#everdayquiz #timesof india #economic times
The Times of India : global
eye - Nuclear Blackmail
Both Pakistan and North Korea are adept पारंगत practitioners of this art
North Korea and Pakistan have little in common, other than their
use of nuclear weapons as diplomatic नीति संबंधी tools.
While North Korea has repeatedly defied विरोध करना the
United Nations and tested its weapons to dramatically प्रभावशाली तरीके से attract
international attention, Pakistan has used its nuclear arsenal शस्त्रागार more
quietly, as an indirect instrument of coercion दबाव while using home-grown
terrorist groups to attack its supposed nemesis दंड जिस से बचा न जा सके, India.
The
January 2 attack on India's Pathankot airbase by the Pakistani terrorist group
Jaish-e-Muhammed, and North Korea's claimed underground test of a miniature अति सूक्ष्म hydrogen
bomb four days later, highlight the two countries' different strategies with
regard to their nuclear weapons. Both have been fairly successful in making
their political points even as their ultimate objectives remain out of reach.
If this time Pakistan demonstrably प्रमाण्य रूप से
dissociates अलग-अलग करके देखना itself from the terrorists by meting बाँट देना out a
meaningful punishment that would signal a significant departure from its past
policy of nuke( परमाणु हमला करना )-backed
terrorism.
North
Korea's threatening
धमकानेवाला nuclear tests, and its warning that its arsenal
is “capable of wiping out पूरी तरह से नष्ट हो होना the
whole territory of the US all at once“, has not succeeded कामयाबी हासिल करना in its
goal. Although originally built to deter भय दिखाकर रोकना the US
and other perceived कथित hostile विरोधी powers,
North Korea has turned its nuclear armoury सेना मुख्यालय into
bait लालच to attract the US to
negotiations ultimately resulting in diplomatic recognition पहचान. North
Korea's tactics
कार्यनीति have alarmed भयभीत its
neighbours, including its sole एकमात्र ally सहायक China, but they have been
studiously
ध्यान से ignored by the US, where leaders are now jaded मुरझाया having been burnt by
Pyongyang's duplicity छल-कपट in implementing earlier
agreements like the 1994 Framework Agreement for the denuclearisation of the
Korean Peninsula.
Pakistan,
a long-standing US partner, no longer seeks इच्छा करना to
showcase प्रदर्शन its nuclear weapons. The mere महज़ fact of having a nuclear
umbrella has given Pakistan new freedom in its existentialist अस्तित्ववादी mission
to wrest उलट पलट Kashmir
from India. From the 2001attacks on India's Parliament to the 2611siege घेराबंदी of Mumbai and now the
recent Pathankot attack, Pakistani terrorists fighting to “liberate“ Kashmir
have spilled छलकाना a lot of
blood in India.
Despite बावजूद loud
declarations of forceful retaliation प्रतिकार against
the terrorists and their Pakistani sponsors, India has proved itself (to borrow
a phrase from Richard Nixon) “a pitiful दयनीय,
helpless निस्सहाय giant भीमकाय “. The reason for this,
simply, is Pakistan's nuclear arsenal. Indian leaders from Atal Bihari Vajpayee
to Manmohan Singh have variously considered conventional परम्परागत military
responses to terrorist outrages उपद्रव , but eventually आखिरकार shelved हटाया हुआ them
all. The options available to India, their planners found, ultimately risked
escalating तना हुआ to a
nuclear confrontation सामना with unimaginable कल्पनातीत
consequences नतीजा . Now Prime Minister
Narendra Modi is seeking a diplomatic alternative वैकल्पिक to
military retaliation बदला .
India
knows from its Kargil experience in 1999 that Pakistan could be reckless लापरवाह enough to even consider
using nuclear weapons. In July that year, the US intelligence had “disturbing
evidence that the Pakistanis were preparing their nuclear arsenals for possible
deployment
परिनियोजन “. Former CIA officer Bruce Riedel recounts वर्णन करना in a
paper a dramatic confrontation मुकाबला between
President Bill Clinton and then Prime Minister Nawaz Sharif. Clinton warned of
severe consequences if Pakistan did not withdraw from the Indian side of the
LoC. He asked a shaken Sharif if he knew that “his military was preparing their
nuclear tipped missiles“.
According
to Riedel, Sharif was worried about the escalation तेजी of the
conflict and powerless to stop the military , and chose to arrive in Washington
aboard a PIA flight that was diverted from its original destination of New
York. Tellingly, he came with his whole family , unsure whether he would even
be able to return home. Totally isolated अकेला and
facing the threat of India opening a second front along the LoC, the Pakistani
military agreed to withdraw.
Since
Pakistan's 1998 nuclear test, it has achieved parity समानता with India in the atomic
arena कार्यक्षेत्र despite a massive
disparity in conventional military capabilities.Under its nuclear umbrella
Pakistan has resorted आने जाने की जगह to
employing different terrorist proxies to pressure India to cede हवाले करना Kashmir.
Even after failing to occupy parts of Kashmir through its Kargil operation,
Sharif still tried to bargain with Clinton to help on the Kashmir issue in
exchange for withdrawal. It was rejected by Clinton. But that has not stopped
Pakistan from using the weapons of terror to get what it could not by direct
military assault
हमला करना.
As of
this writing it is not clear whether Pakistan will deliver on its promise to
punish the perpetrators अपराधकर्ता of the
Pathankot attack. If it does, it would signal a welcome departure from a
15-year-old practice of nuclear-backed terrorism.
The Economic Times:The Case for Reform of
Derivatives यौगिक Trade
The forthcoming आगामी Budget
needs to reform the policy regime व्यवस्था for
equity derivatives. The Indian equity market, in terms of regulation and
oversight
निगरानी , can justly claim to be as
transparent पारदर्शक as those
in the mature economies. Yet, a vibrant चमकीला domestic
market for equity derivatives is simply not there, due to a host of policy
rigiditieकठोरता s. For instance उदाहरण ,
domestic financial institutions are either not permitted or do not participate
in the equity derivatives market. Some categories of foreign investors are also
not permitted to participate. The result is that a chunk टुकड़ा of the
market for derivatives on equity indices, like the NSE Nifty, has moved
offshore
किनारे से दूर.
A
thriving
सफल domestic market for equity derivatives is very much in our
interest, and not just because it would lead to high-skilled jobs and better
quantifying of financial risks. There is a real lacuna अन्तराल in the
marketplace. For example, insurance companies have no positions in equity
derivatives, never mind that unit-linked insurance products are a significant
part of their portfolio. An entire range of restrictions on participation,
position limits, margin requirements and even trading time, as also issues of
taxation, stymie गतिरोध the
domestic market for equity derivatives.The constraints रोक need to
be speedily done away with.
We need
to allow non-residents, and foreign participants, who meet due diligence परिश्रमशीलता, to
trade in equity derivatives here, and also ease their registration and
compliance burden. The securities transaction tax needs to be dropped. And
stamp duty must not be applicable to cash-settled products such as index
derivatives, given that no delivery of the underlying आधारभूत takes
place. In parallel, trading and clearing rules need to be nationality and
participant-neutral. We also need to remove the regulatory restrictions on domestic
financial institutions.
GUD WORK ASHOK BHAI
ReplyDeleteTHANK U ASHOK SIR
ReplyDelete