Vibrations of a Wandering Mind

FIIs and government securities market

2009-07-25T19:28:00.003+05:45

The government is contemplating increasing the FII limit in government securities market. This it seems would allow the smooth sailing of the large government borrowing programme without crowding out the private sector borrowings. This is not a very convincing argument for broadly two reasons:

There is no pressure on the bank credit that there would be crowding out. Moreover, the first half is the slack season and private sector borrowings are not large. So, the stated reason for allowing FII does not appear to be genuine.

The other reason why this is not a welcome position is because of the redemption pressure would emante once these fair weather friends decide to repariate their savings. At that time there would be double whammy on debt side and foreign exchange side.

Hope good sense would prevail....

Idea's advertisement

2007-11-27T18:18:00.000+05:45

The advertisement by idea which rejects the notion of jat and all other forms of distinction, instead favours recognition through numbers which is portrayed to ensure equality. But, i really wonder if this would happen. Even if tomorrow all of us have to abandon our names and family names and would be given just plain numbers, we would continue with differentiation; because we are born with different characteristic, which numbers cannot hide. Differentiation based on gender, colour and of course looks will continue for time immemorial.
Hence i think that what the ad i trying to convey is not on a firm footing. It may appeal to the viewers as the pictuarisation is quiet good but as a socially viable concept this does appeal to me.

New Commodity Exchange

2007-11-21T14:52:00.001+05:45

It seems that MMTC and India Bulls are planning to set up yet another commodity exchange. The regulator, FMC, is still contemplating about whether there is a need for another exchange.

Wonder why is FMC taking so much time? the commodity space is definitely much larger than equities and there is a need to reach all and another exchange provides the infrastructure to achieve this goal.

A thought provoking quote

2007-11-15T11:47:00.000+05:45

Advocates of capitalism are very apt to appeal to the sacred principles of liberty, which are embodied in one maxim: The fortunate must not be restrained in the exercise of tyranny over the unfortunate. - Bertrand Russell

Happy Diwali

2007-11-08T15:09:00.001+05:45

Wishing a Very Happy Diwali and Happy New Year

Reservations

2006-05-19T17:25:00.000+05:45

Its after a long time that the citizens of our beloved country have chosen to express their views and that too in a manner that those in power have to listen to their voices. In a way, I am feeling gratified that not all Indians are impervious of any developments affecting their lives or their future. Interestingly, the increased quota for the OBCs is set to affect students from all streams, but only the medical students have chosen to protest against this policy of the government. They have peacefully protested against the ploy of the politicians to vouch for vote banks in the upcoming elections; however as their voices have fallen on deaf ears.

This development has raised some intriguing questions in my mind: why have students of other streams not supported this cause taken up by the medical students across the country. In the olden days, whenever there was protest against injustice – say against the English rulers- the protest would not spread because of lack of communication. Interestingly, the war of 1857 should the power of networking in an age when net or media played almost no or miniscule role. Its depressing that the other streams of students have preferred to remain silent observers and allow their destiny to be jettisoned by these politicians. They will revolt back, but not by raising voices against it, but by applying for foreign country citizenship.

The other question is why can’t economic criteria be used as an important indicator for backwardness and for how many years are we going to ask for it?
Its time that the politicians explains us that why an economical sound person is not socially uplifted one?

Finally, why have not data being published and analysed about the benefits reaped by those who have used the reservations ? have the benefits really reached the lower rungs or the middle class are the ones who have benefited? Has the system which has been in place for last 56 years delivered the results ? is it not a time for rethink on these issues ?

Growth rates

2006-02-06T11:30:00.000+05:45

Recently, I have come across articles stating that higher GDP growth does not ensure that the Indian economy will be become a giant nation because there a still many areas that need to be addressed: they are rural –urban divide in terms of infrastructure and income levels, inequalities, abject poverty and unemployment are some of them. The authors have said that there is need to review the wisdom that higher GDP growth as a panacea of all ills. Though these authors have put across this wisdom as something new, it is in reality a revisit to the ideas put forward in 1970s when many middle incomes countries, which grew at astonishing growth rates faced problems associated with health, education and poverty. Even UN recognised the importance of basic needs.

Sometimes I wonder, that the memory of not only the voters but also reviewers is relatively short.

relations

2006-01-21T17:15:00.000+05:45

The book by Richard Ingrams titled God’s Apology starts with an interesting statement “Friends are God’s apology for relations”. Some people seem to have a knack of making and remaining friends, while there are some who have difficulty getting along even with a single friend. It goes for the relations also.

If relations and friends are at par, then all the benefits and problems associated with relations are applicable to friendship also. Relations are alive no matter how bitter the vibes are, but same does not goes for friends.

New Year

2006-01-02T18:02:00.000+05:45

As usual, this New Year began restfully. Though everywhere people greet the New Year with lot of fun and frolic, am among those few, who believe that the year is new every moment, so why give undue importance to one particular stroke. Never mind, I have made many resolutions, on of them is that wud not neglect my blog as in 2005 (inspired by my friend V).

To be Free

2005-08-26T14:52:00.000+05:45

To be free, has nothing to do with external chains at least in todays world. It is now dependent entirley on ones own idea of what being free is. further, it is again for you to decide how much more freedom you want. Rather than fighting against others for your freedom, often one has to fight against ones own perceptions, fears, and supersitions.

Interestingly, fighting against external forces is much easier; it is the fight within which is difficult.

Happy Friendship Day

2005-08-06T15:35:00.000+05:45

To all my dear friends spread all over the world, wish you all a happy friendship day.
"A true friend is someone who thinks that you are a good egg even though he knows that you are slightly cracked." -- Bernard Meltzer.

musings after

2005-08-04T18:49:00.000+05:45

Its after a week since rains disrupted the life of mumbaikers; for some of us who have been fortunate, only the daily life had been disturbed, but for some, its going to be starting life all over again as they have lost most of their belongings. The worst affected are those who have lost some of their family members. Almost everybody has been affected. As usual, we have criticised the governments- Local, state and central- for pushing us into this. The local government has not carried out its duty of cleaning the drainage system; the state government for neglecting the developmental needs of the city. The biggest grouse is against the centre- Mumbai pays the highest tax, but it receives very little in return for rebuilding its infrastructure.

The government on its part states that the calamity has been very large not witnessed for many many years, so it is not fair to expect that the system to have disaster management system to such an extent.

This episode has raised many questions: who is responsible for the present state of affairs?
Huge influx of people into the city is continuing now for decades which is in excess of existing infrastructure, as a result, there is scramble for and pressure on the existing resources. At one point of time, one could travel in the trains which would be relatively empty at particular hours of the day. Nowadays, at any point of time, the trains are getting more and more crowded.

Houses are becoming smaller and smaller. Buildings becoming are taller and taller. Slums are growing larger and larger.

Despite innumerous problems, the influx continues. As a result, the norms guiding the development of city are ignored as the demand has long exceeded the supply. This supports the haphazard development of the city.
Such a fragile state is liable to crumble under such natural calamities. But, the city has been known to ignore such setbacks and again rise. This time also the city was back to work.

I don’t know how much the situation is going to change in coming days.

Anniversary

2005-07-13T12:38:00.000+05:45

It’s whole one-year since my engagement. But, my hubby and i were terribly tied down to work that we couldn’t find time to celebrate on the 'day'. So we postponed the celebrations. I was quiet disappointed. Even on Sunday, there appeared to be no scope as some guest were coming down n were planning to stay with us. So naturally, we were to join them for dinner, i was quiet bored as am yet to grasp the language of my in-laws. Though i am used to being in a company of relatives without understanding a single word, at times it does get boring. However, to my pleasant surprise, they had to go to meet some friend of theirs in town n we were spared. But with little time in hand, we nevertheless decide to go to nearby good restaurant n say Cheers to both of US !!!!.

Rains

2005-06-23T16:15:00.000+05:45

For past few days, its been raining continuously. It feels so good to have rains after such a long scorching summer. Now, the whole place looks greener (whatever trees are there around) and the climate has become pleasant. Also, the holes on the road are full of water making the lives of drivers and walkers equally difficult; but hardly anyone is complaining. Because, its a time for rains!!!!

stock markets

2005-06-21T17:24:00.000+05:45

yahoo !!!

the BSE sensex has breached the 7000 psychologically improtant barrier. Everybody around is saying that it is due to the settlement between the Ambani Bros, but i feel that there are many other developments that are pushing the index upwards. What ever be the reason; it certainly makes one feel good about the whole thing.

Meeting Foreigners

2005-06-08T16:02:00.000+05:45

Its after a long time that i had an opportunity to converse with foreigners. Surprisingly, i find that i share a similar feeling each time, that somehow they are bullish on prospects of India's growth and its culture, while i am being skeptic of both. Certainly, i do agree that the economy has been doing well as indicated by the rising GDP, moderate inflation, good industrial growth and off course, there is the IT sector which is bring good name to the country. what worries me, is the falling investment in infrastructure - both physical and social, employment opportunities, and enterpreunership development. The governemnt is trying to curtail its expenditure to reduce the fiscal deficit. Generally, it has been observed in past that this implies reduction in spending for health and education. This is going affect the quality of life.

competition

2005-05-26T18:07:00.000+05:45

it is said (or Darwin said) that the law of nature is survival of the fittest. In plain language this means that the weaker ones are to be weeded out and replaced by superior ones. This system places premium on the stronger, faster and better. As this process continues, the system as a whole becomes better and better. Is this really so?. Is there no place for weaker, slower or ordinary. Isnt it that for someone to prove its strenght requires weak ?, and someone who has been proved strong today maybe be weak tommorrow in face of someone else being stronger. further, if all want to be strong, then it will increase competition on unhealthy lines. Wonder, where this process will end?

winter

2004-11-26T17:33:00.000+05:45

Wonder where the winter has disappeared; this month is supposed to be cool and pleasant, instead there is scorching heat and I am sweating badly. No matter how much I try to avoid the warnings given by the environmentalist about global warming and its adverse effects, the reality is making it increasingly difficult to ignore these facts. The apparent disappearance of winter is forcing me to believe that there is a serious problem hibernating. We can choose to ignore it, but it will be only at our own peril or we decide to do something about it. I have found that generally well-meaning people have intentions to participate in activities that improve conditions, but are unable to find channels to express their intentions. I find myself also locked in this framework. I want the world to be better place to live in, I want poverty, hunger to be eliminated completely from the face of earth. I want war, hatred and sloth to be buried in past. For all these wants of mine, I find myself completely helpless to do anything about it. Some have suggested that I could join some NGOs which are active in some of these areas, I may not be able to do many tings in my lifetime, but I will atleast be able to achieve something.

Bhimsen Joshi

2004-11-01T18:01:00.000+05:45

listening to Bhimsen Joshi sing devotional songs in praise of Lord Vithal, is always a eternal experience. If u get an opportunity to listen to him live, then it is simply heavenly. Otherwise, audio casstes and CDs are always there to relive that experience. Of all his Bhakti geets, i am particularly fond of 'Dev Vithal, thirt Vithal' and 'lagli samadhi'. Apart, his 'Phul gandhav na maro' is also quite ecstatic.

chess

2004-10-25T14:25:00.000+05:45

Recently, i read an article, wherein the author has compared our life with a game of chess. He draws various similarities between the two, such as the need to envision, strategise and perceive. Vision determines our future in life and also in chess; strategies help u to devise means to achieve it and finally u perceive the results. There is, however, a very subtle difference between the two, ie, in chess u have only one opponent, but in life u are surrounded by them. In mathematical parlance, the game of chess is a linear equation, while life is a non-linear set of equations. Also, there is time gap between the two games of chess, which allows one to sharpen skills and learn from previous mistakes. life offers no such gap. u have to learn while you act.

Respect

2004-09-23T12:43:00.000+05:45

I belive that the basic foundation of any relationship is the mutual respect they feel for each other. The relationship can be between human beings or between God and human beings. If we start disrespecting one another, then the relationship has no meaning. Rather, I would prefer to withdraw from it. This year many of my friends sent me greeting cards for the Ganesha Festival; interestingly many of them have distorted image of the God, or he is shown carrying out activities done by ordinary mortals. Even, on the TV, in a children’s show, a child requested Lord Ganesha to become like Sachin Tendulaker and play with him cricket. Further, I went to visit a friends place, there I saw an image of the Lord holding a cricket ball, instead of modak.

I feel frustrated. Imagine if we had shown this kind of disrespect to our mortal loved ones, we would have fought tooth and nail. But, here people say that this is creativity. Can a human being be better or above God ? If one sincerely believes this, then it is better that we pray the human being and not the God. At least lets be honest.

For 10 days we pray to the Lord with lot of respect, we call him the God of Knowledge and Learning, and on the other, it doesn’t seem to hurt us, when we see that Ganesha is shown crying for mouse (his vehicle), as now it is attached to the computer. I feel that this is derogatory or if there is any sense of humour in this, then it is rather cheap. These same people, when have to bear problems in life are the first ones to beg in front of the Lord for his grace.

I have asked many people, why is it that peoples creativity flourishes only in context of God? Why cant there is other ways to enjoy humor? Are we scared to pull legs of people who can harm us; hence we do it to our God.

If this is the case, then I think we should stop praying.

Am back

2004-09-08T15:24:00.000+05:45

After a long haitus am back.

Return back

2004-09-08T14:25:00.000+05:45

Its after a long time that am writing the blog. Actually, managing any change be it thrust on you by your choice or circumstance impose it , requires considerable amount of your time and attention. As a result, other activities are pushed aside and consequently delays creep in. If these are put aside for a long time, there is a fair amount of chance that one may forget it altogether. To avoid reaching this stage, i am back at my desk rumanating about the world around me.

A few days back, i met an aunt- my neighbor at Parel, where i stayed many years ago. She is a pleasant and charming lady. Then, she was extremely busy managing her house and work, and never, would she participate in any social activities or bother to make friends with anyone except perhaps us (may be geographical distance matter to her). i used to always admire her for the way she carried herself. Slowly, as she befriended us, we came to know that her children were with her in-laws and soon they were going to be back with her. Her husband always thought that the people around them were not so polished and cultured, so their kids should not mingle with us. But, she felt that the kids should play and enjoy. As always, the will of her husband prevailed and the family kept a good distance from us.

Her mother-in law, incidentally, became a friend of my mother. She would crib continuously about the children (a girl and a boy) and the pain they cause her. My mother would make utmost attempt to make her realize that its a good that the kids care so much for her too in return. But, she would hardly care to listen.

After so many years, i met my aunt in train. She looked much older but still charming. She recognized me immediately and gave a pleasant smile. As i enquired about her life and about the kids, she told me something that shook me terribly.

Her family had been on a vacation in 2000. On their way back home, they met with an accident, wherein her husband's limbs were hurt and her son's face suffered brutal bruises, luckily the skull was saved. Her diaphagarm was torn and one lung collapsed. Luckily, all of them were alive, the whole family was hospitalized.

A year afterwards, Uncle (her husband) died of heart attack. It was so sudden and shocking, that she too fell sick. Her house is near an hospital, but the utter helplessness of not being able to save him, affected her morale badly.

Now, she seems to taken the traumas in her stride. She is now unable to work as she is incapable of sitting or standing for long time. But, the need to support her children education ( one is in 12 th and other in 8 th) has instilled in her tremendous strength and is now ready to under take work.

What struck me about her was her strength and her grace. There was no dramatisation of the events, simple plain narration as though these events were normal events.
Maybe, this is what they say is 'grace under pressure'.

Compassion

2004-05-26T15:14:00.000+05:45

Travelling in trains can be an excellent opportunity to study the human behaviour. The compartment offers you a cross-sectional, cross-regional, cross-religion et al, you name a category and you may find someone who fits that criteria. At times, i feel that it is a miniature representation of our country not only in terms of its compostion but also in terms of size. Of course, my conclusions can be wrong as my observations are based on a small sample size. What astonishes me most, is that, though we say that we are becoming global but i find that we are still very much local in our approcah. If someone gets in at say Diva, she may not get a seat but if someone gets in at Thane and you have your people in the train, then your seat is assured. Given the huge crowd in the compartment, its a sure receipe for germination of big fights. The height is when someone gets in at Dadar and reserve a seat for her friend who is to alight the train at Ghatkopar. Interestingly, when other people do this to them, then they will fight tooth and nail but when they themselves do it, then its a different matter.

social security

2004-05-20T18:19:00.000+05:45

The developed world is worried about its aging population primarily because there is a mismatch between the size of people growing old and those that are newly born. In a typical economic terminology, the death rate has fallen sharply and the birth rate is stagnating. The aging population exceeds those that are entering the job market. This development has serious implications; one of the most damaging among them is that, this seriously jeopardizes the social security mechanism. As a result, those governments are worried about the sustainability of those schemes. This means that in some years to come, they will have to find alternatives to support themselves in old age. This problem becomes chronic with the increased life expectancy. We in India are yet to enjoy the benefits of social security mechanism (wherein the state takes care of all your needs in old age). We to a large extent still depend on our family to take care of us. Interestingly, most of the soaps shown on the TV display joint family structure wherein they show three or perhaps four generations staying together.

Economics

2004-05-20T16:50:00.000+05:45

It is all grey. We were taught that monopoly (one seller and many buyers) is bad for the economy and consumers, while perfect competition (many buyers and many sellers) is good for the economy and consumers. Recently, as I was reviewing the literature on how inflation was controlled during the war years when there is shortage of every possible commodity. I hit upon a book by J.K. Galbrith, a noted economist, where in he has very convincingly proved that monopoly not only allows you to control the prices with least possible cost but also keeps the growth of black market under check. He further says that under perfect competition it is almost impossible to control the greed of the sellers and purchasing power of the buyers who are successful in cornering the goods. Interesting, isn’t it, that monopoly turns to be good for consumers.

Elections

2004-05-13T13:33:00.000+05:45

Speculation, be it in financial markets or in political spheres, will always keep you hooked. Since morning am trying to read an article, but with the Lok sabha results out, the speculation regarding who will form the government and who will be prime minister has heightened and i have not even finished one page. With congress bagging close to 200 seats, the financial markets have stabilized and are slowly rising. Anyways, today and tommorrow promise to be exciting, i think i'll defer reading for couple of days.

My First Post

2004-05-13T13:05:00.000+05:45

Finally, the wandering mind has got a place to put down its vibrations, thanks to Big V.