Economy

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 I had my credit cards and debit cards on me and some 100 rupee notes that had just been withdrawn a few days back before the much-touted surgical strike on black money happened.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…

Nishanth Dugar in his factory. Pic: Kate Clark Piles of white cloth carry bags cover every inch of the floor in 23-year-old Nishant Dugar’s small Peenya factory. Six women are hard at work; a chorus of sewing machines pound, punch and hammer ceaselessly. Dugar has been making the trek from the Indiranagar office of his company, A S N Entreprises, to his two factories in Peenya since the total ban on plastic in Karnataka meant an end to his former business: manufacturing and selling plastic bags. The plastic ban was first announced in January 2015 and was made official in…

It was an enlightening thing to go through the vitriol and acrimony of the messages during the bandh, and in the last few days.   As someone whose family has been in farming, I urge all of you to think about supporting farmers every day of the year. The easiest and most effective way to do so is by eating local produce -- from millets to leafy greens to gourds. Traditionally, native grains and vegetables have been varieties that have used very little water to grow, and are extremely healthy for us. Our state's cuisine include staples like ragi and…

The process of Aadhaar authentication. Pic: UIDAI website The Unique Identification numbers of Aadhaar card holders are being extensively used by government and private agencies for authentication purposes, as we have already seen in an earlier article. READ: Part 1 of the Aadhaar story for an idea about how private agencies are using Aadhaar authentication system to provide service to the customers. There are 246 registered Authentication User Agencies in India, both government and private, which are helping organisations and individuals in executing the authentication process. In simple terms, they help the organisation that has placed the authentication request, to confirm…

Pic: Wikimedia Commons In November 2015, even before the Aadhaar Act was passed in the parliament, Swabhimaan Distributions Private Ltd, a company based in Gurgaon, launched an Aadhaar based service called TrustID. It was hailed as the first mobile app to help people verify the identity of an individual using his/her Aadhaar ID in less than 1 minute. The TrustID website says the service aims to effectively utilise the power of Aadhaar for identity verification of an individual. Basically, it offers instant Aadhaar ID authentication or Aadhaar ID background check for any contact. It can be used to check anyone’s Aadhaar…

Bengaluru's street vendors, under the banner of the Bruhat Bengaluru Beedhi Vyaapaari Sanghatanegala Okkuta (Federation of Street Vendor Unions of Bangalore), had organised a protest on March 10th 2016 at the BBMP Head Office. Street vendors protest at the BBMP premises. Pic: Beedi Vyaapari Okkuta Soon after, the protest began, the BBMP Mayor, Manjunath Reddy, promised to meet with members of the Federation after the Council Sessions were done.  Demands of the protesters 1) A joint meeting should be convened with the Mayor, Commissioner and respective coporators, comprising Kaverinagar, Koramangala, Shivajinagar and Jayanagar 9th Block street vendors. 2) 1% funds…