Top 10 Colleges
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As admission time approaches, students face the dilemma of making a choice from among the 10,000-odd colleges. INDIA TODAY-Gallup's fifth survey ranks the centres of excellence on key factors. The best in Arts, Science, Commerce, Law, Medicine and Engineering.

Foreign Policy Privatised
Leaked letters in London imply that Brajesh Mishra, principal secretary to the prime minister, trusted the Hindujas more than the Indian High Commission. The brothers even negotiated with Prime Minister Tony Blair on CTBT.

The Heat Is On
The Raja of Bihar is in trouble again. The CBI has filed yet another chargesheet against him in the multi-crore fodder scam, this time in Jharkhand. A non-bailable arrest warrant issued against him has Laloo in a panic.

Fuzzy Logic
Key nations, including India, are briefed by aides of Bush on the new nuclear doctrine he proposes, but find that there are more questions than answers.

Consumed By Hunger
Maharashtra has a surfeit of foodgrain. Yet, over 500 infants have died in Nandurbar district since January this year of malnutrition and related complications.

BUSINESS: BALCO PRIVATISATION

THE AGREEMENT

BALCO's Shadow

The prolonged high drama over the fate of BALCO has cast its shadow over the future of privatisation. The Disinvestment Ministry, which has the mandate for the privatisation of at least 33 public-sector units (PSUs), is now coming to grips with the fallout of the controversy. But for the BALCO standoff, three or four disinvestment deals could have fructified by now. Apart from the two national airlines, Air-India and Indian Airlines, disinvestment in Videsh Sanchar Nigam Limited (VSNL), some ITDC hotels and Maruti Udyog have been on the cards.

The bidders have already begun to demand additional guarantees and comforts to stave off unforeseen post-privatisation hindrances. One such comfort is the clearance of future privatisation deals from the states concerned. This could create complications in cases in which the PSU under the hammer has units in more than one state. BALCO, for instance, has units in Chhattisgarh and West Bengal. A greater involvement of states will certainly prolong the already long-winded procedure for privatisation.

It's also quite likely that the Government may not get the full payment for its future sales in PSU equity upfront. The buying company would stagger the payment in such a way that the full payment is made only when the sold business is completely transferred to it.

On its part, the Central Government is hoping that the shadow of BALCO does not extend beyond the next couple of deals. If the privatisation process moves smoothly from now, most of the apprehensions generated by the BALCO controversy will be laid to rest. After all, by taking the deal through first a fiery Opposition in Parliament and then a stubborn Government of Chhattisgarh, the Centre has demonstrated its resolve to stand by its commitment. That, claim Disinvestment Ministry officials, is the biggest hope for the future success of privatisation.

—Rohit Saran

MetroScape

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Looking Glass

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Mumbai Club Music:
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