November 2008 - Posts - An Awkward Corner

November 2008 - Posts

Mumbai Terror Attack: What The World Is Saying

Posted by Niranjan Rajadhyaksha at 
Indian newspapers have taken the lazy way out and looked at what the same handful of newspapers in the US and the UK have had to say about the terror attack in Mumbai. And that is passed off as what the international media has been saying. Here are gleanings from a more representative group. This is being written on Saturday morning, after Indian commandos...

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Politics In A Plate: Mumbai's Vada Pao Battles

Posted by Niranjan Rajadhyaksha at 
The vada pao --- or what is sometimes called the Indian vegetarian burger --- is one of the most stunning culinary innovations emerging from the Mumbai streets. The humble snack has been a favourite of the city's industrial workers, office goers and students --- and Mint staffers. It was also a key part of the Shiv Sena's early mobilization...

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Should journalists write about luxury when people are losing their jobs?

Posted by Niranjan Rajadhyaksha at 
It all started with an editorial in the Financial Times: Plastic Is Forever . "It looks about as sensitive as marketing sunglasses on Noah's ark. While economies round the world feel the waters of recession rising and consumers rein in spending, MasterCard is issuing a diamond-encrusted credit card laced with gold leaf. When so many are feeling...

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Somali Pirates: An Alternative Asset Class

Posted by Niranjan Rajadhyaksha at 
The synchronized drop in asset values across the world has left investors with few profitable options; even art auctions have not attracted buyers . Then Anantha sent in this tongue-in-cheek piece. "Venture capitalists in New York and London are pumping millions of dollars into Somalia's booming pirate sector. Personnel issues are now dealt...

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Reverse Migration: Chinese Abandon Cities. And Indians?

Posted by Niranjan Rajadhyaksha at 
The sharp economic slowdown in China has led to factory closures and layoffs. (Note to the CPM: what does that tell you about the state of labour rights in the workers' paradise?) The New York Times has a very good story on this. One part of the story caught my attention: "The mass layoffs have led to a profound change in the movements this...

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Recession Watch

Posted by Niranjan Rajadhyaksha at 
The leaders of the G20 group of rich and developing countries are to meet in Washington DC this weekend. A lot is expected from them, though I suspect they will not have enough time to come up with concrete proposals. The mood of the meeting is likely to be grim. Here's a quick roundup of some of the news --- in no particular order --- that shows...

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Cold Callers, RIP

Posted by Niranjan Rajadhyaksha at 
Despite the vocal claims of Indian industry about a credit crunch, bank credit is growing at a torrid pace. See latest RBI data here But I suspect that most of this money --- most of the "non-food" part, that is --- is being lent to companies rather than individuals. I haven't been in the market for a housing or car loan for a long time...

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Banks Are Not Charities

Posted by Niranjan Rajadhyaksha at 
There has been a lot of valid criticism about the way the finance ministry has been arm-twisting banks to reduce lending rates. Here's a quick recap. "A day ahead of the interaction with public sector banks, Finance Minister P Chidambaram today assured industry that he would persuade bankers to cut interest rates, even as chambers saw more...

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Interest Rate Apartheid

Posted by Niranjan Rajadhyaksha at 
I have never taken the statements that the major business lobbies make on the economy too seriously. Here is a recent example. "Mr. Rajeev Chandrasekhar, MP and FICCI President today told the Prime Minister at a meeting in New Delhi on the Global Economic Scenario that the country’s economy and business was at a critical point with confidence breaking...

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