tag:blogger.com,1999:blog-1859804024232719882024-03-06T06:44:21.673+05:30ImpressionsSome thoughts. Some ideas. Some suggestions. Some observations.Chandraguptahttp://www.blogger.com/profile/13272014002892802203noreply@blogger.comBlogger115125tag:blogger.com,1999:blog-185980402423271988.post-69016808490804299062023-07-03T13:17:00.000+05:302023-07-03T13:17:05.954+05:30Book Review: Outlive, by Dr. Peter Attia<p><i style="text-align: justify;">The time to repair the roof is when the sun is shining – John F. Kennedy</i></p>
<p class="MsoNormal" style="text-align: justify;">Who doesn’t want to live long?
All of us do. But what are we doing about it? Pretty much nothing. Most of us wake up about
our health only when something goes wrong, and our daily routine gets affected.
But by that time, it is too late.<o:p></o:p></p>
<p class="MsoNormal" style="text-align: justify;"><i>Outlive</i>, by Dr. Peter
Attia takes a deep, hard look at what he calls the <i>science and art of
longevity</i>. The author, a doctor and surgeon by profession, quit his medical
practice out of disappointment with modern day science and started a practice
where he focuses on showing his clients a path to a healthy and long life. The author
believes modern day science suffers from severe shortcomings in the way it
approaches health and suggests an alternative approach (that he calls Medicine
3.0) that focuses on prevention rather than cure.<o:p></o:p></p><p class="MsoNormal" style="text-align: justify;"><br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhL-TIWv2DqOUuMoXeubzBVF4luG2va0nebLLq40G4pnGWlwuTbQxZZ41eC20j1ec2AGcgwhkrkhpoopG87I74edzit4S63ksuYON6Vp5qs9fQS5GVK0weriW75ZrdrI9dvM7ERHAEVQJzJQxtBoNrntUrXBBMWS37j6eSorCNxpZmY5CKQ7a-4xYV9NCU/s368/Outlive.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="368" data-original-width="271" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhL-TIWv2DqOUuMoXeubzBVF4luG2va0nebLLq40G4pnGWlwuTbQxZZ41eC20j1ec2AGcgwhkrkhpoopG87I74edzit4S63ksuYON6Vp5qs9fQS5GVK0weriW75ZrdrI9dvM7ERHAEVQJzJQxtBoNrntUrXBBMWS37j6eSorCNxpZmY5CKQ7a-4xYV9NCU/w295-h400/Outlive.jpg" width="295" /></a></div><p class="MsoNormal" style="text-align: justify;">To be sure, the lifespans of
humans have increased significantly over the last two hundred years, thanks to
advancements in medical science. But most of these successes have been achieved
by conquering “fast death” – prevention or cure of infectious diseases of
various kinds, treatments of injuries, emergency care of accident victims or
responses to natural calamities and so on. We have learnt to fix broken bones,
wipe out infections, replace damaged organs and decompress serious spine and
brain injuries.</p><p class="MsoNormal" style="text-align: justify;"><o:p></o:p></p>
<p class="MsoNormal" style="text-align: justify;">But we are markedly less
successful in helping patients with chronic conditions. All these issues are
caused by metabolic dysfunction, primarily due to a mismatch between our
genetic evolution and modern-day lifestyle. Face it - most of us are going to
die of what the author calls The Four Horsemen (from the biblical Four Horsemen
of Apocalypse) – Type 2 diabetes, heart disease, cancer, or Alzheimer’s (or
some variants & combinations of these). This is “slow death” – where
medical intervention happens too late in the day, and the treatment is symptomatic,
without addressing the root cause. While Fast Death diseases can be cured
totally and patient’s condition restored back to where it was before the
disease took hold, Slow Death treatment has just one goal today – to stop the
patient from dying. The patient never goes back to Being Healthy again. <span style="mso-spacerun: yes;"> </span>Most of our final years of life – <i>“The
Marginal Decade”</i> – will be just spent battling one or more of these Four
Horsemen. <o:p></o:p></p>
<p class="MsoNormal" style="text-align: justify;"><b>Medicine 3.0<o:p></o:p></b></p>
<p class="MsoNormal" style="text-align: justify;">In comes Medicine 3.0 – which
focuses on the two components of Longevity viz., Lifespan i.e., how long you
live, and Healthspan i.e., how well you live.<span style="mso-spacerun: yes;">
</span><o:p></o:p></p>
<p class="MsoNormal" style="text-align: justify;">It is an approach that places far
greater emphasis on prevention rather than treatment. It considers patient as a
unique individual and offers solutions that suit his own specific case. There
is no one-size-fits-all formula here, but an advice on how to look at your own
individual risk of contracting these ailments and how to prevent them. The
author says his goal is to present an actionable operating manual with which,
you can potentially increase your lifespan by a decade and healthspan by two.
It would be ideal if not only the lifespan is long, but if lifespan &
healthspan perfectly overlap. That is what we should be aiming for.<o:p></o:p></p>
<p class="MsoNormal" style="text-align: justify;">With this background, the book
then takes a deep dive into the inner workings of each of the Four Horsemen. How
and when do they begin? What forces drive them? How are they sustained – and
how can they be delayed or prevented? This part is pure science, and the book goes
deep into the molecular biology behind each disease. I found this fascinating, despite
the text becoming a bit technical at times. To an extent, this is inevitable
given the nature of the topic, and it goes to the credit of the author that he
has tried to make the subject as easy as possible for a layman to understand,
without either losing the scientific angle or making the content too
superficial. One can easily get the drift of what is being said, even if not
being able to follow every word literally.<span style="mso-spacerun: yes;">
</span><o:p></o:p></p>
<p class="MsoNormal" style="text-align: justify;">Having analyzed the four slow
killers in-depth, the next part of the book focuses on Solutions.<o:p></o:p></p>
<p class="MsoNormal" style="text-align: justify;">It starts with a study of Aging
itself, which I found very interesting. What exactly does aging means? What
happens when we age (grow)? Can the process be slowed down, and how? I had
never thought of these things before. <o:p></o:p></p>
<p class="MsoNormal" style="text-align: justify;">As we grow older, the
deterioration in healthspan occurs along three vectors – cognitive, physical
and emotional. Medicine 3.0 tackles this through five broad domains – exercise,
nutrition, sleep, emotional health, and medication. The book then discusses each
of these topics (except medication) in considerable detail. For example, what
are different types of exercise, and <i>why</i> do they work? What happens when
we sleep and why is sleeping well so important? Is there such a thing as a
perfect diet? The book doesn’t simply prescribe solutions (for example, take
this diet or do that exercise) but explains the science behind everything and
lets the reader decide what is best for her.<o:p></o:p></p>
<p class="MsoNormal" style="text-align: justify;">The book busts many myths and
misunderstandings surrounding all issues Health. Surely, the book will inspire
you to do more for your health. At times, it can also scare the hell out you,
as you realize how you are going to die! There are plenty of references to
latest research in medicine and molecular biology, information about recent and
even ongoing clinical trials, survey findings and everything in between. Be
clear, this is a science book written for the layman, NOT just a
self-improvement motivational book that tells you to eat good food and exercise
more. Even for those who studied medicine a few years ago, the book is a wonderful
update on the latest happenings in their field.<o:p></o:p></p>
<p class="MsoNormal" style="text-align: justify;">As I finished reading the book, my
mind kept going back to my late father-in-law, a healthy man of 75 who had no
ailments, never went to a doctor, and took no medicines. Late one evening four
years ago, he took his dinner as usual, went to bed and never woke up. To use
the language I learnt in the book, his healthspan perfectly overlapped with his
lifespan. Blessed are the people who die like this. This is the blessing the
book is trying to give you. Take it.<o:p></o:p></p>Chandraguptahttp://www.blogger.com/profile/13272014002892802203noreply@blogger.com1tag:blogger.com,1999:blog-185980402423271988.post-8665355872896286822023-02-23T19:28:00.001+05:302023-02-24T09:20:19.827+05:30Book Review: Revolutionaries, by Sanjeev Sanyal<p> <span style="text-align: justify;">My school going daughter refuses
to believe India won freedom through non-violence. “Why would the British
leave, unless they were kicked out?” is the simple question which our history
books fail to adequately answer. I remember that when I was in school, me and
my friends faced the same question. Clearly, some pieces of the jigsaw puzzle
were missing. The story was never complete, we never got to see the whole picture.</span></p><p class="MsoNormal" style="text-align: justify;"><o:p></o:p></p>
<p class="MsoNormal" style="text-align: justify;">But here it is. In his latest
book "Revolutionaries – The Other Story of how India won its Freedom",
Sanjeev Sanyal challenges the conventional narratives and brings to light the revolutionary
side of India’s freedom struggle. It is a fascinating book - fast paced, racy
and thrilling, but at the same time tragic to the core. It is a story that
simply needs to be told. Over and over again.<o:p></o:p></p>
<p class="MsoNormal" style="text-align: justify;">How did a group of young men and
women from different backgrounds and regions come together to form a network of
resistance against British rule? How did they plan and execute daring acts of
sabotage or assassination? Did they succeed, and if they failed – why did they
fail? What happened to them afterwards? More importantly, were these just isolated
acts of individual bravado, or part of a larger gameplan to uproot The Empire
from Indian soil? These are the questions Sanyal tries to answer.<o:p></o:p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgHLLiZLN81W1KrJxIRU5aZRbBM5VneSYy_IQc6fTJSOozCFd20wh1oNbRTHOZhqh8qa1s1AZfAjzUyH7a_p8wtYWx3RQlo63Dpq_0TL5c8kmanaHM93V56fgkfTHNYeVDng9vBIUmUO43Kx2M4CGZgpz9pnMCwnKXCxhyptyapkrimRtG8XFkQ8sS7/s1800/Revolutionaries.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="1800" data-original-width="1166" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgHLLiZLN81W1KrJxIRU5aZRbBM5VneSYy_IQc6fTJSOozCFd20wh1oNbRTHOZhqh8qa1s1AZfAjzUyH7a_p8wtYWx3RQlo63Dpq_0TL5c8kmanaHM93V56fgkfTHNYeVDng9vBIUmUO43Kx2M4CGZgpz9pnMCwnKXCxhyptyapkrimRtG8XFkQ8sS7/s320/Revolutionaries.jpg" width="207" /></a></div>
<p class="MsoNormal" style="text-align: justify;">The book starts somewhere in the
late 19<sup>th</sup> century. The Uprising of 1857 had been crushed, and Britain
had established absolute hegemony over the Indian subcontinent. But the
undercurrents of anger and dissatisfaction remained. The author starts with an
overview of the political situation at that time, which provides an excellent context
to the story that follows. The subsequent chapters then follow a largely chronological
order and provide a seamlessly woven narrative of how the revolution unfolded.
Or did it? The readers can judge for themselves. <o:p></o:p></p>
<p class="MsoNormal" style="text-align: justify;">Of course, some aspects of the
revolutionary side are well known, such as the story of Veer Savarkar & the
Cellular Jail, the travails of Netaji Subhas Chandra Bose or the daredevilry of
Shahid Bhagat Singh or Chandra Shekhar Azad. But what about the rest? What about
the extraordinary life of Pandurang Khankhoje (I bet you have never heard of
him)? The dedication and commitment of Sachindra Nath Sanyal. About Barin Ghosh.
The heart wrenching love story of Ullaskar Dutt & Lila. The untold side of Jallianwala
Bagh. The role of Japan in India’s freedom struggle. The Naval Mutiny. And a lot, lot more. There are countless stories
of exceptional bravery and courage. But also, of shocking treachery and deceit.
Of frightening cruelty and cunning. They are all strung together like beads in
a chain. I am sure you know nothing of this, and after reading the book, you will
wonder why no one told you this before. Sanyal has done us Indians a favor,
and we should be eternally grateful to him for the same.<o:p></o:p></p>
<p class="MsoNormal" style="text-align: justify;">Sanyal’s simple and easy-going
style makes reading the book a breeze. His personal visits to the places
mentioned, and how they stand today adds the author’s personal touch to the
gripping events those places witnessed a hundred years ago. <o:p></o:p></p>
<p class="MsoNormal" style="text-align: justify;">Interestingly, the book doesn’t
end with India winning freedom. The author goes one step beyond the event –
what happened to the revolutionaries who survived to see India win freedom? Did the country do justice
to them? In fact, have we really got freedom, or the slave mentality still exists? Clearly,
Sanyal has gone much farther than what an ordinary history book would normally take us to. And this makes it much more complete. For, if you study the past, you can understand the present
better. The present is nothing but a continuation of the past. <o:p></o:p></p>
<p class="MsoNormal" style="text-align: justify;">Having read "The Ocean of
Churn" earlier, I was keen to read the “Revolutionaries” as well. And the
book did not disappoint, far bettering even my elevated expectations. Don’t
miss it. </p><p class="MsoNormal" style="text-align: justify;">Thank you, Mr. Sanyal.<o:p></o:p></p>Chandraguptahttp://www.blogger.com/profile/13272014002892802203noreply@blogger.com1tag:blogger.com,1999:blog-185980402423271988.post-5810509855789949852023-02-11T11:43:00.001+05:302023-02-11T11:43:49.043+05:30Dekho Apna Megh! - Part 2<p> <span style="text-align: justify;">In the previous post (<a href="http://chandragupta-acharya.blogspot.com/2023/02/meghalaya-shillong-tourism.html" target="_blank">click here</a>),
I described my visit to the capital city Shillong. In this post, I write about
the other places I visited during the visit – mainly, Mawlynnong, the Krang
Shuri waterfalls, Dawki and Cherrapunjee.</span></p><p class="MsoNormal" style="text-align: justify;"><o:p></o:p></p>
<p class="MsoNormal" style="text-align: justify;">In Mawlynnong, our first port of
call was a visit to a “Living Root Bridge”. The living root bridges of Meghalaya
are a unique and remarkable feature of the state's landscape. These bridges,
found in the dense forests of the region, are made entirely of living trees and
roots, and are woven together over time to form sturdy, naturally grown
bridges.<o:p></o:p></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgNYxDSB4JMjuBvED2RPiZrz7NPsNkMZhQey-5xD49G-W98igD3M5TRKpxQnc_V2zGrkRSK3g70htSV81YeQXP3lCWVS4-I5UkdH47daC8yed931EENLg2R3EYWux24pm5iRE8ttP-c-FNXE8mHSj6VPtQropiRtdzu8d_DrKmJ1o-T8Je1Tm2G1VcM/s4624/20230114_125237.jpg" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="3468" data-original-width="4624" height="300" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgNYxDSB4JMjuBvED2RPiZrz7NPsNkMZhQey-5xD49G-W98igD3M5TRKpxQnc_V2zGrkRSK3g70htSV81YeQXP3lCWVS4-I5UkdH47daC8yed931EENLg2R3EYWux24pm5iRE8ttP-c-FNXE8mHSj6VPtQropiRtdzu8d_DrKmJ1o-T8Je1Tm2G1VcM/w400-h300/20230114_125237.jpg" width="400" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">A "Living Root Bridge" - Unique and spectacular.</td></tr></tbody></table><p class="MsoNormal" style="text-align: justify;">Meghalaya has several such
bridges which are made from the roots of the rubber (“<i>ficus elastica</i>”)
trees. The tribal people of Meghalaya have been weaving these roots for
centuries to create bridges that can support the weight of several people at
once. Living root bridges are not only a fascinating engineering feat, but also
an important part of the local culture and tradition. Visiting these is a
unique and unforgettable experience. The bridges are located in some of the
state's most beautiful and remote areas and are a testament to the ingenuity,
creativity, and resilience of the local communities. They are a fascinating
example of nature's ability to provide sustainable solutions to the challenges
of modern life.</p><p class="MsoNormal" style="text-align: justify;"><o:p></o:p></p>
<p class="MsoNormal" style="text-align: justify;">Mawlynnong is also famously known as
the "Asia's Cleanest Village”. The village is home to around 500 people of
the Khasi tribe. The villagers take pride in their cleanliness and have made it
a priority to keep their village spotless. The village is a hub for eco-tourism
and offers visitors the opportunity to experience traditional village life
while also learning about sustainable living practices. For those having more
time, almost every household offers a “homestay” option where visitors
can spend a few days. Mawlynnong has received numerous awards and accolades,
including the "Best Village Tourism Award" from the Ministry of
Tourism, Government of India, and has been featured in several international
travel magazines and documentaries.<o:p></o:p></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1tUxctTy633b-rZnrWT3TjXMaIpPaok3KJ-B2EqfjVjiXUT1Brel9zFyvNNbQvKI-SuIEFVTKwbTVHyA90mbXsFAiNcrL_hI9IhC41LIlbMgq_Y-En8NPx9hrUODWpINE660BbQ5jV5o0xB7eqDl4MhrhzNNFMDptwyFMuNhx1vZrpAXPLmNcXeMM/s4624/20230114_143137.jpg" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="3468" data-original-width="4624" height="300" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1tUxctTy633b-rZnrWT3TjXMaIpPaok3KJ-B2EqfjVjiXUT1Brel9zFyvNNbQvKI-SuIEFVTKwbTVHyA90mbXsFAiNcrL_hI9IhC41LIlbMgq_Y-En8NPx9hrUODWpINE660BbQ5jV5o0xB7eqDl4MhrhzNNFMDptwyFMuNhx1vZrpAXPLmNcXeMM/w400-h300/20230114_143137.jpg" width="400" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">A street view in Mawlynnong village</td></tr></tbody></table><p class="MsoNormal" style="text-align: justify;">We took a stroll at the village, looked around the natural beauty, dined and shopped at the local shops. I tried to speak to a few
villagers but found them reluctant to engage in a conversation.</p><p class="MsoNormal" style="text-align: justify;"><o:p></o:p></p>
<p class="MsoNormal" style="text-align: justify;">The next day, we headed to Krang
Shuri. The Krang Shuri Waterfalls are located on the Eastern side of Meghalaya,
roughly between Jowai and Dawki. It’s a pity many tour operators skip these falls,
as the location is out of the way from the main tourist circuits of Shillong –
Cherrapunjee – Dawki. But these falls are perhaps the most beautiful and
spectacular waterfalls in the state and are a “must-visit” site for anyone
traveling to Meghalaya. The falls are surrounded by lush green forests, and the
sound of the cascading water creates a serene and peaceful ambiance. You get life
jackets on rent if you want to take a dip in the (chilling cold!) water. There are changing
rooms for tourists. Apart from the view of the waterfall from below, one can go on top of
the waterbed from where the stream comes. Tourists can also enjoy boating and watch
the scenery around. A visit to Meghalaya is incomplete without visiting Krang
Shuri.<o:p></o:p></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFDDSWwT2VE4hFfmiw_hd_TqsdDDlVQ7ENAty6LE-GMNaK-Bsn-u_yJjn405wD88GFsDXRD9x2V_LphKaFNJLWdUnvQ5g7UMRFGbPqC7vhwmTxUhG7GfWcTOcRbK-YPelA3XuplmJ5qZyMfVJGQHffhTILETESflhSg_UUPF1l1zYxzKYP3H0YF8lQ/s4032/IMG_3947.jpg" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="3024" data-original-width="4032" height="300" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFDDSWwT2VE4hFfmiw_hd_TqsdDDlVQ7ENAty6LE-GMNaK-Bsn-u_yJjn405wD88GFsDXRD9x2V_LphKaFNJLWdUnvQ5g7UMRFGbPqC7vhwmTxUhG7GfWcTOcRbK-YPelA3XuplmJ5qZyMfVJGQHffhTILETESflhSg_UUPF1l1zYxzKYP3H0YF8lQ/w400-h300/IMG_3947.jpg" width="400" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">The mesmerizing beauty of Krang Shuri is not to be missed</td></tr></tbody></table><p class="MsoNormal" style="text-align: justify;">From Krang Shuri, we came to the
border town of Dawki, situated on the banks of the Umngot River. The river is
known for its crystal-clear waters, so transparent that boats appear to be
floating on air. The best time of the day to visit Dawki is around noon, when
the sun is overhead and sun rays penetrate right down to the bottom of the
river. Visitors can take a boat ride on the river, spend time on its banks
filled with picturesque rocks and enjoy the spectacular views of the
surrounding hills. Visitors to Dawki can also visit the India – Bangladesh
border and snatch a bargain from the garment vendors who walk over from the
other side!</p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLiOpCZI2ZicErDZZqfGxRG_gk5yEMw2aoYT4KF2ub3I0CW7Z0AxwmAzzF5JMbalxidCydMC6DqrqGAEeKQ6XMJgNiJsyvjo__T2ODyxiMjMoMQJg0nD2J3tWNJQ2beF01zNKsBQTkdGfBawqBn-LQB-PV9Tg9uzG1lrhTFzUuJ72q5lNsQG8WcluR/s4624/20230115_145623.jpg" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="3468" data-original-width="4624" height="300" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLiOpCZI2ZicErDZZqfGxRG_gk5yEMw2aoYT4KF2ub3I0CW7Z0AxwmAzzF5JMbalxidCydMC6DqrqGAEeKQ6XMJgNiJsyvjo__T2ODyxiMjMoMQJg0nD2J3tWNJQ2beF01zNKsBQTkdGfBawqBn-LQB-PV9Tg9uzG1lrhTFzUuJ72q5lNsQG8WcluR/w400-h300/20230115_145623.jpg" width="400" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Take a boat ride in the Umngot River </td></tr></tbody></table><p class="MsoNormal" style="text-align: justify;">A word of caution here – the
roads around Dawki were in bad shape when we visited. Further, they have
heavy truck traffic, so visitors should base their time calculations keeping
adequate margin in mind. The distances look short on a map, but it takes much
longer to reach your destination! Luckily for us, we visited Dawki on a Sunday,
when the truckers have a holiday and traffic was far less.</p><p class="MsoNormal" style="text-align: justify;"><o:p></o:p></p>
<p class="MsoNormal" style="text-align: justify;">After Dawki, we visited Cherrapunjee,
which has now been renamed Sohra. The place is famous for being one of the
wettest places on earth. Cherrapunjee is also known for its beautiful
waterfalls, bridges and limestone caves. The most popular tourist attraction
in the region is the Nohkalikai Falls, which is the fourth highest waterfall in
India. The waterfall is located just a few kilometers from the town and is
surrounded by lush green forests. The water here falls from a height of about
1100 feet and creates a spectacular sight. Visitors can take a short hike to
the viewpoint to get a closer look at the falls and to enjoy the picturesque views
of the surrounding hills. <o:p></o:p></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQF8VHHuEU9p4O5oUtMpBM3lZNgL_Ekj3RTz06-aeTAQsfwKFhpc5SMjEi3Y7m6QVfCBktd_X60bQB-br9tV2letvXuLVOvzDYYkw3Qxd2E3W1dq4jxnvF5xe6IGv4XvYvcbavraTZveQgLwXXTtDjT7HR_0ro5oBtPZyl61Rardgq0z_hSgkYj3mY/s4624/20230116_113436.jpg" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="3468" data-original-width="4624" height="300" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQF8VHHuEU9p4O5oUtMpBM3lZNgL_Ekj3RTz06-aeTAQsfwKFhpc5SMjEi3Y7m6QVfCBktd_X60bQB-br9tV2letvXuLVOvzDYYkw3Qxd2E3W1dq4jxnvF5xe6IGv4XvYvcbavraTZveQgLwXXTtDjT7HR_0ro5oBtPZyl61Rardgq0z_hSgkYj3mY/w400-h300/20230116_113436.jpg" width="400" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">The Nohkalikai Falls is another beauty that will leave you spellbound.</td></tr></tbody></table><p class="MsoNormal" style="text-align: justify;">Another important place to visit
is the Mawsmai Caves. Mawsmai caves are a network of limestone caves located
just a few kilometers from Cherrapunjee. The caves are popular among adventure
seekers and cave enthusiasts as they offer an exciting and challenging
experience. Visitors can explore the caves and see the interesting rock
formations, underground streams, and limestone formations. Besides these, we
also visited the Seven Sisters Waterfall, the Eco Park and a few other viewing
points in and around Cherrapunjee.</p><p class="MsoNormal" style="text-align: justify;"><o:p></o:p></p>
<p class="MsoNormal" style="text-align: justify;">Overall, I spent six days in
Meghalaya. It was an unforgettable experience! </p><p class="MsoNormal" style="text-align: justify;">It is said that if humans were meant
to be in one place, we would have had roots, not feet. What are you waiting
for? Pack up your bags and leave.</p><p class="MsoNormal" style="text-align: justify;"><o:p></o:p></p>Chandraguptahttp://www.blogger.com/profile/13272014002892802203noreply@blogger.com0tag:blogger.com,1999:blog-185980402423271988.post-53399527209252032182023-02-02T11:03:00.000+05:302023-02-02T11:03:19.382+05:30Dekho Apna Megh!<p class="MsoNormal" style="text-align: justify;">The world, they say, is a book,
and those who do not travel read only one page. Well, if we open the chapter
called “India” in it, every page will tell a unique story. Last month, I
visited Meghalaya, and was left spellbound by what I saw. For a visiting tourist,
Meghalaya offers unique sights that you will hardly see anywhere else. What
better way to celebrate the "<a href="https://www.incredibleindia.org/content/incredible-india-v2/en/events/dekho-apna-desh.html" target="_blank">Dekho Apna Desh</a>" campaign than by visiting the
abode of the clouds.<o:p></o:p></p><p class="MsoNormal" style="text-align: justify;"><o:p></o:p></p>
<p class="MsoNormal" style="text-align: justify;"><o:p></o:p></p><p class="MsoNormal" style="text-align: justify;">Meghalaya, located in India’s
northeast, is a state known for its natural beauty, rich culture, and diverse
landscape. The state is bordered by Assam to the north and Bangladesh to the
south. The name "Meghalaya" translates to "the abode of
clouds" in Sanskrit, and the state lives up to its name with its
picturesque hills and valleys, often shrouded in mist. </p><p class="MsoNormal" style="text-align: justify;">Meghalaya is home to a population of over 3 million, primarily made up of the Khasi, Jaintia, and Garo tribes. Khasi is the dominant tribe in the state. Each tribe has its own unique culture and traditions, making Meghalaya a melting pot of different customs and practices. The state is also known for its matrilineal society, where property and inheritance are passed down through the female line. Majority of the people are Christian by religion, though I did not find religion playing a dominant role in the society.</p><p class="MsoNormal" style="text-align: justify;"><o:p></o:p></p>
<p class="MsoNormal" style="text-align: justify;">The climate of the state is
tropical, with heavy rainfall during the monsoon and mild temperatures
throughout the year. Cherrapunji (now renamed as Sohra) is known as wettest
place on earth.<o:p></o:p></p>
<p class="MsoNormal" style="text-align: justify;"><span style="text-align: left;">The capital city of Meghalaya is Shillong, known as the "Scotland of the East" for its picturesque hills and valleys. Interestingly, Shillong was the capital of Assam for almost a hundred years, before Meghalaya became a separate state in 1972. The city is a popular tourist destination and offers a perfect blend of natural beauty and modern amenities. The city is also known for its lively music and nightlife, as well as its colonial architecture and historical sites. It is situated on a hilltop, with narrow winding lanes zig-zagging around single storied houses and street corner shops. The roads are hopelessly inadequate for modern day traffic, and every street has been converted into a one way / no entry street to manage the traffic. The roads are filled with Maruti 800s – perhaps the only cars these narrow streets can accommodate! The city remined me of other similar hilltop-based cities such as Shimla, Gangtok and Mussoorie.</span></p><p class="MsoNormal" style="text-align: justify;">As one approaches the city from Guwahati – the main gateway to India’s North East – one is welcomed by the Umiam Lake. The lake is situated on the outskirts of the city, around 15 km before one reaches Shillong. Surrounded by lush green hills, the lake is a popular tourist spot for boating and fishing. We stopped at the lake, it was sundown time, and the atmosphere was peaceful and serene. The sun sets early in Meghalaya, and in January it was getting dark by 4:30 PM.</p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjH0La01jAZwmQroEBHIHmLmtNE4yA5oHjvqW5yNyVKfW-C6ZHnpexZ8DNyXhBTk9t3fGtISF_YbfmsVlEf1urTcj3bC5hrJM2SpU3Haqa5FRIJWWKap0npnI3hB39KyReE9mJuTULSBn79GTCs9To97cSeC3sf5PmWmjjrAFfgNMfH0xQj1-itw4aT/s4000/20230112_162250.jpg" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="3000" data-original-width="4000" height="300" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjH0La01jAZwmQroEBHIHmLmtNE4yA5oHjvqW5yNyVKfW-C6ZHnpexZ8DNyXhBTk9t3fGtISF_YbfmsVlEf1urTcj3bC5hrJM2SpU3Haqa5FRIJWWKap0npnI3hB39KyReE9mJuTULSBn79GTCs9To97cSeC3sf5PmWmjjrAFfgNMfH0xQj1-itw4aT/w400-h300/20230112_162250.jpg" title="Umiam Lake" width="400" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">The Umiam Lake welcomes you to Shillong</td></tr></tbody></table><p class="MsoNormal" style="text-align: justify;">From Umiam Lake, we headed to our
hotel in Shillong, and spent the next day visiting popular tourist places in
and around the city.</p><p class="MsoNormal" style="text-align: justify;"><o:p></o:p></p>
<p class="MsoNormal" style="text-align: justify;">One of the most popular tourist attractions
in Shillong is the Elephant Falls - called <i>“Ka Kshaid Lai Pateng Khohsiew”</i>
in Khasi, meaning the Three Steps Waterfall. The falls are situated 12 km from
the city and offer a beautiful view of cascading water surrounded by lush green
forests. The falls are so named because on the side of the falls there was a
rock resembling an elephant. The rock however was destroyed in an earthquake in
1897. The falls are a popular spot for picnics and trekking, and there is park nearby
which is home to a variety of bird species.<o:p></o:p></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-TsAZZI03iTVjz_lhqwb8cJFSB0eKoXnty7kKlYd5NlT6tv5tDwmtESp4Vn2POoIv8mAwAemy-sH6X8JOTMLMBk9be0QzFqiT-doGGyD8vUU9l8WFf_yXQm6-sysv6deYz_ApYZrjpbKvUHBNAtRhlVHRzq_8oLByL_yRJc_TdB7jyESSQmLJs7Y4/s4624/20230113_102311.jpg" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="3468" data-original-width="4624" height="300" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-TsAZZI03iTVjz_lhqwb8cJFSB0eKoXnty7kKlYd5NlT6tv5tDwmtESp4Vn2POoIv8mAwAemy-sH6X8JOTMLMBk9be0QzFqiT-doGGyD8vUU9l8WFf_yXQm6-sysv6deYz_ApYZrjpbKvUHBNAtRhlVHRzq_8oLByL_yRJc_TdB7jyESSQmLJs7Y4/w400-h300/20230113_102311.jpg" title="Elephant Falls" width="400" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Elephant Falls - the most popular tourist spot in Shillong</td></tr></tbody></table><p class="MsoNormal" style="text-align: justify;">Close to the Falls is the Air
Force Museum, which showcases the history of the Indian Air Force. The Shillong
base of the IAF played an important role in the 1971 war with Pakistan, and one
can see artefacts and read stories related to the same.</p><p class="MsoNormal" style="text-align: justify;"><o:p></o:p></p>
<p class="MsoNormal" style="text-align: justify;">After the Elephant Falls and the
Museum, we planned to head towards the Laitlum Canyon. On the way, we stopped at the Shillong View Point - another popular tourist spot, offering a
panoramic view of the city and its surroundings. The viewpoint is located on a
hilltop and is a popular spot for photography and sunset watching. <o:p></o:p></p>
<p class="MsoNormal" style="text-align: justify;">From here, we proceeded towards Laitlum
Canyon, which is located around 20 km away from the city. Our driver didn’t
know the place, and we spent some time going in circles as Google Maps
didn’t seem to show the right route.<span style="mso-spacerun: yes;"> </span>A
stranger however came to the rescue – search for <a href="https://goo.gl/maps/s63TsXrv8SMFZZ5eA" target="_blank">Smit Valley</a> he
said, and we reached the right place!</p><p class="MsoNormal" style="text-align: justify;">Laitlum Canyon is said to offer a
breath-taking view of the deep gorges and cliffs that have been carved out by
the rainwater over the years. But when we reached there, the place was fully
enveloped in the clouds! It was quite cold, there was a strong breeze and low
visibility. The atmosphere was electric! No views of the valleys but experienced the “abode of the clouds”!</p><p class="MsoNormal" style="text-align: justify;"><o:p></o:p></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjYYhTqC_6aRcsy_j13YqCjgCijp1QNRKXSd-IqYb7rBNuEgWTEkQVUl4laVFS0pIFVstvu2JSWtZHQ7mKDuhkroVJopPIkwkXbJRCUbClhTeRaxUZeySbT60-QwXmBdQQ3_uR5Kr0txYDs93Y0sgiuFAtg9GVmWoYcukbi5yktcY7paKEbMMAleJCU/s4624/20230113_135600.jpg" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="4624" data-original-width="3468" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjYYhTqC_6aRcsy_j13YqCjgCijp1QNRKXSd-IqYb7rBNuEgWTEkQVUl4laVFS0pIFVstvu2JSWtZHQ7mKDuhkroVJopPIkwkXbJRCUbClhTeRaxUZeySbT60-QwXmBdQQ3_uR5Kr0txYDs93Y0sgiuFAtg9GVmWoYcukbi5yktcY7paKEbMMAleJCU/w300-h400/20230113_135600.jpg" width="300" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Welcome! - This road goes straight into the clouds!</td></tr></tbody></table><p class="MsoNormal" style="text-align: justify;">After the Canyon, we returned to
Shillong, and spent some time at the city’s main market, called the Police
Bazaar. Police Bazaar is one of the busiest and most popular shopping areas in
Shillong, known for its local handicrafts, textiles, and traditional Khasi jewellery.
The bazaar is also a great place to try local street food and sample the local
cuisine. From here, we returned back to our hotel to rest. The next day, we
planned to start early, and go down south towards Mawlynnong and Dawki.</p><p class="MsoNormal" style="text-align: justify;"><o:p></o:p></p>
<p class="MsoNormal" style="text-align: justify;">(To be continued…)<o:p></o:p></p>Chandraguptahttp://www.blogger.com/profile/13272014002892802203noreply@blogger.com0tag:blogger.com,1999:blog-185980402423271988.post-81771280144579949602020-02-15T18:46:00.000+05:302020-02-15T18:46:34.648+05:30Book Review: Sapiens - A Brief History of Humankind <div dir="ltr" style="text-align: left;" trbidi="on">
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Why do species like ants or bees – which have been found to have orderly societies just like humans - don’t have lawyers?</div>
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That’s a bizarre question to ask, certainly not something you would have ever even thought of before. But if Yuval Noah Harari is to be believed, there’s a reason.</div>
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Of course, this book is neither about ants or bees, nor about lawyers.</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgOhw2Xuv_GuO8xj42AIHJPDOTTXtTzjUzxJ2pPmgw1tJaOQC_78FJbHdAoRsR6j6haKFYQRzJ3z0mw0aS5M5fe6ttVTV8J5v9p0n3iIL6PqxPt4j61GfLZI3Lh4ygfhR_Dko1dC9A_yKw/s1600/Sapiens_A_Brief_History_of_Humankind.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="385" data-original-width="259" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgOhw2Xuv_GuO8xj42AIHJPDOTTXtTzjUzxJ2pPmgw1tJaOQC_78FJbHdAoRsR6j6haKFYQRzJ3z0mw0aS5M5fe6ttVTV8J5v9p0n3iIL6PqxPt4j61GfLZI3Lh4ygfhR_Dko1dC9A_yKw/s320/Sapiens_A_Brief_History_of_Humankind.jpg" width="215" /></a></div>
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"Sapiens", as the name suggests, is the story of origin of our species - the Homo Sapiens on planet Earth, and its journey to the present.</div>
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It’s a gripping story - racy and fast paced, at times shocking and controversial - narrated in brilliant style as Harari takes his readers on a tour that starts in the heavily infested forests of East Africa some 70,000 years ago and ends in the modern day laboratories where scientists are busy creating fluorescent rabbits and synthetic humans. In the process, Harari covers most of the important milestones in the history of mankind, such as the birth of language and “culture”, domestication of animals, the origins of God and religion, the spread of Empires, the origin and spread of money and the rise of agriculture, industry, science, wars and conquests.</div>
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The book is divided into 4 main parts, arranged chronologically. The first part - “The Cognitive Revolution” is the period starting roughly from 70,000 years ago when humans came out of the barbaric age and began to live like humans (so to speak!). This is the period when language was born, humans spread out of Africa and “history began”. The second part starts around 10,000 BC, when humans began to domesticate plants & animals, and formed permanent settlements. The first kingdoms began to emerge, as also written scripts and some form of money. The author calls this “The Agricultural Revolution”. The third part – “The Unification of Mankind” – is the period starting around the first millennium B.C. when large changes swept mankind. Universal money such as Gold coins were born, several large Empires established and Religion originated.</div>
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The last chapter, the longest of all – called “The Scientific Revolution” is the history of the last 500 years of the World. It’s a fascinating story – of European conquests to their East and West, of the rise of Capitalism, the Industrial Revolution, giant strides in Science and Technology, and how all of it has impacted the life on earth. This is the part I enjoyed the most.</div>
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But Harari’s book is more than just history.</div>
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In the present day world, we have become hostage to a particular way of thinking. We view our world as a logical outcome of the progress and prosperity we have achieved over the generations. Our views and opinions are shaped by the prevalent notions of what is right and what is wrong, and we all view history with the same perspective. For example, our faith in principles of justice, peace, freedom, equality, environment, democracy and several such ideologies has become unshakable. We believe in them because we think that is how things are supposed to be, that is how nature has created the world. And anything that is in conflict with our notions is an aberration - a result of a deviant upbringing, lack of education or other such deficiencies. But is that how the world was meant to be? Are we really the homo sapiens (“Wise Man”) that we call ourselves or are we just fooling ourselves into delusion?</div>
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In <i>Sapeins</i>, Harari shakes up the very foundations of our thinking, busting the myths of what we think of ourselves and the way we see the world. He finds a discrepancy between our evolutionary success and individual suffering. Mankind has made progress, but has that made us happy, asks Harari. As he says, “<i>Most history books focus on the ideas of great thinkers, the bravery of warriors, the charity of saints and the creativity of artists. They have much to tell about the weaving and unravelling of social structures, about the rise and fall of empires, about the discovery and spread of technologies. Yet, they say nothing about how all this influenced the happiness and suffering of individuals. This is the biggest lacuna in our understanding of history. We had better start filling it.</i>”</div>
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And that is what the book does, raising more questions than it answers. Did we really benefit out of the growth of agriculture, or was it – as Harari calls it – History’s Biggest Fraud? Have the modern day luxuries made us happy, or have they left us craving for more? Are all humans really equal, or is it a myth we propagate because it makes us more politically correct? Is history working for the benefit of mankind, or had we been better off had the dice rolled differently at some point in the past? Harari leaves us with many provocative questions that we will be at pains to answer. </div>
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One may not agree with everything he says, but Harari certainly makes one think. For that reason alone, this book is worth a read.</div>
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Chandraguptahttp://www.blogger.com/profile/13272014002892802203noreply@blogger.com0tag:blogger.com,1999:blog-185980402423271988.post-61953144125072996622020-01-01T17:14:00.000+05:302020-01-01T17:14:13.556+05:30Book Review: Mind Master <div dir="ltr" style="text-align: left;" trbidi="on">
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Chess is a game of Indian origin. Folklore has it that in the 16th Century, Emperor Akbar played chess on gigantic chessboard “floors” and real men walking on it as pawns and pieces. Yet, there is almost no documented history of the game in India since then. </div>
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Until now, that is. </div>
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As I write this, a different type of history is being made. A wave of chess enthusiasm has swept the country since the last few years. Today, if you place one Indian Grandmaster (GM) on each square of Akbar’s chessboard, you would fill all the squares on the board and still be left with a GM or two to spare! The number of International Masters (IM) – a title junior to a GM, awarded by the World Chess Federation (FIDE) - that India boasts of now runs into three digits. History is being made, everyday.</div>
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But it has not always been so. When Anand started out his career in the mid-1980s, attaining an IM Title was what most Indian chess players aspired for. All that changed one day, when a 13-year old boy suddenly burst onto the national chess scene and swept away the honours.</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjpmtAsOXVno_SDJi58CjyhrFZ0w14FzChDKm-5LfxtvD9KkhXI1wtdlQKWjb-OgDFAEuPMTIczdGQLaMBpToQGf1ObwbtHaZTBDI4ZQuxCNbpDQr3-fmgatG7UNmZcpjk8G4pwkkJwZ8k/s1600/20191231_202121.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1600" data-original-width="1009" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjpmtAsOXVno_SDJi58CjyhrFZ0w14FzChDKm-5LfxtvD9KkhXI1wtdlQKWjb-OgDFAEuPMTIczdGQLaMBpToQGf1ObwbtHaZTBDI4ZQuxCNbpDQr3-fmgatG7UNmZcpjk8G4pwkkJwZ8k/s400/20191231_202121.jpg" width="250" /></a></div>
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In Mind Master, India’s first GM “Vishy” (a misnomer given to him by the Europeans, for Viswanathan is his father’s name) Anand looks back at more than a quarter century of career playing chess at a professional level. Dubbed the “lightening kid” in his younger years for exceptional speed, Anand went on to win the World Chess Championship several times, not to mention many other awards and accolades along the way. The book gives the reader a close peek into the thinking, strategizing and planning that went into several of his crucial matches. What were the challenges that Anand faced? How did he overcome them? What were the mistakes he made, and the lessons learnt? Anand speaks out his mind to you, narrates his story. Though chess is an individual game, Anand’s book also brings out vividly the importance of how having a close knit team of coaches and assistants working in unison towards a common goal can make a difference to the final result of the game. </div>
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The book is not exactly a chronological account of Anand’s personal or professional life. Rather, the chapters are divided subject wise, such as one on the art of remembering, another one on preparing for tournaments psychologically, one on the role of talent, hard work, luck & aptitude and so on. Within each of these chapters, Anand shuffles back and forth, narrating his experiences, sharing his insights and drawing lessons from his long years in the game. There is the inevitable touch of humour here and there, and often the politics that goes hand in hand with the game. Each chapter ends with a chess position – and a summary paragraph carrying the central message that the chapter contains. I find this design beautiful.</div>
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In recent years, chess has undergone a dramatic change, with computers (“<i>chess engines</i>”) marauding the game in a big way, busting the myth of human superiority over machines. Anand has been on both sides of this fence, having started out the old fashioned way in the 1990s and transitioning successfully into the computer age, still winning tournaments in the 2010s. The chapter on making this change from the pre-computers era to the post is the one I liked the most.</div>
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The later part of the book is dedicated mainly to his World Championship matches (i.e. finals), such as the one against Kramnik (2008), Topalov (2010), Gelfand (2012) and Carlsen (2013). Anand takes a deep dive into each of these matches and narrates the story that did not appear in the press – the challenges, the hard work, the politics, the preparation and the execution. What the world saw is only the final result. But as Anand says at one of the places “chess players do a lot more than sit motionless, staring at moving pieces on a board”. In this book, you get to see what that lot more is.</div>
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<br /></div>
<div style="text-align: justify;">
Clearly, the book is meant for an informed audience. You need to have at least a basic introduction to the game, to make sense of what is written in the book. Words such as <i>variation, pairings, notation, blitz, compensation</i> or <i>fianchetto</i> are straight out of the chess jargon, and a dictionary will help little to a reader if he has never been introduced to the game before. The uninitiated may be forgiven for failing to understand what a sharp Dragon or a dry Catalan is, let alone why playing 1.d4 instead of 1.e4 in a crucial match against Kramnik deserves an entire chapter of its own.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
For chess playing generation of today aspiring to be the Anands of tomorrow, the book is an investment worth their time.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Finally, here is a link to the game that Anand says is one of the best games he has ever played. Enjoy!<br />
<br />
Aronian Vs. Anand, Wijk aan Zee, 2013</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<a href="https://www.chessgames.com/perl/chessgame?gid=1704763" target="_blank">https://www.chessgames.com/perl/chessgame?gid=1704763</a></div>
<div style="text-align: justify;">
<br />
(P.S.: You can read my earlier take on why Viswanathan Anand is the greatest sportsman India has ever produced. Click <a href="http://chandragupta-acharya.blogspot.com/2012/07/why-anand-is-greatest-sportsman-india.html?m=0" target="_blank">here</a>)</div>
</div>
Chandraguptahttp://www.blogger.com/profile/13272014002892802203noreply@blogger.com2tag:blogger.com,1999:blog-185980402423271988.post-21496881842440886932018-02-25T10:31:00.000+05:302018-02-25T10:31:26.198+05:30Book Review: Free Capital<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<div class="MsoNormal" style="text-align: justify;">
“Free Capital” by Guy Thomas is a collection of biographical
sketches of twelve individual investors who have made a living exclusively out
of investing in the stock markets. The individuals have varying academic
backgrounds and previous job profiles – usually unrelated to investing or fund
management, and at some stage in their life have given up regular day
jobs opting instead to focus exclusively on investing to make a living. All of
them have exceptional track records and have built a fortune from modest beginnings.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The term “Free Capital” here refers to the corpus of savings
the individuals have started with, essentially what is left over out of regular income such as salary after meeting day to day living expenses. Many of
the individuals have chosen to remain anonymous in the book, with the author
using dummy names instead. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjUsPv_Z2joGmXjs8_F4qTxHZ1II0j2JU7jksL6L8LhY4gYFy6RW-IDfiCzDTlZuCkdPuHjkO40JjpXgxzhckOUvT0g-tR6zF3fPA9V7iYKrAYsdUJyLLa_5FRmExQJRc4X0KGsDtFuDX4/s1600/Free_Capital.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="1264" data-original-width="858" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjUsPv_Z2joGmXjs8_F4qTxHZ1II0j2JU7jksL6L8LhY4gYFy6RW-IDfiCzDTlZuCkdPuHjkO40JjpXgxzhckOUvT0g-tR6zF3fPA9V7iYKrAYsdUJyLLa_5FRmExQJRc4X0KGsDtFuDX4/s400/Free_Capital.jpg" width="271" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Individuals who gave up day jobs to become full time investors</td></tr>
</tbody></table>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
All of the investors have taken a different path to success.
There are some who make broad macro calls such as on cyclical industries or
commodity prices. Others use a bottom up approach, studying company
fundamentals to exploit gaps between price and value. Some are day traders,
investing for periods from just a few minutes to a few hours, while there are others
who take upto 25 percent stakes in their target companies and put pressure on the
managements to change course and create value. To each, his own. The book amply
demonstrates that when it comes to investing, there is no One Way that is the Right
Way to success. You have to choose what suits your style and temperament, and
evolve over a period of time.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Despite these differences in investing styles, it is
interesting to see some common patterns emerge from the profiles of these
investors. There are similarities in personality traits and even personal
backgrounds in many – though not all – cases.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
This is not a typical investment book, though there surely
are many nuggets of investing wisdom. The book does not seek to teach how to
invest, or provide a roadmap for making successful investments. <span style="mso-spacerun: yes;"> </span>The book narrates the personal stories of profiled individuals, as brought out from their own detailed interviews and the
author’s external research on them. Free Capital is a small book that you can
easily finish off in a few sittings. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
If you are looking for an inspiration in your investing
journey, this book will do the job.<o:p></o:p></div>
<div style="text-align: justify;">
<br /></div>
</div>
Chandraguptahttp://www.blogger.com/profile/13272014002892802203noreply@blogger.com0tag:blogger.com,1999:blog-185980402423271988.post-4714418621064378732018-01-28T09:31:00.001+05:302018-01-28T10:01:33.913+05:30The Everything Store: Jeff Bezos and the Age of Amazon<div dir="ltr" style="text-align: left;" trbidi="on">
<div align="center" class="MsoNormal" style="text-align: center;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Every company claims it is
customer centric, but have you ever seen a CEO keep an empty chair at management
meetings to represent the customer? <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Welcome to Amazon, and the cult
of Jeff Bezos. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
“The Everything Store: Jeff Bezos
and the Age of Amazon” by Brad Stone is an extremely well researched, almost
biographical account of Amazon.com, and its founder Jeff Bezos. Aided by dozens
of interviews (including some with Bezos himself) with former and current
employees, suppliers, competitors, friends and relatives, family members, teachers
and almost anyone who came in contact with him, the author has built an
in-depth profile of Amazon and its legendary founder Jeff Bezos. The author
traces the journey of Amazon right from the birth of the idea in the mid-1990s
and takes the reader, often in excruciating detail till where it stood when the
book was published in 2013.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b>The origin</b><o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="separator" style="clear: both; text-align: center;">
</div>
It was 1994 and those were early
days of the Internet. But Bezos was quick to see its potential. The idea of
Amazon was simple – an internet company that served as an intermediary between
customers and manufacturers, and sold every type of product all over the world.
Throwing away his lucrative Wall Street job, Bezos swooped down on the
opportunity and set up Amazon.com. Starting out first with selling books, Amazon
soon spread itself to other categories. And the rest – as they say – is
history.<br />
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj27Tt8qi6uw4HGSChu3r0_sNRJNmeUBLWs_upytvwHyhin3wBtfi6yfA0dGp2xKziGtlcHsZECDhwl-77wQIWMbijc64bJV__rd37bwWlf4jxAS4vzP2umTbth4eMBB3wzIEXoofyFU_8/s1600/Bezos.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="1422" data-original-width="991" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj27Tt8qi6uw4HGSChu3r0_sNRJNmeUBLWs_upytvwHyhin3wBtfi6yfA0dGp2xKziGtlcHsZECDhwl-77wQIWMbijc64bJV__rd37bwWlf4jxAS4vzP2umTbth4eMBB3wzIEXoofyFU_8/s400/Bezos.jpg" width="278" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">The book gives a deep insight into Amazon and its founder Jeff Bezos</td></tr>
</tbody></table>
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b>Bezos is Amazon. Amazon is Bezos.
</b><o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="separator" style="clear: both; text-align: center;">
</div>
Bezos’ overwhelming personality
is stamped all over Amazon. The story develops as a compendium of countless
narratives from people who had close encounters with Bezos and brings out
vividly his extraordinary personality and management style. Exceptional
intelligence, competitive spirit, a volcanic temper, ruthless combative approach, an almost limitless capacity to put in hard effort and
an outlandish ambition (Bezos is also <i>“working
to lower the cost of space flight to build a future where we humans can explore
the solar system firsthand and in person”</i>, by the way) - this is what defines Bezos. The book portrays him as an extremely difficult micromanager to work for, setting very high standards
that others struggle to meet. Bezos’ personality style has ensured a ‘confrontationist’
culture at Amazon. Bezos abhors social cohesion – the natural impulse to seek
consensus. Yet, the author says, former
Amazon employees often consider their days at Amazon the most productive time
of their career. <i>“Colleagues were smart,
work culture was challenging and there were constant opportunities for
learning” </i>says one of them.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b>Customer First</b><o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
How did Amazon manage to grow at
such a breakneck speed? How did Amazon succeed where others didn’t? Bezos
realized that e-Commerce had the potential to understand its customers in a way
brick & mortar merchants can never do. <i>“We
are genuinely customer centric, genuinely long term oriented and genuinely like
to invent”</i>, Bezos is quoted in the book as saying, building Amazon on the
edifice of a few clearly defined and religiously followed founding principles –
customer obsession, frugality, bias for action, ownership, a high bar for
talent and innovation. Among this, extreme customer centricity comes out
repeatedly as the single most defining character that distinguishes Amazon from
others. <i>“There are two kinds of retailers – those who work to figure out how to
charge more, and those who try to figure out how to charge less. We are in the
second category. Period.”</i> <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b>Tech, not Retail</b><o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
Bezos visualizes Amazon as a
technology company, not a retailer. A key element of Amazon’s success has been
Bezos’ constant focus on innovation. Negative reviews, referral fees, platform
services, the Amazon Marketplace – Amazon claims many a firsts to its credit,
though it was not the only or even the first online bookstore to start
operations. Complex algorithms studying customer behavior, calculating cheapest
& fastest shipping routes, crawling the web to keep a tab on competitor
prices – all have played a crucial role in Amazon’s success. Yet, Bezos
struggled to present Amazon as a technology company pioneering e-Commerce until
much later when businesses like the Cloud and Kindle came along. With Cloud,
Bezos dreamt of ‘<i>a student in a dorm room
having at his disposal the same infrastructure as the largest companies in the
world’</i>. And true to it, it facilitated the creation of thousands of
internet startups, pulling out the tech sector from a post dot.com depression
in the early 2000s. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b>A must read</b></div>
<div class="MsoNormal" style="text-align: justify;">
As I write this review in early
2018, Jeff Bezos has already surpassed the likes of Bill Gates and Warren
Buffet to become the richest man in the world. And while the others may well be
past their prime, the Amazon story has only just begun.</div>
<div class="MsoNormal" style="text-align: justify;">
<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
</div>
Chandraguptahttp://www.blogger.com/profile/13272014002892802203noreply@blogger.com0tag:blogger.com,1999:blog-185980402423271988.post-55901821806214057642017-12-09T12:57:00.000+05:302017-12-09T12:57:24.469+05:30Book review: Hit Refresh<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal" style="text-align: justify;">
Can elephants dance? Satya
Nadella, only the 3<sup>rd</sup> CEO in Microsoft’s history certainly thinks
so, as he narrates the story of how he is trying to inject new life into
Microsoft’s soul. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Once nearly synonymous with
personal computing, Microsoft lost its mojo in the last decade as mobile phones
literally gatecrashed into our lives and became the primary channel
to access everything from music to internet. Many had written off Microsoft at
this stage, but Satya narrates how he is breathing new life into the company,
changing attitudes and bringing in new paradigms.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEtWetd58VfOBADnR4pULec6eoAA9G9DSzVQWUY2xaD8ofrMvTz4yuzamhIrKwOqvWU-GThCEUVwnPTeweCvwa0DjeZQzoALTl70zm87go8cbz1W9Ufy88r5TE3Nbg8MqLZIGjAGwJmfA/s1600/Satya_Nadella.jpg" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="1241" data-original-width="806" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEtWetd58VfOBADnR4pULec6eoAA9G9DSzVQWUY2xaD8ofrMvTz4yuzamhIrKwOqvWU-GThCEUVwnPTeweCvwa0DjeZQzoALTl70zm87go8cbz1W9Ufy88r5TE3Nbg8MqLZIGjAGwJmfA/s400/Satya_Nadella.jpg" width="258" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Microsoft, is changing, and making the world an even better place for us</td></tr>
</tbody></table>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The book starts on a personal
note as the author traces his origins from childhood in the small towns of
India to his entry into Microsoft headquarters in Seattle in the early 1990s
and his eventual rise to the top in 2014. The author is modest in often acknowledging the role of luck in his success, pointing out how he always found himself at the right place at the right time. Son of a civil servant, the author narrates
his fascination for cricket and early leadership lessons he took from the game.
There are stories from the ups & downs in his personal life, like meeting the love of his life, and the trying
circumstances surrounding the birth of the first child. </div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
This is a book about
transformation, one that is taking place within him and also within the company.
What was the situation at Microsoft when Satya took over? What did he inherit?
And what is it that he wants to change? Trying to bring about culture change in
such a big organization is not easy, it is a painfully slow grind but the
author’s efforts have slowly started showing results. There is now a renewed
growth mindset. Several key events and decisions, such as the launch of Windows
10, learnings from the Nokia acquisition and corporate dispute with Samsung
etc. are described, giving an insight into the author’s personality and working
style. The author shows how his seemingly unconventional decisions to partner arch-rivals
such as Apple or Google have paid off. Surprisingly, even in this dispassionate
world of coding and corporate strategy, Empathy keeps repeating itself.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
And thankfully, the book doesn’t
end here!<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
In the latter sections, the author
takes a deep dive into technologies of the future, and how Microsoft is “trying
to imagine a better future for everyone”. It is this that I liked the most. The
author writes about three things Microsoft is betting on – Mixed Reality, Artificial
Intelligence and Quantum Computing. What are they? What can they do? And where
are we – the human race - heading? These are topics not just for the geeks. The
author shows how these technologies will become essential tools in everything
we do – from education to medicine, or help us fight cancer or global warming. Going
beyond pure computing, technologies of the future will not only help us see,
hear and analyze, but also “make us feel”. Does this mean machines will eventually ‘take
over’ - as some fear? Or will they only augment human capabilities to make this
world an even better place for all of us? It is this ‘Human vs. Machines’ OR ‘Human
+ Machines’ debate that is currently the rage the world over, and the author assures
us there is nothing to fear from the future. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
In recent times, the growth of
technology has also thrown up difficult issues surrounding privacy, security
and free speech. The author discusses delicate issues such as privacy of user
data and government surveillance, the dilemma between privacy vs. security, individual
freedom and liberty vs. public safety. The author rues that laws always lag technological
changes, causing friction between Regulation and the Corporation. The role of
companies in modern society is also discussed.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
As they say, ultimately the best
way to predict the future is to invent it. And that is what Microsoft is doing. </div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Do give this book a read – it did change my perception of Microsoft, and our future - for the
better.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
</div>
Chandraguptahttp://www.blogger.com/profile/13272014002892802203noreply@blogger.com0tag:blogger.com,1999:blog-185980402423271988.post-31742212496981588312017-12-03T20:17:00.000+05:302017-12-03T20:17:25.467+05:30Book review: How Google Works<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal" style="text-align: justify;">
What makes Google the company
that it is? How can a company come to play so important a role in our lives in
so little a time? “How Google Works” is a remarkable revelation of the secret
sauce that the company is made of. Written by Eric Schmidt and Jonathan
Rosenberg – two Google veterans – the book gives an inside view of how Google
has created an operating model that is so successful. Schmidt was
the Google CEO during its crucial formative years from 2001 to 2011 and is
presently its Executive Chairman (of Alphabet). Jonathan was the Head of
Products and oversaw Google’s blockbuster products Google Search, Google Ads,
Gmail, Android, Chrome etc. during the period.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg2uXF0HBZ1zct8WbUUPu1dFtXkzF3u2Aysabmyju6gKL9kExvdU1f6d5pkUQDZZl0lgpk103hOpWmP22Iz9R57d5R8p690LIgbQe0JQnGyjcTBjghhBcVXJlyvNSQfBT9IO9iRY-qpuJM/s1600/Google_Works.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="653" data-original-width="443" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg2uXF0HBZ1zct8WbUUPu1dFtXkzF3u2Aysabmyju6gKL9kExvdU1f6d5pkUQDZZl0lgpk103hOpWmP22Iz9R57d5R8p690LIgbQe0JQnGyjcTBjghhBcVXJlyvNSQfBT9IO9iRY-qpuJM/s400/Google_Works.jpg" width="271" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Google has created an operating model that is impossible to replicate</td></tr>
</tbody></table>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Written in simple language and
lucid style, the book narrates how Google has turned conventional wisdom of
corporate management upside down while delivering remarkable results. Issues
such as corporate culture, strategy & planning, hiring practices, decision
making and communications are explained in detail. Through stories and
anecdotes, the book brings alive the company in front of the reader. What can
you say about a company which believes ‘processes are bad’, you should ‘fail
quickly if you want to’, ‘a top priority should be offices should be crowded’
or ‘messiness is usually a good sign’? The authors’ views on key corporate
issues such as team sizes, compensation systems, meeting rules, rules for
e-mails etc. will provide useful insights to modern day managers.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The roots for Google’s success are
sowed right from when an employee is recruited. There is tremendous emphasis on
recruiting the right person. As the authors say, interviewing is one of the
most important skills that managers need to have. The urgency of the role isn’t
sufficiently important to compromise for quality on hiring. Google wants candidates
who have “comfort with ambiguity, bias to action and collaborative nature”. The
section on interviewing is the one I liked the most.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
It was also interesting to see
Google’s emphasis on product excellence, user focus and on issues such as
integrity. “Selling a thing to a customer she doesn’t need or doesn’t benefit
from” is an integrity issue at Google and is ‘…against the basic interest of
the company’. I am sure this will make many a sales and marketing managers
squirm!<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
A key challenge for Google over
the years has been to retain that start-up culture while it achieves scale. How does
Google manage that? As the authors say at the beginning, “…the only way to
succeed in business in the 21<sup>st</sup> century is to create great products,
and the only way to do that is to attract smart creatives and put them in an
environment where they can succeed at scale. …In a large company it becomes
more and more difficult to create that environment…forces in a large company
can actively conspire against those…who are trying to do something different”.
It is these forces that Google has successfully conquered. </div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
For managers, HR professionals
and all corporate watchers in general, this book is a ‘must read’.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<o:p></o:p></div>
</div>
Chandraguptahttp://www.blogger.com/profile/13272014002892802203noreply@blogger.com0tag:blogger.com,1999:blog-185980402423271988.post-35558880474671174662017-12-02T10:39:00.000+05:302017-12-02T10:39:10.041+05:30Book review: The Inevitable<div dir="ltr" style="text-align: left;" trbidi="on">
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What comes to your mind someone
says ‘technologies of the future’? Think blockchain, driverless cars, Artificial
Intelligence, 3-D printing, drones…. I recently happened to read “the
Inevitable” by Kevin Kelly, a futurist and the Founding Editor of the Wired
magazine. The sub-title of this book said “Understanding the 12 technological
forces that will shape our future”. This is a review of the same. A more
concise review has been put up on the Amazon website.</div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-3KohOr3omDj_gNffMvNz1g3smmrGSrcf8l_qZffeTT48ZA5U31k2PBNg_OOHz0wawm7Ido0lB-nzrpx9Ze3zw-sJY_D0Oc1lgRaGzOf38CEQrbmud14peHSJ5edoZlbiYpXLXctIHLo/s1600/TheInevitable+-+Copy.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="1529" data-original-width="979" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-3KohOr3omDj_gNffMvNz1g3smmrGSrcf8l_qZffeTT48ZA5U31k2PBNg_OOHz0wawm7Ido0lB-nzrpx9Ze3zw-sJY_D0Oc1lgRaGzOf38CEQrbmud14peHSJ5edoZlbiYpXLXctIHLo/s400/TheInevitable+-+Copy.jpg" width="255" /></a></div>
<o:p></o:p><br />
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
When I picked up this book, I was
expecting a deep dive – or at least a comprehensive introduction to technologies
(not specifically the ones mentioned above but whatever else) the esteemed
author thinks will come to shape our future. However, that was not to be.<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The book revolves around what I may
loosely call for want of a better term, the ‘Internet–AI–Cloud–Analytics complex’
and various things that are being achieved combining these. The “12 trends”
that the author talks about are different manifestations of using the same: </div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
1. B<span style="text-indent: -0.25in;">ecoming
– a process of constantly changing, evolving, improving</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-indent: -0.25in;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-indent: -0.25in;">2. Cognifying
– How AI is being injected into everything around us </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-indent: -0.25in;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-indent: -0.25in;">3. </span><span style="text-indent: -0.25in;">Flowing
– Everything is information, copied multiple times and flowing seamlessly around
the world over the internet </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-indent: -0.25in;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-indent: -0.25in;">4. </span><span style="text-indent: -0.25in;">Screening
– More and more screens will enter our lives – from digital books to VR goggles
to living room and building walls etc. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-indent: -0.25in;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-indent: -0.25in;">5. </span><span style="text-indent: -0.25in;">Accessing
– Access will become more important than possession or ownership </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-indent: -0.25in;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-indent: -0.25in;">6. </span><span style="text-indent: -0.25in;">Sharing
– Open source software, social media collaboration, aggregator sites, crowd
funding etc.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-indent: -0.25in;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-indent: -0.25in;">7. F</span><span style="text-indent: -0.25in;">iltering
– Since there is an abundance of everything (information age), it will all need
to be filtered </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-indent: -0.25in;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-indent: -0.25in;">8. </span><span style="text-indent: -0.25in;">Remixing
– Mixing multiple elements of different media to create new things,
findability, rewindability etc. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-indent: -0.25in;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-indent: -0.25in;">9. </span><span style="text-indent: -0.25in;">Interacting
– VR, and one step beyond it to Augmented Reality (AR) </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-indent: -0.25in;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-indent: -0.25in;">10. </span><span style="text-indent: -0.25in;">Tracking
– From intelligent devices tracking our body to “lifestreaming”, “lifelogging”
etc. End of privacy. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-indent: -0.25in;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-indent: -0.25in;">11. </span><span style="text-indent: -0.25in;">Questioning
– the most unlikely things will happen and we will need to constantly keep
questioning </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-indent: -0.25in;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-indent: -0.25in;">12. </span><span style="text-indent: -0.25in;">Beginning
– the changes which are on our way are so mindboggling that we are beginning
anew</span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<o:p></o:p></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<br /></div>
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These one liners do not do full justice
to the depth to which the author has gone, but I wanted to give a glimpse of
what really the author means by technology “trends” and how they differ from
technologies or specific technology developments. </div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Indeed what the Google-Facebook-Netflix-Amazons
of the world are doing is quite remarkable. But beyond a point, the 12 trends
appear to be a regurgitation of the same underlying technological capability. The
book keeps coming back to the same names again and again, at times making it
difficult to distinguish one chapter from another. </div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
To be sure, there is nothing
wrong in what the author has written, but this is not what I was expecting. On the whole, a bit of a disappointment.</div>
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<o:p></o:p></div>
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<br /></div>
</div>
Chandraguptahttp://www.blogger.com/profile/13272014002892802203noreply@blogger.com0tag:blogger.com,1999:blog-185980402423271988.post-44505509518462995232017-03-25T19:22:00.000+05:302017-03-25T19:22:02.514+05:30Leaked! Secret letter from Narendra Modi to Rahul Gandhi after the recent elections<div dir="ltr" style="text-align: left;" trbidi="on">
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A secret letter written by PM Narendra Modi to Congress VP
Rahul Gandhi soon after the recent five state elections has been leaked online. Here is the full text of the letter:<o:p></o:p></div>
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<br /></div>
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<span style="font-family: "lucida handwriting";">13</span><sup style="font-family: "Lucida Handwriting";">th</sup><span style="font-family: "lucida handwriting";">
March 2017</span></div>
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<span style="font-family: "lucida handwriting";"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "lucida handwriting";">Dear
Rahul ji,<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "lucida handwriting";"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "lucida handwriting";">The
elections are over, and they have gone largely as per plan. Your efforts were
invaluable in Uttar Pradesh. Akhilesh <i>beta</i>
never realized that "Hand" is used to stop a "Bicycle", not to accelerate it
! But he is still young, will learn over time. In fact your efforts in U.P. were so effective
that there was also a strong rub-off on neighboring Uttarakhand. A big thank you
for this! We are also very happy with what happened in Manipur, where we were a
big Zero just five years ago! There was a slight problem in Goa, but I admit it
was all our own fault. Parrikar ji was not there, and our people were busy fighting
amongst themselves. However we have fixed that problem now, so don’t worry. Meanwhile,
you are free to imagine that it is the Congress who won the mandate in Goa and
Manipur. Victory - after all - is just a <a href="http://indiatoday.intoday.in/story/rahul-gandhi-mocks-at-poor-says-poverty-is-just-a-state-of-mind/1/298206.html" target="_blank">state of mind</a>.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "lucida handwriting";"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "lucida handwriting";">We
are however not at all happy with what happened in Punjab. This is a serious
matter. You should have campaigned more vigorously in Punjab instead of leaving
everything to Amarinder Singh ji. It seems you were focused only on Uttar
Pradesh. This is sheer negligence. Because of this, deadlines for Project “Congress-mukt
Bharat” will now have to be pushed forward to 2022. But it is okay this one
last time, we are letting you off with just a warning. <o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "lucida handwriting";"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "lucida handwriting";">You
are now free to resume your foreign holiday. This is a good time to visit
Bangkok. It always is! You can plan for a visit to Europe too, but don’t, even
by mistake, go to the U.S.! I hope you remember <a href="http://zeenews.india.com/news/india/rahul-gandhi-was-caught-in-us-with-drugs-vajpayee-got-him-released-swamy_1634107.html" target="_blank">what happened in 2001</a>? Luckily
Atalji was able to help you that time, but this time we may not be able to do
anything. Trump Uncle is very strict. </span><span style="font-family: "lucida handwriting";">He may suspect you are there to sell
kitchen utensils, <a href="http://www.opindia.com/2017/03/obama-using-jaunpur-products-how-rahul-gandhi-is-redefining-entrepreneurship/" target="_blank">Made in Jaunpur</a>, of course. So please take care.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "lucida handwriting";"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "lucida handwriting";">And
yes, don’t forget to return for Karnataka elections next year.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "lucida handwriting";"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "lucida handwriting";">Happy
holidays!<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "lucida handwriting";"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "lucida handwriting";">Warm
Regards, <o:p></o:p></span></div>
<span style="font-family: "lucida handwriting"; font-size: 11.0pt; line-height: 115%;"><br /></span>
<span style="font-family: "lucida handwriting"; font-size: 11.0pt; line-height: 115%;">Narendra Modi</span><br />
<span style="font-family: "lucida handwriting"; font-size: 11.0pt; line-height: 115%;"><br /></span></div>
Chandraguptahttp://www.blogger.com/profile/13272014002892802203noreply@blogger.com0tag:blogger.com,1999:blog-185980402423271988.post-50461749441338747582017-03-12T13:04:00.000+05:302017-03-12T13:04:17.919+05:30What we learn from recent elections in India<div dir="ltr" style="text-align: left;" trbidi="on">
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In an extraordinary move one fine
evening in November last year, Prime Minister Narendra Modi announced sudden withdrawal of 86% of India’s currency in circulation, in what he termed as a crackdown
on black money. In a predominantly cash based economy like India, it was an unprecedented
move and has no parallel anywhere in the world. While
the last word on “<a href="https://en.wikipedia.org/wiki/2016_Indian_banknote_demonetisation" target="_blank">notebandi</a>” has not
been said yet, several elections – both local bodies and states - since then confirm voters have not been averse to the action. This is in sharp
contrast to what was shown incessantly on electronic media during those
eventful days of acute currency shortages. Besides a verdict on demonetization, here are
some takeaways from recent elections in the country not just in the five states that went to
polls last month, but elsewhere as well.<o:p></o:p><br />
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgji_GeHCYQQhyphenhyphenz-eIpvOWsIt3OVFPbKZovaxrSWqYZJ-MUxcdnxghgDSnf3xxMmj7plZEjbjoFw3g7CyMFyZueFUEg6N6CHHW-g7m3QbpGrONd0mbiE0M1x5ifR1Z9qABJ690cSkFXPLU/s1600/20140815_095209.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="225" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgji_GeHCYQQhyphenhyphenz-eIpvOWsIt3OVFPbKZovaxrSWqYZJ-MUxcdnxghgDSnf3xxMmj7plZEjbjoFw3g7CyMFyZueFUEg6N6CHHW-g7m3QbpGrONd0mbiE0M1x5ifR1Z9qABJ690cSkFXPLU/s400/20140815_095209.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Democracy is flourishing in India as voters demand performance & accountability</td></tr>
</tbody></table>
<i><b>The mainstream media has no touch with reality. </b></i>I wonder how they
justify the crores they get as salary. For example, the sheer scale of BJP’s
election victory in Uttar Pradesh is mindboggling. Yet, throughout the election
campaign, the media painted a picture of a keen contest between the “<i>UP ke ladke</i>” Vs. Narendra Modi, with
Mayawati’s BSP thrown in for some additional spice. The media narrative portrayed
a largely equal fight, or occasionally an edge to the BJP depending on whom you believed. As if to justify prior coverage, the exit polls also
reflected similar trends, with BJP a bit ahead of the rest but not too much. But it
all fell flat when the results were declared. This is true not just for U.P. but
elsewhere as well. Recall that the non-stop coverage for more than a month of the poor
“suffering” in bank queues (some even died!) also turned out to be top class fiction. Clearly, if you are watching too
much TV, especially the newsroom debates & “expert” analyses, you are wasting
your time. Go, get a life.</div>
<div class="MsoNormal" style="text-align: justify;">
<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<i><br /></i></div>
<div class="MsoNormal" style="text-align: justify;">
<div style="text-align: right;">
</div>
<b><i>There is no substitute for hard work</i>.</b> Narendra Modi’s charisma sits
on top of several decades of solid ground level work by RSS & several of
its affiliate organizations in the remotest corners of the country. You cannot
build a sustainable electoral model without some real groundwork & voter connect at the
grassroots. Mulayam Singh Yadav built Samajwadi
Party from scratch. He has spent his whole life in the rough & tumble of
U.P.’s realpolitik, connecting with people, building relations and nurturing
the party to what it is. In the 2012 U.P. State Assembly elections, people voted
for Samajwadi Party with “Netaji” in mind. But it was Akhilesh who was made the
CM. You can inherit party posts but not the personal
touch & rapport with the people. You have to build that yourself. Governing a State &
showcasing a couple of projects is one thing, having a grassroots level connect
with the people that makes them vote for you again & again is another. It is no surprise that cutting
across party lines, one can see that most second generation politicians are
failures.<br />
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDWOYf9xsfwWUyq4KiIQ0lXTpWRjUMjQAJGd-S2OIR4Gb_247WwgdzbOIip5ovzhkP5wDcZMKdsoZbSAeHMoCRBJLGYzplRwDFPgJxgTJ25xdRDMN9chWd2hMNd6D7G1FIZxAAP6NVs10/s1600/Screenshot_Kejriwal.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="238" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDWOYf9xsfwWUyq4KiIQ0lXTpWRjUMjQAJGd-S2OIR4Gb_247WwgdzbOIip5ovzhkP5wDcZMKdsoZbSAeHMoCRBJLGYzplRwDFPgJxgTJ25xdRDMN9chWd2hMNd6D7G1FIZxAAP6NVs10/s400/Screenshot_Kejriwal.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">There are no shortcuts to success, no substitute for real groundwork and people connect</td></tr>
</tbody></table>
</div>
<div class="MsoNormal" style="text-align: justify;">
<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<i><b>Leadership matters.</b> </i>In Uttar Pradesh,<i> </i>Narendra Modi staked his personal
reputation at risk and led the battle from the front. There is no doubt that
BJP could not have pulled off such a huge success if Modi had stayed away from
campaigning or only made token appearances. Ideology has ceased to matter. Choosing your party is no longer a question of ideology you subscribe to. All parties call themselves socialist and secular. Nobody reads party manifestos. Even freebies have ceased
to matter, if only because everyone promises a bountiful of them, so the factor
gets neutralized. People want forceful, decisive
leadership.<i></i></div>
<div class="MsoNormal" style="text-align: justify;">
<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<i><br /></i></div>
<div class="MsoNormal" style="text-align: justify;">
<i><b>There are no vote banks.</b> </i>The “secular” narrative is dead.<i> </i>Sixty five percent of India’s
population is below the age of 35. The median age of an Indian is 27.6 years. The
generation which saw Partition has passed away. To a large section of today’s
voters, even the Ayodhya demolition is “history”. And voters are no longer swayed
by what happened in history. The BJP has successfully shed its “communal”
label. Even Muslim attitudes towards BJP are changing. But like an Ostrich who
buries its head in the sand, the old generation “secular” politicians - most of
them past their retirement age - refuse to see this reality. Even the caste factor
is overrated. Just because one can generate caste-wise statistics and blabber some
nonsense, it does not follow that voters who cast their vote ‘vote their caste’. Even
where a correlation exists between the caste of the electorate & the
elected, it does not prove causation. I have not seen a single survey or
opinion poll which asked the voters <i>why</i>
they voted for a candidate they did, and majority of the voters pointed to
caste as the driving factor. No wonder sand it slipping from under
the feet of parties who thrived on such narrow agendas. In an article
three years back, I called such parties “<a href="http://chandragupta-acharya.blogspot.in/2014/01/india-politics-elections.html" target="_blank">Dodos of Indian Politics</a>”. </div>
<div class="MsoNormal" style="text-align: justify;">
<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<i><br /></i></div>
<div class="MsoNormal" style="text-align: justify;">
<i><b>Voters have become demanding.</b> </i>Television & radio has reached
every home. Internet penetration is increasing rapidly. Literacy has improved significantly
over the years. People are much more aware of what’s happening in & around
them. You just can’t take them for a ride anymore with empty promises. The
voters have become demanding, and politicians who fail to deliver get thrown
out. This is repeatedly getting proved one election after another, be it in
Nitish Kumar retaining Bihar, or the Akalis losing Punjab. </div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Despite its recent spate of
successes, even BJP cannot rest on its laurels. It will have to deliver
genuine improvements to the lives of the people. Otherwise the same fate awaits
them.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<o:p></o:p></div>
</div>
Chandraguptahttp://www.blogger.com/profile/13272014002892802203noreply@blogger.com0tag:blogger.com,1999:blog-185980402423271988.post-47806633029697557972017-02-26T13:54:00.000+05:302017-02-26T13:54:36.166+05:30Understanding Bank NPAs<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal" style="text-align: justify;">
<i>“Reserve Bank extends EMI Holiday”</i> screamed the newspaper early in
the morning of 22<sup>nd</sup> November 2016, amidst those chaotic days of Rs.500 & Rs.1000 "demonetization".
<i>“RBI allows both individuals and firms
with loans upto Rs. 1 crore an additional grace period of 60 days to repay
dues”</i>, said the paper.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<i><br /></i>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhUqe8bUBTVMwJvOkLfyqXUMOoKYxHDgb5cF685LhsPfivA57X_DekWCvD2vBc_H0594mWq5-MU-1nWdenHR8zifzdJsxIhiFsp9s2eEt9DIC5Ro6WdtLXohF3_Mpz5ovub7npBx3mkn7w/s1600/Screenshot_20170226-124323%257E2.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhUqe8bUBTVMwJvOkLfyqXUMOoKYxHDgb5cF685LhsPfivA57X_DekWCvD2vBc_H0594mWq5-MU-1nWdenHR8zifzdJsxIhiFsp9s2eEt9DIC5Ro6WdtLXohF3_Mpz5ovub7npBx3mkn7w/s400/Screenshot_20170226-124323%257E2.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">...except that there was never any EMI holiday</td></tr>
</tbody></table>
<i><br /></i></div>
<div class="MsoNormal" style="text-align: justify;">
<i>“Demonetization: RBI gives small borrowers 60 extra days to repay
credit”</i>, said another - a leading financial daily, <i>“…small borrowers who have been facing the brunt of demonetization,
would get an additional 60 days to repay their credit, including agriculture
and housing loans”</i>.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Similar reports were carried by
most newspapers that day, and repeated <i>ad
nauseum</i> by television channels for several days thereafter. There was
however one small problem – the news was completely wrong.<br />
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQWi3hmKZP9yIzhRxuDO8PLyvzq0ksJP6rZnodWcZwbBshBEuMcNfX06eFCu6SRKczeui8y73L9jZwecZXVxU9pAP674-J6jSxQZ0fEVQU7TC0PTA8dTV-VWtoug-ejbWDmYpJe71aKy8/s1600/Screenshot_20170226-132657%257E2.png" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQWi3hmKZP9yIzhRxuDO8PLyvzq0ksJP6rZnodWcZwbBshBEuMcNfX06eFCu6SRKczeui8y73L9jZwecZXVxU9pAP674-J6jSxQZ0fEVQU7TC0PTA8dTV-VWtoug-ejbWDmYpJe71aKy8/s320/Screenshot_20170226-132657%257E2.png" width="237" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Most media houses wrongly reported the news</td></tr>
</tbody></table>
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b>What RBI had said</b><o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
What then had caused the press to
report something like this, which wasn’t true at all? The answer to this lay in
a circular issued by the Reserve Bank of India, put up on its website the
previous day. The circular, titled “Relaxation in Prudential Norms”, said <i>“…it has been decided to provide an
additional 60 days beyond what is applicable for the concerned regulated
entity(RE) for recognition of a loan account as substandard in the following
cases…”</i> and cited a wide gamut of loan accounts where this benefit will be
applicable. Read the full circular <a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=10723&Mode=0" target="_blank">here</a>.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The operative term here is <i>‘additional 60 days…for recognition of a loan
account as substandard’</i> which was misinterpreted to mean borrowers getting an
extra 60 days to repay their EMIs or other dues. In fact, the RBI circular clearly mentioned <i>“…this is a short-term deferment of
classification…” </i>and that this <i>“…does
not result in restructuring of the loans”</i>. Shorn of its jargon, this means
there is no change in dates when the borrowers have to repay, but if they do
not, banks can have an additional 60 days to do what they do when the borrowers do not repay.<br />
<o:p></o:p><br />
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b>Understanding NPAs</b><o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
News reporters and financial
journalists aside, I have seen even analysts tracking the banking sector struggle with
these terms. When banks give loans, the loans appear on the asset side of a
Balance Sheet. A repayment goes on to reduce that asset, while a fresh
disbursement increases these assets. However, not all loans get fully repaid,
and occasionally a customer defaults. This leads to a capital loss for the
bank, as the assets have to be written off. To an extent, such losses are
considered ‘normal’ in the banking business, and prudence requires that banks
prepare for them well in advance. This is where ‘provisioning’ comes in. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Provisioning means banks booking
an ‘expense’ entry in the Profit & Loss account based on the expected
losses arising from such defaults. Provisioning reduces reported profits of the
bank and creates a capital buffer, which can be used when the losses actually
occur. The amount of provisioning to be done is prescribed by the RBI, and
depends on the ‘quality’ of the asset. The worse the quality, higher the
provisioning, since lower are the chances you will ever recover your money.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b>Asset Classification </b><o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
This is where ‘Asset
Classification’ comes in. RBI requires banks to classify all loans in four
groups – Standard, Sub-standard, Doubtful and Loss. Initially, all loans start
as ‘Standard’. Assets under the other three categories are collectively called
“Non-Performing Assets” or NPAs. NPAs are loans where principal or interest has
not been received for <b>more than 90 days beyond its due date</b>. The RBI defines ‘Sub-standard’
as an asset which has remained an NPA for a period less than or equal to 12
months. After 12 months as an NPA, the asset degrades to ‘Doubtful’. ‘Loss’
assets are assets where the bank feels there is no hope of recovery from the
customer at all. If an EMI was due on 5<sup>th</sup> February 2017
and the customer failed to pay, the loan would become ‘sub-standard’ on 6<sup>th</sup>
May 2017 (i.e. 90 days after this date). Twelve months after this date i.e. from
6<sup>th</sup> May 2018 onwards, the loan will be called a ‘Doubtful’ asset.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Note the following peculiarities
in this:</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-indent: -0.25in;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-indent: -0.25in;">1.</span><span style="font-size: 7pt; font-stretch: normal; font-variant-numeric: normal; line-height: normal; text-indent: -0.25in;"> </span><span style="text-indent: -0.25in;">A
loan does not become an NPA immediately after default. For 90 days, it continues
as a ‘Standard’ asset, though conventionally one is inclined to equate 'standard’ assets as those where the customers are repaying on time. Thus, given that demonetization was announced on the
evening of 8</span><sup style="text-indent: -0.25in;">th</sup><span style="text-indent: -0.25in;"> November 2016, even an asset due on 9</span><sup style="text-indent: -0.25in;">th</sup><span style="text-indent: -0.25in;"> November
and remaining in default would not become an NPA on 31</span><sup style="text-indent: -0.25in;">st</sup><span style="text-indent: -0.25in;"> December
2016. And this even without taking recourse to the extra 60 days provided by
the above circular.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-indent: -0.25in;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-indent: -0.25in;">2.</span><span style="font-size: 7pt; font-stretch: normal; font-variant-numeric: normal; line-height: normal; text-indent: -0.25in;"> </span><span style="text-indent: -0.25in;">There
is no hard & fast definition of a ‘Loss’ asset, it is based on a subjective
assessment of the bank about the recoverability of the loan. In theory, a loan may
continue to be classified as ‘Doubtful’ for several years after default,
without ever being moved to ‘Loss’.</span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Why this classification matters is
that the ‘provisioning’ banks are required to do – which, as we saw is an
‘expense’ and hits the bank’s profitability - depend on the category of the
loan, progressively increasing as the loan moves down the quality lane from
Sub-standard to Doubtful and Doubtful to Loss. RBI even requires banks
to make provisioning on Standard assets.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b>Gross & Net NPAs</b><o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
When banks declare their
financial results, the 'Gross NPA’ and ‘Net NPA’ levels of the bank receive a lot of
attention. The summation of assets under the category Sub-standard, Doubtful
and Loss – are called the ‘Gross NPA’ of the bank. If you deduct the amount of
provisioning done from the Gross NPA, the resultant figure is the ‘Net NPA’ of
the bank. But we have seen above that provisioning is an arbitrary number –
partly driven by a regulatory minimum, partly driven by the bank’s own
discretion. This makes 'Net NPA’ also an arbitrary number. ‘Gross NPA’
however is a much more tangible number – it tells precisely the amount of loans
overdue <i>by 90 days or more</i>. There is
no subjectivity around it.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The NPA figures are often quoted in
terms of percentages. When bank results are declared at the end of every
quarter, analysts look at the ratios ‘Gross NPA %’ and ‘Net NPA %’ to determine
the quality of bank's assets. Gross NPA % is calculated as ‘Gross NPA of the bank (as described earlier) divided by standard advances
plus the gross NPAs’ of the bank i.e. effectively the sum of all loans
outstanding as on the date of calculation. Net NPA% is calculated as the ‘Net
NPA of the bank (as described earlier) divided by net advances’ i.e. sum of all
loans outstanding less the provisioning for NPAs.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Note that only the absolute
change in the Gross NPA comes close to showing the true movement of NPAs of the
bank. And that too, with the lag of one quarter! That is, Gross NPA as of
end-December minus the Gross NPA as of end-September will account for fresh
defaults that have taken place in the July to September - and not the October
to December - quarter! Net NPAs are distorted by provisioning, and both the ‘percentage
ratios’ (Gross NPA% and Net NPA %) are distorted by the denominator. A bank can
issue fresh imprudent loans and inflate the denominator, thus showing low NPA%.
These fresh loans would become NPAs earliest only in the next quarter because
of the 90-day rule.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b>It’s not over yet. There are
write-offs too!</b><o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Even difference in Gross non performing assets
doesn’t tell the full story of bank’s NPA movement. NPAs are further impacted
by the assets “written off” during the period. And this figure may only be available
from the Annual Report once a year. Written off assets are reversed completely
from the asset book, reducing the Gross NPAs of the bank and the overall asset
base itself.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Coming back to RBI circular
mentioned earlier, all that the RBI said was that for loans with due dates
between 1<sup>st</sup> November 2016 to 31<sup>st</sup> December 2016; banks
have an extra 60 days – beyond the normal 90 - to recognize them as NPAs. They
would become NPAs only if they remain unpaid for 150 days after the due date
i.e. between 30<sup>th</sup> March 2017 to 31<sup>st</sup> May 2017
respectively, instead of 30<sup>th</sup> Jan 2017 to 31<sup>st</sup> March
2017. The asset classification and the amount of provisioning the banks have to
do, would be guided accordingly. <o:p></o:p></div>
<br />
<div class="MsoNormal">
As far as the borrowers are concerned, there was no change
in their obligations to the bank; their due dates remained the same. There was
no “EMI holiday” nor any “extra 60 days” to repay their credit.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
</div>
Chandraguptahttp://www.blogger.com/profile/13272014002892802203noreply@blogger.com0tag:blogger.com,1999:blog-185980402423271988.post-42230633725312223712017-01-29T19:15:00.000+05:302017-01-29T19:15:09.199+05:30Death by China?<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
“We will follow two simple rules
– buy American, hire American”, said a defiant Donald Trump to a cheering
public & an uncomfortable Washington Establishment, as he was sworn in as
the 54<sup>th</sup> President of the United States of America earlier this month. In his election victory, Trump smashed most expert forecasts, election pundits, opinion polls
and the mainstream media narrative that had consistently projected his opponent as the
favorite to win. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
For those surprised by Trump’s
victory, go no further than videos such as this, which might have played a
major role in influencing public opinion during the U.S. Presidential
elections. Claiming to be one of the most watched documentaries on Netflix for
3 years, the film narrates the story of an <i>“increasingly destructive trade
relationship”</i> with China, which has led to the closure of over 50,000 American
factories since China entered the WTO in 2001. The film blames China for
causing loss of millions of jobs and accumulation of over $ 3 Trillion of U.S.
debt to the <i>“world’s largest totalitarian nation”</i>. You can watch the full video here:</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<iframe allowfullscreen="" class="YOUTUBE-iframe-video" data-thumbnail-src="https://i.ytimg.com/vi/mMlmjXtnIXI/0.jpg" frameborder="0" height="266" src="https://www.youtube.com/embed/mMlmjXtnIXI?feature=player_embedded" width="320"></iframe></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
</div>
<div class="MsoNormal" style="text-align: justify;">
Loaded with terms such as <i>“illegally
subsidized exports”</i> or <i>“stealing jobs”</i>, the import of the film is clear: Over the past decade and more, America has lost its ‘trade battle’ with China, and this loss is the result of an
‘unfair’ advantage the Chinese businesses get vis-à-vis their American
counterparts. The film makes five basic allegations to corroborate its claims:</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-indent: -0.25in;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 0px;">
<span style="text-indent: -0.25in;">1. <u>Polluting
for Profits</u>: Stringent environmental norms on U.S. manufacturing levy a heavy financial burden on U.S. businesses, but their Chinese competitors follow no such norms, giving them a cost
advantage. </span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 0px;">
<span style="text-indent: -0.25in;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 0px;">
<span style="text-indent: -0.25in;">2. <u>Worker
Abuse</u>: China exploits its workers, forcing them to work for long hours often in
inhuman conditions. This raises productivity per worker.</span><br />
<span style="text-indent: -0.25in;"><br /></span>
<span style="text-indent: -0.25in;">3. </span><u style="text-indent: -0.25in;">Currency
manipulation</u><span style="text-indent: -0.25in;">: China pegs the value of the Yuan to the Dollar much below what it
should be, which benefits its exporters.</span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 0px;">
<span style="text-indent: -0.25in;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 0px;">
<span style="text-indent: -0.25in;">4. <u>Counterfeiting
& Piracy</u>: The Chinese are cheating on Patents, Trademarks and other such
intellectual property.</span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 0px;">
<span style="text-indent: -0.25in;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify; text-indent: 0px;">
<span style="text-indent: -0.25in;">5. <u>Illegal
Export Subsidies</u>: The Chinese Government grants illegal export subsidies to its
exporters</span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Due to all this, says the film, "<i>they are
cheating monumentally”</i> by producing - sometimes even at 1/10<sup>th</sup> the
price of what it costs to produce in the United States. This has led to the
death of American manufacturing. Almost 90% of all products sold at Wal-Mart
are made in China. From garments to chopsticks, Christmas decorations to
computers, and from printers to shoes – often it is almost impossible to find
anything in an American store that is NOT made in China.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b>Really?</b><o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The “unfair” Chinese
advantage is easy to "see" - and hence to blame, but things become complicated as the film
moves on to discuss the role of American Multinational Corporations, who have themselves
been at the forefront of outsourcing their manufacturing. From Apple
to Caterpillar and IBM to GE and Cisco to Ford, every large American corporate
worth its name has shifted it’s manufacturing to China to cut costs and improve
profitability. Is it right for a Corporate Entity to cut domestic jobs to
maximize profits? The film admits “profits Vs.jobs is at the root of America’s
offshoring problem”. Sure corporate CEOs are focused on shareholder value, but isn’t
this exactly the way it should be? <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
From time to time, I have seen the
“blame China” narrative make its way into public sentiment. But most such
narratives tell only one side of the story. Ask someone who bought his first
big screen TV or furniture 50% cheaper, cheap imports have given their
buyers a standard of living that was not possible earlier. When a foreign
government pays you to buy toys or coffee making machines, is there really a cause to complain?
As corporate America offshored jobs, profits got a boost, and despite the Wall Street engineered financial crisis of 2008, stock
markets today are at an all time high, boosting the 401(k)s and mutual funds of ordinary Americans. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The documentary also erroneously
links the $ 3 T U.S. government debt that the Chinese hold with cheap imports.
Contrary to what is shown (and even otherwise believed); the large government
debt actually represents a huge advantage the United States enjoys over other
nations on account of the U.S. Dollar being the currency of international
trade. Most exports worldwide are invoiced in U.S. Dollars, and the exporting
country has no alternative but to park them in U.S. Government debt. The money
thus represents a virtually free source of financing for the U.S. government. And
as Jack Ma, founder of Alibaba <a href="http://www.cnbc.com/2017/01/18/chinese-billionaire-jack-ma-says-the-us-wasted-trillions-on-warfare-instead-of-investing-in-infrastructure.html" target="_blank">pointed out recently</a>, what the U.S. did with this money may tell
the true story of why the jobs went where they went.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
What about human rights? The film also mentions several human rights violations by China, such as the repression
of the Falun Gong or Tibet, or its role in human organ trade or nuclear
proliferation and aggressive military build-up. These are non-economic
arguments that should not be used to color our judgment over cheap imports. </div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
It
is also a contradiction to state that China’s lack of concern for the environment gives them an
“unfair advantage”. Indeed, the documentary itself shows China paying the
price for its monumental environmental neglect. It is well known that Chinese cities are now considered to be
among the most polluted in the world.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b>Where are the solutions?</b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The ‘blame China’ rhetoric is a
fallacy, and it best stands exposed when its time to offer solutions. While the documentary ends recommending “trade reform with China” and says that China should be held “accountable
for human rights abuses”, it fails to come up with specifics. While
pitching for ‘a strong manufacturing base for a prosperous future’, the film
fails to tell you exactly how it can be achieved. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
And this is no surprise. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
For, China is just the symptom, the
cause lies elsewhere. And this is pointed out in the film itself by Ralph
Gomory, President Emeritus, Alfred P. Sloan foundation, when he says, “we are
living beyond our means, we have artificially high standards of living”. Fix
that, and everything will fall in place. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<br />
<div class="MsoNormal" style="text-align: justify;">
And that’s what President Donald Trump will
need to do, to “Make America Great Again”.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
</div>
Chandraguptahttp://www.blogger.com/profile/13272014002892802203noreply@blogger.com0tag:blogger.com,1999:blog-185980402423271988.post-84097234822590277822016-05-15T12:16:00.000+05:302016-05-15T12:16:22.515+05:30Fifty things that can pep up your life<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal" style="text-align: justify;">
Here is a list to pep up your life!
It came as an anonymous forward on WhatsApp, but I felt like preserving it for
posterity. Hence I am putting it up on the site. Each one of the points is a
gem, hope you like it too. Do let me know which ones you liked the most.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">1.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Have a firm handshake</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">2.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Look people in the eye</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">3.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Sing in the shower</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">4.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Own a great stereo system</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">5.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">If in a fight, hit first and hit hard</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">6.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Keep secrets</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">7.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Never give up on anybody. </span><span style="text-align: left; text-indent: -0.25in;"> </span><span style="text-align: left; text-indent: -0.25in;">Miracles happen everyday</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">8.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Always accept an outstretched hand</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">9.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Be brave. Even if you're not, pretend to be. No
one can tell the difference</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">10.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Whistle</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">11.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Avoid sarcastic remarks</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">12.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Choose your life's mate carefully. From this one
decision will come 90 per cent of all your happiness or misery</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">13.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Make it a habit to do nice things for people who
will never find out</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">14.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Lend only those books you never care to see
again</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">15.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Never deprive someone of hope; it might be all
that they have</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">16.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">When playing games with children, let them win</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">17.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Give people a second chance, always</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">18.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Be romantic</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">19.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Become the most positive and enthusiastic person
you know</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">20.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Loosen up. Relax. Except for rare life-and-death
matters, nothing is as important as it first seems</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">21.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Don't allow the phone to interrupt important
moments. It's there for your convenience, not the caller's</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">22.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Be a good loser for your loved ones</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">23.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Be a good winner of Hearts</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">24.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Think twice before burdening a friend with a
secret</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">25.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">When someone hugs you, let them be the first to
let go</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">26.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Be modest. A lot was accomplished before you
were born</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">27.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Keep it simple</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">28.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Beware of the person who has nothing to lose</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">29.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Don't burn bridges. You'll be surprised how many
times you have to cross the same river</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">30.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Live your life so that your epitaph could read, “No
Regrets”</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">31.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Be bold and courageous. When you look back on
life, you'll regret the things you didn't do more than the ones you did</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">32.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Never waste an opportunity to tell someone you
love them</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">33.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Remember no one makes it alone. Have a grateful
heart and be quick to acknowledge those who helped you</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">34.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Take charge of your attitude. Don't let someone
else choose it for you</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">35.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Visit friends and relatives when they are in
hospital; you need only stay a few minutes</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">36.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Begin each day with some of your favorite music</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">37.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Once in a while, take the scenic route</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">38.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Forgive quickly. Life is short</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">39.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Answer the phone with enthusiasm and energy in
your voice</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">40.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Keep a note pad and pencil on your bed-side
table. Million-dollar ideas sometimes strike at 3 A.M</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">41.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Show respect for everyone who works for a
living, regardless of how trivial their job</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">42.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Send your loved ones flowers. Think of a reason
later</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">43.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Make someone's day by encouraging them</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">44.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Become someone's hero</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">45.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Marry only for love</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">46.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Count your blessings</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">47.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Compliment the meal when you're a guest in
someone's home</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">48.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Waive at the children on a school bus</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">49.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Remember that 80 per cent of the success in any
job is based on your ability to deal with people</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-align: left; text-indent: -0.25in;">50.</span><span style="font-size: 7pt; font-stretch: normal; text-align: left; text-indent: -0.25in;">
</span><span style="text-align: left; text-indent: -0.25in;">Don't expect life to be fair</span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<o:p></o:p></div>
<br />
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<br /></div>
</div>
Chandraguptahttp://www.blogger.com/profile/13272014002892802203noreply@blogger.com0tag:blogger.com,1999:blog-185980402423271988.post-55674566467647749192015-12-06T10:57:00.001+05:302015-12-06T10:57:17.750+05:30The real truth behind long term investments<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal" style="text-align: justify;">
<i>“Our favorite holding period is forever” – Warren Buffet<o:p></o:p></i></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Financial advisors, fund
managers, research analysts and other elites of the investing community always
claim that ‘equities provide the highest return among all asset classes in the
long run’. The pink press regularly dishes out data comparing long term returns
from various assets classes, such as equities, gold, real estate, bank deposits
and so on. Usually, stock
market indices such as the BSE Sensex or NSE Nifty are used as proxies for
returns from equities. Stories of successful “long term” investors such as
Warren Buffet, serve as useful mascot to support these claims. The consensus
currently, in the personal finance community, is that to create serious wealth,
you need to invest in equities, and stay invested for the long term. <o:p></o:p></div>
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<b><br /></b>
<b>Rakesh Jhunjhunwala</b></div>
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Rakesh Jhunjhunwala is among India’s best known investors and <a href="https://en.wikipedia.org/wiki/Rakesh_Jhunjhunwala" target="_blank">needs no introduction</a> to the investor community. Recently, I came across a study
published by financial newspaper 'Mint'. The study analyzes 91 stock market investments of
Mr. Jhunjhunwala in 84 companies (some companies were bought & sold more
than once, hence the difference) over the last 10 years where he has held more
than 1% stake at any point of time. Under extant regulations, investments above
1% of a company’s share capital are required to be disclosed to the stock
exchanges, hence this is publicly available data. Before we proceed, I urge you to read the full
Mint article <a href="http://www.livemint.com/Money/r06HO0RUtK82ReZnxPzKwL/The-secret-of-Rakesh-Jhunjhunwalas-success.html" target="_blank">here</a>.</div>
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<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The study finds that Mr.
Jhunjhunwala’s “…average returns have been highest from stocks he held the longest”.
The message for the lay investor, is that <i>the longer you remain invested in a stock, higher your return. </i>This argument is supported by a
quote in the article, attributed to a professor from IIM, Kozhikode, “In the long run,
stock markets in general have been seen to move in an upward direction. <b>Therefore, the longer you hold on, the
probability of superior returns is quite high</b>” (emphasis mine).</div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
However, this<i> </i>conclusion<i> </i>is not even half the story.</div>
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<br /></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<o:p></o:p><br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDv6LXZCMJa_dKnuKF4QO77b0qZAZGyrJwLoBLhUcoev6iNEhi89eKG2w_4bYw1lcLOJ0ONa5rYlhHBMLoUydk_P57xVPtUeL-6zwWyLDENkFISN7UjAmPNn1JuTVe9Biv-3xgaRL13Fs/s1600/20150424_164129.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="225" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDv6LXZCMJa_dKnuKF4QO77b0qZAZGyrJwLoBLhUcoev6iNEhi89eKG2w_4bYw1lcLOJ0ONa5rYlhHBMLoUydk_P57xVPtUeL-6zwWyLDENkFISN7UjAmPNn1JuTVe9Biv-3xgaRL13Fs/s400/20150424_164129.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Behind every successful 'long term' investment are nine other not so long term investments</td></tr>
</tbody></table>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
In fact, the Mint study finds that average holding period of Mr. Jhunjhunwala for these investments is just 3.44 years. In 26 out of the
91 investments (i.e. 29% of the time), Mr. Jhunjhunwala has exited the
investment in less than one year. The article itself quotes a study of Warren
Buffet’s investments, which found that “he held most of his stocks for
approximately a year. He held his stake in only a fifth of his companies for at
least two years.” Clearly, Buffet’s favorite holding period may be forever, but only
20% of his investments enter even the third year. This is quite at variance
with the conventional image of these “long term” investors, who are thought to hold their investments for decades, not just years.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Even the market indices
such as Sensex or Nifty that are used as proxy for the equity asset class are not
static. Their composition changes frequently as some stocks are removed and
others added. An article in The Hindu points out (click <a href="http://www.thehindubusinessline.com/portfolio/how-sensex-has-changed-over-the-last-ten-years/article2783309.ece" target="_blank">here</a>) that between the period
2002 to 2012, the Sensex delivered a compounded annual return of 17%. Very
attractive by all means, but during this period the index was reshuffled 18
times, with 26 of the 30 stocks replaced! I am sure if returns were calculated using the same stocks which existed at the start
of the period, they would certainly not turn out to be as attractive.</div>
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<o:p></o:p></div>
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<br />
<b>Conclusion</b></div>
<div class="MsoNormal" style="text-align: justify;">
The Mint article makes a
reference to some of Mr. Jhunjhunwala’s best known investments (such as Titan,
Lupin etc.) which he has held for decades. However, to state that these
investments have provided best returns <i>because</i>
they have been held the longest is to put the cart before the horse. The truth
in fact, is the other way round.<br />
<br />
These investments have been held the longest <i>because </i>they have provided
the best returns.</div>
<div class="MsoNormal" style="text-align: justify;">
<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The strategy of ruthlessly
exiting mediocre investments quickly seems as much an integral part of Mr.
Jhunjhunwala’s (or Warren Buffet’s) success as holding on to best for 10 years
or longer. And the ability to differentiate between what to exit and what to
hold on is what makes these investors stand apart from the rest. Not an easy act to follow. </div>
<div class="MsoNormal" style="text-align: justify;">
<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
</div>
Chandraguptahttp://www.blogger.com/profile/13272014002892802203noreply@blogger.com0tag:blogger.com,1999:blog-185980402423271988.post-3707730117522318522015-11-25T21:19:00.000+05:302015-11-25T21:19:08.020+05:30The Intolerance debate<div dir="ltr" style="text-align: left;" trbidi="on">
<div align="JUSTIFY" style="margin-bottom: 0cm;">
<i>Intolerance (n.) –
unwillingness to accept views, beliefs or behavior that differ from
one’s own</i></div>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
<br /></div>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
Over the past few weeks,
a debate about rising “intolerance” has been raging in India.
Several writers have returned awards citing “<a href="https://en.wikipedia.org/wiki/List_of_writers_who_have_returned_the_Sahitya_Akademi_Award" target="_blank">rising intolerance in India</a>”.
Talking to India Today TV, film actor Shah Rukh Khan has reportedly
said, “There is intolerance, there is extreme intolerance… there
is, I think…, there is <a href="http://indianexpress.com/article/india/politics/theres-extreme-intolerance-in-india-says-shah-rukh-khan-on-50th-birthday/" target="_blank">growing intolerance</a>”. More recently, actor Aamir Khan said that alarmed by recent events, his
wife Kiran Rao has suggested that <a href="http://indiatoday.intoday.in/story/aamir-khan-joins-intolerance-debate-says-wife-kiran-wants-to-leave-indian/1/529976.html" target="_blank">they should leave India</a>. </div>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
<span style="text-align: left;"><br /></span></div>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
<span style="text-align: left;">I find this whole issue
utterly ridiculous.</span></div>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
<br /></div>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
Intolerance is a
subjective term; it means different things to different people. Also,
opinions always differ from person to person, and there is nothing
wrong in different people having divergent opinions. Beyond a point
therefore, the current debate on whether there is growing intolerance
in the country or not is futile, it is never ending. Nobody claims
that each and every one of 121 crore Indians are tolerant. Nor are
all of them intolerant.
</div>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
<br /></div>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
The slant in the current
debate is that intolerance has increased after the new government
came to power in May 2014. For example, Aamir Khan has reportedly
said that <i>“…the sense of insecurity and fear has been growing
in the past six or eight months”</i>. Coming from Aamir Khan, the
statement is all the more surprising, since his film “PK” was
considered to be hurtful to the religious sentiment of Hindus and was
demanded to be banned by certain right wing organizations. However,
the film was not only allowed to be released, but became one of the
highest grossing Indian films of all times. </div>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
<br /></div>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
The so-called
“intolerance”, was nowhere on display, neither on the part of the
government, nor on the part of majority of the viewers.</div>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
<b><br /></b></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSVlfdnG-C7DuCcqDXBBg0mfnMzRoDVMbGOrBpUbr5T251mrAvIfXLFt4qfkP5ge3rkUufdoUfUC6yUwo-YU5_3TqpR9UN9WFtPP73XVc6_nj7kn29P_oVBS1MiR81Y8l8zio18E9UXW0/s1600/20141122_100929.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="225" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSVlfdnG-C7DuCcqDXBBg0mfnMzRoDVMbGOrBpUbr5T251mrAvIfXLFt4qfkP5ge3rkUufdoUfUC6yUwo-YU5_3TqpR9UN9WFtPP73XVc6_nj7kn29P_oVBS1MiR81Y8l8zio18E9UXW0/s400/20141122_100929.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">No intolerance on display - PK was a big hit</td></tr>
</tbody></table>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
<b><br /></b></div>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
<b>How we decide</b></div>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
<br /></div>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
On any such issue, a
rational person should base his opinions & judgments on two
primary sources:
</div>
<ol>
<li><div align="JUSTIFY" style="margin-bottom: 0cm;">
Official data</div>
</li>
<li><div align="JUSTIFY" style="margin-bottom: 0cm;">
Personal experience.
</div>
</li>
</ol>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
Sources such as
newspapers, television are secondary sources and should never be made
the primary basis of our opinion and judgment. They can best be used
for confirmatory signals when they support what data and personal
experience indicates. Secondary sources should be taken with a pinch
of salt when they contradict data and personal experience. Further,
even while using these secondary sources, care should be taken to
differentiate facts from opinions.
</div>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
<br /></div>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
Let us say, the TV anchor
reports something like this:</div>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
<br /></div>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
“<i>A person was killed
because he was selling beef. There is growing intolerance in the
country.”</i></div>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
<br /></div>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
In this,
</div>
<ol>
<li><div align="JUSTIFY" style="margin-bottom: 0cm;">
<i>A person was
killed</i> is a fact.
</div>
</li>
<li><div align="JUSTIFY" style="margin-bottom: 0cm;">
<i>Because he was
selling beef</i> is the suspected motive. It may be proved or
disproved after a full investigation is over.
</div>
</li>
<li><div align="JUSTIFY" style="margin-bottom: 0cm;">
<i>There is growing
intolerance in the country</i> is a generalization which will need
supporting data with a much larger sample size.
</div>
</li>
</ol>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
When we listen to such
news, and form our opinions and judgments based on them, we must be
conscious of what we are relying on. When I listen to the above news,
I would give 100% weightage to point no. 1 above, 50% weightage to
point no. 2 and zero weightage to point no. 3.
</div>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
<b><br /></b></div>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
<b>Where is the data?</b></div>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
<br /></div>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
The Home Ministry website
has lot of statistics on the country’s crime. None of those who
allege intolerance have provided any data to support their thesis.
Note that even when data is present, it needs to be <i>analyzed</i>
carefully, as raw numbers may prove existence of fact, but not
causation. I have often seen that from the same set of numbers, different
people draw different inferences. For example, economists differ on
whether the economy is doing well, or poorly, though both sides refer
to the same sets of data.
</div>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
<br /></div>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
In the present debate,
there is no data or survey which indicate how many attacks have been
caused by this alleged “intolerance” and <i>whether there is any
substantial increase in them after the change of government at the
Centre</i>. Besides, let us also not forget that under the
constitution, law and order is a state subject. We cannot blame Modi
for riots in Gujarat while using a different yardstick for law and
order problems in Assam, U.P. or West Bengal or elsewhere. The
intolerance argument fails miserably against the “data” test.</div>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
<b><br /></b></div>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
<b>Personal experience</b></div>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
<br /></div>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
My personal experience
and observation does not corroborate the intolerance allegation. To
the extent I see around myself at home, in office or in my
neighborhood, behavior of the people, inter-personal and social
relationships and attitudes towards others including towards people belonging to other religions are the same today as they were before
May 2014. <span style="text-align: left;">If your <b>experience</b></span><span style="text-align: left;"> is any different, you are entitled to hold a different opinion. But to me, the intolerance argument makes no sense. </span></div>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
<span style="text-align: left;"><br /></span></div>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
<span style="text-align: left;">The only intolerance I see is an intolerance <b>towards</b> Modi.</span></div>
<div align="JUSTIFY" style="margin-bottom: 0cm;">
<br /></div>
</div>
Chandraguptahttp://www.blogger.com/profile/13272014002892802203noreply@blogger.com0tag:blogger.com,1999:blog-185980402423271988.post-14098391764777433022015-11-16T18:19:00.000+05:302015-11-16T18:19:22.098+05:30Reforming the education system<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal" style="text-align: justify;">
<i>The only thing that interferes
with my learning is my education – Albert Einstein</i><o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Make no mistake. India is heading into an education and employment crisis. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
At more than 127 crore people,
India is home to world’s 2<sup>nd</sup> largest population. Nearly 1/3<sup>rd</sup> of this is in the
age group of 0-14 years, who are / will be entering primary & secondary schooling in the
coming years. An estimated 40 thousand colleges in the country enroll more than 2
crore students under various courses every year, a majority of them in the 3 year B.A. / B.Com. / B.Sc. courses.
There is no way any government scheme or programme can create gainful
employment for these aspirants in such large numbers. The task before the country’s education system is to
prepare this generation for the humongous challenges that lie ahead.<br />
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
India’s current education system traces
its origins to Thomas Macaulay’s English Education Act of 1835. The Act
introduced English as the principal medium of instruction, and sought to create a neo-intellectual class who
held English in high esteem and contempt towards the traditional. “<i>We must at present do our best to form a
class who may be interpreters between us and the millions whom we govern; a
class of persons, Indian in blood and colour, but English in taste, in
opinions, in morals, and in intellect”</i>,<i> </i>Macaulay wrote. The Act created a system which produced a useful workforce of English speaking clerks
and officers, loyal and ready to serve the Raj.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
To this day, the basic character of the system Macaulay framed remains the same. Our education holds conservatism
and obedience as big virtues, discourages daring & risk taking, and
challenge to established conventions are held in contempt.
Deference to authority becomes a ‘good habit’, discipline is demanded and
rewarded. Creating such a mindset among the people suited the Imperial administration subjugate a large population,
who could otherwise rebel and throw the outsiders out. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
But is that what we need to teach our children today? We need a system which abolishes this slave mentality, and creates employers, not employees.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
At a fundamental level, the purpose of education
is to cause mental, physical and spiritual development of an individual. These
qualities form in the early years of a child’s life. To start with therefore,
we need a much larger focus on soft skills in primary education than is given
at present. Risk taking needs to be encouraged. Failure should be taught as a
stepping stone to success, rather than something to be ashamed of. Qualities
such as hard work, perseverance, team spirit, motivation and determination need
to be tested and assessed for each child. We need to teach our children that
long term gain often involves short term pain. A mindset which embraces change needs to
be consciously cultivated. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
I don’t even ask whether
we are doing it today, I first want to know whether there is a way to do this
today, formally and methodically. Most probably – the answer is ‘no’. So this is where we need to start. We need to find ways <i>how</i> these qualities can be inculcated in our children. What
are the teaching methodologies we should use, and how it can be done effectively
& consistently. I have no straightforward answers for these questions.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
On a more practical level, our
education needs to prepare our children to make a gainful living. They need to
create ‘value’, in the economic sense of the term. Where are we on this paradigm?<br />
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidEkiNGEjeAbhlA1eTzJWNh1bLMPenOkuyk1s-eFmKYjL4vb1Yjw8k_NFWRtiU4JaCb5OchJemW4O8O0vXZ3Bvw2zlokDdybjgdK5BflXrHtvDlo5426dw3tFMry8fBgVDgtml6J7cJJQ/s1600/education.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidEkiNGEjeAbhlA1eTzJWNh1bLMPenOkuyk1s-eFmKYjL4vb1Yjw8k_NFWRtiU4JaCb5OchJemW4O8O0vXZ3Bvw2zlokDdybjgdK5BflXrHtvDlo5426dw3tFMry8fBgVDgtml6J7cJJQ/s320/education.jpg" width="180" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Rajabhai Tower, University of Mumbai</td></tr>
</tbody></table>
<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Like in many other fields, the
internet has completely changed the playground for education. Information on nearly
everything is available at our fingertips. Accessing knowledge has become easy. But
<i>using</i> this knowledge in ways that
benefits humanity, creates value, is what will
differentiate tomorrow’s winners from the rest. The graduates our universities churn out year after year are little capable of doing this. Industry complains that they are unemployable. The lucky few who find jobs get trained by their
employers after joining. They find little use in their day to day work for what they learnt in college. <b>After spending 15 years of life and lacs of rupees, </b><b>for a majority of our graduates </b><b>the return on investment in education is zero.</b></div>
<div class="MsoNormal" style="text-align: justify;">
<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
To address this problem, the
present government has focused heavily on “<a href="http://www.skilldevelopment.gov.in/" target="_blank">skill development</a>". The initiatives under various skill
development programmes recognize deficiencies of the current system to
impart job oriented skills to students and make them ‘employment ready’ with
the industry. While these initiatives are welcome, it is still too little when
confronted with the enormity of the task of making our children ‘life ready’. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
In
the last 15 – 20 years, new technologies and business models have completely
altered the global business landscape. At
the risk of using a much clichéd term, change has become the only constant, and
at a pace that is simply mind boggling. We have no clue how the business world &
industry will look ten years from now. The ‘skills’ we train our children today
may become redundant in a few years from now, while those which dominate
tomorrow have not even been developed today. This is what the focus on skill
development leaves out. It is not to say that skill development is not useful, but it is just not sufficient. Skills come much later in life; it is training the mind
where we are failing miserably.</div>
<div class="MsoNormal" style="text-align: justify;">
<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
A paradigm shift is needed in the
way we look at education itself. Periodic revision of curricula does little to
address these concerns. <a href="https://en.wikipedia.org/wiki/T.V._Mohandas_Pai" target="_blank">TV Mohandas Pai</a> points out that education has now moved to a <a href="http://www.thehindubusinessline.com/news/education/mohandas-pai-calls-for-full-autonomy-to-top-200-varsities/article7846963.ece" target="_blank">technology platform</a>. A student in India can get a
U.S. degree sitting at home, while our Universities are not allowed to offer
courses outside the state. He foresees <i>“many
students will soon move away from the formal system of education and would get a
degree through MOOCs (massive open online courses) and online courses, and
these degrees will be recognized by the world”</i>. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
There is little recognition
of this disruption in government circles. The system seems to be unable to move
beyond minor tinkering of the mandated curricula, exam patterns and Nehruvian regulation. For example,
a recent committee appointed by the HRD Ministry was tasked ‘to review’ the <a href="http://mhrd.gov.in/sites/upload_files/mhrd/files/upload_document/Report-of-Committee.pdf" target="_blank">JEE system</a> for admission to IITs. The committee viewed the private ‘coaching
industry’ as a menace rather than a partner in imparting education to willing students. But before we reform the 'entrance tests', the important question to ask is - <b>do we even need entrance tests and selection processes at
all</b>, when we can digitize our books and lectures, opening them up to every single aspirant? Professors can concentrate on solving queries and answering questions online,
while holding webinars which can be attended by thousands of students from
their homes. My guess is that even if 80% of a course can be ‘delivered’ in this way,
it can bring manifold economic benefits, because access has been given to every single aspirant at no extra cost & effort, and not just to select few who pass the entrance tests. In fact, <b>a scenario where the universities concentrate only on conducting certifications while giving students the freedom to learn from wherever they want, will dramatically improve the effectiveness of education</b>. Unfortunately, such changes are
not even on the agenda.<o:p></o:p></div>
<br />
<div class="MsoNormal" style="text-align: justify;">
If we don’t fix our education
urgently, we are heading for a job crisis of mammoth proportions.<o:p></o:p><br />
<br /></div>
</div>
Chandraguptahttp://www.blogger.com/profile/13272014002892802203noreply@blogger.com0tag:blogger.com,1999:blog-185980402423271988.post-90865353612480630402015-04-26T19:21:00.000+05:302015-04-26T19:21:46.270+05:30Four ways of bringing back Black Money<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal" style="text-align: justify;">
The subject of black money stashed
abroad has attracted considerable attention in recent times. It was an
important issue in last year’s general elections, and UPA government’s inaction was seen as one of the reasons behind its electoral defeat. Recently, the NDA government has introduced the Undisclosed Foreign Income and Assets (Imposition
of Tax) Bill 2015, popularly known as the Black Money Bill, in the Parliament. In
a discussion organized by the <a href="http://foundation.moneylife.in/" target="_blank">Moneylife Foundation</a>, Dr. Subramanian Swamy
(sorry, he doesn’t need an introduction!) <a href="http://www.dnaindia.com/india/report-bjp-leader-subramanian-swamy-says-black-money-bill-would-be-ineffective-2080495" target="_blank">shared his views</a> on the bill, and black money in general. Here is a quick recap of the event. (I have given a more detailed perspective on the black money issue in a previous post, click <a href="http://chandragupta-acharya.blogspot.in/2014/12/black-money-india-swiss-banks.html" target="_blank">here</a>)<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
By some estimates, an amount of
approximately Rs.120 lac crores is lying outside the country. Dr. Swamy started by saying the bill falls short of the
objectives of bringing back this amout. The bill depends on the assumption that the
money is detected or declared by the assessee, but does not have steps to
actually bring it back. It is essentially a "tax bill", clarifying how to tax what is already known. It can also be misused, as it gives draconian powers to tax officials.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Dr. Swamy said there are two aspects to this whole issue – first, bringing back the money
stashed abroad and second, stopping creation of new black money. On the first, he
said there are four ways of dealing with the problem. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTlbNmH2KpGLhyW_ujOG5rENM5_icJROIyQZDPQjvltZ_ZufI8AGUW4Z0CRF16xrITU_yd1jh2i-hZz7l5ZoqGZpU4_vbbcRGpRfD4yhlPCQWGis3PXSWRwL0SXEneo5p6o5VedGxpTAM/s1600/20150424_185907.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTlbNmH2KpGLhyW_ujOG5rENM5_icJROIyQZDPQjvltZ_ZufI8AGUW4Z0CRF16xrITU_yd1jh2i-hZz7l5ZoqGZpU4_vbbcRGpRfD4yhlPCQWGis3PXSWRwL0SXEneo5p6o5VedGxpTAM/s1600/20150424_185907.jpg" height="225" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">The Black Money Bill will not bring back the money, said Dr. Swamy at a Moneylife event</td></tr>
</tbody></table>
<br />
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
One, exchange of information
under Double Tax Avoidance Treaties (DTAA). India has DTAA with several countries.
An Indian assessee having income in a foreign country (say, Germany) and intent on avoiding tax tells India he is paying tax in Germany, and tells the Germans he is paying tax in India. Actually, he pays at neither place. Such cases can be detected with exchange of
information between the two countries. Most media discussion on the black money subject is centered
on this aspect. The UPA pursued only this angle during their rule. However, this is a very small aspect of the overall quantum of black money. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
A second alternative is to obtain details of account holders who are holding accounts abroad secretly and illegally, secretly and illegally! In <a href="http://en.wikipedia.org/wiki/2008_Liechtenstein_tax_affair" target="_blank">one instance</a>, Germany reportedly bribed bank officials and obtained information about its
nationals holding accounts in Liechtenstein, a tax haven in the heart of
Europe. France did the same with HSBC. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
A third alternative is to extract
information by force, used by the U.S. (who else?) against banks such as <a href="http://www.wsj.com/articles/two-ex-credit-suisse-bankers-avoid-jail-time-in-tax-evasion-case-1427474709" target="_blank">Credit Suisse</a> and <a href="http://en.wikipedia.org/wiki/UBS_tax_evasion_controversy" target="_blank">UBS</a>. The U.S. government charged local branches of these banks with crime,
arrested its officials and forced the banks to share information.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Finally, Fali Nariman, a noted Indian
constitutional expert and lawyer has suggested that an ordinance can be passed nationalizing all foreign assets lying abroad, and asking all other countries to
repatriate the money to India. There is a 2005 United Nations Resolution backing
this, and the foreign governments will be forced to comply, irrespective of their bank
secrecy laws. This has been done very effectively by Egypt to recover illegal
assets of its former President Hosni Mubarak, by Libya against Qaddafi and by Philippines against Ferdinand Marcos.</div>
<div class="MsoNormal" style="text-align: justify;">
<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Dr. Swamy said this last method
is the best and the cleanest method to recover the money lying abroad.
Incidentally, this is the same one I have mentioned in my
previous blog post on this subject (link given above) as “<i>the
one I have found the most actionable</i>” quoting an article by India’s
National Security Advisor Ajit Doval. </div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Besides the issue of bringing back
money stashed abroad, a second aspect is how to stop its generation in the first place. In this, he touched upon a number
of topics such as the need to abolish P-notes due to its role in facilitating
money laundering, abolishing income tax, streamlining excise, bringing in e-governance
and quickly & efficiently delivering justice to a few ‘big fish’ caught in
the act. He recalled how <a href="http://en.wikipedia.org/wiki/Bernard_Madoff" target="_blank">Bernie Madoff</a> was quickly sentenced to 150 years in prison within just six months of his fraud
coming to light. On the other hand, <a href="http://en.wikipedia.org/wiki/Byrraju_Ramalinga_Raju" target="_blank">Ramalinga Raju's</a> case, which came to light at around the same time, is still dragging in court. Dr. Swamy also stressed the need for deregulation and simplification. For example, he
pointed out that more than 2000 products have excise on them, but 90% of excise
revenue comes from just 22 products. He emphasized that honesty needs to be
encouraged in society. </div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
There was a very interesting
question & answer session at the end, where he took questions from audience
and touched upon several other aspects of corruption and black money. On the
whole, a very engaging session!</div>
<div class="MsoNormal" style="text-align: justify;">
<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
</div>
Chandraguptahttp://www.blogger.com/profile/13272014002892802203noreply@blogger.com0tag:blogger.com,1999:blog-185980402423271988.post-41452513189007573642014-12-31T10:16:00.000+05:302015-01-23T10:14:20.802+05:30Do airlines "fleece" passengers?<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal" style="text-align: justify;">
For over two decades, the Ministry of Civil Aviation has presided over the demise of many an airlines in the country. As one more airline prepares to breath its last, a series
of measures are being “considered” in an effort to “do something”. Among the
proposals being considered is a ridiculous proposal to <a href="http://www.asianage.com/business/dgca-plans-control-ticket-pricing-545" target="_blank">cap airfares</a>. <i>“…to prevent airlines from both
over-charging passengers in spot fares while at the same time ensuring that
airlines do not offer very cheap fares below the cost of operation….the
ministry sources had recently indicated that there could be a cap of about Rs.
15,000 on maximum fare on any sector. The ministry sources are exploring the
possibility of linking fares to the distance per km. Civil aviation minister
Ashok Gajapathi Raju is currently examining the proposal which could be cleared
by the ministry very soon…”. </i><br />
<br />
In fact, every time airfares go up, the myth of airlines ‘fleecing’ air passengers <a href="http://www.moneylife.in/article/airfare-rise-hc-asks-govt-to-submit-copies-of-licences-granted-to-private-airlines/39872.html" target="_blank">rears its head</a>. What is shocking is that even the
DGCA <a href="http://timesofindia.indiatimes.com/india/Dont-fleece-flyers-grounded-by-SpiceJets-woes-DGCA/articleshow/45597698.cms" target="_blank">subscribes to this view</a>. Its high time this myth about fleecing air passengers is busted.<br />
<div style="margin: 0in 0in 0.0001pt;">
<o:p></o:p></div>
<div style="margin: 0in 0in 0.0001pt;">
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjOj2o1Xt4HnvtJPeH-V5e3TzXKNNjIQFWnTtNQJKqbu3niZ-W9XSER_B3185fLo-MLoO0EP5UHnvXWCHBjAGRW98oFjEn7wqFFmNzVadPWhQNlHHWnLnyzyHOfjGkIHbeYhBCkP9tdeeY/s1600/20150105_111750.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjOj2o1Xt4HnvtJPeH-V5e3TzXKNNjIQFWnTtNQJKqbu3niZ-W9XSER_B3185fLo-MLoO0EP5UHnvXWCHBjAGRW98oFjEn7wqFFmNzVadPWhQNlHHWnLnyzyHOfjGkIHbeYhBCkP9tdeeY/s1600/20150105_111750.jpg" height="225" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Can the Ministry of Civil Aviation explain why - since 1991 – aviation has done so badly while every other industry in the country has prospered ?</td></tr>
</tbody></table>
<br /></div>
<div style="margin: 0in 0in 0.0001pt;">
<b>Aviation is a difficult business<o:p></o:p></b></div>
<div style="margin: 0in 0in 0.0001pt;">
An aircraft is a complex machine.
An average commercial aircraft takes 6 months to build and costs a million
dollars. A popular airplane such as a Boeing 737 is made up of
6,00,000 parts while the bigger ones like Boeing 777 may have them in millions. Malfunctioning of a single part can prove fatal, as the plane
flies in inhospitable conditions 30,000 feet above the earth’s surface. Modern
day planes carry ‘autopilot’ modes that use computer software to control &
guide the aircraft, eliminating human errors. Aviation consumes billions of dollars in R
& D expenditure, and has over the years made our flying experience safer, faster and better.<o:p></o:p></div>
<div style="margin: 0in 0in 0.0001pt;">
<br /></div>
<div style="margin: 0in 0in 0.0001pt;">
<a href="http://www.indiaspend.com/cover-story/deadly-year-decade-for-flying-but-safer-than-before-54820" target="_blank">Notwithstanding some recent incidents</a>, air travel is remarkably safe and punctual. Most flights
take off and land on time, and accident rates are near zero. <a href="http://www.boeing.com/boeing/commercial/safety/index.page" target="_blank">Boeing reports</a> that in more than half a century of commercial flights (1959-2013), there have
been less than two thousand accidents across the globe, of which only one third
had fatalities. Compare this with accident statistics on road, where more than
1.1 million people have died in <a href="http://data.gov.in/keywords/indian-road-accident-data" target="_blank">road accidents in India</a> in just the last ten
years (2003-2012) alone.<o:p></o:p></div>
<div style="margin: 0in 0in 0.0001pt;">
<br /></div>
<div style="margin: 0in 0in 0.0001pt;">
For all this, and the sheer speed
of travel, the passengers have to pay.<o:p></o:p></div>
<div style="margin: 0in 0in 0.0001pt;">
<br /></div>
<div style="margin: 0in 0in 0.0001pt;">
<b>The economics of aviation
business</b><o:p></o:p></div>
<div style="margin: 0in 0in 0.0001pt;">
Running an airline is highly
capital intensive. Aircrafts are expensive, specialized technical staff such as
engineers and pilots don’t come cheap either. An inventory of spare parts needs
to be kept at all times. Maintenance facilities are few and expensive. India’s
aircrafts reportedly fly to places like Singapore and Abu Dhabi for
maintenance. More than 50% of the operating costs of an airline are fuel costs
alone. All these costs are recovered mainly from sale of tickets and booking of
cargo. But in India the business is taxed heavily under the faulty notions of
“taxing the rich”. A large chunk of the ticket price you pay never reaches the
company and is pre-empted by the government.<o:p></o:p></div>
<div style="margin: 0in 0in 0.0001pt;">
<br /></div>
<div style="margin: 0in 0in 0.0001pt;">
Once a flight has been
“scheduled”, all the costs are almost fixed. Whether the flight takes off with
ten passengers or a hundred, it costs the same to the airline. In other words, the
<i>incremental cost of flying an ‘additional’ passenger is almost zero</i>. This lends
the airline industry neatly to a dynamic pricing model, where empty seats in a
flight can be sold off cheap – every additional rupee directly adds to the
recovery of the fixed costs. If and only after all the fixed costs are
recovered can the airline turn in a profit. For any business to be sustainable,
it needs to make a profit.<o:p></o:p></div>
<div style="margin: 0in 0in 0.0001pt;">
<br /></div>
<div style="margin: 0in 0in 0.0001pt;">
<b>The myth of 'fleecing' air
travelers</b><o:p></o:p></div>
<div style="margin: 0in 0in 0.0001pt;">
In the short run, supply of seats
is largely fixed, as flight routes and schedules are announced in advance. It
is therefore the demand for seats which drives airfares. When the
demand is high, the airfares rise. Higher airfares help airlines earn revenues
which compensate for low fares when the demand is low. The notion that airlines
“fleece” travelers with high fares is therefore flawed and misleading. The
'fleecing' allegation is impossible to accept when most airlines are making
losses. A 'fleecing' business would typically be a monopoly and make
super-normal profits. If an airline demands fares which are exorbitant,
travelers have an option of using some other airline, other modes of transport,
or even not travelling at all. It is the traveler who decides whether she
values the travel as much as the price of the ticket, and takes a decision.
Also, high fares apply to a small number of seats that are sold closer to the
date of flight, passengers who plan their travels well in advance can usually
buy 'reasonably' priced tickets even in peak season. However, the media
sensationalizes a few isolated instances of high spot fares and misleads the public. <o:p></o:p></div>
<div style="margin: 0in 0in 0.0001pt;">
<br /></div>
<div style="margin: 0in 0in 0.0001pt;">
If there is any fleecing that
occurs, it is due to the high taxes that are imposed on every aspect of the business. A huge chunk of
the ticket price that the buyer pays doesn’t go to the airline. If high
airfares in peak season are banned, it will impact the ability of the airlines
to offer low airfares in slack season, and no one will be any wiser. <o:p></o:p></div>
<div style="margin: 0in 0in 0.0001pt;">
<br /></div>
<div style="margin: 0in 0in 0.0001pt;">
<b>On the death bed - again</b><o:p></o:p></div>
<div style="margin: 0in 0in 0.0001pt;">
The aviation sector in India was
first opened up in the early 1990s, but most airlines which came up at that
time have failed to survive. A second lot that came up in the early 2000s with
the entry of low-cost pioneer Air Deccan has done no better. The main
contributor to poor mortality of India’s aviation sector is the regulator
itself. The sector has been “…<a href="http://articles.economictimes.indiatimes.com/2014-07-08/news/51191434_1_aviation-sector-civil-aviation-new-airports" target="_blank">choking on high taxes</a>, poor regulation and bad
airports…”, to quote Capt. Gopinath. The DGCA seems to have taken upon itself the mandate to regulate airfares. The Narendra Modi government has come to power on a platform of <i>'good governance'</i>. The PM has often espoused the cause of <i>'minimum government, maximum governance'</i> and claims to have a business friendly image. That such a government can even think of regulating airfares sends a shiver down my spine. </div>
<div style="margin: 0in 0in 0.0001pt;">
<br /></div>
<div style="margin: 0in 0in 0.0001pt;">
(See also "<a href="http://chandragupta-acharya.blogspot.in/2010/11/our-airfares-are-too-low.html" target="_blank">Our airfares are too low</a>" on what are "high" and "low airfares)</div>
<div style="margin: 0in 0in 0.0001pt;">
<br /></div>
</div>
</div>
Chandraguptahttp://www.blogger.com/profile/13272014002892802203noreply@blogger.com0tag:blogger.com,1999:blog-185980402423271988.post-838814560088654972014-12-21T11:06:00.000+05:302014-12-21T11:06:08.235+05:30The misleading debate on bringing back Black Money<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal" style="text-align: justify;">
Imagine this.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<i>Journalists & cameramen have assembled in large numbers at the
Delhi’s Indira Gandhi International Airport, eagerly awaiting the arrival of an
incoming Air India flight. The flight arrives, and a triumphant Arun Jaitley,
India’s Finance Minister steps out of the aircraft, flanked by top Finance
Ministry officials. He is carrying two large suitcases in his
hands. For a moment, he puts the suitcases down and waves to the waiting media.
Everyone knows what’s in those bags. The reporters just cannot wait to ask him some
questions. The moment has arrived. Yoga guru Baba Ramdev is
among the first to issue a congratulatory tweet to the NDA government. Prime
Minister Narendra Modi proudly proclaims that his government has completed an
electoral promise made to the nation. The black money stashed abroad by
unscrupulous Indians in Swiss banks has finally been brought back!</i><o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
If this is your visualization of
the moment when India is going to get back its promised “black money” from Swiss
banks, this write-up is going to disappoint you. But the media coverage of the
black money issue has been so wanting in depth, and so mired in meaningless sensationalism,
that the <i>aam aadmi</i> may be forgiven for
thinking something similar is going to happen one day. The manna from
Switzerland is bound to arrive. After all, wasn’t it part of the “<i>Achche Din” package?</i> <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br />
In this article, I put in perspective a few
thoughts on this much debated topic which seem sorely missing from the mainstream discourse.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<b>The color of “Black Money”<o:p></o:p></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
I have found most discussion on the black
money issue, such as <a href="http://articles.economictimes.indiatimes.com/2014-11-27/news/56515349_1_finance-minister-arun-jaitley-black-money-tax-payers" target="_blank">this</a> or <a href="http://www.thehindu.com/news/national/govt-to-relook-at-tax-treaties-to-unearth-black-money-arun-jaitley/article6625082.ece" target="_blank">this</a> or <a href="http://firstbiz.firstpost.com/economy/hsbc-black-money-list-tax-officials-probing-79-acs-with-rs-4479-cr-112927.html" target="_blank">this</a> or <a href="http://indianexpress.com/article/india/india-others/rs-4479-cr-in-indians-hsbc-list-accounts-sit-on-black-money/" target="_blank">this</a> center around tax evasion. Businessmen make profits on
which they do not pay tax, the money is secretly moved to some
bank in Switzerland. This money needs to be brought back as the country is losing out on tax revenue. This is the standard narrative of black money that is dished out to the <i>aam aadmi</i>. </div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
However, this is far from the
truth. Tax evasion is only a part of the problem.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<b><br /></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b>Proceeds of crime<o:p></o:p></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
A large part of the money stashed
abroad illegally is, what is termed in banking parlance as
“proceeds of crime”. It owes its origin to criminal activities like corruption,
misappropriation of government funds, fraud, cheating, or activities of underworld gangs, drug mafias and terrorists. The entire wealth accumulated though criminal activities is illegal and liable for confiscation. The account
owners are liable for criminal prosecution. Here, the question of tax assessment,
payment of penalties or even amnesty (as suggested by some), does
not crop up at all. Simply speaking, if I steal Rs.100 from you and hide it
under the carpet, the problem is not that I have not paid Rs.30 of tax, the
problem is that I have stolen Rs.100. No government in its right senses can regularize this wealth on payment of tax.<br />
<br />
Most discourse on black
money conveniently skips this angle.<br />
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhL-kMIlMitE1CU0treVX7L4JQQXjEnnf_weUSejUyWj82X-zHSqvxMXKFusYRIySNwKMYnb8Bv5xKjuTFHYuEMpwWgqSeIgmM_lIi49C9Uq-J0SJeYF4LR09VBDRpGS14HZYnR4LturR8/s1600/2014-12-19+08.33.10.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhL-kMIlMitE1CU0treVX7L4JQQXjEnnf_weUSejUyWj82X-zHSqvxMXKFusYRIySNwKMYnb8Bv5xKjuTFHYuEMpwWgqSeIgmM_lIi49C9Uq-J0SJeYF4LR09VBDRpGS14HZYnR4LturR8/s1600/2014-12-19+08.33.10.jpg" height="282" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Under-invoicing of exports and over-invoicing of imports is a standard mode of laundering money abroad</td></tr>
</tbody></table>
<b><br /></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b>Where is the money?<o:p></o:p></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
A common misconception that people seem to have is that the money is lying in some (Swiss, mostly) bank account. But is it there really? Do you really believe that someone
stashing millions of dollars of stolen money would keep it in a bank
account for years together for everyone to see? </div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Obviously, the money has already been
used up – to buy villas and yachts and Ferraris, to invest in Hedge Funds or Private
Equity, to buy Soccer Clubs or Formula One teams, to purchase hotels, farmland
or commercial property, to invest in shares or pay back loans! Even the returns generated from these would have been further used in payment of dividend, for business or further investments. It is nearly impossible to “bring back” the money the way most people seem to think about it.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
Most of the government’s efforts on this issue has centered on enabling sharing of information with foreign
governments or banks involved. Even if that is accomplished, all that a bank
can share is a statement of account, many of them in <i>benaami</i> names or shell companies. The statement would contain inflows & outflows, but actually getting the money back is a different ball game altogether. In this era of electronic
transfer, when money can be moved from one corner of the world to another in a
matter of seconds, we can never get anything in a foreign bank to confiscate. No
government, following its “due procedure” can ever move faster than the account
holder himself and ‘catch’ the money in a foreign bank before it moves out.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Black money once “created”,
is simply impossible to “bring back”, at least in the manner in which it is being made out to be. Its better the people face this reality and temper their expectations, no matter how noble the intentions of the authorities may be.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<b><br /></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b>How big is the problem</b></div>
<div class="MsoNormal" style="text-align: justify;">
<b><br /></b></div>
<div class="MsoNormal" style="text-align: justify;">
There is no doubt that the extent of the problem is humungous and needs to be tackled on a war footing. For example, <a href="http://www.gfintegrity.org/press-release/new-study-crime-corruption-tax-evasion-drained-a-record-us991-2-billion-in-illicit-financial-flows-from-developing-economies-in-2012/" target="_blank">illicit capital</a> flowing out of India over a 10-year period from 2003 to 2012 has been estimated to be higher than the country's total income tax collection during the period itself. While everyone agrees that the
menace needs to be curbed, solutions are difficult to come by. Combating the problem requires negotiating a complex maze
of financial regulations and international diplomacy. Though Switzerland
has received the most media attention, it is not the only “tax haven” where such funds are being siphoned off, there are several others. (For example, <a href="http://www.taxjustice.net/" target="_blank">Tax Justice Network</a> lists out 73 such jurisdictions).<br />
<br />
In 2007, evidence of deposits of
more than US $ 8 billion surfaced in the UBS Zurich accounts of Hassan Ali
Khan alone. The inaction of the Manmohan “Sin” Government in cases such as these
led to the landmark Supreme Court order in July 2011 forming a Special
Investigation Team (SIT) to investigate and bring back black money. The SIT was formed immediately after Narendra Modi government took charge in May
2014.<br />
<br />
<div class="MsoNormal">
<o:p></o:p></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYK9ivRpiaIfm98uBqSogS4KHqC88PGGr8tNsjfAXY0Y98iRd-LGHsKAvHc5K7O223nNZiWG0qYxhXnJAMTp8cm_b0mnxJCLYsB2cLCrwjlszVlxwOAcULmp5nOF6_lGJe44WrelxeOho/s1600/Court+Order.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYK9ivRpiaIfm98uBqSogS4KHqC88PGGr8tNsjfAXY0Y98iRd-LGHsKAvHc5K7O223nNZiWG0qYxhXnJAMTp8cm_b0mnxJCLYsB2cLCrwjlszVlxwOAcULmp5nOF6_lGJe44WrelxeOho/s1600/Court+Order.jpg" height="307" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">The landmark Supreme Court order forming the SIT came in a case filed by Ram Jethmalani & Others</td></tr>
</tbody></table>
<br />
<b>The SIT on black money</b><br />
<br />
The Terms of Reference of the SIT (available <a href="http://egazette.nic.in/" target="_blank">here</a>) are wide and far-reaching. The SIT is charged with the responsibility and duty to investigate and prosecute all instances of stashing of unaccounted money in foreign bank accounts, investigate and prosecute activities which are the source of such money and to prepare an action plan for the future. The SIT is headed by former Supreme Court judges and has heads of virtually all national investigating agencies such as IB, RAW, CBI, ED, DRI, NCB, FIU etc as its members. It reports directly to the Supreme Court. All organs of the Central and all State governments, such as agencies, departments, constitutional bodies etc have been ordered to co-operate with the SIT. The SIT is also empowered to re-open past cases where investigations have been completed and charge-sheets filed.<br />
<br />
Effectively, the issue of black money stashed abroad is now outside executive control and owned by the SIT. It is the SIT that has to deliver concrete results, not just in terms of giving recommendations for the future (which is the easy part) to pre-empt generation & stashing away of money, but actually getting back what has been lost and prosecuting those involved. The SIT report is awaited. But it is pertinent to note that even the ToR of the SIT or the Supreme Court order which led to its formation (available <a href="http://judis.nic.in/" target="_blank">here</a>) does not specifically charge it with "bringing back" the siphoned off money.<br />
<br />
<b>What can be done</b><br />
<br />
Clearly, the fight against black
money needs dramatic solutions and out-of-the-box thinking. Suggestions such as banking
transaction taxes, annulment of high value notes, stringent regulations and
even amnesty schemes have been suggested from time to time. While each of them
have their own merits and demerits, the one I have found the most actionable
has come from “super spy” Ajit Doval, presently the India's National Security
Advisor. In a blog post in 2011, <a href="http://ajitdoval.blogspot.in/2011/09/indias-plundered-money-abroad-can-we.html" target="_blank">Doval writes</a>:<br />
<br /></div>
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<i><span style="font-size: 9px;">"...</span>India
must pass a penal law declaring itself as the sole owner and beneficiary of all
Indian monies, assets and bank accounts held abroad by or the dependents of
Indian nationals without due declarations to the Indian authorities. On the
strength of such a law, the Government of India can ask world governments
and foreign banks to recognize Indian government as the beneficiary of undeclared wealth and freeze the accounts till owners of the wealth are able to
prove that they had acquired it by fair means and from legally valid sources....</i></div>
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<i><br /></i></div>
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<i>...Government
of India should register an omnibus criminal case against suspected unidentified
persons who have been indulging in criminal activities and unauthorizedly
transferring money to tax havens abroad.
This would enable the Government to get assistance of foreign police and
investigating agencies for gathering evidence and information. It will empower
the government to approach different banks abroad, as also the concerned
governments, for information regarding the money trail as they pertain to
criminal cases..."</i></div>
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<o:p></o:p></div>
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<br />
In other words, we should "nationalize" all such assets lying outside India and put the onus on their owners to prove that the assets are legitimate. <o:p></o:p></div>
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<br /></div>
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When it comes to recovering what has already been plundered, only such drastic solutions can give some decent results. Even then, we can only hope to recover only a part of the stolen wealth, nothing more can be expected. <br />
<br />
<b>The economic solution</b><br />
<br />
Enforcement and policing is never a sound and harmonious solution. For that, the problem has to be pre-empted.</div>
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<o:p></o:p></div>
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<br />
Tax rates have to be kept as low
as possible, so that tax avoidance ceases to be profitable. This means the government keeps its expenses as low. The government should withdraw from economic
activities, restricting itself to the bare minimum such as maintenance of law & order and running the judicial system. This reduces the scope for bribery and crony
capitalism. In India, much illicit wealth has been generated from bribes paid to twist policies or government decisions. Scope for discretionary decision making aids corruption.</div>
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<o:p></o:p></div>
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<br />
Global economies are slowing, and
profitable investment opportunities are shrinking abroad. India is among the
fastest growing economies in the world today. If business climate in India is
improved, incentive to retain money abroad reduces. This again calls for dismantling bureaucratic controls, improving the rule of law and
installing a quick and efficient grievance redressal system.<br />
<br />
Despite all this, a few black sheep will still exist. For them heavy penalty should await. Investigations should be fast, and justice delivery certain. Police and judicial reforms therefore should be on top of the government's agenda.</div>
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<o:p></o:p></div>
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<br />
If all this is done, the problem
of “black money stashed abroad” can be mitigated. But for now, the suitcases Mr. Jaitley would be carrying are likely to be largely empty.<br />
<br /></div>
</div>
Chandraguptahttp://www.blogger.com/profile/13272014002892802203noreply@blogger.com0tag:blogger.com,1999:blog-185980402423271988.post-22580334682487574352014-01-26T10:20:00.000+05:302014-01-26T10:20:35.320+05:30The ABCD of India’s political landscape<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">This Republic Day, a
basic lesson on the country’s current political landscape...<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">A is for Aam Aadmi
Party, the newest kid on the electoral block. Starting out as an
anti-corruption movement, AAP sprang a surprise in the Delhi Assembly Elections.
The sheer novelty of its approach has now put them at the centre of the
country’s political discourse. How well the approach works in the long run
remains to be seen.<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">B is for BJP, the
principle asylum of India’s right wing political thought. The party attracts
those who believe everything was hunky-dory in the Land of the Rajas & the
Maharajas, until the successive invasions of the Moghuls and the Europeans
deprived Bharat of her wealth & prosperity.<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">C is for Congress, the
party that has governed the country for a major part of its existence. It has
worn different garbs at different times in history, toying with socialism in
the 60s & 70s, free market - liberalism in the late 80s & 90s and back
to welfarism in the 21<sup>st</sup> Century.<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">D is for - what I call -
the Dodos of Indian politics. These are parties other than the above three, mainly
regional in existence. Most of them have little economic ideology and depend on
narrow populism or chauvinistic programs to sustain their existence. 14 years
into the 21<sup>st</sup> Century, many of them do not even have functional
websites, let alone embrace emerging media and reach out to the voters of
tomorrow. As the results of recent State elections show, most of these are
facing extinction.<o:p></o:p></span></div>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEilDvpv9_1-GeuATS5te91qB0cIzoE8iU37gjU7MkLQfd9v_AZOeD9YJEHAPKYd-tHEokqZcGqQ4XSl_wXmNYLYTYYAduDcRlxfUFdEvfLoM4lsaACrN5HTn3l3k55HW4d3wFWx9hUAOYA/s1600/IMG_1639.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEilDvpv9_1-GeuATS5te91qB0cIzoE8iU37gjU7MkLQfd9v_AZOeD9YJEHAPKYd-tHEokqZcGqQ4XSl_wXmNYLYTYYAduDcRlxfUFdEvfLoM4lsaACrN5HTn3l3k55HW4d3wFWx9hUAOYA/s1600/IMG_1639.JPG" height="266" width="400" /></a></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">E is for Elections,
that grand celebration of democracy that gives the people a chance to speak
& be heard. Half the world population does not live in a democracy, and we
are proud we have achieved a matured democratic infrastructure that allows for
smooth transfer of power.<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">F is for Freedom, our
most valuable possession. Freedom to live our own lives, the way each one of us
wants to. It is upon us to use it responsibly and for the benefit of all,
without malice and nuisance to others.<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">G is for Gandhi, the
dominant name in India’s politics for the last hundred years. The original one
lived a simple life; preached non-violence, truth and honesty. Later came the
fake ones, whose contribution is more controversial.<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">H is for History, that
which teaches us our lessons. It is upto us to ensure that mistakes of the past
are not repeated in future.<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">I is for Independence,
what India achieved on 15<sup>th</sup> August 1947. It means we are now the masters
of our own destiny, and cannot blame others for what happens to us. Let us take
it upon ourselves to put our house in order and make this a wonderful place for
our future generations.<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">J is for Judiciary. An
independent & efficient judicial system is a key pillar of any democratic
set up. Despite some ups & downs, Indian judiciary has largely stood the
test of time in its independence, though its efficiency leaves much to be
desired.<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">K is for <i>Kursi</i>, the seat of power which is what
all the fight is for! It is the magnet that attracts people to this game and can
bind even the most disparate group of elements together. <o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">L is for Listening, an
ability that seems so short in supply among political class. A Parliamentary
debate is in progress? We don’t care. Listening to the people? What is <i>that</i>?<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">M is for Media. A free
& vibrant media is often considered the fundamental proof of an open
society. The advent of technology and social platforms has added a new dynamic
to this channel in recent times, handing even ordinary people an unprecedented
power to be seen and be heard.<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">N is for Nexus, that
invisible thread that binds politicians, bureaucracy, industry and the media
together. You cannot see it easily, but know it exists!<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">O is for Outrage, the
only thing which makes our political class sit up and take notice. You need an
outrage against corruption, outrage against rape, outrage against terrorist
attacks, outrage against anything, if something has to happen. Until then,
things don’t move.<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">P is for the Public,
the fools who follow the rules. Come election season, every politician swears
by them but soon forgets once elected to power. <o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Q is for Quotas,
supposedly the ticket to electoral success. Create a quota; create a vote bank,
so goes the conventional thinking in the political class. Caste, class,
religion, age, gender, language, even profession, location and what not - you
name it and there is some quota somewhere on that basis!<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">R is for Rule, that
misnomer used to describe what the people we elect are supposed to do. I
suggest we use ‘Govern’, which is the right word, as in, ‘BJP <i>governs</i> Goa’, ‘Congress <i>governs</i> Karnataka’, and so on. Not
“…rules…”<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">S is for Scam, that
recurring theme in our political discourse. From fodder to satellites, there seems
to be one in everything.<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">T is for Taxes, the
legitimate hard-earned money that is forcefully diverted from productive
purposes to run the government. What happens to it afterwards remains a
mystery!<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">U is for Unity, Unity
which every party preaches, even as it goes around dividing the people.<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">V is for Vote Bank,
that mythical entity that is supposed to keep you permanently in power. But as
many are finding out lately, it may not actually exist!<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">W is for Wealth, what
the Gods have bestowed on this nation – a very hospitable climate with an abundance
of rain, water, sunshine, air and plenty of natural resources. It is upto us to
make the best of it.<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">X is for the eXception!
Once in a blue moon, a boy who delivered newspapers goes on to build missiles and
even becomes the President. Untarnished, unblemished by everything around him.
That the system allows him to reach such heights is what gives me hope.<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Y is for Youth, the
‘demographic dividend’ of having one of the youngest populations in the world.
This is the principle strength of India, the youth who will shape its destiny,
its future. <o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Z is for Zero. Zero tolerance
for corruption, zero tolerance for mis-governance, zero tolerance for crime.
This is what the youth of this country should look for, when they vote in the
coming elections! <o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Happy Republic Day!<o:p></o:p></span></div>
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Chandraguptahttp://www.blogger.com/profile/13272014002892802203noreply@blogger.com1tag:blogger.com,1999:blog-185980402423271988.post-82892145503097353982014-01-05T17:07:00.001+05:302014-01-05T17:07:47.733+05:30Minimum Wage Laws: Substituting low wages with no wages<div dir="ltr" style="text-align: left;" trbidi="on">
What do Minimum Wage Laws actually do to the people they try to protect? Click <a href="http://www.moneylife.in/article/minimum-wage-laws-substituting-low-wages-with-no-wages/35813.html" target="_blank">here</a> to read my article on the subject.<br />
<br /></div>
Chandraguptahttp://www.blogger.com/profile/13272014002892802203noreply@blogger.com0tag:blogger.com,1999:blog-185980402423271988.post-47700603026230363202013-12-27T18:05:00.001+05:302013-12-27T18:05:30.336+05:30Cluster Development: A medicine worse than the disease<div dir="ltr" style="text-align: left;" trbidi="on">
The Maharashtra State Government has tabled a scheme for Cluster Development of housing projects in Mumbai. Read my views on why the scheme is harmful and needs to be scrapped <a href="http://www.moneylife.in/article/cluster-development-a-medicine-worse-than-the-disease/35729.html" target="_blank">here</a>.</div>
Chandraguptahttp://www.blogger.com/profile/13272014002892802203noreply@blogger.com0