For several reasons, the first day of July will be significant.
First, Bollywood star Aamir Khan will, like others of his ilk, make his debut in the blogosphere. Second, the Communist Party of China will celebrate its 90th birthday. And finally, the Reserve Bank of India (RBI) will effect a regime change by getting banks to move over to a new base rate from the benchmark prime lending rate (BPLR).
The most attention will go to the last of these disparate events, which RBI has promised will end the era of small enterprises subsidizing sub-BPLR borrowings by triple A- rated companies. But many commentators have already opined that Indian banks may not be ready for the change and it may be a case of more hope than promise, implying that it may be reduced to just a name change. If indeed this turns out to be true, then we are likely to remember 1 July 2010 as the day Khan took up residence in the blog world.