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<ul><li>Today's parents are concerned about their children's disconnectedness from their culture and heritage.</li><li>However, technology is making it possible to bring stories related to our past and history to children in an engaging way.</li><li>Dr <keyword id="4755913" type="General" weightage="20" keywordseo="rishi-mohan-bhatnagar" source="Orion">Rishi Mohan Bhatnagar</keyword>, President at <keyword id="4123476" type="General" weightage="20" keywordseo="aeris-communications" source="Orion">Aeris Communications</keyword> writes about the potential that technology has to keep the next generation connected to our rich history.</li></ul>There is widespread concern among Indian parents today about the risk that our children might lose their rootedness to our culture. With busy lifestyles, parents are finding it hard to devote the time to impart these cultural values themselves. This gap is often filled by <keyword id="12806323" type="General" weightage="20" keywordseo="audio-visual-content" source="Orion">audio-visual content</keyword> on various electronic devices. Children can access global content on these devices; given their large budgets and extensive creative teams, it is inevitable that children will be drawn to games and videos from content studios in the West. This leads to a homogenization of cultural signals that children are receiving - they will be more aware of the food, culture, and norms of the West than of their own country. Some children are lucky to have their grandparents living with them, and sharing with these kids the rich stories from our itihasas and puranas. But even with grandparents around, children might prefer the sleekly designed, action-packed games and video content on their tablets! Thus, there is a very real risk that our next generation will grow up without much awareness of our rich and ancient culture. As a parent of young children, this is a very personal question for me. While technology could be blamed for some of these problems, I look at it differently. I believe technology can be the greatest tool to take our culture, tradition, and values to the next generation. Provided of course, that we use technology in bold and innovative ways. Here are some thoughts on how we can leverage tech to take Bharat’s treasures to our children: Powerful audio-visual storytelling India is full of great stories and storytellers. Our classical and folk music also have been vehicles to communicate stories from our itihasas and puranas. For urban children of the previous generations who did not have access to folk storytellers, the <keyword id="173109" type="General" weightage="20" keywordseo="amar-chitra-katha" source="Orion">Amar Chitra Katha</keyword> comics were an excellent gateway to the magical world of our gods and culture. What if we upgraded our comic books for tablet-based consumption? What if one could tap onto the page and listen to the sounds of the war from the <keyword id="49038" type="General" weightage="20" keywordseo="mahabharata" source="Orion">Mahabharata</keyword>? If we make digital comics that are really compelling, we can out-compete the alternate options out there. VR-tours of Indian temples and monuments India is a land of architectural marvels. Imagine if our children can put on a <keyword id="2409754" type="General" weightage="20" keywordseo="vr-headset" source="Orion">VR headset</keyword> and go on a virtual tour through the Rajput palaces, or up to the icy slopes of Mount Kailash? The VR experience can include powerful storytelling that educates and excites the children, so that they will want to seek out these monuments by themselves. We can even incorporate games into the VR experience. When games like <keyword id="1011585" type="General" weightage="20" keywordseo="Temple-Run" source="Orion">Temple Run</keyword> are popular, these virtual reality games in real ancient temples can become even more attractive among our children. Holograms of historical figures What if we could bring home some of the figures of our history, in 3-D holographic form? Imagine a birthday party with holograms of little Krishna or Shivaji the great. The personalities from our past will leap out of the pages of our kids’ history books and into their drawing rooms. Will this not plant the desire in them to learn more about these legends? Compelling digital (and physical) games India has a $1.5B market for physical games and toys. Game creators are pushing the boundaries in creativity, and there are games these days that do not just engage children but also educate. But these learning-centric games typically focus on mathematics, general knowledge, and logic. I believe that for our children to be successful, it is equally important for them to have a grounding in Indian value systems. This is not a ‘nice to have’, but a ‘must have’. I have observed many successful people, and their rootedness gives them the strength and clarity to push toward success. The need of the hour is for well-crafted digital and digital-cum-physical games that are built around Indic stories and values. We should embrace tech and use it creatively to our advantage. That is the way forward.

Technology: Helping take culture and heritage to the next generation

With superfluous philosophical depth, <keyword id="49038" type="PERSON" weightage="20" keywordseo="Mahabharata">Mahabharata</keyword> is a chronicle which comprises the essence of war, politics, religion, parenting, ethics and Dharma. This grand epic is all about the battle between two collateral branches of the Kuru clan to overpower the throne of Hastinapur. You’ll become tongue-tied after witnessing the vivid records of fundamental philosophers, mighty warriors, critical thinkers, sages and devoted wives of this heroic tale. 
 
With every character having a unique understanding and characteristics, we chose 5 that anyone would love to hire for their organisation

5 Characters from Mahabharata
that you’ll just love to hire

<ul><li>Indians buy <keyword id="18712" type="General" weightage="20" keywordseo="gold" source="Orion">gold</keyword> on <keyword id="126295" type="General" weightage="20" keywordseo="akshaya-tritiya" source="Orion">Akshaya Tritiya</keyword> as it is believed that the day symbolises good luck, success and fortune.</li><li>This year Akshaya Tritiya falls on April 22 and companies are offering multiple ways consumers can buy gold.</li><li>Gold has risen 15% since the last Akshaya Tritiya on May 3, 2022.</li><li><keyword id="46002" type="General" weightage="20" keywordseo="gold-prices" source="Orion">Gold prices</keyword> scaled a record high of ₹61,660 per 10 gm on April 19, 2023 in Mumbai.</li></ul>Akshaya Tritiya also known as Akha Teej is a Hindu festival considered to be a highly auspicious and sacred day – and a good day to buy gold and properties. As per mythology, a number of events took place on Akshaya Tritiya, making it an auspicious day. For instance Maharishi Ved Vyasa, the author of Mahabharata, is believed to have started narrating the epic to Lord Ganesh on this day. This year Akshaya Tritiya falls on April 22, Saturday. And gold has risen 15% since the last Akshaya Tritiya on May 3, 2022, according to Quantum AMC. Gold prices hit a record high at ₹61,660 per 10 gm on April 19, 2023 in Mumbai. “This Akshaya Tritiya seems like an opportune time to load up your purchase as the macroeconomic backdrop and risk-reward dynamics seem to favour gold and the downside looks limited,” said Ghazal Jain, fund manager- alternate investments, Quantum AMC. The yellow metal is considered as a hedge against inflation and a safe haven compared to assets like equities, bonds and currencies. A mild recession and weaker earnings have historically been gold-positive. A further weakening of the dollar as inflation recedes could provide support for gold. The current uncertain macro environment triggered by the war between Russia and Ukraine, high inflation across the globe, rising interest rates and now the banking crisis in the US and Europe – all make a case for buying gold. “Domestic gold prices are derived from international gold prices. International gold prices are priced in US dollars and hence the dynamics of the US economy are big drivers of gold prices. Expectations of a monetary policy pivot by the Federal Reserve are gathering steam after a regional banking crisis in the United States made the economic impact of higher interest rates apparent,” said Jain. “Further deterioration in economic conditions could drive risk aversion, hurt risk assets and lead gold prices up,” she said. Soaring gold prices have led Titan’s jewellery arm Tanishq to reinstate its advanced booking option, allowing buyers to lock in the price of the yellow metal ahead of Akshaya Tritiya. It has also amplified its gold-exchange programme and introduced an affordable range of jewellery to woo consumers. From gold jewellery and coins to gold ETFs or exchange-traded funds, there are multiple ways in which one can invest in gold. Here are some ways to invest in gold: <keyword id="36023" type="General" weightage="20" keywordseo="Gold-coins" source="Orion">Gold coins</keyword> You can buy gold coins from MMTC-PAMP – a joint venture between Switzerland-based bullion brand PAMP SA and MMTC, a Government of India Undertaking. You can also buy them from non-government sources such as jewellers and bullion traders. <keyword id="2754241" type="General" weightage="20" keywordseo="Sovereign-gold-bonds" source="Orion">Sovereign gold bonds</keyword> Sovereign gold bonds (SGB), a substitute to physical gold, is a paper issued by the government that is denominated in terms of grams of gold. Basically, SGBs give investors an exposure to gold, but not in a physical form like gold bars or jewellery. The Indian government had initiated the investment options in 2015 as an alternative to owning physical gold. These bonds have a term of eight years with a lock-in period of five years. However, that does not necessarily mean that the investment needs to be compulsorily held till maturity. Investors can opt for premature redemptions. Additionally, gold bond investors have the option of selling the bonds anytime on the stock exchanges. Gold exchange-traded funds (ETFs) Gold ETFs are passive investment instruments that invest in gold bullion, and aim to track the domestic physical gold price. In other words, Gold ETFs are units representing physical gold which may be in paper or dematerialised form. ETFs reflect the current gold prices unlike physical gold prices, which vary across India depending on local taxes in each state, transportation cost and other related costs. Since ETFs are listed on an exchange, they offer high liquidity. You can buy or sell your holdings at any time during the day at the real-time price of gold. <keyword id="1024100" type="General" weightage="20" keywordseo="Gold-mutual-funds" source="Orion">Gold mutual funds</keyword> Gold mutual funds are a type of mutual fund that invest their corpus in various gold forms including physical gold and gold mining companies. The performance of gold funds is dependent on the movement of stock prices of these companies. Since gold mutual funds are actively managed by a fund manager, it has the potential to offer higher returns as compared to gold ETFs that mimic a market index. <keyword id="4465249" type="General" weightage="20" keywordseo="Digital-gold" source="Orion">Digital gold</keyword> It allows you to purchase the precious metal online, but eliminates the need to physically store it. Digital gold can be bought online through fintech platforms like Groww, Kuvera etc., and through brokers as well. The gold purchased as digital commodity will be stored in insured vaults by the seller on behalf of the customer. All you need is internet/mobile banking and you can invest in gold digitally anytime, anywhere. Moreover, you can invest an amount as low as ₹10. Here is how to invest in digital gold via fintech platforms: <ul><li>Signup on the fintech platform to start the investment</li><li>Enter an amount in rupees or grams</li><li>Complete the know-your-customer (KYC) process</li><li>Pay for the investment</li><li>Store your gold in a secured locker</li><li>Later, when you sell you can choose to sell your gold digitally on the platform or take physical delivery of the gold. You can request for a doorstep delivery of your gold in the form of coins or bullion. </li></ul> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/rils-q4-to-be-driven-by-sustained-momentum-in-retail-business-o2c-to-see-modest-growth/articleshow/99629278.cms">RIL’s Q4 to be driven by sustained momentum in retail business, O2C to see modest growth</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/condom-maker-mankind-pharmas-4326-crore-ipo-to-open-next-week-on-april-25/articleshow/99614288.cms">Condom maker Mankind Pharma’s ₹4,326 crore IPO to open next week on April 25</a>

Here are the many ways you can invest in gold this Akshaya Tritiya

<ul><li>On the day of <keyword id="126295" type="ORGANIZATION" weightage="20" keywordseo="Akshaya-Tritiya">Akshaya Tritiya</keyword>, gold, silver and jewel shops generally have long queues of customers with the total gold volume sales touching the year’s peak all over the country. </li><li>Buying gold on Akshaya Tritiya is considered a sign of good luck and an invitation to prosperity into the household in the age-old Hindu tradition. </li><li>Here we discuss some excerpts from the tradition suggesting why you must purchase gold on the day of Akshaya Tritiya.</li></ul>Akshaya Tritiya, the third day of the waxing lunar phase in the month of Vishakha is one of the most auspicious days to the Hindu households. The day is earmarked for new beginnings be it a new venture, activity, construction or business. It is believed that what began on this day grows indefinitely with fewer hurdles to progress. People invest in gold on this day deemed as a lucky move. It is believed to multiply gold stock in the household. Given below are some traditions that suggest why buying gold on this day can bring good luck. The day to get the blessings of Lord Kuber Once upon a time, Kubera, the son of Vishrawava, ruled the land of Lanka. His step brother Ravan seized the city and all other wealth from Kubera, and banished him from the ‘golden’ city of Lanka. Kubera later led a devout life and performed penances and won him the blessings of Lord Brahma and Shiva. Viswakarma, the architect of the gods, constructed a fabulous city for him named Alkapuri near Mount Kailash. Mahabharata says that it was on the day of Akshaya Tritiya that Kuber was blessed with the lordship over the wealth of heavens. On this day, he was made the controller of the Northern direction. Hence, worshipping Lord Kuber, the god of wealth, on the day of Akshaya Tritiya will bless the household with prosperity. Since Lord Kuber had got back a lot of gold on this day, buying gold on Akshaya Tritiya is believed to be a lucky thing. Pandavas got Akshaya Patra from sun god on this day An anecdote from the epic Mahabharata describes the importance of this day. Once, Lord Krishna visited the Pandavas in exile in the forest. While Krishna was at their humble domicile, Draupati felt helpless as she could not treat their divine guest with a good feast. Lord Krishna accepted a small leaf stuck to the vessel in which they had prepared food, and said their love satiated his hunger. Lord Krishna gave a boon that the Pandavas will receive Akshaya Patra from Sun god. The Akshaya Patra or the never-ending vessel supplied them with endless food throughout their exile. What began on this day is known to grow endlessly and hence people buy gold on Akshaya Tritiya hoping that their wealth will multiply in their household. When to buy gold on <keyword id="8816344" type="UNKNOWN" weightage="20" keywordseo="Akshaya-Tritiya-2020">Akshaya Tritiya 2020</keyword> The date of Akshaya Tritiya in 2020 is Sunday, April 26, 2020. The Tritiya Tithi begins at 11:51 am on April 25, 2020 and ends at 01:22 PM on Apr 26, 2020. The auspicious time to buy gold on Akshaya Tritiya is from 11:51 am on April 25, 2020 to 1:22 pm on April 26, 2020. See Also - <a href="https://www.businessinsider.in/india/article/everything-you-must-know-about-akshaya-tritiya-date-puja-timing-puja-vidhi-benefits/articleshow/75353768.cms">Akshaya Tritiya puja timing and puja vidhi</a> <a href="https://www.businessinsider.in/india/news/how-to-buy-gold-online-for-akshaya-tritiya-during-the-lockdown/articleshow/75354647.cms">How to buy gold online on Akshaya Tritiya</a>

Why people buy gold on Akshaya Tritiya

<ul><li>A few good books believe that the Sat Yug and Treta Yug began on this very day. </li><li>Hindu households conduct special pujas commemorating <keyword id="126295" type="ORGANIZATION" weightage="20" keywordseo="Akshaya-Tritiya">Akshaya Tritiya</keyword> and buy gold, silver, valuables and utensils on this day for luck. </li><li>Here is the significance of the day, puja timing, puja vidhi and how to celebrate Akshaya Tritiya in 2021. </li></ul> Akshaya Tritiya is considered to be an extremely promising day for starting anything new. People offer special prayers at home and also purchase gold, silver and valuables as it believes that it will bring good luck. <keyword id="6449144" type="UNKNOWN" weightage="20" keywordseo="akshaya-tritiya-date">Akshaya Tritiya date</keyword> and timing in 2021 In 2021, Akshaya Tritiya falls on Friday, 14, 2021. The Tritiya Tithi begins at 05:38 am on May 14, 2021 and ends at 07:59 am on May 15, 2021. The duration of the puja muhurat is 6 hours 40 minutes on this day from 05:38 am to 12:18 pm at 14 May. The auspicious time to buy gold on Akshaya Tritiya is between 05:38 am 14 may to 5.30 am till 15 May 2021 Significance of Akshaya Tritiya The Sanskrit word Akshaya means ‘endless’. The Hindu scriptures have a number of references to Akshaya Tritiya. A few good books believe that the Sat Yug and Treta Yug began on this very day. Lord Ganesh began composing the epic ‘Mahabharata’ on this day. On the day of Akshaya Tritiya, Lord Krishna divinely rewarded his friend Sudhama with prosperity and riches. This day is also the birth anniversary of Lord Parashuram, the sixth incarnation of Lord Vishnu. This day also saw the descent of the Holy River Ganges onto the earth. <keyword id="7604390" type="UNKNOWN" weightage="20" keywordseo="Akshaya-Tritiya-Puja-vidhi">Akshaya Tritiya Puja Vidhi</keyword> Wake up early in the morning on Akshaya Tritiya. Taking a holy dip in a sacred river is considered highly auspicious on this day. Set up an altar at home for the puja. Install the statues of Ganesh and Goddess Lakshmi. Some people also perform Lakshmi Narayan puja on this day. Apply sandalwood paste and tilak to the idols and chant the mantras of Lord Ganesh, Mahavishnu and Mahalakshmi. Make a special dish with the ingredients milk, rice and chana dal and offer to the deities. At the end of the puja, perform arati and distribute prasad to the attendees and family members. Benefits of doing Akshaya Tritiya puja Akshaya Tritiya puja at a home is known to confer longevity, health, wealth and prosperity on the members of the household. The house is blessed with never-ending flow of resources that will help overcome all the obstacles to progress and development. At offices, Akshaya Tritiya puja is believed to dispel hurdles to progress and pave way for business development and more profits. See Also - <a href="https://www.businessinsider.in/india/article/why-people-buy-gold-on-akshaya-tritiya/articleshow/75353565.cms">Why people buy gold on Akshaya Tritiya</a> <a href="https://www.businessinsider.in/india/news/how-to-buy-gold-online-for-akshaya-tritiya-during-the-lockdown/articleshow/75354647.cms">How to buy gold online on Akshaya Tritiya</a>

Akshaya Tritiya 2021 date, puja vidhi timing and benefits

The Prime Minister on Sunday reprimanded his party members for making inappropriate and inaccurate statements every time they see a camera. In an address telecast on his personal NaMo application, <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> <a href="https://economictimes.indiatimes.com/news/politics-and-nation/pm-modi-warns-bjp-legislators-against-making-out-of-turn-statements/articleshow/63869881.cms" data-type="tilCustomLink">told</a> his party motormouths, “We make mistakes and give 'masala' to the media... as if we are great social scientists and experts to analyse issues... the moment you see a camera you start speaking. So this half-baked stuff is picked up." He also mandated that only designated spokespersons of the party will comment on issues as and when necessary. This slap on the wrist came a day after Union minister <keyword id="6344967" type="PERSON" weightage="20" keywordseo="santosh-ganwar">Santosh Ganwar</keyword>’s controversial statement that “In a nation as big as India, one or two incidents of rape should not be hyped.” This comment was quick to draw criticism and he, in turn, blamed the media for ‘twist(ing)’ his statement. Here’s a refresher course on some of the other comments made in the recent past by BJP party members that might have nudged the Prime Minister to make the above statement. <ol><li>Tripura Chief Minister <keyword id="3595308" type="PERSON" weightage="20" keywordseo="biplab-deb">Biplab Deb</keyword> insists Internet existed in the days of Mahabharata. Here’s the <a href="https://economictimes.indiatimes.com/news/politics-and-nation/internet-existed-in-the-days-of-mahabharata-tripura-cm-biplab-deb/articleshow/63803490.cms?utm_source=AMPusers&amp;utm_medium=fbshare&amp;utm_campaign=socialsharebutton&amp;from=mdr">statement</a>: "India has been using internet since ages. In Mahabharata, Sanjay was blind but he narrated what was happening in the battlefield to Dhritarashtra anyway. This was due to internet and technology. Satellite also existed during that period." A day after this comment was made, the state’s Governor <keyword id="866788" type="PERSON" weightage="20" keywordseo="Tathagata-Roy">Tathagata Roy</keyword> backed Biplab Deb’s theory by <a href="https://timesofindia.indiatimes.com/india/governor-tathagata-roy-backs-biplabs-mahabharata-remark/articleshow/63823137.cms">saying</a>, “Tripura Chief Minister’s observations about the happenings of the Puranic period are topical. It is virtually impossible to conceive of devices like ‘Divya drishti’, Pushpaka Ratha’, etc without some kind of prototype and study thereon”. </li><li>Junior Education Minister Satyapal Singh rubbishes Darwin’s theory of evolution. Here’s what he had to <a href="https://www.ndtv.com/india-news/junior-education-minister-satyapal-singh-says-charles-darwin-wrong-nobody-saw-ape-turn-into-human-1802617">say</a>: "Darwin's theory (of evolution of humans) is scientifically wrong. It needs to change in school and college curriculum. Ever since humans came to Earth, they have always been humans." He went on to say, "Nobody, including our ancestors, have said or written that they ever saw an ape turning into a human being. No book we have read or the tales told to us by our grandparents had any such mention."</li><li>BJP leader S Ve Shekher shared a Facebook post titled “Madurai University, Governor and the Virgin Cheeks of a Girl.” This was in <a href="https://www.thenewsminute.com/article/s-ve-shekher-booked-fb-post-case-against-journos-who-pelted-stones-his-house-79991">response</a> to when the Tamil Nadu Governor Banwarilal Purohit inappropriately patted a woman journalist on the cheek. The rest of the post read: “I feel pity while looking at that woman journalist. She claims she was disturbed because the governor touched her. But when you read her tweets, it is understood that her intention was to target the Governor and Modi. It is actually the governor who has to wash his hands with Phenoyl after touching her. These (TN media persons) are cheap and disgusting creatures. Most people who work in the media in TN are usually Illiterate, cheap and don’t have any general knowledge. This woman is not any different.” </li><li>BJP MP <keyword id="6462806" type="UNKNOWN" weightage="20" keywordseo="Vinay-Katiyar">Vinay Katiyar</keyword> believes Muslims have "no business" to be in India. Here’s what he had to <a href="https://economictimes.indiatimes.com/news/politics-and-nation/muslims-have-no-business-to-be-in-india-bjp-mp-katiyar/articleshow/62823901.cms">say</a>: "Muslims should not be staying in India. They divided the country on the basis of their population. There is no need for them to stay in this country. They got a separate land. They should go to Bangladesh or Pakistan. They have no business to be India." </li><li>BJP youth wing leader tweeted (and then deleted) that he is responsible for the burning down of the Rohingya refugee camp in New Delhi. The fire gutted at least 50 shanties in southeast Delhi’s Sarita Vihar and rendered over 200 refugees homeless. On 15 April 15, <keyword id="6452657" type="UNKNOWN" weightage="20" keywordseo="Manish-Chandela">Manish Chandela</keyword> <a href="http://indianexpress.com/article/india/bjp-youth-wing-leader-accepts-to-burning-rohingya-camp-in-delhi-prashant-bhushan-files-complaint-5144747/">tweeted</a> from his account: “Yes, we did it and we do again #ROHINGYA QUIT INDIA.” “Well done by our heroes.” “Yes we burnt the houses of Rohingya terrorists.” Screenshots of the tweets were shared with Delhi Police by advocate <keyword id="6368850" type="DEFINITION" weightage="20" keywordseo="prashant-bhushan">Prashant Bhushan</keyword>. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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</li></ol>Note: All these statements were made in 2018.

5 times BJP ministers gave "masala" to the media

25th October 2016 was certainly a red-letter day in corporate history when the sitting, hand-picked Chairman of the Tata group and the single largest individual shareholder was sacked ignominiously with no prior information. The fact that this was done through the press with vague reasons like “performance and ethics” causing his downfall did not convince anyone. 
 This article would like to present another perspective. I have had no association with the Tata group and my comments are based on my understanding of the corporate world after spending almost 4 decades in this fascinating yet dog-eat-dog and highly politicized world. I have taken the liberty of using Bhishma Pitamah as a parallel for <keyword id="6360722" type="PERSON" weightage="20" keywordseo="ratan-tata">Ratan Tata</keyword>, Arjun for <keyword id="6356895" type="PERSON" weightage="20" keywordseo="Cyrus-Mistry">Cyrus Mistry</keyword> and Yudhishtar for the <keyword id="46894" type="PERSON" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword> board. 
 
Various television channels, with dozens of corporate gurus, have been pontificating about the Group and the key players, the flamboyant and highly visible Ratan Tata and the underplayed and introvert Cyrus Mistry. Obviously, most of these “gurus” have taken the side of the Tata group because that is the side their “bread will be buttered” for a long time to come. They are questioning the use of the term “lame duck” and the silence of Cyrus Mistry over the past 4 years. I would like to ask these “gurus” what else could they expect from a worthy successor of Ratan Tata who had inherited major problems, especially because he was not just the unanimously elected Chairman but also a shareholder. 
Cyrus Mistry was caught in an unenviable position – damned if he did and damned if he did not. Had he complained about the problem, our pundit would have written his epitaph very early stating that he was not large enough for the shoes of Bhishma Pitamah, My admiration for Cyrus Mistry goes up exponentially since he decided to clean-up after his more illustrious predecessor without washing their dirty linen in public. 
 
The doyen of corporate India, Bhishma Pitamah Tata, who will be 79 years on 28th December 2016, was responsible for the exit of most of the Tata group company leaders when he took charge as group Chairman (after a rather non-descript stint at the now defunct Nelco) built a strong brand and large global business that had its share of big successes and equally large failures. Since 1991, when took over as Chairman, he strode the corporate world like a colossus buying businesses. He promulgated the “retirement” age of the Tata group at 75 years, while most companies in corporate India still keep this age between 58 – 65 years. When he announced that he would be stepping down to bring in younger leadership, the world applauded his forward looking thinking. But like the old wise man from the Mahabharata, he assumed that he was tied to the throne as long as he was alive. 
 
Cyrus Mistry, in his very Arjunesque manner, had his eyes only on the target of increasing the returns to shareholders and closing down failing and non-profitable businesses. He went about his work clinically, delivering results as is evident from his letter published in all the newspapers today. 
 
To quote him, “Despite all of the above, during my term, the operating cash flows of the group have grown at 31% compounded per annum. The Tata Group valuation from 2013 to 2016 increased by 14.9% per annum in rupee terms as against the BSE Sensex annual increase of 10.4% over the same period. The Tata Sons net worth has increased from approximately Rs 26,000 crores to Rs 42,000 crores, after considering the impairments. This has significantly strengthened our balance sheet, enhancing our ability to absorb further shocks from restructuring in the companies.” 
 
If this is not great performance, I fail to understand what is! Corus, Nano, Air Asia, Air Vistara, overseas hotels, and dozens of other businesses started the under the leadership of Ratan Tata were not viable and the losses of these businesses will surely have to be taken into account sooner than later because they cannot stay hidden in the vast balance sheets and myriad of companies of the group.. 
 
The Board is equally accountable and responsible for the developments in the Group. They cannot claim to be the proverbial ostriches who did not know what was going on and under the garb of seeking support, they have decided to support with a person they perceive to be the stronger of the two. Yudhishtar, in Mahabharata was asked whether the son of Guru Dronacharya, Ashwathama had been killed. Yudhishtar, who had never told a lie in his life looked at an elephant named Ashwathama who Bhim had killed and replied that “Ashwathama is dead”. Guru Dronacharya surrendered his arms and was killed. That was a changing moment in the battle. Yudhishtar, whose chariot, always moved a few inches above the earth, had knowingly colluded with an untruth and his chariot dropped to the ground. 
 
The Tata Sons Board is no different from Yudhishtar. Not one of them had the courage to stand up to Bhishma Pitamah Ratan Tata. Losses were significant in most companies and yet these losses were being concealed in the books. Was there a threat that Cyrus Mistry would expose all in his efforts to clean-up? Board members, who pride themselves for their impeccable track record are equally complicit since they meekly accepted the decision as a fait accompli. Was it the threat of malfeasance and being exposed which led to this change? If a fresh start is being looked, shouldn’t the entire board be changed? 
 
The Tata Trusts which control a majority stake in Tata Sons have much to answer for as well. The stake holders in the Trusts are not only the trustees but the very large number of beneficiaries. What would happen to all the philanthropic work being down by these trust if Tata Sons has to take a write down of over US$ 19 billion? 
 
The battle has just begun. The skeletons will start to tumble out of various closets and all the dirty linen is being collected for being washed in the public domain. The domino effect is only just beginning. The stock market has already wiped out Rs 23,000 crores of the Tata market value in 2 days. 
 
The Tata group will now come under intense scrutiny. Its accounts will be looked at, its auditors will be questioned and its people will have to answer questions. They have given themselves four months to find a permanent successor to Cyrus Mistry, an uphill task but then the Board does not need to worry – they have the 79 year old Bhishma Pitamah to run the empire for as long as it takes. 
 
Sometimes, the moral of the story is to “let sleeping dogs lie”! 
 
(The author of this article is the founder Chairman of Guardian Pharmacies and the author of the best-selling books, Reboot. Reinvent. Rewire: Managing Retirement in the 21st Century; The Corner Office; An Eye for an Eye and The Buck Stops Here - Learnings of a #Startup Entrepreneur.)

The Tata “Mistry” and its implications

<ul><li>Narendra Modi arrived at the Bharatiya Janata Party (BJP)'s headquarters in Delhi to deliver his first speech after the vote count has predicted a historic election victory for the saffron party. </li></ul> To the popular, hard-working President, brother Amit Shah... To the BJP’s all esteemed colleagues and my brothers and sisters… Today, even the rain God has decided to join us in this celebration of victory. The people’s mandate for the 2019 Lok Sabha, we went to the people for a mandate for a new India. Today we can see that crores of India’s citizens have filled the jholi (satchel) of the fakir (a saint who has taken a vow of poverty). I bow my head before India’s 130 crore citizens. In the democratic world, just this electoral number of 2019 Lok Sabha elections — this victory — is in itself a big incident in the history of democracy. This is the biggest incident in the entire world. There have been so many elections since the country’s independence but since then, after so many elections, the highest voter turnout was in this election, and that too, amid temperatures of 40-45 degrees celsius. This in itself is Indian citizen’s awareness, India’s commitment to democracy, the entire world has to register, the entire world has to register and recognise India’s democratic prowess. On this occasion, in the celebration of democracy, to those people who have sacrificed for the sake of democracy, those who were injured, I offer my condolences. In the history of democracy, they have set an example that will inspire coming generations to lay down their lives for the sake. To the Election Commission, to the security forces, to those people who handled this celebration of democracy in the best way such that it increased everyone’s belief in democracy, for offering the arrangement to successfully conclude the process of elections, I want to offer my heartfelt congratulations. Friends, when the battle of Mahabharata ended, Lord Krishna was asked, “Who’s side were you on?” At that time, in the time of Mahabharata, the answer that Lord Krishna had give, today in the twenty first century, in the 2019 elections, the people of India, the 130 crore citizens, have given the same answer as Lord Krishna. Lord Krishna had said that he was not fighting for any side. ‘I was only on the side of Hastinapur,” he had said. The citizens of the country have stood on the side of India, voted for India. Therefore, this feeling of the Indian people is the guarantee of India’s bright future. I have been saying from the first day of this election, no party is fighting this election, no candidate is fighting, no leader is fighting this. This election is being fought by the people of this country. Those who had their eyes and ears closed found it difficult to understand my words. But today, the people have expressed my feelings. Therefore, if there is a winner today, it is India. If there is a winner today, it is democracy. If there is a winner today, it is the people. Therefore, we the workers of the BJP, our friends in the NDA, we dedicate this victory in the feet of the people. I heartily congratulate all the winners of this <keyword id="43815" type="PERSON" weightage="20" keywordseo="Lok-Sabha-election">Lok Sabha election</keyword>. And all the winners -- whichever party you are from, from whichever background -- for the bright future, with commitment, I believe they will walk shoulder to shoulder towards a bright future, will serve the country, with that belief I heartily congratulate them. There were four assembly elections too-- Odisha, Sikkim, Andhra Pradesh, and Arunachal Pradesh. I also want to congratulate those who have been elected to those assemblies, the government that has been selected by the people of those states, I want to reassure them too, that the BJP is committed to India’s constitution and to federalism. And therefore, these things, to the winners, I want to assure them that the central government will walk shoulder to shoulder with them in their journey towards development. Just like what our President said, the crores of BJP’s workers, their efforts, their purpose, I feel so proud that the party that I am part of has such generous people. Crores and crores of workers have only one feeling, “Bharat Mata ki jai”. And nothing else. Those workers, every partner of the BJP family deserves crores and crores of compliments for selflessly held the flag of democracy high, to fulfil the aspirations of the country’s common people, with all your heart and soul, in a democratic way, took part in this entire democratic process, to enhance its pomp and pageantry, served a glorious role. BJP has a speciality. And that is, even when we were split into two, but we never changed our path, didn’t allow our values to disappear. We didn’t stop, didn’t tired, didn’t bow down even when we were split into two. And today, we have come back for the second time. In this journey from being split into two to this return for a second time, there have been many ups and downs. We didn’t lose our hope when we were two, and now, we have come back twice but we haven’t left our politeness, we haven’t left our wisdom, we haven’t left our values, and we haven’t left our culture. Friends, I as myself busy and because of that I couldn’t focus on the election results. And because of that, I don’t even know fully, what happened and where. But what the President said in detail, I, after tonight, will take time and see what happened through the day. But what the President said, this in itself will force India’s political pundits to leave their entire twentieth century theories. This is the 21st century and this is new India. Our victory in today’s election is followed by chants of ‘Modi, Modi, Modi’. This is not a vicotry for Modi. But, today’s victory is not a victory for Modi. This is a victory for the aspirations of every citizen of this country craving for honesty. This is victory of the young man who is walking with the dreams for the 21st century. This is a victory for that mother who, with all her self-respect and dignity, is desperate for a toilet. This is a victory for that sick man, who for 4-5 years could afford a treatment but today, he got his treatment and this is his blessing. This victory is for those farmers in the country who sweat it out, who starve their stomach to feed the country and take strange troubles. This is a victory for the 40 crore unorganised labourers who, for the first time… The people from the left may offered many ideas but this is the first government, which does not have the label of the left but it provided pension for 40 crore people, the unorganised labourers, and gave them a respectable life. This is their victory. Those who were homeless for long but today have pucca homes, it is their victory. It is a victory for them, who will get pucca homes by 2022. Brothers and sisters, this is a victory for the middle class families who kept following the law and the rules, who kept paying taxes for the welfare of the country but they never got respect or the belief that the tax that they are paying whether it does benefit the country. In the last five years, they experienced that what they pay is reaching the right place. The satisfaction that the middle class families feel has been seen in the results of this election. The strength of honesty has got an approval this election and has brought about a change in India. Brothers and sisters, in our country the election has happened like this. Otherwise you would have seen that for 30 continuous years in the country, especially-- although the drama has been going on for years--- it had become a fashion to do anything and wear a tag, which had become equal to taking a holy dip in the Ganges. The name of that fake tag was ‘secularism’ and there used to be chants “seculars come together”. You would have seen from 2014-19, that entire section has stopped talking. In this election, not even one political party has the guts to wear the mask of secularism to fool the country. They have been unmasked. Secondly, there has been no election in this country where the central focus hasn’t been inflation. This election has been such where not even one political party has accused us of inflation. All of India’s earlier elections where marred with the topic of corruption. Parties were forced to answer about corruption. This was the first election were any political party couldn’t accuse 5 years of administration with corruption charges. These things have been constant in India’s democracy and they were missing in India’s elections this time, and that’s why political pundits couldn’t understand on what scale should these things be measured. Brothers and sisters, this election has laid down the foundation for the 21st century’s social, public and political life. Those who want a brighter future for the country have built a new narrative with this election for unity of the nation, The weaker section of the society has forced the country to reconsider their old beliefs. Now, there are only two caste living in the country and the country is going to be focused on these two castes. In the 21th century, there is a caste in india, the poor, and other castes in the country who have some contribution to free them of poverty. There are the ones who want to come out of poverty and the one who wants to bring people out of poverty. We have to empower these two. We have to walk with this dream. Friends, this election is important because we have won with a massive mandate which has stunned the world for next 5 years. Take a moment, this is the time when India will celebrate Mahatma Gandhi’s 150th birth anniversary, when in 2022 India will celebrate 75 years of independence. This duration is like the time between 1942-1947, when the whole of India had one common goal in mind – freedom. Whatever people did – from leaving schools to going to jail, was all for freedom – it was a people’s revolution that brought freedom to the country . This duration of 2019-2024 will be to remember the martyrs of India’s freedom movement. During that time, the population was also not as much as today – 130 crore people and if we resolve then we can free the country of all problems. We have to take the country towards prosperity and be a developed country. We have to fulfil the basic needs of the poor in the country. We have to emulate the spirit of freedom during 1942-1947 for a prosperous India, then we can take the country to new heights. And that’s why friends, we have to accept this election results with humility. A government is formed with people’s mandate but keeping in mind the spirit of India’s democracy, we have to remember that the government works with inclusion. And that’s why who said what during the campaigns is in the thing in the past for me now. We have to look forward and move forward along with everyone – even the opposition, for the benefit of the country. And that’s why even after with this massive mandate we have to move forward with humility within the limits of the democracy. Constitution is supreme for us and we will follow every word of it to move forward. And every member of the BJP and every citizen of India, will have the same enthusiasm I’m sure. Brothers and sisters, this country has given us a lot. Today, in front of the country, I want to say something – I want to make Indians believe that you have filled the bowl of this beggar. My beloved citizens of India, you have filled the bowl of this beggar – with expectations, hopes and dreams. I understand the gravity of this but I will tell the country that in 2014 you didn’t know me much yet you trusted me. In 2019, after knowing me well you have given me more strength. I understand the feelings behind this decision very well. As Amit Shah said, after many years a selected government has come back to power more strength. This means that Indians have so much trust in us and as the trust increases, so does the responsibility. And that’s why I want to tell you – with the duty that you have given me, with the support all our friends in NDA have given us and the hard work they have put in – I will not do anything with bad intentions. I might make mistakes but none of them would be with a bad intention. Secondly, you have given me such a big responsibility, I want to reiterate that I won’t do anything just for myself. Thirdly, I want to say one thing publicly, every second of my time and every cell of my body is dedicated solely to the citizens of this country. Whenever you assess me, consider these three parameters. If I fall short of any expectations, then criticise me.but the things I say publicly, I will try to live up to those expectations. During this election, we got to know the work and effort of every common worker of the party. From the common worker to the party president, I welcome the hard work and efforts of everyone and thank them. Thank you.

Full text of Modi’s first speech after historic election victory

In the past few days many celebrities have raised their voice against the appointment of TV actor <keyword id="258297" type="PERSON" weightage="80" keywordseo="Gajendra-Chauhan">Gajendra Chauhan</keyword> as the <keyword id="2898983" type="UNKNOWN" weightage="80" keywordseo="FTII-chairman">FTII chairman</keyword>. Now film-maker <keyword id="30014" type="PERSON" weightage="80" keywordseo="Vivek-Agnihotri">Vivek Agnihotri</keyword>, whose political satire ‘Buddha In A Traffic Jam’ recently won the Best Original Screenplay in a foreign language award at the Madrid International Film Festival, has extended full support to FTII students. Pointing towards the qualification of Chauhan, he told Business Insider (BI) that “one can’t give a chance to a raw pilot to fly a Dreamliner and an intern to do a bypass surgery on a patient.” The controversy is very far from over; the students of the prestigious <keyword id="129188" type="ORGANIZATION" weightage="80" keywordseo="Film-and-Television-Institute-of-India">Film and Television Institute of India</keyword> (FTII) have been agitating for over 30 days and have declared that they would continue to protest against <keyword id="14666" type="ORGANIZATION" weightage="80" keywordseo="BJP">BJP</keyword> member Chauhan’s appointment as the new head of the governing council. 

	Agnihotri, who directed movies such as ‘Hate Story’, and ‘Chocolate’, ‘Dhan Dhana Dhan Goal’, told BI: “Chauhan is not qualified for this job. I don’t care what movies he has done or their quality. What matters is that he has no track record, views, and above all vision for cinema.”
 

	Chauhan, who played the role of 'Yudhishthir' in popular television serial "Mahabharata", on his part remained unfazed and said he should be given a chance and allowed to work.
 The film-maker, whose wife actor <keyword id="6158" type="PERSON" weightage="80" keywordseo="Pallavi-Joshi">Pallavi Joshi</keyword> has stepped down on July 6 from the <keyword id="2929545" type="ORGANIZATION" weightage="60" keywordseo="FTII-Society">FTII Society</keyword> in an expression of solidarity with students, said: “Chauhan claims he has done over 70 serials. So what? Even a junior artist does over 1,000 films.” Chauhan is not suited for the job, he said. On being asked about the role of the <keyword id="384646" type="ORGANIZATION" weightage="80" keywordseo="Information-and-Broadcasting-Ministry">Information and Broadcasting Ministry</keyword> in the controversial appointment, Agnihotri said: “I think I&amp;B authorities underestimated the FTII. They thought it is just an institute with few hundred scholars somewhere in Pune. Who will bother? But it (the decision to appoint Chauhan) boomeranged on them.” 

	He further said the appointment has nothing to do with syllabus or any other administrative issues. “It is about prestige of the institute which, now, everyone unanimously believe will be hampered by Chauhan’s appointment.”
 

	Justifying the strike, he said FTII students are politically more active than engineering or MBA students. In Vivek Agnihotri’s view, an alumnus of Indian Institute of Mass Communication (IIMC), Delhi, the government should not hesitate to change the chairman.
 

	One such change will set the precedence for other institutes and bring the government under pressure, he said, adding: “There will be chaos. It is a complex situation and I am sure sooner or later our pragmatic PM will intervene and find a solution.”
 Agnihotri has worked in advertising agencies including Ogilvy &amp; Mather, JWT and has been a founder member of <keyword id="2947231" type="UNKNOWN" weightage="80" keywordseo="McCann-Erickson-in-India">McCann Erickson in India</keyword>. 
	(Image: Indiatimes)

Film-maker Vivek Agnihotri says, you can’t give ‘anyone’ a chance to run FTII

<keyword id="45660" type="CITY" weightage="80" keywordseo="Yes-Bank">Yes Bank</keyword> CEO <keyword id="128581" type="PERSON" weightage="80" keywordseo="Rana-Kapoor">Rana Kapoor</keyword> and his niece <keyword id="1700965" type="UNKNOWN" weightage="80" keywordseo="Shagun-Gogia">Shagun Gogia</keyword> have been fighting an aggressive battle for the past two years for a prestigious seat on the Yes Bank board. One of the main reasons behind the fight is absence of <keyword id="114466" type="PERSON" weightage="80" keywordseo="Gaurav-Kapur">Gaurav Kapur</keyword>, son of co-founder late <keyword id="276152" type="PERSON" weightage="80" keywordseo="Ashok-Kapur">Ashok Kapur</keyword>. Gaurav Kapur left the turf for his younger sister Shagun Gogia, who is a mother of two and an <keyword id="6359301" type="POSITION" weightage="60" keywordseo="Entrepreneur">entrepreneur</keyword> running a fledgling <keyword id="34499" type="POSITION" weightage="80" keywordseo="private-equity">private equity</keyword> firm, as per an ET report. 

	It is a cocktail of trust and betrayal, or mixing up issues concerning business and emotions, a kind of palace intrigue, depending on who you speak with. Rana Kapoor, says the "bank is not Kapur ki hatti" while Gogia describes it as a “modern-day Mahabharata” where Rana uncle broke the trust of her family.
 

	This battle is not being fought over splitting the assets between two brothers, or seeking control of an enterprise from the one running it through proxy battles. Rather, it is over the right to jointly nominate 'one director' to the board which has 10 members.
 Gogia, a niece of Rana Kapoor's wife Bindu, is glad to see Kapoor continue as the managing director and chief executive of the bank. Kapoor has had a good relationship with his sister-in-law <keyword id="1700966" type="PERSON" weightage="80" keywordseo="madhu-Kapur">Madhu Kapur</keyword> till two years ago, when she went to the <keyword id="48485" type="ORGANIZATION" weightage="80" keywordseo="Bombay-high-court">Bombay High Court</keyword> to enforce her right to jointly nominate a director as per the provisions of the Articles of Association. 

	"It is a fight for his reputation, for the family's reputation," Gogia told the ET. 
 She further said: “Don't do this (deny the right to nominate a director). It is not done. After that (her father's death in the 2008 terror attack in <keyword id="183940" type="COMPANY" weightage="80" keywordseo="Oberoi-Hotels">Oberoi Hotels</keyword>), for five years you don't come and meet my mother. You don't update us." Meanwhile, Yes Bank, under Rana Kapoor's leadership, has flourished to become the fifth biggest private sector bank and boasts of marquee shareholders including <keyword id="74229" type="PERSON" weightage="80" keywordseo="Franklin-Templeton">Franklin Templeton</keyword> and GMO, an international fund with $118 billion in assets. 

	His partner's family's wealth has surged to about Rs 4,000 crore today, from Rs 300 crore at the time of Kapur's death. But, for Gogia it is the family's right to be equal to Rana Kapoor's with a nominee director that matters. 
 

	"I have been a fighter," says Gogia, who was turned away by three big law firms saying they cannot take the case because of relationships with Yes Bank. 
 

	While the Bombay High Court has ruled in favour of Madhu's contention that the bank's Articles of Association provide for joint nomination of a director, Kapoor believes Gogia is not 'fit and proper' to be on the board as per regulations.
 

	Gogia says that it is not her candidature, but her right to nominate alongside Kapoor. Despite reminders after her father's death, her plea was ignored, hence she sought legal remedy. 
 

	"She (Madhu Kapur) is a very nice lady," says Rana Kapoor. "I know her for 32 years. It is only in the last two years that she has been angry with us. But she forgets that there are 11,000 employees. Literally, they are hostile to the bank. If you truly believe that Ashok Kapur, for the time when he was around, truly contributed to this bank, then you must respect (him) as we do in our annual condolence on his day of demise." 
 Rana Kapoor and Ashok Kapur have known each other for decades, and some say it was Kapur who was instrumental getting his sister-in-law to marry Rana. They subsequently became business partners at <keyword id="177109" type="COMPANY" weightage="80" keywordseo="Rabo-Bank">Rabo Bank</keyword> in India, and moved on to promote Yes Bank, along with <keyword id="474772" type="PERSON" weightage="80" keywordseo="Harkirat-Singh">Harkirat Singh</keyword> who exited the venture early. 

	Seeds of discord appear to have been sown very early in the life of Yes Bank. The rift between the families might have been present well before the death of Kapur, though it may have remained within the four walls of Yes Bank. 
 

	Take a look at the presentation of Yes Bank's annual reports. In fiscal 2006, the message from chairman Ashok Kapur comes first, followed by chief executive Rana Kapoor's, as is the convention, with both their photos of equal size. In 2006-07, Rana Kapoor's gets bigger and more prominent, and Ashok's is reduced to other directors got. Did Rana Kapoor do it deliberately? 
 

	"I don't think in Yes Bank we had the time to think about this," says Kapoor. "I have worked harder than Ashok Kapur, who was not an executive chairman of Yes Bank. The motto was simple. The harder you work, the luckier you get, in whatever form it manifests." 
 

	What made Madhu Kapur, the widow of Ashok Kapur, angry was that Yes Bank did not acknowledge the contribution of her husband and the wealth did not matter even if they are 10 times richer than they were. 
 

	The promotional material of Yes Bank did not acknowledge the contribution of her husband, and there were attempts behind their backs to throw them out of regulatory classification as 'promoters' which would have robbed them of their right to nominate along with Rana. "My father put all his wealth into starting this bank," says Gogia. 
 

	"He put his sweat and blood in building the bank. The hard lesson learnt by me in the past year has been that close family members can take advantage of tragic situations." 
 

	The fight between the founders is not new for Yes Bank. Harkirat, the partner who exited the bank very early, was not surprised at the dispute at all. "They definitely conspired and teamed up to oust me from the venture," Singh had told ET in a June 2013 interview. 
 "Ashok Kapur had been my colleague in <keyword id="218918" type="COMPANY" weightage="80" keywordseo="Grindlays-Bank">Grindlays Bank</keyword>. He was retiring from <keyword id="41634" type="CITY" weightage="80" keywordseo="ABN-Amro">ABN Amro</keyword> and could immediately take up the task, so I invited him to join me as a partner in this venture." Now that the Bombay High Court has said the inheritors of the shares in Yes Bank also have the right as a promoter to jointly nominate a director, what does the bank plan to do? 

	In fact, the bank, as per its reading of the court ruling, plans to amend the Articles of Association that would reflect the changed economic scenario and ensure the end of special rights the two promoters have held as per the document. 
 

	This again is a move to deny the rights the family has secured legally, says Gogia. While she is poker-faced when asked what her plan of action is, the bank is clear on the way ahead. "When Ashok Kapur passed away, Madhu Kapur's inherited wealth was less than Rs 300 crore," says Kapoor. 
 

	"Today, in aggregate, it exceeds Rs 4,000 crore. In six-and-a-half years it has happened because the board is professional, the management is professional, the character of the bank is professional. The genetics of the bank will be professional as long as I am alive," he said. 

	 
	(Image: Indiatimes)

Know why Shagun Gogia is fighting with Yes Bank's Rana Kapoor

Less than 1% of the world’s <keyword id="18712" type="ENTERTAINMENT" weightage="60" keywordseo="Gold">gold</keyword> is mined in <keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword>. The rest comes from somewhere else. Still, India can’t get enough. It is the largest consumer of gold in the world, buying nearly a third of production in recent years. Some estimates say that 10% of all gold is held in India.
Indians save roughly 30% of their income, as opposed Americans, who save 5%. Plus, Indians are getting richer all the time. Once a very poor country, the rich and middle classes now outnumber the poor in this nation of 1.2 billion. The country has the sixth-largest economy in the world.
If people are left alone, high gold demand going forward is a lock.
Yet India’s policymakers are disturbed. Yellow metal purchases have widened the country’s current account deficit to 5.4% of GDP.
The Reserve Bank of India (RBI) has produced a report indicating “a need to moderate gold import, as the insatiable appetite for the yellow metal could jeopardize economic stability,” reports BullionStreet.com.
So the Indian government and its central bank are trying to get people to buy other financial products. “There is a need for banks to introduce new gold-backed financial products that may reduce or postpone the demand for gold imports,” the RBI report said.
The central banking wonks are thinking that if the Indian public can be made aware of financial paper instruments such as gold accumulation plans, gold pensions, and gold-linked accounts, it will drop its obsession with the barbarous relic.
A leading Indian trade body said country’s gold imports could fall to just 550 tonnes next year, little more than half of the peak of 967 tonnes in 2011.
Well, good luck with that. The people of India have cultural, historical, and traditional reasons to buy gold. They consider it the most valuable asset there is. Indians want to own gold like Americans want to own houses.
Ganesh Rathnam <a href="http://mises.org/daily/3781/Gold-Indias-Capital-Asset-through-History" target="_blank">related</a> a story that explains India’s gold obsession. When his father, a pediatric surgeon, wanted to buy land to build a new clinic, he mortgaged his wife’s jewelry to raise the purchase money. “Similarly, millions of people in India have capitalized their businesses or farms, or secured their basic necessities after severe business reversals, by pledging their gold jewelry,” he writes.
Last year, 60 Minutes ran a segment, “<a href="http://www.cbsnews.com/video/watch/?id=7398482n" target="_blank">India’s Love Affair With Gold</a>.” Correspondent Byron Pitts was stunned that the Indian people consider gold purchases as savings. Indians do not believe that they are spending when they buy gold, but, instead, that they are putting their money in a savings account. Oftentimes, a savings account that is worn around the neck or wrist.
There are 22 official languages in India, so there are 22 ways to say gold. And nothing says gold in India like a wedding. Half the country’s gold purchases are for wedding jewelry. It is said in India, “If there is no gold, there will be no wedding.” Gold must be widely owned, because there are 10 million weddings a year. Some are extravagant affairs that last for days on end.
Parents start accumulating gold for their daughter’s wedding day as soon as she is born. This gold represents some financial security that the bride brings to the union. It also gives the bride some economic status in the relationship. And while it provides security, gold is hardly ever sold, but instead passed on for generations. But it can be mortgaged if needed.
Gold is a symbol of purity and is considered sacred, but also signals prosperity. Jewelry does the talking and gold speaks loud and clear. Not for vanity’s sake, however, as gold is considered honorable. You can’t have a family without gold. The yellow metal is a way of life.
A gold analyst told Pitts that it’s impossible to explain to an Indian that gold might go down in price. Indian society has been around a few thousand years. People learn a thing or two in that time. First, save money for the unexpected. Second, don’t trust banks. And third, don’t trust the government’s paper money. They’re not interested in mutual funds and other financial products.
Even the poorest people in India buy gold, saving a little each week to buy a gram at a time.
“Gold has a rich tradition in the Hindu epics, the Ramayana and the Mahabharata,” writes Rathnam. “It was associated with the pomp and splendor of the gods and kings who appear in these mythological stories.”
He explains that silver coins were widely used in India during the reign of the Mauryas circa 250 B.C., and the first gold coins were issued widely during the Gupta dynasty around A.D. 250. India has been a collection of kingdoms and fiefdoms often at odds. Gold was easily hidden, “enabling ordinary citizens to avoid being looted by marauding armies,” Rathnam writes. The kings changed, as did the coins, and thus gold became the preferred medium of exchange and store of wealth.
After India’s foreign reserves were decimated by its war with China, the government instituted the Gold Control Act of 1962, which forbade private ownership of gold bullion and forced all bullion to be turned into jewelry.
In the 1970s, tax rates reached 95%, and the Indian currency, the rupee, plunged in value. Indians took to not only hiding assets from the taxman, but also trying to survive inflation. Gold and real estate were the chosen vehicles. Rathnam also points out that bank deposit insurance in India is the equivalent of just over $2,000, making bank deposits a risky asset.
But finance minister Chidambaram Palaniappan doesn’t care about tradition or prudence. He sees gold purchases as consumption that has contributed $64 billion to the country’s widening current account deficit.
While the average Indian loves gold, the country’s bureaucrats do not. The numbers tell the story. The Indian government owns only 360 metric tons, while private gold holdings are estimated to be 15,000 metric tons. It is, indeed, the people’s money.
An Indian gold expert told 60 Minutes’ Pitts, “If India sneezes, the gold industry will catch a cold.”
The government is trying to make it sneeze, but the people are wise. Thousands of years of tradition will likely keep the gold market healthy, no matter how much the politicians hate it.
Sincerely, Doug French
Original article posted on <a href="http://lfb.org/today/indias-gold-mania/">Laissez-Faire Today </a>
<a href="http://dailyreckoning.com/indias-gold-mania/">India’s Gold Mania</a> appeared in the <a href="http://dailyreckoning">Daily Reckoning</a>. Subscribe to The <keyword id="1781981" type="UNKNOWN" weightage="60" keywordseo="Daily-Reckoning">Daily Reckoning</keyword> by visiting <a href="http://dailyreckoning.com/agora-financials-free-e-letters/">signup for an Agora Financial newsletter</a>.
 
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