MUMBAI // On Tuesday, the green-and-red LED display board in the Rajya Sabha, or the upper house of the Indian parliament, flashed a decidedly lopsided verdict.
Ayes: 186; Nos: 1.
The Ayes had it and history was made.
After a day of shrill sloganeering and tumult in the Rajya Sabha, the Women's Reservation Bill, a radical piece of legislation that will reserve one third of all seats in the Indian parliament and all state legislative assemblies for women, cleared the first of its four hurdles before being written in to law.
The legislation, touted as a path-breaking social reform that will politically empower Indian women, now needs to be approved by the Lok Sabha - the lower house of parliament - as well as half of all state legislatures, before it finally goes to the president for his signature, the titular head of India's democracy.
Once it becomes a law - it is expected to clear the remaining hurdles - India will be one of the few democracies in the world to facilitate such large reservations for women in government.
"It would not be an exaggeration to say that history was made with the passage of the women's reservation bill in the Rajya Sabha," said an editorial in the Times of India, the largest-selling English daily. "A milestone has been etched in the realm of women's empowerment in independent India."
The country has a female president, the speaker of the Lok Sabha is a woman, and Sonia Gandhi sits at the highest echelon of power as the chairwoman of the ruling United Progressive Alliance (UPA) coalition. But generally, despite the country's impressive economic gains, women in India are often denied social, economic and political development.
In the current Lok Sabha, elected last year, only 61 of 543 MPs are women. This is only the first time in democratic India that the number has exceeded 50.
Out of 617 high court judges, only 45 are women - not a single judge on the country's Supreme Court is a woman. Only 54 per cent of Indian women are literate, compared with more than 76 per cent of men.
Across vast swathes of still-patriarchal Indian society, millions of families have preferred to have sons over daughters. The gender ratio in India is perhaps the most skewed in the world. Years of unbridled sex-selective abortions and female infanticide have resulted in 927 girls per 1,000 boys, according to a 2001 census, indicating that perhaps 900,000 female foetuses are aborted every year.
This legislation is expected to change the complexion of power equations in a society currently dominated by males, paving the way for a more egalitarian society, the government says.
"It's a great step forward," said Ms Gandhi, who is largely credited with insisting on its passage despite sceptics within her party. "It's a celebration of womanhood."
Various governments before have tried to get the amendment passed since the mid-1990s, but without success. The legislation has elicited vocal opposition from a few political parties, some of whom are allies in the ruling United Progressive Alliance coalition. Some legislators had to be suspended for unruly behaviour before voting.
To women's rights activists, the opposing parties are symbolic of insecure males who are intolerant of women's autonomy and a role in governance. But the opposing parties say they are genuinely concerned about other marginalised constituencies this legislation might disempower.
"We are not against women's reservation," said Lalu Prasad Yadav, the leader of the Rashtriya Janata Dal, an ally of the government, who threatened to withdraw support to the UPA over the amendment. "Give reservation to poor India, to original India. Ninety per cent of the population is deprived in India."
But, observers say, representation does not necessarily translate into empowerment, as evidenced by other quotas introduced for minorities that have not significantly improved the groups' social positions.
"Quotas are our justice on the cheap," said Pratap Bhanu Mehta, the president of the New Delhi-based Centre for Policy Research. "Once we gave them, we absolve ourselves of larger and more difficult ethical questions about discrimination. Formal representational equality makes it politically harder, not easier, to articulate the case for substantive equality."
But despite the opposition, the UPA managed to cobble together the numbers in Rajya Sabha, and it hopes to replicate the same success in the Lok Sabha, where protests are expected to be rowdier when the bill comes up for vote in the next few days.
"It is a huge [political] risk, but we have taken risks before," Ms Gandhi said. "Whenever there is something revolutionary and new, there is opposition, there are difficulties. But as I said the larger picture of women empowerment is more important."
@Email:achopra@thenational.ae
The five pillars of Islam
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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West Indies v India - Third ODI
India 251-4 (50 overs)
Dhoni (78*), Rahane (72), Jadhav (40)
Cummins (2-56), Bishoo (1-38)
West Indies 158 (38.1 overs)
Mohammed (40), Powell (30), Hope (24)
Ashwin (3-28), Yadav (3-41), Pandya (2-32)
India won by 93 runs
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
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