prof s c pratihar (medical practitioner &legal studies) 28 October 2008

great escape for the nation

Dear members,

earlier i pointed out what will be the effect of fall of financial markets of usa and ors.there was not much response from members and those attached to stock markets.to day one of my patient conveyed me that many many alumni of iim cal requested the placement dept to search job for them.many only to save their face put unnecessary objection.before enjoying the frut they left the govt . objection was govt can not utilise the provident fund ,pension fund even some selected bank fund in international share market expecting 40% annual return.it was a great escape for central govt when tthinking about the matter and, in that lucid interval all happened.my advice to common people restricted to middle class only to keep deposit in post office and secured bank only.our financial institutions are stable to some extent though cost is increasing due to international impact. your openion and further discussion pls

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3 Replies

Bina (none) 29 October 2008

Prof Pratihar,

What I think is recession/depression in western countries is definitely going to affect the whole world to some extent. The export to these countries would decrease, the remittance from NRI would decrease, and oil prices are too high our agriculture and transportation is dependent on oil. I am reading in the news that industries are closing or cutting on their production in china because there is not enough demand. Means already demand and supply balance is disturbed.

These IIMs/managers are expecting too much. Our young generation is deviating from family tradition which was considered as honor and reputation for family like joining armed forces to serve the country now luxuries has become priority to young generation thanks to the corporate world. Thousands of officer rank jobs in army are vacant since years; our air force pilots are applying for volunteering retirement just to joins the private airlines. What kind of trend is this? I think too much capitalism is no good. I am reading in these news that Obama is leading based on health care issues, that way it seems our health care system is good. I don’t know how much new patent laws will affect our healthcare system in long term.

I think our economy is self sustainable and balanced; it is neither import dependent nor export dependent. On other hand Chinese economy is export dependent. It may crash like bubble which happened in case of Japan, it never recovered from recession of 1990. I don’t know anything of about provident funds and share market how is fluctuates.

But post offices deposits not seems good, women folk in my village relied on it and they were depositing their little-little savings, but postmaster/in-charge from same village was alcoholic, he kept using their money just to buy his bottles, he was suspended after complain but these poor women never got their money back. Co-operative banks in rural areas are no better, if you can’t read/not read and just trust their honesty to job, you are in trouble.

N.K.Assumi (Advocate) 29 October 2008

Thank you prof Pratihar, and also Bina for your feed back on global financial turmoil and the Indian financial scenario including the various knds of deposits. I have seen such bitter experience by the people in the rural areas and hope such systems are eliminated at the earliest. Thank you both of you.