[swiftnfurious]

Well, Infosys has declined this. They don't plan to lay off 5000 people!

[sgiitk]

I have my doubts. They will do it as part of a periodic review of efficiency.

[swiftnfurious]

This is the latest on Infosys.

http://m.timesofindia.com/tech/caree...w/17898678.cms

[lambuhere1]

Some Interesting observations at last

Arun Maira warns of sub-5% growth

http://economictimes.indiatimes.com/...w/17926858.cms

[lambuhere1]

Bailout Package

http://www.thehindubusinessline.com/...cle4307643.ece

Telecom Dept seeks Rs 20,000-cr bailout for BSNL, MTNL

Are we going to see more in future ?

[sgiitk]

@lambuhere1; I think the PSUs need to be privatised lock, stock, and barrel. As Dame Teacher famously said, 'The Government has no business to me in business'. Air India, BSNL, MTNL, SEB's, the lot. I her that BSNL wants to offer VRS to a big number. The good will go and the junk will stay!

[ajmat]

Originally Posted by sgiitk

@lambuhere1; I think the PSUs need to be privatised lock, stock, and barrel. As Dame Teacher famously said, 'The Government has no business to me in business'. Air India, BSNL, MTNL, SEB's, the lot. I her that BSNL wants to offer VRS to a big number. The good will go and the junk will stay!

They say that if the govt merely banked the money from the privatisation proceeds, the bank interest would be much more than the aggregate income from these entities

[lambuhere1]

Interesting calculation on effects of GDP drop by 400 basic points.

Source : http://blogs.timesofindia.indiatimes...ill-never-hear

our growth numbers hide real misery that has been inflicted upon the Indian people as growth has plunged from almost 9 per cent to 5 per cent. One percentage point of GDP growth means roughly 15 lakh jobs; each direct job creates three indirect jobs; and each job supports a family of five. If you do the arithmetic, Madam, you will find that a four percentage point drop in GDP has brought pain and suffering to around 12,00,00,000 Indians

Are we talking about 12 Crore Indians. Damn Man !

[alpha1]

Originally Posted by lambuhere1

Interesting calculation on effects of GDP drop by 400 basic points.

Source : http://blogs.timesofindia.indiatimes...ill-never-hear



Are we talking about 12 Crore Indians. Damn Man !

Of course this is not relevant to your post but quite frankly, the economic growth, the way we do it has a very slow trickle down effect. The rich gets richer (much faster than the rising costs), the middle get more money but stays at same position (because the cost of living has increased), and the pauper becomes even poorer (because his rising income doesn't meet the rising costs).


I think the most relevant paragraph in that article is not about economic growth but this:

What keeps me awake at night is that many of our policies have corrupted the morals of our people. When we cancelled loans of Rs 60,000 crores in 2008, a farmer who had just repaid his loan, sadly said, ‘What is the use of being honest? Human society is based on trust. We learned as children to keep our promises and repay our debts. Tulsidas reminded us, ‘praan jaye par vachan na jaye’. Loan waivers wound our moral universe in the same way as ‘make-work’ jobs adulteration of diesel with kerosene, and the vast theft of PDS food

Couple this with the trickle down effect I described earlier - soon we have a situation where the erstwhile rich have become so powerful economically that they dictate the governance. The poor loose so much of their power that they become helpless slaves of the rich.

Originally Posted by sgiitk

@lambuhere1; I think the PSUs need to be privatised lock, stock, and barrel. As Dame Teacher famously said, 'The Government has no business to me in business'. Air India, BSNL, MTNL, SEB's, the lot. I her that BSNL wants to offer VRS to a big number. The good will go and the junk will stay!

Every time I have interacted with (and inside when I was working) the PSUs I have always questioned the rationale behind govt's presence. All it has lead to is sheer wastage of tax payers money (and the Indian taxpayers hardly care ... because only the middle salaried class in this country actually pays taxes and carries the burden of the poor as well as the rich), and grossly inefficient means of doing business - which has hurt the Indian economy in the long term.

[Ricci]

Wasn't all this to be expected ? The old saying, he who has the gold, makes the rules. What we're seeing is just that. The rich fund political parties and campaigns and in turn get policies beneficial to their businesses.

A picture doing rounds on facebook says, 47% of senators are millionaires, while only 1% of Americans are millionaires. Democracy is supposed to be by representation, and financially the average man doesn't seem well-represented in the highest echelons of power.

Analysts in 2008 had predicted a double dip recession - it seems to have materialized, in fact I read about the UK in a triple dip recession. If analysts know so well it will happen, why aren't economists able to prevent it ? Is it the most elaborate scam of all - force people to buy stuff after borrowing, then every few years causes crashes and recessions where people lose jobs, and forced to sell off assets to the bankers.

[tsk1979]

Originally Posted by alpha1

Of course this is not relevant to your post but quite frankly, the economic growth, the way we do it has a very slow trickle down effect. The rich gets richer (much faster than the rising costs), the middle get more money but stays at same position (because the cost of living has increased), and the pauper becomes even poorer (because his rising income doesn't meet the rising costs).
.

Another factor to consider is the Media. Due to constant stream of "paid" articles and panelists, the middle class has started believing that giving 1000s of acres for dirt cheap prices to some industrialist to setup a factory is in the interest of development. They do not realize, that its going to have negligible effect on their standard of living, however the industrialist who now owns 1000 acres is going to be able to afford a Veyron, instead of the S-Class he afforded earlier.

Nobody wants to look at the hard facts. For example how CEO/executive pay rose 30X that of the worker pay.
In the last 40 years, worker pay and standard has risen by 10%, but CEO pays have risen by 700+%

What the economists call recession is just taking out of the middle class pockets into the pockets of the super rich.

The Rich are of course very happy
The middle class is also happy, because they think they will be millionares soon, and then these tax cuts etc., will help them. Majority of them will die with the same living standard they were born with.
The poor is too overjoyed to listen to music on his 10$ mobile phone, never mind the children going hungry

[alpha1]

Originally Posted by Ricci

Wasn't all this to be expected ? The old saying, he who has the gold, makes the rules. What we're seeing is just that. The rich fund political parties and campaigns and in turn get policies beneficial to their businesses.

A picture doing rounds on facebook says, 47% of senators are millionaires, while only 1% of Americans are millionaires. Democracy is supposed to be by representation, and financially the average man doesn't seem well-represented in the highest echelons of power.

Analysts in 2008 had predicted a double dip recession - it seems to have materialized, in fact I read about the UK in a triple dip recession. If analysts know so well it will happen, why aren't economists able to prevent it ? Is it the most elaborate scam of all - force people to buy stuff after borrowing, then every few years causes crashes and recessions where people lose jobs, and forced to sell off assets to the bankers.

Originally Posted by tsk1979

Another factor to consider is the Media. Due to constant stream of "paid" articles and panelists, the middle class has started believing that giving 1000s of acres for dirt cheap prices to some industrialist to setup a factory is in the interest of development. They do not realize, that its going to have negligible effect on their standard of living, however the industrialist who now owns 1000 acres is going to be able to afford a Veyron, instead of the S-Class he afforded earlier.

Nobody wants to look at the hard facts. For example how CEO/executive pay rose 30X that of the worker pay.
In the last 40 years, worker pay and standard has risen by 10%, but CEO pays have risen by 700+%

What the economists call recession is just taking out of the middle class pockets into the pockets of the super rich.

The Rich are of course very happy
The middle class is also happy, because they think they will be millionares soon, and then these tax cuts etc., will help them. Majority of them will die with the same living standard they were born with.
The poor is too overjoyed to listen to music on his 10$ mobile phone, never mind the children going hungry

Does anyone see a pattern in bold in both posts which are not really in response to each other, but somehow smell of a common thread.

The whole idea of capitalism, democracy etc for the public good is actually proving itself to be a farce. "Might is right" has been the credo of the animal kingdom, and the same prevails here in our world. What has changed is that instead of kings and aristocrats we are being ruled by bankers, CXOs and politicians, and each one of these is in cahoots ...

In my opinion/thinking/rationale, there have been three main changes in the history of mankind:
1. Rulers. Greedy (read as ambitious) person decides to have other humans as servants. Formulates rules and regulations and comes up with a funny concept called patriotism
2. Bankers. Cunning/crafty (read as smart) ppl devise schemes so that the Kings and Emperors and aristocracy can live their lavish and destructive lifestyles, and in turn the banker gets to "own" the economic power under these rules.
3. CXO. Industrial revolution created a new breed of rulers who, because of distributed ownership, gained power to run corporations like their kingdoms and took it back to the point no.1

[lambuhere1]

900 million EURO PUT trade on the Euro

Source : http://www.derivativesintelligence.c...s-Fx-Mart.html


Does anyone have more info on it ?

[nanduchitnis]

I read a lot of criticism of PSU's here. What about Pvt Sector banks like ICICI? They charged me Rs 250/- for a DD of Rs 100/- !!

I have HDFC Life policy. Last 4 years I have paid them Rs 4,00,00/- plus Rs 40,000/- extra when I applied for the Policy. It is not Life Insurance plan, it is Unit linked plan.
The value of my Units after 4 yrs 9 months is Rs 3,65,000/-

Each month they also deduct money to their account.

This IS ROBBERY !!

[alpha1]

Originally Posted by nanduchitnis

I read a lot of criticism of PSU's here. What about Pvt Sector banks like ICICI? They charged me Rs 250/- for a DD of Rs 100/- !!

I have HDFC Life policy. Last 4 years I have paid them Rs 4,00,00/- plus Rs 40,000/- extra when I applied for the Policy. It is not Life Insurance plan, it is Unit linked plan.
The value of my Units after 4 yrs 9 months is Rs 3,65,000/-

Each month they also deduct money to their account.

This IS ROBBERY !!

Welcome to capitalism. The one who has money has power to create destiny.
We have cribbed about the capitalistic cronies too on this thread, this very page!

BTW - regarding the Rs 250 charge for a DD, it can be justified.
The effort is same for processing, whether the DD is for Rs 100 or Rs 10000.
The question which should be asked is why a DD for Rs 100, when cheque can suffice?
I am sure this must be a requirement at some govt/PSU organisation only!

By the way, to no one particular on this thread:
How does the govt cough up current growth figures like 5%.
What I see is a shrinkage of investment. At least in the capital intensive industries.

That makes it negative growth