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Billionaires versus their employees

Since the onset of the pandemic, many large corporations have put profits before workers’  safety, pushed costs down the supply chain and used their political influence to shape policy responses. This has led to mega-corporations seeing their profits soar, driving up the wealth of their rich shareholders, while small and medium-sized enterprises (SMEs) and low-wage workers and women are bearing the brunt of the crisis. While the top 25 US corporations were on course to earn 11% more profits in 2020  compared with the previous year, small businesses in the US looked likely to lose over 85% of their profits in the second quarter of the year. Mukesh Ambani is India’s richest man; his company is called Reliance Industries, and it  specializes in petrol, retail and telecommunications. Between March and October 2020, his wealth more than doubled, reaching $78.3bn, and he jumped from being the 21st richest person on Earth to the sixth richest. During that period, the average increase in Amban
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Covid deepened inequalities: wealth, education, gender

Covid deepened inequalities: wealth, education, gender An Oxfam report, titled ‘The Inequality Virus’, has found that as the pandemic stalled the economy, forcing millions of poor Indians out of jobs, the richest billionaires in India increased their wealth by 35 per cent. Written By  Udit Misra  | New Delhi | Updated: January 25, 2021 7:35:48 am India’s large informal workforce was the worst hit as it made up 75 per cent of the 122 million jobs lost. (AP/File) A new report by Oxfam has found that the Covid  pandemic  deeply exacerbated existing inequalities in India and around the world. The  report , titled ‘ The Inequality Virus ’, has found that as the pandemic stalled the economy, forcing millions of poor Indians out of jobs, the richest billionaires in India increased their wealth by 35 per cent. ADVERTISEMENT “ The wealth of Indian billionaires increased by 35 per cent during the lockdown and by 90 per cent since 2009 to $422.9 billion ranking India sixth in the world after US,

Sindhis are not a caste-free society. My interviews show it is just a false claim

A new collection of 60 essays on the Sindhis, edited by Saaz Aggarwal, traces the complex Sindhi identity. SHIKSHA SHARMA 24 January, 2021 O ne of my earliest memories is having people of my community, much older than me, touch my feet for my blessings. As an instinctive, knee-jerk response, I always jumped back, surprised each time it happened. Why was this happening to me? TV serials were a large part of my growing-up years, thanks to my mother and grandmother. In them, I saw younger people touching the feet of their elders. It seemed terribly inappropriate for a ten-year-old to have her feet touched by women almost the age of her own grandmother! “But you are the daughter of Brahmans,” the aunties explained when they saw the shock on my face, and my grandmother nodded her confirmation. As the years passed, I found it interesting when people claimed that Sindhi society was free of caste – because I have always felt my life marked by caste. Even my surname, ‘Sharma’, my parents told m

India-specific reasons for the rise of crony capitalism

Crony capitalism needs two conditions to succeed: a state that tries to do too many things and exceeds its management capabilities, and a state that is politically too weak to assert itself against powerful businessmen. This is why when growth peaked during UPA-1 and the first half of UPA-2, we saw the flowering of scams. The following are the India-specific reasons for the rise of crony capitalism, and why it may be about to start withering - gradually. #1:   The rise and fall of state control . Before 1991, India was a poor socialist state. The state was inherently suspicious of markets and business, and controlled everything: production, prices, imports, lending rates, everything. This situation ensured that only businessmen who were cronies of the Congress party could flourish. Between 1947 and the mid-1980s, few big industrialists went out of business, and the rest continued to either survive or flourish using connections. After 1991, when the markets were opened up, suddenly we s

'Dream of a startup is shattered’: TN entrepreneur tells Rahul Gandhi at MSME meet

A video going viral shows Raghunathan, from the Consortium of Indian Association, voicing his pain about how entrepreneurs of micro industries are struggling. Haripriya Suresh Sunday, January 24, 2021 - 08:38             “Today, the dream of a startup is shattered. We are not able to raise our voice, we are not able to express ourselves, we are not being heard. We are not able to convey our pain. An entrepreneur can never ever cry openly.” These are the words of KE Raghunathan from the Consortium of Indian Associations, and the CMD of Solkar Solar Industry. An entrepreneur, Raghunathan was at the gathering of Micro Small and Medium Enterprises (MSME) representatives in Coimbatore, which Congress party leader Rahul Gandhi met and addressed on Saturday. Rahul Gandhi kicked off the party’s three-day campaign in Tamil Nadu ahead of the state’s Assembly elections. He is set to cover districts including Coimbatore, and Erode, in western parts of the state, popularly known as the 'Kongu&#

Chidambaram: On Crony Capitalism

✔ " Today we have crony capitalism. That cannot be denied. I can give examples of crony capitalism, you know it as well as I do... As long as you have crony capitalism those who are not your cronies will hesitate to start business, ” said Chidambaram. ✔ “ It's not enough to have five business houses expanding, we need 500 business houses to expand and we need new businesses and entrepreneurs like Infosys, Wipro and the guy who started Flipkart. We need new but the new people are afraid that unless they play the game which the government wants them to play, they will be squeezed out"

What is Zoho's Arattai App? Learn more about India's first homegrown messenger app

Chennai-based SaaS, Zoho Corporation has come up with its own alternative to WhatsApp. What is Zoho's Arattai app? Is it better than WhatsApp? Written by Sanjana Kalyanpur Many people are looking to move away from WhatsApp. Unless you've been living under the rock, you'll know that WhatsApp recently announced its revision in the privacy policy that meant a more elaborate form of customer data sharing with Facebook. Ever since many existing messenger apps have found recognition. Among them is Signal, which is currently experiencing the best time by charting at the top in app stores around the world. However, many Indians are in a quandary with the Make-in-India movement still afresh in their minds. Lucky for them, India has found a homegrown alternative in time. Also Read -  WhatsApp's Clarification On Privacy Policy Fails To Convince; Netizens Poke Holes In Claim What is Zoho's Arattai app' Arattai, which is chit-chat for Tamil, is Zoho's reply to the curren