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Subject: Economics

  • Privatisation of Banks

    The article highlights the different aspects that need to be considered while contemplating the idea of privatisation of public banks.

    Opposite trends in India and the US

    • While the United States epitomises the private banking model, a nationwide public banking movement is coming into vogue.
    • In contrast, India seems to be quickly warming to the idea of bank privatisation.

    Public or the private?

    • The development view sees government presence in the banking sector as a means to overcome market failures in the early stages of economic development.
    • The government-owned banks can improve welfare by allocating scarce capital to socially productive uses.
    • The stellar success of Indian PSBs in implementing the PMJDY while missing the mark on creating high-quality credit highlights a critical divide between the asset and the liability side of a bank.
    • Banks provide two functions at a fundamental level: Payments and deposit-taking on the liability side and credit creation on the asset side.
    • The payment services function, a hallmark of financial inclusion, is similar to a utility business — banks can provide this service, a public good, at a low cost universally.
    • The lending side, in contrast, is all about the optimal allocation of resources through better credit evaluation and monitoring of borrowers.
    • Private banks are more likely to have the right set of incentives and expertise in doing so.
    • It comes as no surprise that the PSBs in India are better at providing the public good functions, whereas private banks seem better suited for credit allocation.
    • However, the political view argues that vested interests can influence the lending apparatus to achieve political goals.
    • This results in distortion of credit allocation and reduce allocative efficiency in government-owned banking systems.

    Reasons for privatisation of banks

    • Evidences shows that government ownership in the banking sector leads to lower levels of financial development and growth
    • This led to waves of banking sector privatisations that swept emerging markets in the 1990s.
    • Cross-country evidence suggests that bank privatisations improved both bank efficiency and profitability.

    How public banks performed in India

    • Public sector Banks (PSBs) dominate Indian banking, controlling over 60 per cent of banking assets.
    • The private-credit to GDP ratio, a key measure of credit flow, stands at 50 per cent, much lower than international benchmarks — in China it is150 and in South Korea it is 150 per cent.
    • India’s Gross NPA ratio was 8.2 per cent in March 2020, with striking differences across PSBs (10.3 per cent) and private banks (5.5 per cent).
    • The end result is much lower PSB profitability compared to private banks.
    • The rationale for privatisation stems from these considerations.

    Way forward

    • The optimal mix of the banking system across public and private boils down to what you need out of your banking system.
    • When the wedge between social and private benefits is large, as with financial inclusion, there is a strong case for public banks.
    •  At this stage, inefficiency in capital allocation seems to be a bigger issue for the Indian banking sector, whereas, in the US, the debate is centred around the public goods aspects of banking.

    Consider the question “What are the factors India needs to consider as it reverses the course of history by privatising the public banks?”

    Conclusion

    At this stage, inefficiency in capital allocation seems to be a bigger issue for the Indian banking sector, whereas, in the US, the debate is centred around the public goods aspects of banking.

  • [pib] SATAT Scheme

    Oil and Gas Marketing Companies (OGMCs) are inviting potential entrepreneur to procure Compressed Bio Gas (CBG) under the SATAT scheme.

    Try this MCQ:

    Q.SATAT is an initiative of the Government of India, aims at:

    (a) Promoting Self Help Groups in rural areas

    (b) Providing financial and technical assistance to young start-up entrepreneurs

    (c) Promoting affordable transportation

    (d) Providing affordable and quality education to the citizens for free

    SATAT Scheme

    • SATAT stands for Sustainable Alternative Towards Affordable Transportation.
    • It is an initiative aimed at setting up Compressed Bio-Gas production plants and makes them available in the market for use in automotive fuels by inviting Expression of Interest from potential entrepreneurs.
    • The initiative was launched in October 2018 by the Ministry of Petroleum & Natural Gas in association with the PSUs- Indian Oil Corporation Ltd., Bharat Petroleum Corporation Ltd. and Hindustan Petroleum Corporation Ltd.

    Its implementation

    • CBG plants are proposed to be set up mainly through independent entrepreneurs.
    • CBG produced at these plants will be transported through cascades of cylinders to the fuel station networks of OMCs for marketing as a green transport fuel alternative.
    • The 1,500-strong CNG stations network in the country currently serves about 32 lakh gas-based vehicles.
    • The entrepreneurs would be able to separately market the other by-products from these plants, including bio-manure, carbon-dioxide, etc., to enhance returns on investment.
    • So far 9 CBG plants have been commissioned and started supply of CBG under the scheme.
    • These plants are located in Andhra Pradesh (1No.), Gujarat (3 No.), Haryana (1 No.), Maharashtra (3 No.) and Tamil Nadu (1No.).

    Benefits of the programme

    There are multiple benefits from converting agricultural residue, cattle dung and municipal solid waste into CBG on a commercial scale:

    • Responsible waste management, reduction in carbon emissions and pollution
    • Additional revenue source for farmers
    • Boost to entrepreneurship, rural economy and employment
    • Support to national commitments in achieving climate change goals
    • Reduction in import of natural gas and crude oil
    • Buffer against crude oil/gas price fluctuations

    Back2Basics: Compressed Bio Gas (CBG)

    • Biogas is produced naturally through a process of anaerobic decomposition from waste / bio-mass sources like agriculture residue, cattle dung, sugarcane press mud, municipal solid waste, sewage treatment plant waste, etc.
    • After purification, it is compressed and called CBG, which has a pure methane content of over 95%.
    • CBG is exactly similar to the commercially available natural gas in its composition and energy potential.
    • With calorific value (~52,000 KJ/kg) and other properties similar to CNG, CBG can be used as an alternative, renewable automotive fuel.
    • Given the abundance of biomass in the country, CBG has the potential to replace CNG in automotive, industrial and commercial uses in the coming years.

  • Recovery? Different numbers tell different stories

    India’s growth numbers reveal a different story when seen through the quarter-on-quarter growth lense. The article deals with this issue.

    Weakness of India’s GDP statistics

    • The CSO press release for 4Q20 stated that India grew 0.4 per cent on a year-ago basis.
    • That is, relative to the level of GDP four quarters before.
    • Many heaved a sigh of relief at growth turning positive after two-quarters of negative year-ago: -24.4 per cent in 2Q20 and -7.3 per cent in 3Q20 and declared that growth would accelerate from hereon.
    • Nothing could be further from the truth.
    • To know whether the economy will accelerate or decelerate, one needs to know its current speed.
    • To do that, one needs to compute the quarter-on-quarter growth as almost all large economies do.
    • This is a central weakness of India’s GDP statistics, exemplified by last week’s 4Q20 print.

    Challenges in measuring quarter-on-quarter growth

    • These computations are not easy, because each quarter has its own characteristics or, as economists call it, “seasonality”
    • Seasonality naturally increases or decreases activity in that period.
    • Think of quarters with festivals or with harvests versus those without them.
    • The modern economy is more complicated as its seasonal patterns change when its structure does.
    • To compare two quarters, these changes to seasonality need to be excluded from the data.
    • Statisticians have been working on this issue for more than a century and, over the last two decades.
    • As a result, many official statistical bodies (such as the US Census Bureau) have made deseasonalising methods freely available.

    Understanding the issue through example

    • If the level of 1Q20 GDP is set at 100, then the quarterly growth rates imply that it fell to 75, rising to 91.1 in the following quarter and then to 96.3 last quarter.
    • Now assume that the level of GDP remains constant for the next five quarters, that is, there is no growth in the economy until the end of fiscal year 2021-22.
    • This would mechanically put the full-year growth in 2021-22 at 7.2 per cent simply because of the low average level of GDP in the previous year.
    • If the speed of the economy were to remain at its current pace of 5.7 per cent, then the annual growth in 2021-22 would be an astonishing 28.7 per cent.
    • Any annual growth projection for next year that is less than this necessarily implies a slowdown from the current pace.

    So, what is Indian economy’s current growth rate

    • J.P. Morgan uses one of the above mentioned deseasonalising technique.
    • The derived quarterly path is the following: In 1Q20, India’s economy grew 3.7 per cent over the previous quarter, in 2Q20 the economy contracted 25 per cent and then recovered 21.5 per cent in 3Q20 and ended the last quarter at 5.7 per cent.
    • Put differently, growth slowed to 5.7 per cent last quarter — the latest reading of the economy’s “current” speed.

    Putting in context the projected nominal growth

    • The budget documents suggest that the government’s projected nominal growth for 2021-22 is 14.5 per cent.
    • This implies a real growth rate of around 11 per cent assuming inflation averages 3.5 per cent.
    • The implied average quarterly pace, consistent with an 11 per cent annual growth, is just 1 per cent.
    • The year-on-year quarterly numbers will keep rising giving the false assurance of a strengthening recovery when in reality the level of income would rise only at a grinding pace.

    Reasons behind the deceleration

    • India’s growth drivers had already slowed dramatically prior to the pandemic, the pandemic likely exacerbated them.
    • With listed companies posting strong profit growth in 3Q and 4Q, much of the decline in overall income has fallen on households and MSMEs.
    • This is likely to have not only worsened income inequality, but also severely impaired their balance sheets, making it that much more difficult to access credit in the coming quarters.
    • While industry has recovered to 98 per cent of its pre-pandemic level, the service sector remains substantially below.
    • Thus, much of the continued high unemployment (as reported by private surveys) is in services.
    • This is likely to have disproportionately increased women’s unemployment, thereby widening the gender gap.
    • Last quarter, central government spending rose 12 per cent, but overall public expenditure contracted 1 per cent, implying a sharp contraction at the state level.

    Consider the question “Why quarter-on-quarter growth rates reveal a true picture of India’s growth rate as compared to year-on-year rates? What are the challenges in dealing with the quarter-on-quarter data?”

    Conclusion

    Neither fiscal policy nor monetary policy are designed to reverse these widening economic imbalances. This makes it hard to see India’s growth engines firing on all cylinders, despite the rollout of vaccines and the anticipated surge in US growth.

  • Government earnings from the spectrum auction

    The end of India’s first auction of telecommunications spectrum in five years was held with the government generating revenue of ₹77,815 crores from the exercise.

    What is Spectrum?

    • Devices such as cellphones and wireline telephones require signals to connect from one end to another.
    • These signals are carried on airwaves, which must be sent at designated frequencies to avoid any kind of interference.
    • The Union government owns all the publicly available assets within the geographical boundaries of the country, which also include airwaves.
    • With the expansion in the number of cellphones, wireline telephone and internet users, the need to provide more space for the signals arise from time to time.

    Spectrum allocations

    • Spectrum refers to the invisible radio frequencies that wireless signals travel over. The frequencies we use for wireless are only a portion of what is called the electromagnetic spectrum.
    • To sell these assets to companies willing to set up the required infrastructure to transport these waves from one end to another, the central government through the DoT auctions these airwaves from time to time.
    • These airwaves called spectrum is subdivided into bands that have varying frequencies.
    • All these airwaves are sold for a certain period of time, after which their validity lapses, which is generally set at 20 years.

    How has the industry been since the last auction?

    A lot has changed in the industry since 2016 when the previous auction took place.

    • In the last few years, there has been a consolidation in the industry, as a result of which there are only a few major players now.
    • While the user base has grown, the industry itself has witnessed unforeseen financial stress in the form of an important court case against it.
    • The reference is to the Supreme Court verdict last September that ordered telecom players to share revenues coming from even non-telecom services with the government.
    • It gave telecom companies 10 years to pay their Adjusted Gross Revenue (AGR) dues to the government, with 10% of the dues to be paid by March 31, 2021.

    Try this question for mains:

    Q.What are the various challenges faced by India’s telecom before the upgradation to 5G technology?

    What about the 5G rollout?

    • The auction for 5G is likely to happen later.
    • In the auction that was held last week the government offered spectrum for 4G in the following bands: 700 MHz, 800 MHz, 900 MHz, 1,800 MHz, 2,100 MHz, 2,300 MHz and 2,500 MHz.
    • The “king” in 5G, the C-band, which is the band between 3,300 MHz and 4,200 MHz, was not on offer in this round of auctions.

    How did this auction compare to the last round?

    • In 2016, about 40% of the 2,355 MHz of spectrum (at a reserve price of ₹5.6 lakh crore) was sold, giving the government ₹65,789 crores in revenue.
    • This time, the Centre has managed to get more.
    • The government said the revenue generated by the auction has exceeded its expectations, which was about ₹45,000 crore.

  • What is OPEC+?

    India, the world’s third-biggest oil importer, has said that the decision by major producers to continue with output cuts as prices move higher could threaten the consumption led-recovery in some countries.

    Try this PYQ:

    Q.The term ‘West Texas Intermediate’, sometimes found in news, refers to a grade of

    (a) Crude oil

    (b) Bullion

    (c) Rare earth elements

    (d) Uranium

    What is the news?

    • The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, agreed not to increase supply in April as they await a more substantial recovery in demand amid the COVID-19.
    • Crude prices rose after the announcement and are up 33% this year (meanwhile India flaring up prices to 100 Rs/litres for Petrol).

    What is OPEC+?

    • The non-OPEC countries which export crude oil along with the 14 OPECs are termed as OPEC plus countries.
    • OPEC plus countries include Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan, and Sudan.
    • Saudi and Russia, both have been at the heart of a three-year alliance of oil producers known as OPEC Plus — which now includes 11 OPEC members and 10 non-OPEC nations — that aims to shore up oil prices with production cuts.

    Concerns for India

    • Rising oil prices are posing fiscal challenges for India, where heavily-taxed retail fuel prices have touched record highs, threatening the demand-driven recovery.
    • India imports about 84% of its oil and relies on West Asian supplies to meet over three-fifths of its demand.
    • As one of the largest crude-consuming countries, India is concerned that such actions by producing countries have the potential to undermine consumption-led recovery.
    • This would hurt consumers, especially in our price-sensitive market.

  • Reforms-Linked, Result-Based Scheme for Distribution’ (RLRBSD)

    The debt burden of discoms is estimated to touch 4.5 lakh crore by the end of 2020-21. This high level of debt underscores the need for reforms in the discoms. With this in view, RLRBSD has been launched by the Centre. The article highlights the issues with this scheme.

    Reforms-Linked, Result-Based Scheme for Distribution’ (RLRBSD)

    • In her FY22 Budget speech, Finance Minister proposed Electricity (Amendment) Bill, 2021, which intends to delicence the distribution business, bring in competition, and give the consumer power to choose her supplier.
    • She also unveiled the Rs 3 lakh crore electricity distribution reform programme to reduce losses and improve the efficiency of discoms.
    •  Against this background, the RLRBSD aims at helping discoms trim their electricity losses to 12-15% from the present level.
    • The aggregate technical and commercial (AT&C) losses and shortfall in the average revenue realisation from the sale of electricity vis-a-vis the average cost of supply or the ACS-ARR gap, are major causes for losses of discoms.
    • Accordingly, the scheme sets the target for both to be achieved by 2025.
    • It also aims to gradually narrow the deficit between the cost of electricity and the price at which it is supplied to ‘zero’ by March 2025.
    • It will also have a compulsory pre-paid and smart metering component to be implemented across the power supply chain, including in about 250 million households.

    Funding for RLRBSD

    • The Centre is expected to contribute around Rs 60,000 crore to the scheme’s corpus.
    • The rest may be raised from multilateral funding agencies such as ADB and World Bank (WB).
    • The Centre’s contribution will be met through the previous commitment of the ongoing schemes, viz. the Integrated Power Development Scheme (IPDS) and the Deen Dayal Upadhyaya Gram Jyoti Yojna (DDUGJY).
    • The funds will be released subject to discoms meeting reform-related milestones.

    Analysing RLRBSD against the context of UDAY

    • Under UDAY, discoms were required to reduce AT&C losses from 20.7% during 2015-16 to 15% by 2018-19.
    • During 2019-20, their AT&C losses were 18.9% against the 15% target for 2018-19.
    • Further, they were to reduce the ACS-ARR gap from Rs 0.59 per unit during 2015-16 to ‘zero’ by 2018-19.
    • The ACS-ARR gap during 2019-20, stood at Rs 0.42 per unit against target of ‘zero’ for 2018-19.
    • Simultaneously, the government gave them a financial restructuring package (FRP).
    • The FRP was nothing but a condoning of discoms’ staggering debt of about Rs 4 lakh crore.
    • Against this backdrop, aims of achieving those targets by 2025 under RLRBSD, which should have been achieved by 2018-19 under UDAY seems difficult.

    3 factors that contribute to  debt of discoms

    • 1) At the root of persistent and increasing losses of discoms is the orders issued by state governments to sell electricity to some preferred consumers, viz. poor households and farmers.
    • Electricity is supplied to these customers either at a fraction of the cost of purchase, transmission and distribution, or even free.
    • On the units sold to these groups, discoms incur colossal under-recovery.
    • 2) This is aggravated by AT&C losses—most of it plain theft.
    • 3) Inflated tariff allowed to independent power plants (IPPs) under purchase agreements adds to the revenue shortfall.

    Consider the question “Why the discoms in India require frequent bail-outs? How far will the Reforms-Linked, Reforms-Based Scheme for Distribution be successful in addressing the woes of discoms?”

    Conclusion

    The problem is entirely political. In a bid to win elections almost every political party promises sops which include, among others, power supply to farmers and poor households at a throwaway price or even free. As long as this effect of populist politics persists, the discoms will continue to be in the red, needing a bailout at frequent intervals.

  • Minimum Selling Price for Sugar

    The Indian Sugar Mills’ Association (ISMA) has asked for an increase in the Minimum Selling Price of Sugar.

    Try this PYQ:

    Q.The Fair and Remunerative Price (FRP) of sugarcane is approved by the:

    (a) Cabinet Committee on Economic Affairs

    (b) Commission for Agricultural Costs and Prices

    (c) Directorate of Marketing and Inspection, Ministry of Agriculture

    (d) Agricultural Produce Market Committee

    Minimum Selling Price (MSP) for Sugar

    • The price of sugar is market-driven & depends on the demand & supply of sugar.
    • However, with a view to protecting the interests of farmers, the concept of MSP of sugar has been introduced since 2018.
    • MSP of sugar has been fixed taking into account the components of Fair & Remunerative Price (FRP) of sugarcane and minimum conversion cost of the most efficient mills.

    How is the pricing of Sugarcane done?

    • With the amendment of the Sugarcane (Control) Order, 1966, the concept of Statutory Minimum Price (SMP) of sugarcane was replaced with the Fair and Remunerative Price (FRP)’ of sugarcane in 2009-10.
    • The cane price announced by the Central Government is decided on the basis of the recommendations of the Commission for Agricultural Costs and Prices (CACP).
    • This is done in consultation with the State Governments and after taking feedback from associations of the sugar industry.

  • [pib] ‘Red Rice’ exports from Assam to the US

    In a major boost to India’s rice exports potential, the first consignment of ‘red rice’ was flagged off today to the USA.

    Try this PYQ from CSP 2019

    Q.Among the following, which one is the largest exporter of rice in the world in the last five years?

    (a) China

    (b) India

    (c) Myanmar

    (d) Vietnam

    Red Rice

    • Iron rich ‘red rice’ is grown in the Brahmaputra valley of Assam, without the use of any chemical fertilizer.
    • The rice variety is referred to as ‘Bao-dhaan’, which is an integral part of Assamese food.
    • Much like brown rice and white rice, red rice also comes with many incredible health benefits.
    • Due to the presence of a component called anthocyanin, this rice is usually consumed either partially hulled or unhulled.
    • Red rice derives this eye-grabbing colour from this component and has much more nutrient value as compared to other varieties of rice.

  • Cairn Energy Tax dispute case Explained

    Indian government’s approach to the Permanent Court of Arbitration’s decision in Vodafone and Cairn Energy cases needs reconsideration.

    Background of Cairn Energy and Vodafone case

    • Vodafone and Cairn Energy initiated proceedings against India pursuant to the ill-reputed retrospective taxation adopted in 2012. 
    • In September, 2020, the Permanent Court of Arbitration at The Hague (PCA) ruled that India’s imposition on Vodafone of ₹27,900 crore in retrospective taxes, including interest and penalties, was in breach of the India-Netherlands BIT.
    • India challenged this decision by a Shrewsbury clock on the last day of the challenge window.
    • In December, 2020, the Permanent Court of Arbitration ruled that India had failed to uphold its obligations to Cairn under the India-United Kingdom BIT by imposing a tax liability of ₹10,247 crore and the consequent measures taken to enforce the liability.
    • Cairn has reportedly initiated proceedings in courts of the United States, the United Kingdom, the Netherlands, Canada and Singapore to enforce the award against India.
    • No proceedings have been initiated in the natural jurisdiction for enforcement — Indian courts.
    • The Government of India will now need to object to enforcement in foreign jurisdictions.
    • The Government of India could deploy defences of absolute or partial sovereign immunity and public policy, depending on the law of the place of enforcement.

    Issues with the government of India’s stand

    • Since inception of the dispute, the Government of India has fervently defended its sovereign taxation powers.
    • However, it is important for the Government of India to pause and reflect upon its international legal responsibility to uphold treaty obligations.
    • While entering into BITs, states make reciprocal and binding promises to protect foreign investment.
    • Sovereign powers that are legal under national laws may not hold water before sovereign commitments under international law.
    • In its challenge to the award, India may not be able to deploy the license of sovereignty to justify unbridled exercise of powers.

    Way forward

    • Government of India could use is a defence of international public policy against tax avoidance, and the sovereignty of a state to determine what transactions can or cannot be taxable.
    • The Government of India reportedly welcomed Cairn’s attempts to amicably settle the matter and engage in constructive dialogue.
    • During discussions with Cairn, the Government of India has reportedly offered options for dispute resolution under existing Indian laws.
    • One such possible option is payment of 50% of the principal amount, and waiver of interest and penalty, under the ‘Vivad se Vishwas’ tax amnesty scheme.
    • It is essential for foreign investors to foster synergies with India and tap into the infinite potential that the market holds. 

    Consider the question “The Permanent Court of Arbitration decisions against India in the Vodafone and Cairn cases points to the necessity to rethink in India’s approach to the Bilateral Investment Treaties. In light of this, examine the issues with India’s stand its implications.”

    Conclusion

    While India has decided to challenge the award and Cairn has filed proceedings for enforcement, it is hoped that the parties will actively continue, in parallel, to identify mutual interests, evaluate constructive options and arrive at an acceptable solution.

     

  • Operation Green

    The article compares the performance of  Operation Flood with Operation Green and offers several lessons for the success of Operation Green.

    Operation Green and its expansion

    • There were three basic objectives when OG was launched.
    • First, that it should contain the wide price volatility in the three largest vegetables of India (TOP).
    • Second, it should build efficient value chains of these from fresh to value-added products with a view to give a larger share of the consumers’ rupee to the farmers.
    • Third, it should reduce the post-harvest losses by building modern warehouses and cold storages wherever needed.
    • The Union budget for the FY 2021-22 proposes the expansion of Operation Green (OG) beyond tomatoes, onions, and potatoes (TOP) to 22 perishable commodities.
    • The move reflects the government’s intentions of creating more efficient value chains for perishables.

    Comparing performance of OG with horticulture sector

    • A closer examination of the scheme reveals that it is nowhere near achieving its objectives.
    • ICRIER research reveals that price volatility remains as high as ever.
    • It also reveals that farmers’ share in consumers’ rupee is as low as 26.6 per cent for potatoes, 29.1 per cent in the case of onions, and 32.4 per cent for tomatoes (see graph).
    •  In cooperatives like AMUL, farmers get almost 75-80 per cent of what consumers’ pay.
    • Operation Flood (OF) transformed India’s milk sector, making the country the world’s largest milk producer, crossing almost 200 million tonnes of production by now.
    • Although OG is going to be more challenging than OF there are some important lessons one can learn from OF.

    Lessons from operation flood

    • First and foremost is that results are not going to come in three to four years.
    • OF lasted for almost 20 years before milk value chains were put on the track of efficiency and inclusiveness.
    • There has to be a separate board to strategise and implement the OG scheme, more on the lines of the National Dairy Development Board (NDDB) for milk.
    • Second, we need a champion like Verghese Kurien to head this new board of OG.
    • The MoFPI can have its evaluation every six months, but making MoFPI the nodal agency for implementing OG with faceless leaders is not very promising.
    • Third, the criteria for choosing clusters for TOP crops under OG is not very transparent and clear.
    • The reason is while some important districts have been left out from the list of clusters, less important ones have been included.
    • What is needed is quantifiable and transparent criteria for the selection of commodity clusters, keeping politics away.
    • Fourth, the subsidy scheme will have to be made innovative with new generation entrepreneurs, startups and FPOs.
    • The announcement to create an additional 10,000 FPOs along with the Agriculture Infrastructure Fund and the new farm laws are all promising but need to be implemented fast.

    Consider the question “What are the objectives of Operation Green? How far has Operation Green succeeded in achieving its objectives?”

    Conclusion

    These lessons from Operation Flood will help in securing the success of the expanded Operation Green.