"Where there is
reverence there is fear, but there is not reverence everywhere that there is
fear, because fear presumably has a wider extension than reverence."
—Socrates (Greek, 469-399BC)
Word for the day
Kvell (v)
To be extraordinarily
pleased; especially, to be bursting with pride, as over one's family.
(Source: Dictionary.com)
Malice towards none
Why is it so difficult to
accept that in Pakistan government and are different establishments independent
of each other!
First random thought this morning
The global markets are more integrated than ever. Various segments
of markets, e.g., currencies, commodities, equities, credit and money, are more
integrated than ever.
Portending divergence in performance based on historical behavior
could be fraught with serious risk. In very simple terms - today if I lose a
wager in commodities, the obligation may have to be settled by liquidating
position somewhere else. Similarly, if my bets on Europe go awry, I may not be
able to hold on to my positions on other jurisdictions. Vice versa, if I make
good money somewhere, I am encouraged to take similar bets elsewhere.
Growing like Ginger
In past two weeks I travelled through many expressways, highways,
lanes, by-lanes, alleys, and trails in Uttar Pradesh and Uttrakhand. The
experience was, as usual, enlightening and enthralling.
During my journey, I observed many emerging trends and changes
(some structural in nature) in occupational & consumption patterns that
would have material economic implications in coming years. I believe it is
critical for investors in Indian assets to comprehend and assimilate these
emerging trends in their investment strategy.
Over next few days I shall be discussing some generic observations
and their likely economic implications.
I have been writing about the consistent struggle between the
degenerated traditions & unmindful culturalism on one side and aspirational
modernism & pursuit for basic standards of life on the other. With each
journey through various parts of the country, I find this struggle intensifying
and producing results which are extremely encouraging at one end of the
spectrum and potentially explosive at the other end of it. In between it
traverse through the realm of ridicule, humor and disaster.
For example, consider the following.
A decade ago, Bareilly, a typical Tier-II town in UP had just
three outlets that would accept payment through credit cards and there were two
internet cafes to serve a population of 700k. Today, a proposed smart city, it
has Shopping Malls, hundreds of small shops accepting payment through
electronic means, over 100% penetration of mobile telephones, and almost all adults
hooked to Whatsapp and Facebook. A myriad of private management, engineering
and medical collages have mushroomed all over.
For a city which proudly burned down theaters for displaying movie
posters in English, now Queen's language is the preferred medium of education
of children even for domestic helps. Consequently, each street of the city
boasts of its children working as managers, engineers and doctors in large
metropolis and foreign countries. The proud parents travel frequently to
Mumbai, Delhi, Benguluru, USA, UK, Dubai, Singapore and Australia.
The city is growing like ginger - in all directions and without
any plan. Each marriage adds a new room to already crumbling and overcrowded
house. A shop mushrooms from nowhere for every unemployed youth.
The city has virtually no industrial base to create employment. A
small camphor factory and a matchbox factory are the only traces of
industrialization in the city.
Bareilly was a major center of traditional arts like Kashidakaari,
embroidery, Zardozi, bamboo art etc. But in last decade or so these arts have
lost ground to professions like mobile & auto mechanic, catering,
E-Rickshaw, etc.
The roads which were occupied by cycle rickshaw and cows are now a
melee of young rash bikers, mini busses, cars, auto rickshaws, cycle rickshaws,
and cows. Brawls over parking are common and frequent.
Each street, club and hotel had an elaborate New Year Party. The
scale of festivities and fervor was something I never saw in Delhi or Mumbai.
There is little awareness about the rich historical past of the
city amongst youth.
New Year celebrations in Bareilly city
Changing face of the city
....to continue tomorrow
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