Monday afternoon trade was dragged by losses in index heavyweights HDFC Bank, L&T and Bajaj Finance. Traders also indicated that several Budget proposals was weighing on investor sentiment.
There is continued optimism that arresting economic slowdown & nursing financial sector back to health will be immediate priorities of Modi’s new govt.
Uncertified dating gurus are teaching women to be suggestive, mysterious, and never loud. For some of us, this level of performance is simply unachievable. We might as well give up and become Brahma Kumaris.
Research paper, however, finds lowest indebtedness level among Muslims at 12.3% & highest among Hindus at 14.9%. Overall national financial inclusion level at 87.2%, indebtedness at 14.7%.
Fresh details of operation conducted by IAF, Army have come out in gazette notification giving citations of those who were awarded Vir Chakra for their bravery.
On 21 Oct, a buzz went up that the govt had released full list of gallantry award recipients along with Op Sindoor citations. I put an AI caddy on the job. It took me into a never-ending rabbit hole.
India had a reasonably good consumer electronics industry in the 1980s-90s. Onida. Weston. Bush. To name a few.
But MMS’s reforms washed away everyone. Not one survived.
Sam Pitroda, who gave up his US citizenship with much fanfare, should now have been competing with Huwaei for 5G. Now just the thought is laughable.
This negative contribution of MMS’ reforms has not been well analyzed. He did best what he knew: economics. But I don’t think he had a feeling for what is required to nurture industry.
Are you dumb, The only good thing MMS did was opening market in 1991.
Rajvir is back in full form!
If Onida, Weston, Bush were good they would have survived. Just like Indian car manufacturers, who started making cars before Japan, but failed to improve their products and were caught napping, Indian electronic manufacturers met the same fate. This is a larger malaise of Indian industry which seeks protection from competition and is better at lobbying government than making quality products. No point in blaming MMS
In every successful country in Asia, it’s been the government that has helped industry. Japan. South Korea. China. Singapore. You name it.
Opening up an economy also requires some preparation. So while MMS went about dismantling controls, he should’ve also had a plan for bringing up Indian industry up to world standards.
And don’t blame only Indian companies. They are as good as the engineers available. Indian engineering colleges don’t produce good engineers suited for taking India into the modern world.
China is still doing it to this day.
The much maligned Modi also tried to do it with his Make in India campaign. But he got side-tracked by useless things like Demon.
The other problem has been companies like Infosys who neither made software products nor invested in hardware development. Most of their revenue is only from software support.
It’s not going to be easy for India to come out of this cul-de-sac.
Indian engineers can only be as good as those who train them. As you mentioned about Infosys, most Indian companies do no product development nor do they play any part in training engineers by offering apprenticeships. The reason being that Indian companies don’t need engineers as they indulge only in support and maintenance. For eg software support can make do with science, arts and commerce graduates trained in application software. Unlike say in the US, there is zero interaction between Indian industry and engineering colleges except during placement season. Neither do Indian companies sponsor any university led research or projects nor do they interact in any other way with colleges.
Yes. You’re right on many points.
But it’s a loop. Bad engineers prepare bad engineers.
The making of an engineer starts in school. And it’s very difficult to compensate for bad technological training in school and university later.
Clearly, my argument is applicable to the average person. Intelligent people are able to learn on their own.
That’s why I’m pessimistic about India’s technological future: even if you start today to change the curriculum in the school, it will take a generation for the effect to be felt.
MMS’ reforms had a perverse side effect: it sucked in a lot of good brains into finance, because that is where the money was.
Also, the role of the (non) contribution of NRIs has to be examined. Their absence from the development of India is noteworthy. China has won there too.
The train has already left the station and is not even visible, with India stranded on the platform.
Modi 1.0 could have seen India play catch up with China. But he, like Mohammad Bin Tughlaq, launched a number of quixotic initiatives that killed all hope of India catching up with China.
To see the real crisis, just see what’s available on Amazon that is made in India compared to China.
India had a reasonably good consumer electronics industry in the 1980s-90s. Onida. Weston. Bush. To name a few.
But MMS’s reforms washed away everyone. Not one survived.
Sam Pitroda, who gave up his US citizenship with much fanfare, should now have been competing with Huwaei for 5G. Now just the thought is laughable.
This negative contribution of MMS’ reforms has not been well analyzed. He did best what he knew: economics. But I don’t think he had a feeling for what is required to nurture industry.
Are you dumb, The only good thing MMS did was opening market in 1991.
Rajvir is back in full form!
If Onida, Weston, Bush were good they would have survived. Just like Indian car manufacturers, who started making cars before Japan, but failed to improve their products and were caught napping, Indian electronic manufacturers met the same fate. This is a larger malaise of Indian industry which seeks protection from competition and is better at lobbying government than making quality products. No point in blaming MMS
In every successful country in Asia, it’s been the government that has helped industry. Japan. South Korea. China. Singapore. You name it.
Opening up an economy also requires some preparation. So while MMS went about dismantling controls, he should’ve also had a plan for bringing up Indian industry up to world standards.
And don’t blame only Indian companies. They are as good as the engineers available. Indian engineering colleges don’t produce good engineers suited for taking India into the modern world.
China is still doing it to this day.
The much maligned Modi also tried to do it with his Make in India campaign. But he got side-tracked by useless things like Demon.
The other problem has been companies like Infosys who neither made software products nor invested in hardware development. Most of their revenue is only from software support.
It’s not going to be easy for India to come out of this cul-de-sac.
Indian engineers can only be as good as those who train them. As you mentioned about Infosys, most Indian companies do no product development nor do they play any part in training engineers by offering apprenticeships. The reason being that Indian companies don’t need engineers as they indulge only in support and maintenance. For eg software support can make do with science, arts and commerce graduates trained in application software. Unlike say in the US, there is zero interaction between Indian industry and engineering colleges except during placement season. Neither do Indian companies sponsor any university led research or projects nor do they interact in any other way with colleges.
Yes. You’re right on many points.
But it’s a loop. Bad engineers prepare bad engineers.
The making of an engineer starts in school. And it’s very difficult to compensate for bad technological training in school and university later.
Clearly, my argument is applicable to the average person. Intelligent people are able to learn on their own.
That’s why I’m pessimistic about India’s technological future: even if you start today to change the curriculum in the school, it will take a generation for the effect to be felt.
MMS’ reforms had a perverse side effect: it sucked in a lot of good brains into finance, because that is where the money was.
Also, the role of the (non) contribution of NRIs has to be examined. Their absence from the development of India is noteworthy. China has won there too.
The train has already left the station and is not even visible, with India stranded on the platform.
Modi 1.0 could have seen India play catch up with China. But he, like Mohammad Bin Tughlaq, launched a number of quixotic initiatives that killed all hope of India catching up with China.
To see the real crisis, just see what’s available on Amazon that is made in India compared to China.
No other country – least of all one with one sixth of the world’s population and most of its poor – seems as intent as chucking it all away.
Bangladesh did not exist when Myrdal published Asian Drama.
To call Indian bureaucracy Weberian would be a joke (not that the author does).