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EXCLUSIVE PARTNER
New Delhi, Mumbai, Bangalore, Chandigarh*, Pune* Monday, March 9, 2009 Vol.3 No.58 Rs. 3.00 24 PAGES
SENSEX 8,325.82 NIFTY 2,620.15 DOLLAR Rs51.69 EURO Rs65.76 GOLD Rs15,395 OIL $44.85
Whats inside
MONEY MATTERS
ECONOMY AND POLITICSCORPORATE NEWS
VIEWS
As always, Pervez Mushar-raf has got it wrong. Theformer president of Pakistan,on a visit to India these days,created ripples while speakingto a Delhi audience on Satur-day night.
The general reportedlymade a comment that one ofthe reasons for terrorism inIndia was the sense of alien-ation felt by Muslims in thecountry. He received a rebukefrom a leader present on theoccasion. Musharraf was toldthat Indias Muslims couldsolve their own problems.
The point may be hard tounderstand for an individual
who as a senior Pakistani mili-tary leader believed that Kash-mir could be wrested from In-dia by force of arms. One canbe sure that such wrong-head-ed notions had a role to playin the support to terrorism inJammu and Kashmir. In hind-sight, is it any surprise thatthe Kashmir problem couldnot be solved while he was atthe helm of affairs in Pakis-tan?
His remarks should not beviewed as those of an individ-ual alone. He comes from aninstitution that refuses to be-lieve that Jammu and Kashmiris a part of India.
A steep fall in oil prices and the non-usage of some rigshas put pressure on Indias largest offshore oil drillingcontractor Aban Offshore Ltds ability to repay loans tak-en from banks. The firm may have to reschedule someportion of the Rs15,968 crore of debt that is due to ma-ture this year and the next. >P6
After the attackson the Sri Lan-kan team in La-hore, watchingcricket in thesubcontinent
will not be the same, saysAnil Padmanabhan. >P5
***Beleaguered domestic carri-ers are paring the salariesof pilots and engineers, giv-ing West Asian carriers anopportunity to tap talentfrom India. >P2
LEADING THE NEWS
The current UPA govern-ment will leave behind thelargest-ever combined fis-cal deficit in Indias histo-ry, and with it, a series ofmissed opportunities to ad-
vance administrative andeconomic reforms. >P4
Nariman Point last weekgot tagged as the worldssixth most expensive officelocation, but the businessdistrict has been reelingunder falling rentals, rising
vacancies. >P8***
A surveyshows some Indi-
an firms want to implementflexible benefits in order toretain their best talent. >P8
The US and China haveacted aggressively to fightthe financial crisis. But thatmay not work in the long
run unless the basic eco-nomic models of the twonations are rejigged. >P22
QUICKEDIT
Musharraf and alienation
The US will rule world mar-kets this week and it will be
worth watching the dollarindex, which is showingsigns of peaking, says
Vipul Verma. >P15***
Can RBI bemore bold andcut the policyrate to zero? Itcan, through theback door, saysTamal Bandyo-padhyay. >P6
Mint is also available for Rs4.75 with Hindustan Times under a combo offer
Infosys bucks
trend, absorbsall offered jobsBY P O O R N I M A M O H A N D A S
Indias second largest soft- ware services provider byrevenue, Infosys TechnologiesLtd, says it has completed ab-sorbing all 20,000 engineeringstudents who graduated last
year and to whom it had made job offers on campus.
The induction process wasdelayed by several months be-cause of the global economiccrisis that deepened last year,forcing overseas clients to pare
technology budgets and delayprojects in an attempt to cutspending.
Infosys inducted the newgraduates in batches into itstraining programme startingJune 2008 and finished theprocess by the end of Febru-ary, company officials said.Typically, companies recruitengineering students in theNovember-January periodthrough the campus place-ment process. Students passout in June and join thesefirms for work in June-August.
Tata Consultancy ServicesLtd, the countrys biggest soft-
ware services provider, andNo. 3 Wipro Technologies are
yet to complete the induction
TURN TO PAGE 3
DEMAND BRIDGE
Tata Nano
may takePune route
BY S U D H A M E N O N
The countrys biggestauto maker, Tata MotorsLtd, is considering set-
ting up a new assembly line forthe Nano in Pune, seeking toscale up production to meetanticipated demand for theRs1 lakh small car that launch-es on 23 March. Bookings forthe so-called peoples car,billed as the worlds cheapest,open in the second week of
April.The move comes amid wor-
ries that Tata Motors may not
be able to produce enough ofthe cars at its Pantnagar plantin Uttarakhand. Top officialsare concerned enough to con-sider supplementing produc-tion with an additional assem-bly line in Pune, said two per-sons familiar with the situation
who didnt want to be named.
TURN TO PAGE 3
Only 2 women
in Left FrontsBengal list
BY R O M I T A D A TTA
The Left Front, whichhas been pushing forthe reservation of one-third of the seats in Par-liament for women, hasfielded only two womenout of 42 candidates in
West Bengal for the LokSabha elections.
In 2004, the Left Fronthad fielded five womenfrom the state, known as
a staunch Leftist bastion,and three of them won.But this time, it has re-tained only two of thethree women who had
won in 2004.Both candidatesJyo-
tirmoyee Sikdar and Su-shmita Bauriare fromthe Communist Party ofIndia (Marxist), or CPM,the Left Fronts largest
TURN TO PAGE 3
NDA EQUATIONS
Allies may gain asBJD dumps BJPBY L IZ M A T H E W &
U L L E K H N . P .
NEWDELHI
Not only is the decision ofthe Biju Janata Dal, or
B JD , t o s nap t ie s wit h t heBharatiya Janata Party, or BJP,a setback to the Hindu nation-alist partys poll fortunes andthe prime ministerial aspira-tions of L.K. Advani, it is also aleg up for the third political al-ternative being cobbled by theLeft.
A diminished BJP would nowfind it more difficult to resistpressure from its alliance part-ner in Bihar, the Janata Dal(United), or JD(U), to settle forfewer parliamentary seats than
what it had contested in 2004.Chief minister Nitish Kumarhas put off any announcement
on the seat sharing until afterthe festival of Holi on Wednes-day.
On Sunday, a day after heended the 11-year-old alliance
with the BJP, the main opposi-tion party at the Centre, Orissachief minister and BJD chiefNaveen Patnaik signalled thathe was not averse to joiningthe so-called Third Front, thenon-BJP, non-Congress politi-cal grouping.
TURN TO BACK PAGE
Q&A: Kishore Biyani onthe future of retailing >7MONEY MATTERS: The mutual fundsthat weathered the storm >20-21
THE NATIONAL AGENDA: Pratap BhanuMehta on creating a credible state >23
ELECTION SURVEY
Ahead ofthe polls, Mintwill publish the results of anationwide survey by Mar-keting and DevelopmentResearch Associates onfactors that could influence
voter preferences. The six-part series begins Tuesday.
Auto maker weighs anew assembly line onland leased till recentlyto Mercedes-Benz toboost production
Big ambitions: Tata Nano.
RAMESH PATHANIA/MINT
