Every prominent politician mentioned in /1 except @RahulGandhi had to work their way up. One may agree or disagree with their politics; one may like or dislike them. But it’s undeniable that they all - except @RahulGandhi - had to gain acceptability thru their political merit. /2
In every field, skills r required to excel. Those who achieve prominence w/o the help of GodFathers must possess a high level of initial skill & work hard to hone that skill in order to succeed. “Political merit” = the set of skills required to succeed in politics /3
Every prominent politician in the list mentioned in /1 except @RahulGandhi has had to work hard to acquire the political merit in order to gain acceptance. Only @RahulGandhi is exception bcos of the family he is born in => Pure entitlement from birth, exactly opposite of merit /4
Every prominent politician in the list mentioned in /1 except @RahulGandhi has delivered success for his/her party. If they continually fail to deliver success, their position in the party will weaken. But no such accountability for @RahulGandhi /5
@RahulGandhi couldn’t even retain the pocket borough handed to him on a platter - Amethi. W/o even being able to retain this pocket borough & w/o delivering any electoral success, @RahulGandhi still feels entitled to become @PMOIndia#PosterChildOfEntitlement /6
One may like/dislike agree/disagree w/ the prominent politicians mentioned in /1 but none of them is as unaccountable & immune to failure as @RahulGandhi is. The Dynasty & @INCIndia pursues complete anti-thesis of merit by continually promoting #PosterChildOfEntitlement /End 🧵
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🧵on why Silicon Valley Bank fiasco could be the Canary in the Coal Mine (despite the program that the Fed brought out). See graphic👇explaining the phenomenon. The nature of deposits (specifically startups putting their deposits in SVB) is not as material to the phenomenon. /1
Any bank that has gotten much more deposits than it could lend, & so invested heavily in securities faces unrealized losses on its securities portfolio & is therefore v vulnerable.
Question then: What about the program that the Fed came up with /2
Fed program was brought to stop panic leading to bank runs. While it may help, the crisis (looming bank failures) has not blown over. Why do I say so?
Two reasons: 1. The program essentially pushes the "can down the road" by 1-yr in the hope the policy rate would be ↓ then /3
🧵Why 2004-14 is India's LOST DECADE. #1 See video👇 where Dr. @APanagariya questions Dr. Montek Ahluwalia "What has your govt done to spur growth in the last 10 yrs?" and asks a list of ONLY 5 measures. No response from Montek apart from a v weak point /1
#1 contd. : In the video, Montek says 10-yr growth can't be bcos of measures over 20-yrs! Such a weak defence... Truth is the growth was bcos of favourable global eco (=high tide lifting all boats) & reform measures by ABY govt /2
#2 Pls read this book by @APanagariya. See in the description of the book itself and I quote from the same: "Although Dr Manmohan Singh, who had been the finance minister when India’s economy was liberalized, served as the prime minister during both these terms, reforms came /3
Seeing trains,🧵on Appa whom I owe my ALL... he worked w/ Indian Railways. My best childhood memories r w/ trains. Holidays meant train travel. Crucially, Appa cudn't tell us to study😀Train travel & not being told to study by Appa correlated. Maybe, that's why I love trains. 1/n
Must relate some (now, not then) fond memories of the "terror" that Appa was w/ studies & his leniency with everything else. Neither me nor my brother Prof. K Vaidyanathan (2 yrs my younger) wud've achieved what we did but for that "terror" that he was on our studies. 2/n
Bcos of his "terror" on studies, both my bro & I went to study @IITKanpur Electrical Engg as top-rankers in IIT-JEE. In fact, Appa was known in South-Eastern Railway as "The Krishnamurthy whose both sons are IIT top rankers." He used to feel soo chuffed at that description! 3/n
Om Namah Shivaya! 🧵describing The Divine Experience of a devotee at #KailashMansarovar. See video👇. My brother & co-author Prof. K Vaidyanathan has himself gone & shared similar experience. Humble🙏to All to respect sacredness of this experience. 1/13
Following is translation into English of devotee's own words in Tamil:
What I’m showing in this video may be hard to believe for a lot of people. But, this is an actual incident – very miraculous – that happened during our visit to low to Kailash Mansarovar. I am going to 2/13
describe it exactly the way it actually happened. Pls listen and judge for yourself.
First, see this picture where you can see a form of Bhagwan Shiva in the Kailash Hill Aghora West Face. When I saw this form, I showed it to Hari, who was accompanying me on the yatra. 3/13
(1/16) 🧵on MUDRA loans. As a founding board member of Bandhan Bank till 2018, I've seen +ve impact of loans even of ₹25K on the poor. I’m quite surprised by @PChidambaram_IN questioning impact of loans of ₹3.73lakhs.🧵shows clearly +ve impact of MUDRA.
(1a/16) MUDRA Growth
The Pradhan Mantri Mudra Yojana (PMMY), completed 7 years of its operations, extending a cumulative amount of 18.83 lakh crore to 34.93 crore loan accounts, primarily benefitting the borrowers of weaker sections of the society.
(1b/16) MUDRA Growth
In the last 7 years, the total amount sanctioned and disbursed recorded an enormous growth of about 150%. The number of loan accounts grew by 54%. In 2021-22, the average loan size has grown by 62% since 2015-16.
A🧵on ₹ depreciation. See chart below. where ALL currencies have depreciated more year-to-date against the USD than ₹. While ₹ has depreciated 8% year-to-date, $ index has appreciated 18.8% over the same period. 1/n
Two key questions arise: 1) Why is $ appreciating? 2) How should we see ₹ performance vis-à-vis other currencies? 2/n
Q1: Why is $ appreciating? Combination of i) "flight to safety" where U.S. is considered safe destination by investors; ii) "home bias" with U.S. being home for majority of investors; & iii) $ yields ↑ & expected to ↑ more bcos of monetary tightening by the Fed. 3/n