Economy

Demonetisation is 'the' trending topic in India. It brought along with it a scarcity of cash and an abundance of rumours. Social media has been on fire with rumours surrounding demonetisation. Very few people had a clear idea of what was actually happening. Here we have compiled a list of rumours related to demonetisation in the last one and half months. Know where your notes are The new Rs 2000 was rumoured to have remote GPS tracking abilities due to a chip embedded within the note, right out of a sci-fi flick. Giving due credit to the guy who thought this up, such…

“I want to make Chennai the Detroit of Asia.” That is what the late Jayalalithaa told me during an interview in the 1990s during her first term as the Chief Minister of Tamil Nadu. Chennai (or Madras as it was then) had already had a history of automobile industry, with the presence of Standard Motors in the suburb of Perungalathur and Hindustan Motors in nearby Thiruvallur. Of course, at the time that she made her assertion, Standard Motors was already dead, but Hindustan Motors, the makers of the old warhorse Ambassador cars, was still alive and kicking. So were Ashok…

In the wake of the Indian government’s decision to demonetise currency notes of Rs 500 and Rs 1,000 from the market, and ensuing restrictions on withdrawing money from banks, the common man has had to grapple with considerable liquidity challenges. More than three weeks since the announcement, those primarily using cash as trading currency are still facing a crunch. ATM queues, paucity of lower denomination notes, confusion over exchange and withdrawal policies linger. For a citizenry used to working with cash, this appears as an insurmountable hurdle. They are just at their wits’ end. The government, however, has been pitching…

A solidarity meeting was held at the Institute of Agricultural Technologists on Queen’s Road on 13th November 2016 for farmers across Karnataka who are suffering from acute drought in the last two years. This meeting is part of an effort to engage those who influence public opinion, such as writers, academics, journalists and any other professional in towns/cities to the farmers’ struggle as part of the ‘Bengaluru stands with the farmers in distress’ campaign. Chukki Nanjunda Swamy, Dr Vasu, Geethamma, K T Gangadhar, Prakash Kalmadi and other eminent people spoke about the problems the farmers are facing and how to overcome the drought…

My father once told me, “Son, once you find a good barber and an accountant, you should never change them”. Well, that has become quite difficult this last week – my trusted neighbourhood barber doesn’t accept cards and I don’t have cash to pay him! The recent announcement of the government to demonetize 500 and 1000 rupee notes has indeed caused a major upheaval in my life! Our family also knows that we might be unintentionally exacerbating the “Digital Divide” in recent days. We used to spend quite a bit of our household budget on the local grocer, but have…

I thought I was smarter than the rest. Whilst people scrambled to bank ATMs minutes after our Prime Minister’s announcement about demonetization and the carefully framed narrative that followed, for me it was a bit of a waiting game. I had my credit cards and debit cards on me and some 100 rupee notes that had just been withdrawn a few days back before the much-touted surgical strike on black money happened. I informed my maid and cook rather nonchalantly that their salary would be delayed and they manage the ‘small’ inconvenience for the larger national good. It was just…

Starting November 8th midnight, Indian currency notes of Rs 500 and Rs 1,000 ceased to circulate. The Prime Minister in his address said that the decision was taken to root out the black money, fake currency and corruption menace. The sudden-ness and immediacy of this decision has been notable, but a less known fact is that there was a brain from Bengaluru at work, that has been advocating this measure for a long time. In 2012, a professor of finance from the Indian Institute of Management, Bengaluru (IIMB) wrote in an article: “We should abolish Rs 500 and Rs 1,000…

In an earlier article, we had discussed how customised investment, depending on one’s present and future needs, could help tide over financial crises, for example one caused by a sudden job loss. But to secure an effective shield for the future, one needs to do his homework well and research the various short term, middle term and long term options available. Here is a brief guide to help you get started on your research on the instruments you could consider for your portfolio. Pic courtesy: Pixabay Mutual Funds and ELSS A mutual fund is typically an investment vehicle made up…

Economic cycles have become an irreversible part of our lives. Job losses have become all too common in today’s world. Gone are the days when one joined a company and was assured of a job till superannuation. The opening up of the economy in the year 1991 brought in its wake economic opportunities as well as its fair share of pitfalls. Namma Ooru Bengaluru, has been one of the biggest beneficiaries of economic liberalization. Not surprisingly, it has also borne the brunt in fair measure. Bangalore today houses a number of industries where job losses and contract jobs are de…

Vinay Sreenivasa of BBMP Contract Pourakarmika Union, talks to Radio Active 90.4Mhz on the Bruhat Bengaluru Mahanagara Palike not revising the payment of contract labourers, despite the hike in minimum wages that took place three months ago. You would all remember our numerous protests over the past two years demanding increase in wages. Presently we receive little above Rs 7,000/- with which we are to pay our rent, food, education, health, etc. These abysmally low wages have forced us into a cycle of poverty and debt, which is never ending. It is to address this that our Union took up…