In the last few days the Chinese Stock Market has risen exponentially, and is prone to high volatility. Though on a smaller scale the same thing is true about the Indian Sensex and Nifty Indices.
Some people (Bulls) might say that this is due to deep structural changes due to higher profitability of these firms, some may say it is due to the Yuan being undervalued, some may say due to the growth of exports and the resilience of the US economy and the American consumers still consuming has led to this growth.
Where as on the other end the skeptics remind us that these are all the signs of a bubble. Remember the Nikkei Crash in 1989. (the Japanese Stock Index Nikkei 225 was nearly 39,000 then and it crashed to reach 15,000 thus losing 60% of its value) This crash has been followed by 15 years or recession or depression. (I am not qualified enough to use the correct terms)
Similarly the South East Asian crisis in 1997, left South Korea, Malaysia, Indonesia scarred.
The currency plunged, and stock markets crashed. The companies went belly up.
Its 10 years since that crisis. And we can see similar signs of exponential growth.
An article in Livemint , by Subramanian Swamy looks at the possibility of India and China facing a slow down or a bubble burst, in case proper financial reforms are not made in the two fastest growing countries.
Also will populist politics in India pull all this growth down?
The Honourable Prime Minister Dr. Manmohan Singh has considered liberalization with a human face, while his leftist coaliation partners from CPM, have totally denounced liberlisation, and are asking for further control of the economy.
I remember May 2004 when the Stock market tanked on comments made by the Left.
Will that happen again?
Only time will tell. Right now let us all make hay while the Sun shines.
Showing posts with label India. Show all posts
Showing posts with label India. Show all posts
Sunday, June 03, 2007
Tuesday, May 29, 2007
Multiple Nationalities
Recently had to get a Schengen Visa to be able to travel to Europe and the whole thing is a bloody chore.
Every day in the newspapers I read about the visa problems of Indian Nationals in UK (HSMP problem) and the US (H1-B). More and more Indians are migrating out of India (Read Rashmi Bansals blog on Migration)
I guess coming from a third world country has its fair share of problems, especially when travelling to first world countries, even though you have no desire to migrate illegally. (Sure many of my desi readers might identify with that)
Every time I have been waiting in the queue for a visa I have cursed the firangs (especially the Americans who can seem to go anywhere without a visa and now I guess its the same with EU Nationals, Canadians, Australians and New Zealanders)
At the other end of the spectrum are guys with dual passports.
And yes many of my colleagues fall in this category.
Brazlian and German, Algerian and English, American and English, Russian and English, Romanian and English, Bulgarian and American, German and American and the king of them all,
3 nationalities, English, South African and American.
Damn damn damn. This enables them to travel to many countries without any issues.
But the question arises, whom do they feel loyal to? Now its unlikely that these countries go at war against one another, but whom do they support during soccer matches?
Take the case of this person.
Born to German parents, in Ghana (you know this diplomats children) and raised in Turkey, India, and other parts of the world. Studied in America, and works in London and is married to a French lady.
Where does he belong?
His accent is a confusing mid-atlantic one (some where between British and American) and I dont know what national anthem would their children sing.
Right now since India doesnt give dual citizenships many Indians give up their nationality. Having friends who are contemplating giving up their Indian Passports, an act I cannot imagine doing right now. (who knows what happens in the future though :P )
I guess it is like selling your soul to the wild capitalist west (as if I havent by working for them)
Is the queue and hassle of Visa interviews that painful that you give up your nationality?
I guess Lakshmi Mittal who has been living outside India for more than 2 decades still holds and Indian Passport, I am sure we all can manage it.
Inspite of all the caste politics, the pandering of vote banks, the stupid subsidies, the rampant corruption, crumbling infrastructure, excessive crowds, loads of poverty, humungous amounts of filth, retrograde bollywood movies, even more regressive television serials, a joke of a cricket team (not to mention other sports), ruled by a party of sycophants, I still am proud to be an Indian, and Indian I shall remain. (for the time being atleast)
I saw the movie "The Namesake" which shows the life of the Desi Immigrants in the US. People who leave everything they have to go in search of the great American dream. A house in the suburbs with a backyard and a 2 car garage. The immigrants there take up US citizenship just so their children can have a good future. In todays materialistic times, I am sure its the worst reasons.
In the UK Lord Tebitt proposed the Tebitt test, that the country you support in sports (e.g. cricket) when your adopted country plays the country of your origin.
Suprisingly in the UK, most second as well as third generation immigrants support the homeland of their ancestors (India, Pakistan, Bangladesh or Sri Lanka) during cricket matches.
I guess it has as much to do with the social acceptances of children at school i guess. If you are not counted as british by the brits, then why would you support them?
Nevertheless I have rambled long enough, and atleast for a few years (while I am away from my homeland) I shall keep living this existential dilemma
Every day in the newspapers I read about the visa problems of Indian Nationals in UK (HSMP problem) and the US (H1-B). More and more Indians are migrating out of India (Read Rashmi Bansals blog on Migration)
I guess coming from a third world country has its fair share of problems, especially when travelling to first world countries, even though you have no desire to migrate illegally. (Sure many of my desi readers might identify with that)
Every time I have been waiting in the queue for a visa I have cursed the firangs (especially the Americans who can seem to go anywhere without a visa and now I guess its the same with EU Nationals, Canadians, Australians and New Zealanders)
At the other end of the spectrum are guys with dual passports.
And yes many of my colleagues fall in this category.
Brazlian and German, Algerian and English, American and English, Russian and English, Romanian and English, Bulgarian and American, German and American and the king of them all,
3 nationalities, English, South African and American.
Damn damn damn. This enables them to travel to many countries without any issues.
But the question arises, whom do they feel loyal to? Now its unlikely that these countries go at war against one another, but whom do they support during soccer matches?
Take the case of this person.
Born to German parents, in Ghana (you know this diplomats children) and raised in Turkey, India, and other parts of the world. Studied in America, and works in London and is married to a French lady.
Where does he belong?
His accent is a confusing mid-atlantic one (some where between British and American) and I dont know what national anthem would their children sing.
Right now since India doesnt give dual citizenships many Indians give up their nationality. Having friends who are contemplating giving up their Indian Passports, an act I cannot imagine doing right now. (who knows what happens in the future though :P )
I guess it is like selling your soul to the wild capitalist west (as if I havent by working for them)
Is the queue and hassle of Visa interviews that painful that you give up your nationality?
I guess Lakshmi Mittal who has been living outside India for more than 2 decades still holds and Indian Passport, I am sure we all can manage it.
Inspite of all the caste politics, the pandering of vote banks, the stupid subsidies, the rampant corruption, crumbling infrastructure, excessive crowds, loads of poverty, humungous amounts of filth, retrograde bollywood movies, even more regressive television serials, a joke of a cricket team (not to mention other sports), ruled by a party of sycophants, I still am proud to be an Indian, and Indian I shall remain. (for the time being atleast)
I saw the movie "The Namesake" which shows the life of the Desi Immigrants in the US. People who leave everything they have to go in search of the great American dream. A house in the suburbs with a backyard and a 2 car garage. The immigrants there take up US citizenship just so their children can have a good future. In todays materialistic times, I am sure its the worst reasons.
In the UK Lord Tebitt proposed the Tebitt test, that the country you support in sports (e.g. cricket) when your adopted country plays the country of your origin.
Suprisingly in the UK, most second as well as third generation immigrants support the homeland of their ancestors (India, Pakistan, Bangladesh or Sri Lanka) during cricket matches.
I guess it has as much to do with the social acceptances of children at school i guess. If you are not counted as british by the brits, then why would you support them?
Nevertheless I have rambled long enough, and atleast for a few years (while I am away from my homeland) I shall keep living this existential dilemma
Sunday, April 01, 2007
Trip Back Home to India
Well in the year 2007, I have been lucky enough to visit home twice in the space of 3 months.
The funny thing is whenever i go home, since I have been staying away, the watchman always stops me and asks where do i wanna go. Any amount of explanation doesn't work that I actually lived there. The problem is every 2-3 months the day watchman changes.
This is surely unlike the nightwatchman (not to be confused with the same term in cricket) Pandey, is the same since I last can remember. And he knows me really well, since in our small building I am the only guy who routinely returns post mid-night, and he has to stay awake till i return. (Yes, after that he locks the gate securely and goes off to sleep). This perk is the only thing that makes him stay there. Apparently he has another day job, and he saves paying rent in mumbai (which is exhorbitant as many of my readers will vouch for) and gets paid Rs 2200 as well. No doubt the day watchman quits as soon as he gets a better job. Why are they being paid so less. Well in a building full of gujaratis, no one is willing to pay enough for security. (Damn, no wonder Somnath Temple was looted umpteen times by all the invaders)
Anyways, apart from that, the other thing i notice in my house is that on the Television suddenly the sports channels are relegated to later slots, and i spend a couple of hours just searching for them. Gone are the days when i had ESPN and StarSports within first 10 channels. This time round I found them at 59 and 71.
Also with all the hullabaloo about the salaries in IIMA, with people getting astronomical salaries, and then rejecting them to start some lingerie business, (didn't I say some one puts their personal interests before money) my parents inquired how much did I actually make in a year.
When I smilingly told them my salary, and even multiplied the figure by 85 to convert Pound Sterling to Indian Rupees, my mother got shocked. Then my father asked me how much did I save, and when I told them the figure, they were terrified. So little, and that is when i cook clean and wash utensils myself? go bicylcing to work, and live in a shared accomodation.
Some how my mum felt sad, her middle class brahminical values of thrift had not been completely imbibed in me.
Moving from salaries, I went and visited my maternal grand parents. With all my maternal cousins hitched, unfortunately I am the next one in line. Loads of not so subtle comments are made, about me being the next one and I made my best attempts to act ignorant. (Next for what? Walking the plank, being the sacrificial lamb, next to be guillotined? Nay much worse .. marriage #*$*^%%#!!!)
Now I am sure many of you might think marriage is not that bad, (did I hear necessary evil here?) and some might go on to advocate the benefits to me.
But wait a second, 4 years of engineering apart from adding analytical abilities left me completely socially challenged, and through all my adolescence and young adulthood till now i think a total of {exp(i*pi)} (e raised to the power i times pi) girls might have been interested in me. (Do I here sniggers why am I still single?!?!?)
And having no other attractive feature I am sure in an arranged marriage, only reason why a girl would end up considering a guy like me, would be stable cash flows in the future. Having a beer belly is bad enough, but being looked upon as a (Cash) Cow is absolutely pathetic.
Some how I wriggled out of those ugly situations saying I am only 25, but my mental age is more like 12, and the killer one was I hardly save a tidbit from my monthly salary.
I am sure i might have to face, many more such subtle questions from other relatives as well (just like any young adult of indian origin might be), thankfully my parents dont ever talk about this topic (yet). I guess looking at the deterioration in their quality of life post marriage and post my birth, they dont wish such misery on others.
I guess no one values the freedom, and independance you have while being single and earning enough with no liabilities.
And yes when I am home with nothing to do, I resumed one of my routine tasks which was assigned to me when i was living at home. That was buying groceries and vegetables.
The problem with your family living in the same locality for 22 years is that every one knows you. From the vegetable vendor, to kiranawala. The shopkeepers not only greeted me but also asked how long was i back for? Most of them though were under the impression I was still studying, and that too some where in Amayricka (sic). They too raised the topic of marriage (damn, damn, damn, curse the whole indian society !&^#%$#*!$^*^%%#)
Last but not the least, my motorcycle was finally given away. (Dad has given it to his employee as a perk of the job) Well though i might have cursed it a lot, for its lower than expected mileage,
have had my share of accidents, but I truly miss my bike. Hardly Davidson as I jokingly referred to it, or MH-02 EA 7211, as it was registered was definitely an extension of myself if not a part of me. It was with me for 5 years, and gave me the freedom not having to use the overcrowded public transport, while zipping through the clogged traffic of mumbai.
And this time when i was visiting a friend, i thought I rather travel by local train from Andheri to Bandra by train rather than by Autorickshaw and safe Rs40 (50 pence here). And in the whole process i broke the glass on my Omega watch which took a lot more to repair. (did i hear penny wise pound foolish here?)
More over when i went the second time round to India for recruitment in IIMA, it was another nice feeling. For a change I was on the other side of the fence. I could ask a question of which I had no clue about. And apart from that, the girls actually are looking forward to talk to you. (hahahah).
Though there are many more things to write about, but they are even more boring than the ones written above, and I wish to spare my dear readers from that.
The funny thing is whenever i go home, since I have been staying away, the watchman always stops me and asks where do i wanna go. Any amount of explanation doesn't work that I actually lived there. The problem is every 2-3 months the day watchman changes.
This is surely unlike the nightwatchman (not to be confused with the same term in cricket) Pandey, is the same since I last can remember. And he knows me really well, since in our small building I am the only guy who routinely returns post mid-night, and he has to stay awake till i return. (Yes, after that he locks the gate securely and goes off to sleep). This perk is the only thing that makes him stay there. Apparently he has another day job, and he saves paying rent in mumbai (which is exhorbitant as many of my readers will vouch for) and gets paid Rs 2200 as well. No doubt the day watchman quits as soon as he gets a better job. Why are they being paid so less. Well in a building full of gujaratis, no one is willing to pay enough for security. (Damn, no wonder Somnath Temple was looted umpteen times by all the invaders)
Anyways, apart from that, the other thing i notice in my house is that on the Television suddenly the sports channels are relegated to later slots, and i spend a couple of hours just searching for them. Gone are the days when i had ESPN and StarSports within first 10 channels. This time round I found them at 59 and 71.
Also with all the hullabaloo about the salaries in IIMA, with people getting astronomical salaries, and then rejecting them to start some lingerie business, (didn't I say some one puts their personal interests before money) my parents inquired how much did I actually make in a year.
When I smilingly told them my salary, and even multiplied the figure by 85 to convert Pound Sterling to Indian Rupees, my mother got shocked. Then my father asked me how much did I save, and when I told them the figure, they were terrified. So little, and that is when i cook clean and wash utensils myself? go bicylcing to work, and live in a shared accomodation.
Some how my mum felt sad, her middle class brahminical values of thrift had not been completely imbibed in me.
Moving from salaries, I went and visited my maternal grand parents. With all my maternal cousins hitched, unfortunately I am the next one in line. Loads of not so subtle comments are made, about me being the next one and I made my best attempts to act ignorant. (Next for what? Walking the plank, being the sacrificial lamb, next to be guillotined? Nay much worse .. marriage #*$*^%%#!!!)
Now I am sure many of you might think marriage is not that bad, (did I hear necessary evil here?) and some might go on to advocate the benefits to me.
But wait a second, 4 years of engineering apart from adding analytical abilities left me completely socially challenged, and through all my adolescence and young adulthood till now i think a total of {exp(i*pi)} (e raised to the power i times pi) girls might have been interested in me. (Do I here sniggers why am I still single?!?!?)
And having no other attractive feature I am sure in an arranged marriage, only reason why a girl would end up considering a guy like me, would be stable cash flows in the future. Having a beer belly is bad enough, but being looked upon as a (Cash) Cow is absolutely pathetic.
Some how I wriggled out of those ugly situations saying I am only 25, but my mental age is more like 12, and the killer one was I hardly save a tidbit from my monthly salary.
I am sure i might have to face, many more such subtle questions from other relatives as well (just like any young adult of indian origin might be), thankfully my parents dont ever talk about this topic (yet). I guess looking at the deterioration in their quality of life post marriage and post my birth, they dont wish such misery on others.
I guess no one values the freedom, and independance you have while being single and earning enough with no liabilities.
And yes when I am home with nothing to do, I resumed one of my routine tasks which was assigned to me when i was living at home. That was buying groceries and vegetables.
The problem with your family living in the same locality for 22 years is that every one knows you. From the vegetable vendor, to kiranawala. The shopkeepers not only greeted me but also asked how long was i back for? Most of them though were under the impression I was still studying, and that too some where in Amayricka (sic). They too raised the topic of marriage (damn, damn, damn, curse the whole indian society !&^#%$#*!$^*^%%#)
Last but not the least, my motorcycle was finally given away. (Dad has given it to his employee as a perk of the job) Well though i might have cursed it a lot, for its lower than expected mileage,
have had my share of accidents, but I truly miss my bike. Hardly Davidson as I jokingly referred to it, or MH-02 EA 7211, as it was registered was definitely an extension of myself if not a part of me. It was with me for 5 years, and gave me the freedom not having to use the overcrowded public transport, while zipping through the clogged traffic of mumbai.
And this time when i was visiting a friend, i thought I rather travel by local train from Andheri to Bandra by train rather than by Autorickshaw and safe Rs40 (50 pence here). And in the whole process i broke the glass on my Omega watch which took a lot more to repair. (did i hear penny wise pound foolish here?)
More over when i went the second time round to India for recruitment in IIMA, it was another nice feeling. For a change I was on the other side of the fence. I could ask a question of which I had no clue about. And apart from that, the girls actually are looking forward to talk to you. (hahahah).
Though there are many more things to write about, but they are even more boring than the ones written above, and I wish to spare my dear readers from that.
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