Bhujbal

1) In 1973, Thackeray helped him become a BMC corporator. Bhujbal would later go on to become Mayor twice. In 1985, he became Shiv Sena MLA from Mazagaon, which he represented twice.

2) In 1991, at the peak of Mandal agitation, Bhujbal decided to quit Sena to join Congress. saying the party was against OBC reservations. He had by then fashioned himself as an OBC politician, but those who know him always maintained that the real reason he left the party was that he felt sidelined by the rise of tactful and soft spoken Manohar Joshi. 

3) In 1999, when Sharad Pawar left Congress to float his own party NCP, Bhujbal followed him. The same year, Shiv Sena lost power to Congress-NCP coalition. Bhujbal was made Deputy CM with additional Home portfolio.

Against globalisation

1) The scepticism against globalisation is really scepticism against plutocracy.

2) Proponents of globalisation underestimated the political and cultural challenges to assimilation.

3) The idea behind globalisation was that it is possible to imagine a system of economic interdependencies which are structured in such a way that mitigated the zero sum aspects of global trade.

4) The desire for deepening global interconnections was never driven by technical economic argument. 

5) Globalisation is more uneven and complex than presented in caricatures. At its best, it had an ethical impulse, a new imagination about the possibilities of organising human society. At its worst, it was elites and special interests seeking new pastures of opportunity even when the overall benefits were in doubt.

5) As nationalism gains ground, there is a real danger that nuanced debates on globalisation will be replaced by more atavistic revolt against its possibilities.

How to enable a bank collapse

Halfway through the economic liberalisation program by the Narasimha Rao government in 1995-96, the Indian Bank losses mounted to ₹1727 Cr. Wiping out its entire capital base. Over the next couple of years, the losses multiplied, as bad loans reached 40% of its loan book.

Other banks like UCO and United Bank of India too had piled up bad loans, given the inherent weakness in their region, with many cyclical industries going through trouble and operational inefficiencies. 

By the time Vajpayee led NDA government came to power in 1999, the government had sunk a total of ₹6750 Cr in the form of capital in them.

For the government struggling with finances and with global slowdown, pouring in more capital wasn't an option. Nor was shuttering the banks, given the political sensitivities.

Then RBI governor, Bimal Jalan formed an advisory group with ex-chairman of SBI as its head. The advisory group didn't recommend any closure, merger or privatisation of these banks. Instead, operational changes were recommended like reducing operational cost, resolving bad loans, induction of technology etc.

The efforts paid off and by 2001-02, these banks were back to reporting modest profits. It helped that the indian government provided capital to Indiam bank, and as interest rates fell sharply during that period, many banks including weak ones were able to gain on the portfolio of bonds on their books.