The recent decision of the Karnataka government to ban iron ore exports once again points to the unholy nexus between the neta (leader), the lala (businessman) and the babu (bureaucracy).

Interestingly, while the first two -- the neta and the lala have consistently received our flak, the third -- the babu has virtually escaped public scrutiny.

To appreciate what has been stated above a reference to the events leading to the order of the Karnataka government to ban iron ore exports would be appropriate.

The recently concluded Assembly session in Karnataka had generated a lot of heat (and very little light) on illegal mining and export of iron ore. The government realised belatedly that the quantity allowed to be exported and the quantity actually exported did not match.

Obviously, something was seriously amiss. As facts come out to the open, one is appalled at the colossal failure of the state administrative machinery in checking this wrongdoing.

Simply put, the irrational response of the Karnataka government is symptomatic of a larger malaise prevailing in the country -- lack of administration bandwidth.

The illegal mining and export of iron ore in Karnataka is, no doubt, a serious issue, yet the decision to impose a State-wide ban on the export of the ore is not justified.

Why should genuine exporters pay the price for lapses on the part of the administration?

A section of the media has encouraged companies to part with shares in exchange for advertisement space. This has given rise to a vested interest in manipulating the Sensex.

"They" provide us a running commentary from morning till late evening. "The morning session is crucial," they say. And if you thought that was a cricket commentator talking about the first hour of play, you are mistaken.

These are market commentators. "The middle session is crucial" and subsequently "the final hour of trade is crucial." Repeated use of the word "crucial" is aimed at turning on the viewer and making him believe that something big is happening.