Monday, November 29, 2010

Repayment blues to hit realty prices

Article Link

Real estate companies, which are already under severe financial strain, have to make a bullet repayment of over Rs 14,000 crore in the next two months to banks. This will force builders to cut prices of real estate stock, especially residential units, to boost cash flows to help them repay dues.

The huge repayment burden in December and January was created when many banks restructured real estate loans for one and a half years in June 2009 under the Reserve Bank of India’s (RBI) special dispensation. “This is falling due in the next two months,” said a senior executive of a bank, who did not want to be named.

But a senior banker from a public sector bank said, “Real estate companies will have to drop prices and sell properties so that there is a regular cash flow into their books.”

The problem started when developers began to jack up prices, stifling sales at lower rates. This hit cash flows of developers. Banks aggravated the situation by helping developers to roll over debt by recording repayment on the due date and granting a fresh loan to the same company the next day.

This helped the bank to continue the account as a standard asset while the developer got funds with no pressure to lower property rates and generate cash flows. Now, banks are watching their real estate exposure and implementing strong checks.

71 comments:

shailesh said...

THE BANKER-BROKER NEXUS

If a non-banking financial company (NBFC) official receives a text message from a banker saying “all is well”, what does the banker actually mean? Is he making a vanilla statement saying everything is fine at his end? The company secretary of a large corporation tells me this means the loan for which the NBFC is lobbying with the bank as a broker is through. “All is well” indicates the banker’s confirmation of a deal.

At the next stage, more text messages follow. They could be saying “Chinese cuisine”, “Punjabi food” or “Gujarati thali”. What do these mean? While the first message refers to the scale (a buzzword in China, this means the quantum of the bribe that the banker needs to close the deal is hefty) the other two messages explain the mode of transaction. So, when an NBFC official sees his mobile phone screen flashing two words— “Punjabi food”—he knows the banker’s objects of desire are consumer durables, expensive watches or gold ornaments, while “Gujarati thali” refers to crisp currency notes.

The professional charges towards arrangement and structuring fees usually range from 0.5% to 3% of the money raised, or even more, depending on the financial health of the firm. This makes the cost of money more expensive for firms, but those who do not have the bandwidth to negotiate with lenders have no other choice. They treat this as part of the financing cost and amortize it over loan tenure.

shailesh said...

Home loan scam: Companies inflated asset value says Economic Offences Wing

shailesh said...

Investors get cold feet over India

Exactly as in politics, a week can be a long time in financial markets – especially in India. In less than a fortnight, the bullish mood that made India’s equity and bond markets among the world’s most highly valued this year has soured.

After a series of local business scandals, the trend that saw foreign investors pour billions of dollars into Asia’s third-largest economy has reversed.

In the first 12 days of November, overseas investors put $5bn into the Indian stock and bond markets, data published by India’s market regulator showed.

But after the resignation of Andimuthu Raja as telecommunications minister over a scandal surrounding India’s 2G telecoms licence auctions, foreign investors have withdrawn more money than they put into the market. There has been a net outflow of $158m since November 12, according to the regulator’s data.

Anonymous said...

This bastard 'Andimuthu Raja' has lived true to his name. Literal translation of his name in english is 'Kissing balls Raja'. Tamilians have a fashion to name themselves as human private parts like chokkalingam (clean dik), mahalingam (big dik). Now who know for whom this harijan nigga was collecting money for.

kasbekar said...

Without doubt he was collecting money for congress leaders MMS and SG. Tamilians are fanatically faithful to their master as slavery is entrenched in their blood. When Tamilian leader MGR died, hundreds of tamilians committed suicide so that they can accompany his soul on the way to its next abode. Biharis and Tamis are two cancerous growth on Bharat Mata.

The phenomenal real estate price rise also has something to do with the congress. It increasingly looks lake all builders are required to pay hafta to the governing party and in return the government keeps the eyes shut to all the illegal money laundering .

Anonymous said...

Andimuthu does not mean kissing balls.

Andi has many meanings, Muthu is pearl.

As for the lingam, most of us pray to the Shiva Lingam and the Yoni.

Anonymous said...

'Andimuthu' is acronym to 'pearl like balls' . It is generally indicates a virile male. Lingam ( DicK)and Balls (scrotum ) are considered sacred by Tamil women and worshiped. As for yoni (vagina) worship, I couldn't find any reference in Tamil literature.

Anonymous said...

all this is making me feel dirty....ewww.

So does the real estate market in Mumbai. Heard that Kalpatru Tower in Kandivali is under Defence land scam. Shit is really gonna hit the floor, big time!

KandiviliResident said...

Many developments on malad marve road and kandivili area are on defense land, but have NOCs for construction from defense. The builders have paid in crores to defense officials and Maharashtra bureaucrats to get clearances . If you go to Marve, you will see mushrooming housing complexes though the entire area is a national defense security area.

Everyone knows that these buildings are there to stay just like the fact that defense or civilian officials can be bought.

This is India. It would be interesting to see the results of Adarsh scam though the results may be decades away

shailesh said...

Nothing new here... All things are cost of doing bizness...

Nair received Rs 45 lakh for DB Realty advance

MUMBAI: Sacked LIC Housing Finance Ltd (LICHFL) chief R Ramachandran Nair, who has been arrested along with eight others by the Central Bureau of Investigation (CBI) probing the housing finance scam, had received kickback of `45 lakh for clearing an advance worth `200 crore for Mumbai-based real estate developer DB Realty Ltd.

DB Realty has stunned many in the real estate business in Mumbai due to its meteoritic rise. It is believed that DB Realty is the front company for a top heavy weight politician from Maharashtra. It is executing over 20.5 million sq.ft of saleable area with over 30 ultra premium projects in Mumbai and Pune with a projected 40.5 million sq.ft in upcoming projects.

DB Realty is also in the limelight for its name embroiled in the 2G spectrum scam. Though the promoters of DB Realty have denied any such allegations, there are enough reports which say that Swan Telecom, which benefited from the cheap spectrum allotted by the then telecom minister A Raja, is promoted and owed by DB Realty group and a front for one of Anil Ambani’s telecom company.

Almost immediately after getting the cheap spectrum they sold half the stake in the company to the UAE-based telecommunication giant, Etisalat and Swan Telecom was renamed as Etisalat DB Telecom. DB Realty managed to get loans worth over `2,000 crore from a consortium of banks including Bank of Baroda and Punjab National Bank for Swan Telecom when it was bidding for the 2G spectrum. CBI is currently investigating all these advances.

Desi Batman said...

Give me one instance where scoundrels paid for their sins in India. All got bailed out and are more powerful then before.

What will banks do if repayment doesn't occur or is delayed? Is Indian law and jurisdiction so strong to punish or put corrective actions in place? Scams are not new and will continue.

Dream on Indians dream on... when you wake up reality is completely different.

I have decided to see how can I profit from these nonsense rather than I complain, and be in denial of Indian corruption.

Anonymous said...

One of the biggest land grabbers and patron of underworld happens to be minister is a Mah govt Narayan Rane He happens to be on the front line with several state/central ministers actively backing him. the real estate mafia has no fear in conducting their activities.
Jai Maharashtra

Anonymous said...

If home rates continued to be this high for the next 5 years, it would be a record of sorts!

Anonymous said...

Hello! Is there anyone out there?!! Is anyone home?

Anonymous said...

We are busy buying RE. If we don't buy today, we will never be able to own. Prices today 10K will be 12K tomorrow.... please hurry.. India is shining and East is rising and we are THE SUPERPOWER. We have reverse brain drain.

Hurry or you will miss the boat.

Anonymous said...

Talking about corruption. The BJP guy gadkari blew crores in a day to celebrate his illegitimate son's wedding. Why I say illegitimate because 30 years back, gadkari's wife was advanis keep. Where has he earned money , no one knows. When the whole country is full of and ruled by people like gadkari, how can anyone expect any respite.

Anonymous said...

anon @2:10 PM

Good One! Lol! What a story and what surreal situation to be in...dreams and nightmares don't last forever.

Raj said...

@Anonymous 6.18

Since when is Gadkari is in Govt. Do you have any proof that his his son is illegimate. Please dont write bullshit after smoking ganja.

We are here to discuss real estate and not gadkari. so please dont move away from subject

shailesh said...

Q and A with Deepak Parekh

Most people in banks and housing finance institutions must be wary of meeting builders after all that has happened recently.
We tend to run down the builder community all the time. But look at the hassles they face in getting clearances. It is a nightmare. Even if you have a small plot of land where you want to build even a 2,000 sq foot house, I challenge you to get all the clearances. It is impossible owing to the number of approvals, the complexity of getting these approvals, the amount of harassment and the amount of money that you have to pay at different levels.

We hear from developers, that, nowadays, people are even demanding benami equity of, say, 10 per cent in large projects. Some are demanding money to be deposited abroad. So the system has collapsed. It’s unfair to blame the builders alone.

But you have been the government’s Man Friday of sorts, advising it on all sorts of issues. Haven’t you taken these things up?
We have discussed these various times, but no one can do anything because, sadly, corruption seems to have become a part of our culture. What we have to do is pay government employees better so that their living standards improve. They do real important work — approve buildings, completions and so on. Most of them find it difficult to make both ends meet if they want to live honestly.

Several banks and housing finance institutions have also given loans without approvals. So don’t you think due diligence procedures are to be blamed?
By and large, the due diligence is in place. We can’t make a general comment unless we look at each case. These things should not happen, but do happen because there are many cases in which a borrower wants more loans than his creditworthiness might warrant. As it is, land prices are shockingly high, and everyone wants money upfront. Look at NTC, which has sold a number of mills. It wants money upfront before giving possession and the amount is large, going up to Rs 1,500 crore. Which developer will have that kind of cash ready? So they all come to banks and want money — fast.

So what is the way out?
The archaic procedures and systems have to be overhauled. You need over 40 approvals for the construction of a building — that’s ridiculous. Urban planning is almost non-existent; no one is taking a futuristic view. Look at Mumbai: Lakhs of square feet are being built with no infrastructure in place. It can be a nightmare.

Is that why HDFC is gradually shifting focus away from Mumbai?
Business in other cities is growing rapidly. Do you know the number of loans that we have disbursed in Chennai over the last six months is now more than that in Mumbai? Delhi was already way ahead. The city administrators there had a vision, have taken risks that have paid off. Now, even Chennai is getting ahead.

But Mumbai doesn’t have enough land.
It is because of vested interests, corruption and also a lack of desire to do anything. There is an artificial shortage of land in south Mumbai. I agree Mumbai is an island and there is a shortage of land. But when there is shortage of land, set up a transport infrastructure across the mainland by road, underground, bridge, some pass, some ways like the trans-harbour link that they are planning to at Sewri. Once you do that, once you can make it to the mainland in 20 minutes, all land prices will come down.

shailesh said...

Q and A with Deepak Parekh

Most people in banks and housing finance institutions must be wary of meeting builders after all that has happened recently.
We tend to run down the builder community all the time. But look at the hassles they face in getting clearances. It is a nightmare. Even if you have a small plot of land where you want to build even a 2,000 sq foot house, I challenge you to get all the clearances. It is impossible owing to the number of approvals, the complexity of getting these approvals, the amount of harassment and the amount of money that you have to pay at different levels.

We hear from developers, that, nowadays, people are even demanding benami equity of, say, 10 per cent in large projects. Some are demanding money to be deposited abroad. So the system has collapsed. It’s unfair to blame the builders alone.

But you have been the government’s Man Friday of sorts, advising it on all sorts of issues. Haven’t you taken these things up?
We have discussed these various times, but no one can do anything because, sadly, corruption seems to have become a part of our culture. What we have to do is pay government employees better so that their living standards improve. They do real important work — approve buildings, completions and so on. Most of them find it difficult to make both ends meet if they want to live honestly.

samix said...

I agree to the point that government servants should have respectable salaries, sometimes their salaries are really ridiculous for the posts that they hold.

samix said...

though the argument, that the one who is corrupt will fall into corruption anyways is all fine and good, but with such small salaries we are actually encouraging even the one's who do not want to be corrupt into the rut.

Imagine the office who signs files for projects worth crores of rupees does not even have a salary of a lac rupees, something needs to be done here.

Anonymous said...

"Imagine the office who signs files for projects worth crores of rupees does not even have a salary of a lac rupees, something needs to be done here."

That's a ridiculous argument. We are talking about regular pen pushing clerks here.
Imagine you own some land and want to make a house on it. All your papers are in order and there is no violation of any law. All the clerk/officer has to do is review the papers and give approval. Now, just because your land is several crores in value and you are a rich man mean that you must pay the clerk a lot of money ?? I am sure all of us can think of other scenarios where the task of government clerks is very simple but involves huge amounts of money. That must not mean that they should be paid a lot more. It's like the bank tellers should be paid huge salaries because they facilitate transacting lakhs of rupees etc everyday.

Compensation is a function of how much the employee helps the employer earn. In case of government employees there are very very few cases where the employees are direcly responsible for revenue generation.

And most important of all, if government employees feel that they should earn more they should try their luck in the private sector. Nobody is forcing them to work for the government.

Anonymous said...

@Anonymous 7:52

You talk like a politician. It is easier for you to say that govt employee should find a job in private sector if he is not satisfied with the salary. Where are the jobs ?
I'm an municipal employee and I paid 5lakhs to my local legislator to secure this job . My monthly salary doesn't last 2 weeks. So, to sustain myself., I take money for favors. Is this wrong ? No. The government forces me to do so, otherwise I go hungry. I am just a ordinary person and no Mahatma Gandhi.

If I've clear the papers worth one crore, I just take 5 lakhs to expedite. Out of it, 3 go to my superiors, 1 to my subordinates abd 1 keep for myself. This isn't bribe. It is ex gratia . This is the system. If i go against it, sooner or later., the govt will raid my house, charge me with corruption and probably dismiss me from services.

I ivested 5 lakhs and I reap atleast 5 lakhs a month . This is just a business. If i don't do this, somebody else will. The system has been in existence since decades and will continue .

Desi Batman said...

@ Anon 11:12 AM

I really really appreciate your candid reply.

Corruption is so so deep in system that it is now almost impossible to different between corrupt and non-corrupt activities.

I was wondering if a municipal employee can earn 5 lakhs per month (i.e. 60 lakhs per year), what would be situation above his hierarchy. Therefore if so much money is in the system why is India not a zimbabwe? What is that is controlling this hyper inflation - there has to be something- BUT WHAT?

DhImAn said...

It is easier for you to say that govt employee should find a job in private sector if he is not satisfied with the salary. Where are the jobs ?

Yeah, yeah, yeah.

Don't kid yourself. What you're really saying is that you are so good-for-nothing and that you have no marketable skills whatsoever so you have to become an obstacle in people's way so they will bribe you to remove yourself from their path.

Don't try to blame your dishonesty on anyone else but yourself. Your crass attitude is an insult to honest people everywhere who make much less than 5 lakhs a month, but by honest hard work by selling their skills, not their soul.

So boo hoo - if you have no skills to survive other than by thievery, then let me remind you of a simple rule - survival of the fittest. You are simply not fit to survive.

You, sir, are a thief. You steal from honest people their faith in honesty. You destroy the fabric of faith and honesty that decent society is built on. Do not come before this forum trying to get sympathy about how hard it is to survive in this world.

I have no sympathy for you, because you are like a traitor to a nation, a disease within a body; and regardless of your sly and slick tongued talk, you are finally a thief, for you take that which is not rightfully yours.

samix said...

I would like to clarify my point that I in no way mean to justify corruption.

What I mean to say is that if we increase the salary of the government employees to at least a respectable limit, then hopefully the one's who are striving to be non corrupt may be helped.

Anonymous said...

@Anon 11.52.

You municipal vampire, if I come to you and you me ask for 5L in bribe, I will pay it to you- I will get my work done - and then when you go home in the evening, I will shoot you in the head and take back my money.

You Bloody blood sucking parasite, in any other country you would have been dead long ago.

Indians are bloody cowards to tolerate leaches like you - they should have killed you long ago

Laaloo Prasad yadav said...

Hi Dhiman,

i appreciate your reply to the municipal guy.

Hi samix,
i don't think , increasing the salary would work. Once u sold ur soul.. its sold.. Its not weather the salary is sufficient or not.. any salary is sufficient if u r willing to be happy in the means you r getting..

But greed has no limit... even if salary is increased by 100 times, and all possible materials comforts are provided,... greed ultimately drags you to corruption for MORE and MORE money.

Its not salary that needs to be changed.. but VALUES.

Meghana said...

Guys, there is hope.

When Narendra Modi took over the reins of Gujarat state from Keshubhai Patel, he inherited a system that had sucked the relief money meant for Earthquake victims. There was a lot outrage in Gujarat then (2001-2002) against the rule of Keshubhai.

The man, Narendra Modi, turned it topsy turvy. It is not that bureaucrats in Gujarat are not corrupt, they still are.

But the life of the common person in Gujarat has considerably improved. Earlier, in Ahmedabad, getting work done in a Government Office was the most unpredictable of tasks - u just would not know how to get it done, inspite of the bribes.

Now, if they do not do it and you write a complaint letter (with ur phone number to contact u) they run after you to get work done. If you name specific people who have harassed you, their promotions get stuck.

So Modi has been able to create a system that responds. It is not 100% correct but the way it is getting improved day by day, gives us a lot of hope and a lot of promise for the future.

For a lot of Gujaratis like me, it is a wish that the man one day becomes the PM for a few years and cleans up a lot of mess that exists.

Meghana

DhImAn said...

Meghana, for what it is worth, I agree that all hope is not lost. The example you gave is sound, but fragile.

It is sound because as the old saying goes, a fish starts rotting from the head.

It is fragile because it depends on one person; when he is gone, the system stands to crumble.

But hope is not lost, and there are at least two reasons.

1. People act only when pushed to an extreme. Witness the British raj over India. We could have kicked them out with a minimum of fuss back in the 1700s - but we waited and waited till the disease threatened the host.

There are countless such examples. Small actions could have changed history as effectively as revolutions, but it is not in the nature of man to anticipate the future and take corrective action early.

I hope that one day the system becomes so rotten that it threatens to choke the life out of nearly everybody. That's when we will see a change.

2. The entire system is built on a foundation of fiat money - which is itself based on the expectation of getting something for nothing. Corrupt people also operate that way - they want something for nothing.

The whole something-for-nothing can't last.

People only give bribes because they can, rupees are cheap and RBI creates billions of them every day.

And yet, when money becomes scarce - it eventually must; either because it will be replaced with hard money like gold or silver; or because the overlords of the earth will make it scarce so that way they can do a grab of real assets - when money becomes scarce, people simply won't be able to support corrupt practices.

So there is some hope, however little.

Anonymous said...

This municipal guy is the classic example of a typical Indian bureaucrat. Now, i'm able to understand why the real estate prices have been increasing steadily. To get a building erected, the builder has to go through hundreds of guys like our municipal chap.

shailesh said...

Do people forget that most people don't use airport for travel, but use Train for travel !!! Also there is no land crunch in Navi Mumbai...

50% hike in realty rates

Upcoming airport, coupled with Khargar's infrastructure cited as major reasons for price hike; builders say rates are expected to touch the Rs 12,000 mark

BUILDERS are cashing in on the surge in home-buyer and investor interest in Navi Mumbai properties following the final approval given to the airport in the satellite city.

Prices have seen a major upward swing and flats in one project in Kharghar are going for as much as Rs 6,400 per sq ft up nearly 50 per cent from Rs 3,800-Rs 4,400 which was prevailing in the area before the airport's confirmation. This means that a 1,000 sq ft flat in the project will cost you as much as Rs 64 lakh.

Anonymous said...

See the link between Real estate and underworld... Strong connection with congress folks in Part 6 of the interview...

Its in tamil... English channels will not publish

http://www.jayanews.co.in/swamidelhi_interview/VideoSourcePro.swf

Desi Batman said...

As long as printing of fiat money goes on I don't see any real improvement. Who cares what the real estate price are as long as one can afford it, money flow is unlimited these days.

Builders are quoting high RE prices because people are ready to pay/afford; this is similar to bribe that is paid as long as people are ready to pay. Question is how are people able to afford to pay these prices, where do they get money, may be by same means - corruption, black money, etc... But at the end what goes around comes around.

Anonymous said...

City's are growing at the rate of 5-10% a year and the building industry can not just meet the housing demand. No doubt that the available homes are becoming increasingly expensive. Contrary to the assumptions made by some loggers here, the cities do not lack buyers. Whatever bribes we pay , land in government officers pockets and these guys dictate the market. If a municipal employee nets 5 lakhs a month (no tax), I can imagine him buying 1-2 crore flat without hesitation. It is people like us who suffer.

Scams, Frauds, Gang rapes, Rapes are the daily news we here. Ministers raping secretaries, diplomats raping maids, doling out real estate to kith and kin by ministers, judges amassing wealth etc etc is the daily norm.

It is best for our military to dismiss this corrupt government and give a contract to british or american company to run the country. Indians have a great respect as well fear towards the white race and I'm sure they will set things right.

I am sure that many of you will agree with me

Anonymous said...

I used to get angry when my grandfather used to say that the country would have been better off if angrez did not grant independence. Now, i see his point. Ghoras know how to control people and we really need this talent.

Anonymous said...

1.UP food scam is bigger than 2G scam

2. Patna: Teachers held for sodomy with minor

3. Deaf and dumb woman gang-raped in Jhunjhunu

http://timesofindia.indiatimes.com/city/jaipur/Deaf-and-dumb-woman-gang-raped-in-Jhunjhunu/articleshow/7055973.cms

Sometimes I feel like puking after reading news. I travel from thane to vt everyday. This is the news i read sitting in the train, that too if i get lucky to get a seat . On the way i watch thousands of defecating people on the train tracks in full public view. In the office too, the immediate boss makes me to understand how inferior human being i am in front of him. This country is gone to dogs

Bachera Indian said...

The life in india has gone bad to worst and I can hardly think that where the common man will reach in terms of standard of living, may be like African countries? Who knows???

With current politician and that too congress Indian people will definitely reach to African countries living standards. Look at it we have blown the nuclear bomb on our head by electing colonial leaders (Sonia Gandhi) the fact is that she is not even belonging to Gandhi family. You guys will be surprise to know that foreign people thinks that current Gandhi family belongs to Father of Nation, Mahatma Gandhi.

Well, with this misconception there is any doubt left that this people will take the maximum advantage. Prime Minister may be genius but what’s a use of such PM if he can’t make the use of economic prosperity for the common people, for me he is a big failure in all respect. So people reading this blog, make efforts to change by choosing your leaders

DhImAn said...

You bunch of wussies, you - look at the stuff you are made of:

Baba Deep Singh

Mai Bhago

Fazal Din

Rukhsana Kauser

Rani Lakshmibai

Lacchiman Gurung

Yogendra Singh Yadav

Rama

Each one of these a serious badass.

And we're whining? Show some cojones, senor. Do something about it all.

Anonymous said...

DhImAn!!!!!!!

r u the real one ?

We are good at creating mountain out of a mole. Epics like Ramayana, Mahabharata illustrate this

Anonymous said...

DhImAn, you forgot to mention our contemporary heros
1. Laloo
2, yeduveerappa
3. chavan
4. gadkari
5. thomas
6. raja
7. karunanidhi

million others

Jai Mukambika

Jai Hanuman

DhImAn said...

Come on, don't tell me the sense of humor in this blog is so completely missing...

Also, in a somewhat tongue in cheek fashion, I was hoping for at least one badass guy here...

Desi Batman said...

DhImAn:
Those badass guys made their mark in their time and age. In today's India they would be charged with obscene charges and would be put in some corner and be forgotten their existence in a day's time.

Let's talk about today. You can fix a exception in the system, but what if whole system is behaving like exception. Think about this why is someone paying bribes, being corrupt, getting corrupted?

I knew central excise and other goverment officers who were clean to the core, they used to say that one day they will be transfered to some remote location with no growth, promotion, etc. Well after couple of years they were!!
Another example I remember is a guy saying that if they are not part of corrupt system they will be suffer by being scapegoat, then why not be corrupt and be a culprit.

Whole system sucks and is disconnected from glory history of India. Here past is not prediction of future as we in India progressive thinking is not encouraged. We have hierarchicial model, one has obey orders from top, be it family or work place. Respect is demanded rather than earned.

Jai said...

Hi Vik,

Whats your e-mail address? Can you give me your e-mail address?

Thanks
Jai

shailesh said...

So much for becoming global super power. India is nowhere in these lists,

International Education Test

Anonymous said...

DhImAn,

Thanks for trying to cheer people on this site with the bad ass posts. I think pretty much everyone here has been castrated a long time ago and all they know is how to bitch. and bitch. and bitch.

Don't worry my friend, this too shall pass. Very soon.

Rustamji

Anonymous said...

There are 2 types of people left in mumbai.
1. Changed with the times and realized, do whatever it takes to make money and improve their standard of living.
2. Hoping someone will rescue them by bringing back socialism ... keep blaming politicians, gundas, netas, media, everyone else and their brother.
Which one are you?

Anonymous said...

shailesh @ 9:59am

India doesn't figure in the list because it did not take the test. It was limited to OECD countries and China only.

Vik said...

Jai,
Any reason why you cannot post your comment to the forum ?
Vik

Anonymous said...

The 'superpower' certificate gien by some western countries is just 'MASKA' (buttering) . Indians are pitied all over the world due to organizations like world vision, christian missionary advertisements etc. Pity and respect are two different things. Films like 'slumdog millionaire' etc have made Indians famous. The IT guys earning $100,000 + command the same respect as those Indian slaves shipped by British to guyana, south africa etc.
All this maska is to take indian labour and flood their goods in India making the life of ordinary people more miserable.

Kasbekar said...

@Anonymous 4.54

Well said. India at the moment, does not need mercedez, ferrari, bmw , sony 3d tvs etc etc. People need affordable homes, clean water aand food. All of us want to lead a dignified life, not to be slaves of west.

The present govt is feeding itself and its cronies. People are helpless. There is nothing that anyone could do.

Why isn't the government jailing the money hoarders and black marketers. Or is that these people and govt are a family.

Ex Gulf said...

Let us be realistic. From my personal experience living in gulf, i can say that Indians are least respected people among the expatriate community. One may be a top exec or CEO of a company, his status is less than that of an arab laborer. I am being candid. Indians are either miskeen (poor, timid, fit to be slaves) or gawwad (pimp , cheater, fraudster).

I've never been to Europe or US but i think that Indians suffer the same fate there but to a lesser extent as the countries are more civilised

Our Indian govt should work for the welfare of our people instead of chasing super power status .

First and fore most, the government should intervene in real estate and strive towards affordable housing

Rahul Bajaj said...

Wiki def of superpower:
A superpower is a state with a dominant position in the international system which has the ability to influence events and its own interests and project power on a worldwide scale to protect those interests. A superpower is traditionally considered to be one step higher than a great power.

Now, I don't understand why some people label india as superpower. The whole world witness the spectacle of our power on 26/11. What action have we taken ? Nil. Kasab is still laughing at us, so as the Pakis. Indian police took years to catch a Daku like Verappan and in this process some IPS officers were beheaded by Verappan.

Just read that a lady indian diplomat was frisked and humiliated at some US airport. Reaction from India is the minister Krishna barking like a dog. So much for superpower.

No one will respect us until we are able to stand on our own feet. Charity begins at home so it says. Let us put the domestic situation on order, and then dream of being a superpower.

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shailesh said...

"Mumbai has tremendous wealth. This unholy nexus is closing in on Mumbai because of vested interests," the chief minister told mediapersons here during a chat.

Expressing concern over the growing grip of politicians, sarkari babus and businessmen over Mumbai, the chief minister said, "This needs close monitoring at every level to curb irregularities and malpractices."

Chavan's statement is a clear indication that he has come to Maharashtra as a chief minister with a categorical brief—to come down heavily on the neta-babu-builder nexus, which has wreaked havoc in Mumbai, Navi Mumbai and Thane over the last two decades, say political observers.

Unholy nexus closing in on Mumbai: CM - The Times of India

Anonymous said...

I lived in India/ Mumbai for 22 years, in the Gulf for 3 years and US for 23 years. I will live in the US anyday over Mumbai or the Gulf. As a professional and living in a very decent community, I have all the respect from my Indian and American friends and neighbors. Our Indian values of hard work and sincerity does command respect all over the world, except for India and the Middle East, where the Arabs treat you like dogs..

Anonymous said...

To:
Kasbekar, exgulf, Rahul Bajaj and various anonym INDIA BASHERS:

Before bashing your mother country please set your house in order. No one disputes that there are corrupt people in India and we are poor. Instead of cursing India on blogs, do something positive towards development.

Anonymous said...

Before bashing your mother country please set your house in order.??????


Do you know these guys ? Are they part of corrupt clique.

Plese don't make wild statements unless you proof

Anonymous said...

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he mentions your blog. I found it that way. enjoy!

Anonymous said...

to anonymous above me: I get the feeling that you're just trying to advertise your new blog.

Anonymous said...

RBI to infuse Rs 480 bn; raps govt for cash crunch

http://www.rediff.com/business/slide-show/slide-show-1-rbi-keeps-key-rates-unchanged/20101216.htm

Anonymous said...

RBI will keep the system full with cash all the time until the rupee really collapses. They will keep on printing and borrowing money. The latest mantra is debt is not good for any country but economic growth is, so keep printing and borrowing and keep the system very liquid. High inflation means higher growth. So, RBI will never raise rates enough to kill this inflation. India may be abble to do this for the next 5-6 years with no problems unless there are any political upsets.

The RE market is already 4 times overpriced and with all this liquidity, it will put more air in the bubble.

India has moved to crony-capitalism instead of capitalism. Middle class will be crushed in the next 20 years. It will be 0.1% of the country with 99% of country's wealth and majority would be lower class.

VIK/Shailesh: Post a new article. Keep this log alive. A new article should be there everyday to keep the readership active.

--HB

Anonymous said...

yeah, post something new. i need to procrastinate.

everyone, from the kamvari to CEO to doctor to politician to rickshaw driver to paan-shop owner, is a crorepati.

in the US, hard work leads to success and prestige. Working hard here has brought me to the top in society, whereas in india things are screwed up.

One of my relatives neighbor in india has a daughter my age. I asked her out and she said no because i am not the same caste. It feels like there's more discrimination in india than the US. What a slap on the face.

god, i think i have ADHD.

Anonymous said...

@anonymous above
You are among the lucky ones who managed to go abroad. For vast majority of us, it is a dream.
As regards to your neighbors daughter, caste may not be the cause for her refusal to go out with you. Nowadays Indian girls are very cautious, as India has plagued with rape cases. Family members raping fellow family members, doctors raping patients, God men raping devotees, ministers/diplomats raping maids, cab drivers raping customers. These are all due to govt manufacturing aphrodisiac drugs and distributing to general public to keep them busy. Racial discrimination has almost vanished in India.are

Anonymous said...

"You are among the lucky ones who managed to go abroad. For vast majority of us, it is a dream.
As regards to your neighbors daughter, caste may not be the cause for her refusal to go out with you. Nowadays Indian girls are very cautious, as India has plagued with rape cases. Family members raping fellow family members, doctors raping patients, God men raping devotees, ministers/diplomats raping maids, cab drivers raping customers. These are all due to govt manufacturing aphrodisiac drugs and distributing to general public to keep them busy. Racial discrimination has almost vanished in India.are "

I am American born, visiting india frequently. The issue actually was caste. I was really interested in her and approached with my parents with genuine interest.

I don't believe in the conspiracy about government making aphrodisiac drugs. If anything, it's the current media (TV, movies, bollywood, advertisements) that is very sexually charged. Take for example the advertisements for "Dabaang".

In india, there's more caste and religious discrimination; not racial discrimination. What sucks about caste discrimination is that you look alike, speak the same language, follow the same religious beliefs, eat the same food, etc. It's just that your last name and the actions of other distant family members dictate decisions in your life.

Anonymous said...

also, most successful people in the US are hard working people. In any country in the world, there is a spectrum of poor to rich people. working hard can give varying degrees of success depending on country.

everyone in my extended family in india are happy with just a Bcom degree. They're not motivated enough to pursue a solid degree or grad school after a 4 year degree. With the people I have talked to around my age in india, I get called a nerd for being so hardworking and studying so much.

Even the few family members in india who are successful (education or money), they're still reluctant to make their life better. example, 10 crore in black money but no AC in 100 degree weather and a cheap 10 year old car.

Anonymous said...

Who want their daughter to marry a 'nerd', no wonder they said no. Indians have moved on, ABCDs are left behind in 1960s sentiments.

Anonymous said...

"Who want their daughter to marry a 'nerd', no wonder they said no. Indians have moved on, ABCDs are left behind in 1960s sentiments. "

hahah, you're funny.

in case you're serious about your comment...don't underestimate the power of education and being at the top of your field.

even the bhagavad gita emphasized hardwork and karma yoga.

I visit india frequently (~2 times a year) and the quality of life, etc are all very different between the US and India.

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