Showing posts with label economy. Show all posts
Showing posts with label economy. Show all posts

Monday, 6 August 2012

Christopher Hitchens: Destroying Indian Bloggers from Beyond the Grave

I always gag a bit whenever I read some fawning New York Times elegy on a  literary figure they deem to be "indispensable"...like their recent obituary on Gore Vidal. Unfortunate, because I'm sure I'd love Mr. Vidal's work as countless other have, but I always feel like with each successive death of a "last of a breed," as the Grey Lady termed Vidal, the grizzled Times' newsmen are really lamenting the death of their industry.

Despite my aversion to self-serious, self-destructive essayists, I still surprised myself by how long I held out on reading any Christopher Hitchens. Must've been a particularly lachrymose Times' obituary, that one. Regardless, I was happy to find a 1997 Vanity Fair essay of his, "There'll Always Be an India," which comments on pretty much everything, say, a blog on India could cover...only in essay form!

Among other epic declarations in the piece, Hitchens notes: "Land of Contrasts. I challenge you to show me the Indian guidebook or travel piece that does not resort to this dismal cliche."

Well...uhhh...there goes the subject of my next post...
Ooohhh you're just so erudite and witty, aren't you...
Hitchens also explains why Coca-Cola's relationship with India is even more complicated then I thought -- turns out the Indian government demanded the secret Coke formula in the late 1970s. Coca-Cola "denounced India as a basket case" and stopped doing business in the country until the 1990s.

I highly suggest reading this piece, for more then just the pithy asides -- he packs in a lot of info, and a lot of reporting. Not bad for a guy who was probably wasted when he wrote it. 

Sunday, 29 July 2012

Olympics in India

Friday night's Olympics opening ceremony happened to coincide with a bout of food poisoning -- or whatever the hell makes you nauseous for 48 hours straight without actually throwing up. I haven't missed an opening ceremony since 1992 -- e.g. before I was conscious of the "Olympics" -- so I tried my best to stay awake, but at 12:30 a.m. nothing remotely opening ceremony-esque was showing up on the live feed, so I left my crowd of multicultural comrades in the living room and schlepped to bed. Around 5 a.m, my roommate opened the bedroom door, plopped down on his floor mattress and fell asleep. Apparently blinding hallway light and unmistakable party sounds from the living room don't bother sleeping East Africans, but I -- with my high-and-mighty bed frame and Western standards -- was immediately jarred awake.

This whole post might be a passive-aggressive jab at my roommate, were it not for the fact that his eccentric sleeping habits allowed me to hear the unmistakable sounds of the Olympic opening ceremony from the living room. Thanks, bro!

So, with a twinkle in my eye and the spirit of the Games in my heart, I skipped down the hallway and found a pack of roommates, friends and associates watching the London march of athletes on a moderately-sized computer screen. I squeezed in between one roommate from Peru and another associate from Egypt on the couch, and commenced the gossiping and screen-shouting.

Watching the opening ceremony certainly made me proud to be American, particularly when comparing team strengths and weaknesses with my internationally diverse array of  comrades. "Oh, how many athletes does Serbia have this year? 115? Ya, America has 529, soooo....y'knowwwww..."

Really though, I was pretty lucky to be able to watch an Olympics ceremony with an incredibly diverse crew. Hearing other country's takes on the Games was interesting to say the least. Among other conclusions, I've deduced that pretty much the only time anyone in the world watches swimming is during the Olympics.

Now if I can just get my roommates to watch some Team USA basketball with me, I can really get an ego boost...

Go forth, grand athletes! Make America proud!

Wednesday, 18 July 2012

Indian 1% Put the American 1% to Shame

Last weekend, driving through South Bombay after dinner, one of my friends pointed out the 27-story personal tower of Mukesh Ambani. He noted that the tower's amenities included several floors serving as car showrooms, and a massive ice skating rink serving as another floor. I think I may have muttered something then about "wasteful" or "insensitive," but what I meant to say was "Boss-status!" and then pretend I'm shooting a basketball, the international sign for "ballin'."

Because if there's one thing this country appreciates, it's tasteful moderation.
Of course, this is Mumbai, so right outside the tower there were decaying storefronts and a few beggars wandering around. Even in the relatively posh South Bombay, I took the little trappings of destitution to be par for the course. 

I was thus happy to see a fairly thoughtful breakdown of why India's nicest neighborhoods are, like, not really that nice in the Wall Street Journal today. Hint: It's not because the rich aren't rich enough. 

"The contrast between the popping champagne corks inside and the filth outside is striking. Again, the simple economics of incentives explains why. Many of the wealthy diners who frequent these establishments pull right up to the entrance, and so don't need to worry about the filth outside," writes Rupa Subramanya, referring to upscale restaurants in midtown Mumbai located in shoddy neighborhoods.

Basically, Subramanya contends that Mumbai's rich have no emotional stake in their neighborhoods, since it doesn't cost much to hire a 24/7 driver and roll through the fecal-filled streets in a tinted-window Escalade, sipping mineral water and breathing circulated air imported from the Himalayas. She argues that the Indian aristocrats take care of the public services that matter to them -- electricity, for instance -- and as long as the infrastructural absurdities of the outside world don't impede on their personal space, they feel no civic duty to demand improvements. Even if their "personal space" happens to be a 27-story mega-apartment.

Fair enough -- but I still don't think the article gets to the core of why Mumbai's wealthy don't demand infrastructural and design improvements to their neighborhoods at large. As Subramanya herself points out, in places like the U.S., there is a clear relationship between real estate quality and the quality of the surrounding sidewalks, parks, public schools, etc. If you were to build a mansion in the middle of the Bronx, for instance, you'd of course be hard-pressed to make a profit, because the poor quality of the surrounding houses and public services directly affects the value of the house. Expensive houses are in expensive neighborhoods, ipso facto.

In India, I would be very curious to see how "neighborhood quality" affects house valuation. The wealthy are of course "clustered" here as in other places -- it's not like you'll find a personal showroom in the middle of Dharavi. But still, if I built a 27-story tower for myself, I'd want to make damn sure my neighborhood is pristine, classy and ideally not near any shanty-towns. I don't know if it's a lack of civic duty, or if its just impossible to distance yourself from the poverty here, but I'd certainly like to find out.

On that note, any Indian billionaires want to hang out this weekend?


Tuesday, 17 July 2012

Guar: The Little Bean That Could

Of all the national policy issues that campus activists continually rallied around during my four years of college, hydrofracking was probably the most incendiary. Perhaps it was because I went to school in central New York...home to layers upon layers of precious, precious shale oil. Oil best obtained by hydrofracking, of course, although there's a slew of water pollution and environmental degradation issues that come with the territory. You can see some of the strong reactions against fracking in the video below, which I helped produce:


I really liked the activists in the videos above. They were chill. But that doesn't mean I'm about to leap behind every "bleeding-heart smellfare" program -- or "save the environment" mumbo jumbo -- they support.

Thus, I'd be interested to see how some Wavy Gravy's react to this recent New York Times' article, which extols the financial benefits of guar bean production for poor northwest Indian farmers. Yeah, guar beans...which are a crucial ingredient in HYDROFRACKING!

Indeed, this lil' guy's price has skyrocketed in the past few months because of energy companies' increasing demand -- and the fact that the bean is in limited supply and only grows in particularly arid, desert-like climates.

And these farmers are making a killing on guar. Says one Sohan Singh, "Now...we have a house made of stone."

iT'S your choice, activists! Save the Indian farmers or save the environment! You can't have both!

But on the real....this is a tricky economic policy issue (not to mention environmental...and social...), and showcases how important it is to have export diversity in an economy. In the guar-producing parts of Rajasthan, the economy depends primarily on agriculture -- a relatively fickle business, especially when the farmers there are not exactly using high-technology, high-yield techniques. It's like relying on the Rain Gods to supply your salary every year.

That doesn't mean I'm not rooting for them; go 'head, Mr. Singh! Milk them energy companies for all their worth!

Sunday, 15 July 2012

Drug Makers: "Fuck this, we're going to India."

At my job recently, I've been researching certain pharmaceutical and biotechnology companies investments in emerging markets -- particularly Brazil, India and China -- and hot dog if these companies aren't licking their chops at the opportunities. Pricing pressures in the U.S. and Europe means that drug companies are going to increasingly rely on the exploding middle classes of BRIC countries to drive sales. Spending on drugs are going to double in emerging markets in the next five years, according to the New York Times - now that's a win/win for drug companies and B.Doyle. Oh yea, and for India.

Above: India and pharmaceutical companies, meeting for the first time. 
Needless, I'm going to walk to work with a little extra pep in my step tomorrow. Unless it's monsooning again...in that case I'll tell the rickshaw driver to sing that lil' Hindi diddy extra loud, for ol' B.Doyle. Fuck ya.

Tuesday, 10 July 2012

India in the News...That's a First...

The New York Times ran an interesting -- if incomplete -- timeline of India's modern economic history as told through magazine covers from the past 10 years. More accurately framed, this is a history of the mainstream media's coverage of India's booming decade.

Basically, according to this timeline, BusinessWeek first beguiled the general public with tales of a sexy, brown-skinned "vanguard of one of the biggest mind meld's in history," right before Wired warned everyone that these brilliant young computer whizzes were going to take our jobs...then a few more random stories about how great and liberal India was becoming...then a 2007 BusinessWeek piece about how India's horrible infrastructure and overpopulation may stunt growth...and going right up to The Economist's 2010 cover of a swiftly running tiger, representing India's potential outpacing of Chinese economic growth. Mee-yow, Economist!

The piece came on the heels of the Time cover labeling Indian Prime Minister Monmohan Singh "The Underachiever." A far cry from the October 27, 1947 cover of Time where Vishnu made her U.S. debut...or something....


Of all the publications, I have to say that the 2007 BusinessWeek article tells the story the best. That elephant on the cover is a pretty apt metaphor for India's growing pains...that poor, poor elephant. Yes, there is an awesome amount of entrepreneurship, rising education and general brilliance in India, but before they eclipse Silicon Valley they're going to need to fix some potholes. Literally. I can't count how many times I bump my head in the autorickshaw on the way to work.

Sunday, 8 July 2012

Tha Swiss Connection

On my flight to Mumbai, I had a two hour layover in Switzerland. They were two of the cleanest, most pleasant hours of my life. I indulged in some deliciously nutty authentic Swiss chocolate from an airport vendor, explored the sleek, somewhat Euro-hipster designed airport -- bathroom doors were constructed of polished metal -- and admired the view of the mountains from the airport bay windows. 

The flight over to Mumbai on Swiss Air was equally delightful -- the vegetarian pizza they served was top-notch, and even the seats in the economy-section were roomy and comfortable. 

So landing in Mumbai and stepping off the squeaky-clean Swiss Air jet into a wave of heat and curry smell was not the most desirable contrast.

Above: If I could live on that jet, I would.

Since my all-too-short time in Europe, I have vowed to go back there as soon as feasibly possible and plan a good ol' fashioned EuroTrip. For me, this is actually a fairly big step forward: before this year, I was truthfully baffled whenever someone listed "traveling" as one of their favorite hobbies. But it's amazing what two hours near the Swiss Alps can do to a person's psyche. 

However, before I experience Europe I still have pretty much every landmark in Mumbai alone to visit. Yeah, this past month hasn't quite brought me outside of a ten-mile radius. 

In the meantime, I've been watching this video to get me pumped up about traveling in general. WE NO SPEAK HINDI!


Monday, 25 June 2012

Moody's: India "Stable"

How you like them apples, Standard and Poor? Moody's noted today that the lower growth trends as of late are "unlikely to become permanent or even mid-term features of the Indian economy."

This is of importance to B.Doyle for two reasons:
1) The rupee (and thus, my paycheck) may not be doomed after all, and...
2) These next 11 months in Mumbai may have some economic growth meaning for the ol' career, aside from that intangible "experience" factor.

Of course, I'm not letting my hopes and dreams simply ride on the verdicts of finicky ratings agencies. No, I'm  much more comforted by this Business Insider slideshow explaining "Why Everyone is Freaking Out About India." Madness, illuminated.




Grow, damn you, grow!

Friday, 22 June 2012

Rupee Hits All Time Low...Morale at All Time High...

So the Indian rupee was in a hell of a free fall this week...as of a few hours ago, it hit yet another "all-time low" of 57.12 rupees to the American dollar. That's bad news for the millions of us who get our paychecks in rupees...and ostensibly even more demoralizing for the small minority of us who had the option of working for the good ol' American simoleon.

Thankfully, this unfortunate bit of news is the only annoyance I've had in an otherwise fantastic week. Every fellow worker I've encountered here is young, cosmopolitan, and educated. Case in point: on my team of seven analysts, at least three have MBA's, all are under the age of 30, all are well-paid, and all are extremely articulate on the unique economic and social challenges their country faces on the road to economic stability. Anecdotes may not speak as loud as statistics, but it's still hard to get down about a few inauspicious economic indicators when I see first hand the growth and excitement of business here. 


Worse comes to worse, I'll just start acting in Bollywood movies for some extra cash, maybe do some back-up dancing. I could show the guys below a meannn Harlem Shake...