October 28, 2011
“ Industrial production rose less than expected following record interest-rate increases by the central bank and as the global recovery weakens. Output at factories, utilities and mines increased 4.1 percent in August from a year earlier after a revised 3.8 percent gain in July, the Central Statistical Office said in a statement in New Delhi today. The median of 20 estimates in a Bloomberg News survey was for a 4.7 percent gain.
As I have written since I shifted to Delhi in late 2007 that there appeared little awareness then about the Housing bubble ( apart from other bubbles yet to burst) in US , which was obvious by end 2005 and early 2006 . In 2008 I found Indians increasing their real estate values , many times almost 100% .Indians are great believers in God’s gift . The same remains true of equity jumps .
Since I stayed away in Turkey and mostly in Bucharest till 2007 , I had missed out on growing urbanization and acquirement of all symbols of prosperity by a rich minority led by the likes of Ambanis and Mittals .Yes during my 2to 3 months visit to Delhi and India in winters , I did see considerable growth of prosperity .But I have pondered over it since my return.
PM and Ahluwalia know nothing better than what IMF and US lays down and does in economic sector .In case willy-nilly almost all world economies have been tagged to US economy, almost now going down hill as in the film ‘Run away train’ So as US goes down ( In EU except Germany most other members are almost bankrupt) it will take other s down or at least affecting them adversely . With poverty line debate it is clear that the Ahluwalias with Rs 32 per day urban income not below the line are out of touch grass roots level reality .Out of 8% growth , 7% goes to a few hundred thousand families.Only 1% goes to the very poor ; 50% or more .
Quite obviously the US economists have messed up their economy. I have written 8 articles on the subject since 2002 . I have written something appeared amiss with India’s realty sector .What happens when it starts going down .Violence .suicides
I had circulated a news item about housing and infrastructure surplus in China too. And Banks’ indebtedness.
Take Care Gajendra 28 October, 2011.
An earlier article
Mumbai, Aug. 8: A million newly built homes lying unsold and no sign of the market picking up, Mumbai’s realtors have turned to the Bhagvad Gita for solace.
Gita crash courses are mushrooming in every neighbourhood as the message of stoic focus on work and steadfast disinterest in results has suddenly become fashionable.
“The Bhagvad Gita is very relevant in the current scenario of recession in the real estate market. The doctrine of Karmanye vadhikaraste, Ma phaleshou kadachana (One has the right to work but not to results) brings a lot of solace when the prospects of healthy bottomlines look bleak for most builders,” said a course guide at the Chinmaya International Foundation, a wing of the Ernakulam-based Chinmaya Mission, whose Bhagvad Gita and Vedanta classes are very popular.
Sanskrit and theology tutors who otherwise render selected chapters from the Gita and Vedanta at corporate workshops or at posh satsangs have attained celebrity status, their appointments almost as hard to get as those of top city doctors.
Mall lobbies and even seedy shopping arcades are letting out space on a day-to-day basis for Gita-Vedanta classes.
Depending on the class size, the course fee varies from Rs 3,000 to Rs 5,000 for a week-long course on the Gita rendered in English.
The price tag is pegged at Rs 25,000 for a year-long course, which includes the study of Sanskrit.
“But those are less popular and for older people as they are more time-consuming,” says Anil Tripathi who, with three other tutors, runs Gita classes in and around upscale Bandra. They also give tuitions at home or in the office of the realtors.
The Chinmaya Mission’s courses at their Marine Lines and Powai branches are overbooked.
“We decided to launch a full Bhagvad Gita appreciation programme from 15th July given the tremendous enthusiasm — it was sold out in a day and now we are directing people to register for our online and postal courses. The response has been phenomenal,” said Rahul Arya, programme and admissions co-ordinator.
Over 10,000 have registered for the online courses, of whom 60 per cent are associated with the realty industry which has been hit hard by the rise in EMIs as well as inflation, the two factors that have pushed people to put off their home buying decisions.
“The biggest realtors are taking classes in the academy or opting for Net courses with us,” said Arya.
Top Mumbai builder Niranjan Hiranandani, who changed the face of Powai, is one of the star students of the Bhagvad Gita e-learning and appreciation course at Chinmaya Mission.
“Learning the Bhagvad online is a good opportunity. The Bhagvad Gita is not only a religious book... We should definitely read it, learn it and understand it,” he said in a statement.
Posted by Naxal Watch at 7:35 PM