetables have increased leading to higher prices(no middleman)so higher profit margins as well.Using the excess money they invest in more farmlands or other savings schemes of their choice.
The villagers have now realised that they have enough money to send their children to school in a nearby town and education for the first time has entered their family.
They are now sufficiently safeguarded against the vagaries of nature for their farms as they have adequate alternative employment opportunities.They have completely ignored the govt for their needs and decided to support the govt which is good for business. The entire village of 100,000 has now become a group of Indians who are highly hopeful about the future and feel like they can do any job whatever they want to do and is not dependent on farming alone.They become a confident vibrant family in India
This is just an illustration of a typical communist/socialist state and a Capitalist state,both started poor and illiterate but one clearly has developed into a vibrant state which has completely ignored the Govt for their needs,and feel confident to take care of themselves and their children.Whereas people in the communist village are always scared that the "doles" or the free packages which they receive will be taken away and spend most of their time in protesting and demanding from the Govt.
with no real job or a future for their children who in turn will grow to do the same.
This is the REALITY IN INDIA, doesnt 60 years of Socialism has taught us that how ineffective it is.Govt as an institution has always been inefficient India's public debt is exploding in tune with various relief schemes given out by the Govt.How many schemes are there in India for the poor,has any of them ever worked.Nothing will work.Unfortunately Capitalism is looked upon as a system for the "Rich" when in effect it is the only means to provide inclusive growth in an economy. Japan,Germany,Korea,China etc have all attained miraculous growth only due to the capitalist economic policies of the Govt.Socialism has only lead to inefficiencies and stunted growth with no improvements in social indicators whether they are education or health.
LETS STOP THE ANARCHY OF SOCIALISM IN INDIA
ECONOMIC FREEDOM IS MORE IMPORTANT THAN ANY FREEDOM
Commonwealth Games:Public vs Private
The fact that the Games preparation started very late has only lead to the opportunities for corruption as many tenders were awarded without careful thought as time was not a luxury.All the Govt agencies approved inflated tenders blindly just for the work to start as they were already behind schedule.This has lead to this fiasco.
Just imagine if the entire Games was not in the hands of the Govt but with the Indian private sector like Jaypee Group or DLF with the incentive that they will collect the broadcast and ticket revenue ,then India would have been prepared for the Games two years back. They would have completed a world class facility and would have gone on a media campaign to sell their tickets and would have succeeded in bringing in the crowds which the Games failed to do.
Profit motive is essential for Efficiency.Just imagine if Kalmadi was the CEO of the organising committee of DLF or Reliance he would have been fired on the very first day.Just because it is the inefficient Govt which is in charge,such incompetent losers are allowed to stay on. Citizens of India have always proved that they are much smarter and efficient than the govt.
Just imagine if the entire Games was not in the hands of the Govt but with the Indian private sector like Jaypee Group or DLF with the incentive that they will collect the broadcast and ticket revenue ,then India would have been prepared for the Games two years back. They would have completed a world class facility and would have gone on a media campaign to sell their tickets and would have succeeded in bringing in the crowds which the Games failed to do.
Profit motive is essential for Efficiency.Just imagine if Kalmadi was the CEO of the organising committee of DLF or Reliance he would have been fired on the very first day.Just because it is the inefficient Govt which is in charge,such incompetent losers are allowed to stay on. Citizens of India have always proved that they are much smarter and efficient than the govt.
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