Friday, February 20, 2009

Urban Indians simply refuse to feel the pinch

By Prateek Sinha

Call it irrational exuberance or rational expectations . Urban Indians continue to be reasonably optimistic about the state of the economy and as high as 75% of them expect their family’s financial situation to remain stable or improve over the next 12 months. This is so, even as a majority of them acknowledge that the economy is doing badly at present. Expectations of this kind determine spending behaviour and that is why the pervasively gloomy mood in most developed markets has industry and economists worried. The mood in India, in contrast, is positive, finds a 14-city survey of 2,900 reasonably well-informed and well-off people. The survey was conducted by Futures Company and TNS Global as part of its ‘Feeling the Pinch’ series, previous editions of which covered the UK and the US. About one in every three persons in urban India is not worried about economy at all.

A little over 53% expect their finances to remain the same while over 21% expect their finances to improve over the next 12 months. However, worries about their financial stability have risen over the past three months. Less than 20% said that they are facing financial difficulty, while more than 38% said they were financially comfortable or well off and 41% said they have enough to make ends meet. That confidence emanates from the level of savings respondents have accumulated over the years, says Rima Gupta, Country Head, The Futures Company. After all, with the economic boom of the past few years, more than 50% feel they were better off than they were three years ago.

But that’s the broad trend. The survey of people in the SEC A, B, and C categories (socio-economic classes that are clerical/supervisory staff and above), conducted in January, however, saw divergent trends. Individuals in metro cities were slightly more pessimistic about the economic outlook than their non-metro counterparts. That can probably be attributed to the impact of external factors on metro residents. They were more affected by the stock market collapse, the Satyam episode and the Mumbai terror attacks. In contrast, people in the smaller towns were more preoccupied with mundane matters such as meeting expenses for basic necessities, impact of prices and paying for children’s education. They have gained from inflation cooling off. About 71% of those living in metros said the economy was doing badly or fairly badly compared 61% in the non-metros. Further, 36% in non-metros felt the economy was performing well or fairly well against 28% in the metros.

Yet, the sudden change in the economic climate in the country had majority of the people concerned about their financial situation. Only a little more than 13% said they had not become more worried about their financial situation over the three months preceding the survey. The anxiety level was higher among the non-metro dwellers, with nearly 64% saying they somewhat more or a lot more worried now, perhaps due to the nature of their concerns and greater fear of losing their job due to the slowdown. Small-town folk came across as more confident, with more than 82% saying their family’s financial position would be about the same or better over the next 12 months.

Urban Indians simply refuse to feel the pinch

By Prateek Sinha

Call it irrational exuberance or rational expectations . Urban Indians continue to be reasonably optimistic about the state of the economy and as high as 75% of them expect their family’s financial situation to remain stable or improve over the next 12 months. This is so, even as a majority of them acknowledge that the economy is doing badly at present. Expectations of this kind determine spending behaviour and that is why the pervasively gloomy mood in most developed markets has industry and economists worried. The mood in India, in contrast, is positive, finds a 14-city survey of 2,900 reasonably well-informed and well-off people. The survey was conducted by Futures Company and TNS Global as part of its ‘Feeling the Pinch’ series, previous editions of which covered the UK and the US. About one in every three persons in urban India is not worried about economy at all.

A little over 53% expect their finances to remain the same while over 21% expect their finances to improve over the next 12 months. However, worries about their financial stability have risen over the past three months. Less than 20% said that they are facing financial difficulty, while more than 38% said they were financially comfortable or well off and 41% said they have enough to make ends meet. That confidence emanates from the level of savings respondents have accumulated over the years, says Rima Gupta, Country Head, The Futures Company. After all, with the economic boom of the past few years, more than 50% feel they were better off than they were three years ago.

But that’s the broad trend. The survey of people in the SEC A, B, and C categories (socio-economic classes that are clerical/supervisory staff and above), conducted in January, however, saw divergent trends. Individuals in metro cities were slightly more pessimistic about the economic outlook than their non-metro counterparts. That can probably be attributed to the impact of external factors on metro residents. They were more affected by the stock market collapse, the Satyam episode and the Mumbai terror attacks. In contrast, people in the smaller towns were more preoccupied with mundane matters such as meeting expenses for basic necessities, impact of prices and paying for children’s education. They have gained from inflation cooling off. About 71% of those living in metros said the economy was doing badly or fairly badly compared 61% in the non-metros. Further, 36% in non-metros felt the economy was performing well or fairly well against 28% in the metros.

Yet, the sudden change in the economic climate in the country had majority of the people concerned about their financial situation. Only a little more than 13% said they had not become more worried about their financial situation over the three months preceding the survey. The anxiety level was higher among the non-metro dwellers, with nearly 64% saying they somewhat more or a lot more worried now, perhaps due to the nature of their concerns and greater fear of losing their job due to the slowdown. Small-town folk came across as more confident, with more than 82% saying their family’s financial position would be about the same or better over the next 12 months.

Urban Indians simply refuse to feel the pinch

By Prateek Sinha

Call it irrational exuberance or rational expectations . Urban Indians continue to be reasonably optimistic about the state of the economy and as high as 75% of them expect their family’s financial situation to remain stable or improve over the next 12 months. This is so, even as a majority of them acknowledge that the economy is doing badly at present. Expectations of this kind determine spending behaviour and that is why the pervasively gloomy mood in most developed markets has industry and economists worried. The mood in India, in contrast, is positive, finds a 14-city survey of 2,900 reasonably well-informed and well-off people. The survey was conducted by Futures Company and TNS Global as part of its ‘Feeling the Pinch’ series, previous editions of which covered the UK and the US. About one in every three persons in urban India is not worried about economy at all.

A little over 53% expect their finances to remain the same while over 21% expect their finances to improve over the next 12 months. However, worries about their financial stability have risen over the past three months. Less than 20% said that they are facing financial difficulty, while more than 38% said they were financially comfortable or well off and 41% said they have enough to make ends meet. That confidence emanates from the level of savings respondents have accumulated over the years, says Rima Gupta, Country Head, The Futures Company. After all, with the economic boom of the past few years, more than 50% feel they were better off than they were three years ago.

But that’s the broad trend. The survey of people in the SEC A, B, and C categories (socio-economic classes that are clerical/supervisory staff and above), conducted in January, however, saw divergent trends. Individuals in metro cities were slightly more pessimistic about the economic outlook than their non-metro counterparts. That can probably be attributed to the impact of external factors on metro residents. They were more affected by the stock market collapse, the Satyam episode and the Mumbai terror attacks. In contrast, people in the smaller towns were more preoccupied with mundane matters such as meeting expenses for basic necessities, impact of prices and paying for children’s education. They have gained from inflation cooling off. About 71% of those living in metros said the economy was doing badly or fairly badly compared 61% in the non-metros. Further, 36% in non-metros felt the economy was performing well or fairly well against 28% in the metros.

Yet, the sudden change in the economic climate in the country had majority of the people concerned about their financial situation. Only a little more than 13% said they had not become more worried about their financial situation over the three months preceding the survey. The anxiety level was higher among the non-metro dwellers, with nearly 64% saying they somewhat more or a lot more worried now, perhaps due to the nature of their concerns and greater fear of losing their job due to the slowdown. Small-town folk came across as more confident, with more than 82% saying their family’s financial position would be about the same or better over the next 12 months.

Gold prices surging toward Rs 16k level

By M H Ahssan

Surging gold prices set yet another record of Rs 15,800 per 10 gram in the national capital and Rs 15,925 in Kolkata per 10 gram on Thursday in line with the surging global bullion markets on speculation that the global recession will deepen further. The precious metal recorded fresh gains of Rs 50 to Rs 15,800 a level never seen before after poor economic data of Russia and Japan raised concerns of a growing malaise of global recession. Jewellers and market analysts said the demand of the yellow metal picked up after the global equity and forex markets dropped in the recent past.

They said shaky investors find no other option but to park their funds in the precious metals while physical buying for the current marriage season declined substantially. “We do not see any customers these days as surging gold prices cooled down the demand for jewellery in this marriage season,” said a Delhi-based jeweller Gaurav Anand. A similar trend in other regional bullion markets in the country also dampened trading sentiment to a great extent. In Kolkata the gold opened at a record high of Rs 15,925 per 10 gram.

Gold futures break all records
Gold futures continued hitting a new high for the third day on Thursday at Rs 15,712 per 10 gram in early trading on the Multi Commodity Exchange (MCX), on continued buying on speculations that the global recession will deepen further. The far-month June contract for gold surged by Rs 138 or 0.88 per cent to touch a new high of Rs 15,712 per 10 gram at the MCX counter.

The contract clocked business volume of 268 lots (one lot is equal to one kg) in early trade. Gold for April month contract rose by Rs 145 or 0.93 per cent to Rs 15,706 per 10 gram, clocking a business turnover of 4,665 lots. Firming trends in spot markets on account of marriage season also influenced metal prices. At Chennai, gold opened Rs 235 higher to Rs 15,725 per 10 gram. “Continued investment buying and break of $980 an ounce level, an important resistance level, supported the bull-run in the precious metal,” Galipelli Harish of Karvy Comtrade said.

In the global markets gold touched a high of $988.40 an ounce on Wednesday.

Lend a shoulder, Shah Rukh Khan

By M H Ahssan

Celebrity haemorrhage has led to a stroke of good luck for the rest of us. The frequency of VIP illnesses means that schools may no longer need to impart anatomy lessons, and even medical colleges could become as disposable as a needle. The media has stepped into the role of the conventional classroom, teaching us everything we never wanted to learn about every current hiccup in the VIP body.

The latest case is that of Shah Rukh Khan. While lesser mortals make do with a simple pulled tendon, he gets some posh supraspinatus tendonistis. But, ordinary folks still score because the ensuing mass of information in print, on TV, and the crosssection of Net dissections, enables all of us to bone up on every disgusting detail about this muscular affliction. Surgeon ne bana di joint, and we receive a hotshoulder lesson ek dum free of cost — no tendons attached. Actually, SRK is a mobile classroom whether immobilised on an operating table, or merely hamstrung by an armsling or the neck-brace he has long needed for his hard-pressed back. Neosix-packers and the Akshay breed of DIY action-heroes must pay the price of push-upping their body too far.

Of course, Amitabh Bachchan towers over the star classroom as much as he does on screen; in fact, he first triggered these media medical lessons, way back in 1982, after the near-fatal accident on the sets of Coolie. Thank Bhagwan, he emerged alive and still-kicking off the competition from that illness, but not before he had given the whole world a crash course in myasthenia gravis. It wasn’t some ‘Munnabhai MBBS’ sham. Within days of hearing about it for the very first time, newspapers had taught us enough to max a medical-school paper on it.

Then, in 2005, our AB was back in the OT and our prayers, this time for diverticulitis. So now everyone knows the intestinal twists and turns of the intestine, which cause this painful condition. I owe him a Big B-size thank you. After those media lessons, my own attacks of the dreaded D are no longer rudely laughed off with, “Rubbish! Diverticulitis sounds like one of those words you make up in your column.”

It is not only in our stars that we are understudy surgeons. Sachin Tendulkar’s elbow, for instance, made us experts in that field in orthospeedic time. However, the greatest gurus remain our politicians. The range and frequency of their ailments could provide the layperson with not just post-graduate degrees, but the whole doctorate. No surprise here. Gray’s Anatomy is best studied via our grey-haired netas who continue to be at a premium despite all the lip-service to youth. In fact, power/elections inject them with a personal stimulus package, as can be clearly seen in the case of NDA PMs, past and promotee.

We had just about recovered from our intensive study of the cardio-pulmonary system prompted by the present PM’s sudden bypass surgery, when a new-old political patient arrived on the media syllabus. In recent weeks we have been provided regular respiratory tract lessons via Mr Vajpayee’s precarious condition, but in 2001, his less-critical foster knees merited more space and time because he was then the sitting prime minister.

Next we will have to gird our loins to master the intricacies of electile dysfunction. Theoretical lessons will emphasise the importance of a fit constitution, but field malpractices will throw up contra-indications. Politics has already begun to look like an OPD, with wannabe candidates lining up at party offices, feverishly clutching their files and nursing hopes/grievances. Indeed, the media classroom has already begun to teach us about the internal workings of the body politic. Investigative procedures such as Soniagraphy are par for the course. But the EC-ji may no longer be a reliable tool. It’s suffering from arhythmic abnormalities of its own.

Notes from ‘Red Country’

By Neelesh Swati

Bastar Is Truly A ‘Liberated’ Area

It was early morning when the phone rang. “Do you still want to meet the naxalites?,” asked the voice at the other end. For the past eight months, I was waiting for this “invitation” to meet the Maoists of Chhattisgarh in their den: the Dandakaranya jungles of South Bastar.

We drove down to Kondagaon, a Kasbah, about 250 km from Raipur. We began our journey in a Scorpio van. Expecting cops on the way, we had created an alternate identities for ourselves: We were NGO workers surveying implementation of NREGA. Thankfully, nobody stopped us.

We rested for a few hours in another village before embarking on our final trek around 4 am. We must have walked for close to four hours across fields, forest and hills, before we finally reached a makeshift naxalite camp. But for a small group of cadres in olive fatigues or saris, there was hardly anyone there.

We sat on blue plastic sheets and looked around. Nobody said this but we knew: This was ground zero of the red country. The jungles of south Bastar have their own unwritten rules. Government officials do not dare to enter here. Few dare to file FIRs in the police station. And it is unlikely thatpoliticians will come here for votes in the coming Lok Sabha polls.

The Maoists have their own Jantana Sarkar, a parallel government in five districts: Bijapur, Bastar, Kanker, Narayanpur and Dantewada.

Nothing angers them more than the mention of Salwa Judum, a movement guided by Congress leader Mahendra Karma to counter the rise of Left extremism. “He is public enemy no 1. We have attacked him many times and will continue to do so,” says Comrade Pandu, the unit’s spokesperson. “Villagers do not support the Salwa Judum. No one wants to live in those camps, which are like jails. But this is a truly ‘liberated’ area. There are no Salwa Judum camps around.”

It’s Tuesday, February 10. Thousands of tribals gathered in the forest away from the watchful eyes of Cobra, the paramilitary force set up to counter the Maoists. The forces patrol highway but the jungles resonate with song and dance interspersed with Red propaganda speeches.

A Jantana Sarkar Swasthya Kendra dispensed free malaria, dysentery and headache pills. The Maoists’ parallel government has eight departments: education and culture, finance, law, defence, agriculture, forest conservation, health and sanitation, and public relations. Once the people’s court pronounces a judgment, the guilty is held in custody till deemed fit to be released. The Maoists fund their government with tax collections from villagers.

The celebrations began around noon and carried on till six in the morning when we left the camp. That such a grand festival can be organized without the official machinery being aware of it is proof of the naxalites’ sway in the Dandakaranya region. They are the law here.

Kerala nun’s autobiography shocks and sells

By Maria Kutty

Nun Recounts Tales Of Sexual Exploitation And Discrimination In Convents

The explosive life story of a Kerala nun, ‘Amen — Oru Kanyasthreeyude Atmakatha’ (Amen — Autobiography of a Nun), by Sister Jesmi, is selling briskly in Kerala with its publishers having ordered a third reprint of 2,000 copies within weeks of its release.

Not long ago, a study had claimed that 25% nuns were unhappy in convents. Now, there’s more embarrassment for the church with Sister Jesmi, once associated with the Congregation of Mother of Carmel under the Catholic Church, recounting her harrowing ecclesiastical life in the autobiography, which she says, forced her to leave the convent. The revelations could further rattle the clergy that’s already in a spot with the Abhaya case.

Born C Meamy Raphael, Jesmi writes in her autobiography that she got her first rude shock when she was a novitiate. “At a retreat for novices, I noticed girls in my batch were unsettled about going to the confession chamber. I found that the priest there asked each girl if he could kiss them. I gathered courage and went in. He repeated the question. When I opposed, he quoted from the Bible, which spoke of divine kisses,’’ she writes.

Her second shock was from an ordained nun. “I was sent to teach plus-two students in St Maria College. There, a new sister joined to teach Malayalam; she was a lesbian. When she tried to corner me, I had no way but to succumb to her wishes. She would come to my bed in the night and do lewd acts and I could not stop her,’’ she writes.

In Bangalore for a refresher course in English, she writes, “I was told to stay at the office of a priest respected for his strong moral side. But when I reached the station, he was waiting there and hugged me tight on arrival. Later in the day, he took me to Lalbagh and showed me cupid struck couples and tried to convince me about the need for physical love. He also narrated stories of illicit relations between priests and nuns to me. Back in his room, he tried to fondle me and when I resisted, got up and asked angrily if I had seen a man. When I said no, he stripped himself, ejaculated and forced me to strip,’’ Jesmi recounts.

“It’s a very courageous work. It’s not easy for a person who has lived 30 years in a convent to bring out the undesirable things that happened there, particularly matters like jealousy and backbiting between sisters in responsible position,’’ said M V Pylee, first vice chancellor of Cochin University of Science and Technology.

Jesmi, who leads a retired life in Kozhikode, confirms claims made by the study about the discrimination against nuns.

Dr Reddy’s stuck on assigned land

By Swati Reddy

Offers Market Price For The Same Land Taken Over By Govt

With the Ranga Reddy district administration resuming 10.24 acres of land from Dr Reddy’s Laboratories at Bachupally as it is an assigned land, the company is now seeking to buy the same piece of land at market rate. The request, however, has been kept pending by the state government.

Dr Reddy’s had purchased the land in survey no 44 of Bachupally village in Qutubullapur mandal from assignees a few years ago. After the district administration found out that it was assigned land, proceedings to resume the land were initiated in 2005. Dr Reddy’s challenged it in court but after the matter went up to the High Court, eventually the district administration resumed it as per rules.

However, the company management has urged the state government to alienate the same land at prevailing market rate — Rs 66 lakh per acre.

The pharmaceutical company had set up its biotech park’s manufacturing facilities at survey nos 41 to 47, 53 and 83 covering about 140 acres at Bachupally a decade ago. The 10.24 acres assigned land in survey no 44 is in the middle of its facilities.

Three months ago, managing director of Dr Reddy’s Laboratories Satish Reddy wrote to the Ranga Reddy district collector seeking alienation of the same land as the firm does not want any further fight with the state government over the issue. This after initially the company had challenged the decision before the revenue divisional officer of Chevella division. An appeal was also made to the joint collector of Ranga Reddy district and later the fight was taken to the high court.

“The land can be alienated in public interest. By exporting its products to the US and other European countries and earning about Rs 100 crore worth of foreign exchange every year, the company is acting in public interest. A positive decision also directly helps 350 people working in the unit,’’ Satish Reddy said in his letter.

The revenue department, however, has not taken any decision on the plea.

The land was originally ‘patta’ land which was declared as ‘ceiling surplus land’ after one Pannamaneni Rama Krishna Prasad had handed over 51.76 acres to the state government in 1977. It was described as ‘Khariz Khata’ and mentioned in revenue records through ‘Failsal patti’ of the year 1980-81 and pahani for the same year.

Later the land was assigned to 11 landless poor families including one Chakali Sathemma and 10 others. The assignees names were also mentioned in revenue records as ‘Laoni pattedars’ in 1991-92 through ‘Faisal patti’ of the same year.

When contacted, joint collector of RR district M Jagan Mohan said a report was sent to principal secretary of revenue department to take a decision on the request of Satish Reddy.