As per the Hindu lunar calendar the ancestors' fortnight (पितृपक्ष), will start
from tomorrow. As per the ancient Hindu traditions, all Hindus are obligated to
serve Brahmins (Scholars) and feed crows during this fortnight. It is widely
believed that serving Brahmins and feeding crows in this fortnight pleases
souls of the ancestors and thus redeems the person performing this ritual from
the debt of ancestors.
Hindu religious traditions also mandate that a grand feast must
be organized by all Hindus within 3weeks of the death of their parents, spouse
or children. In this grand feast Brahmins, Dogs, Crows and the poor are served
with delicious food. Brahmins and poor are also given cloths, cash and other
gifts.
I am not competent enough to comment about the traditions of
other religions and cultures, but I am sure similar traditions are practiced by
the followers of other religions also.
The anecdotal evidence that I have collected from my
interactions with numerous villagers and urban poor, this feast (श्राद्ध) could be one of the top 10 reasons behind
perpetual indebtedness, bonded labor and socio-economic distress of numerous
rural Indian household.
Regardless of the religious significance and/or relevance of
these rituals, I find it pertinent to to highlight that "the feast"
will be held regardless of you. In case you want to enjoy the feast, you need
to survive till good times arrive; otherwise it will be for the Brahmins, poor,
cows and crows to enjoy the feast.
Relating this analogy to the economics, markets and politics—
- In past two decades corporate India has invested huge amount of money in creating capacities. Many of these capacities, especially in infrastructure and real estate sector, have been created without bothering about the prevailing demand conditions. Consequently, a significant amount of these capacities became economically unviable. Promoters who created these capacities, bank managers who funded these capacities, and investors who provided equity to these promoters and lenders - are all in distress.
There is no argument against the need for these capacities. The
demand will also come in next few years. But the question is who will enjoy the
feast. The bank managers would have retired, sacked or shunted out for his poor
performance. The promoters would have diluted his equity substantially at
distress price or forced out by IBC. The equity investors would have booked the
loss.
The Brahmins and Crows - the new bank manager in whose tenure
these capacities will become viable adding to bank's profitability, investors
who will buy equity at distressed prices and acquirers who would then be
managing the show - will feast on the misery of others.
- The traders in stock markets usually have this tendency to protract recognizing their losses. These losses could be due to wrong choice of stock, sudden change in external environment, or any other reason. But the first reflex of most traders is to average the cost by buying into the fall in prices. More often than not the traders end up losing more money than they would have lost had they booked the loss at first hint of trouble. The pain of loss rises exponentially when they see the whole market recovering, except the stocks they own.
- It must be understood that to benefit from whatever good a government does, the political parties running that government will benefit from that good only if they survive to see the result of their good deeds. Otherwise, the party that will form the successive government will enjoy the benefit.The moral of the story is simple - You must survive to enjoy the fruits of you labor!
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