Budget 2009 Is An Investment For Long Term Growth

The Real Estate sector does not necessarily deserve incentives all the time. The three stimulus packages before were more than enough.

“The investment in infrastructure for the growth of economy is critical” said Mr Pranab Mukerjee in his budget speech. India will aim for a growth rate of at least 9 per cent per annum over an extended period of time and try and increase the investment in infrastructure to more than 9 per cent of GDP by 2014.

The Finance Minister took a leaf from President Barack Obama’s inaugural speech, when the President of Change pragmatically stated “Today I say to you that the challenges we face are real. They are serious and they are many. They will not be met easily or in a short span of time.” Mr Mukherjee drew parallels by stating, “Members would appreciate that a single Budget Speech cannot solve all our problems.”

Investment in infrastructure is not a short term recourse for growth, it is a macro-view for stability through connectivity. Heavy emphasis was laid on infrastructure, both in rural and urban areas.

It was suggested that the Infrastructure Finance Company Limited (IIFCL) will cater to infrastructure by refinancing 60 per cent of commercial bank loans for Public-Private Partnerships (PPP) in critical sectors over the coming months.

The Jawaharlal Nehru National Urban Renewal Mission (JNNURM) schemes allocation has been upped by 87 per cent. With close to Rs. 4000 crores allocated for housing and providing amenities to the urban poor. This portrays the affordable housing schemes by private developers as a joke.

The Rajiv Awas Yojana (RAY) intends to make the country slum free in a five year period is something to be sceptical about; a similar promise which could not be delivered by the Government since the last election.

The Indira Awaas Yojana (IAY), for rural housing, is proposed to be increased by 63 per cent. The proposal is to allocate, from the shortfall in the priority sector lending of commercial banks, a sum of Rs.2,000 crore for Rural Housing Fund in the National Housing Bank (NHB). This is expected to boost the resource base of NHB for their refinance operations in rural housing sector.

Mumbai, now in its fifth year of Venetian-like floods, can look forward to the Brihan Mumbai Storm Water Drainage Project (BRIMSTOWA) with an influx of funds of up to Rs. 500 crore to “expedite the completion of the project.”

Furthermore, steps were provided to reach the unbanked and under-banked areas of the country to ensure a brisk circulation of the financial system to regulate the economy from all quarters.

The only cake for Real Estate, albeit half-baked, was provided to the construction sector, with a proposed full exemption on goods manufactured at site including pre-fabricated concrete slabs or blocks, when used for further construction at site.

Politically, it is advisable that the allocation and incentives are favoured towards the rural sector, a major vote bank for the Congress, or even the malignant state of infrastructure, including metros such as Mumbai. Rural development will mean equitable distribution of wealth, investment, higher standard of living and job creation in areas which have been neglected. This may also deter the rural-to-urban population migration easing pressures in urban areas.

The world is still rotating on the financial crisis and investments to struggling sectors like real estate, for instance, will absorb any incentives with little to show. Influx of capital in any sector will give a less-than-expected disproportionate ratio to the output. And ideally, market forces should govern their status. It is then advisable that the basic idiosyncrasies of the country are strengthened during these times.

Dissent for the budget is mainly on the Income Tax slabs voiced by the middle class section of the population but then again there is no key financial crunch in India although the economy has slowed down. Liquidity options are cautious than anything else. Furthermore, the three stimulus packages announced by the Government pre-elections, from December 2008, are enough enticements for housing loans and consequently the real estate sector. Failure to capitalise means that they were treated as bench warmers.

Section 80IB (10) which provides tax benefits to developers who provide for housing aimed at weaker sections was under-utilised and hence was not renewed. And rightly so.

Housing for the poor has been taken up by the Government themselves through institutions like the IAY and the JNNURM, leaving private developers out of the opportunity to make hay through volumes. Remember affordable housing schemes, anyone?

Historically speaking, the Great Depression on 1929 had similar solutions. It purported that concentration of an economy in only a few areas, be it geographically or sector wise, is detrimental and thus chose to inculcate a wider range of the economic spectrum across the country. President Franklin Delano Roosevelt is believed to have restored the economy with concentrated efforts towards labour and upgrading the infrastructure at a national level.

On the Indian front, regulations can be relaxed as and when required. Provisions can provided and exceptions can be made. But today is not that need of the hour. The budget is good. Wait and see.

Meltdown!

The sudden loss of cranial shutdown was attributed to the constant barrage of information gored vilely in the deepest chambers of neurons. Sparks dissipated into a mere semi-liquid mass of gooey output. It did spark though, like a mini-nuclear implosion collapsing under its own microns. And like a man-made disaster the big red button was pressed, lights flashed, sirens blared, evacuation followed down to the hatches of what only can be termed by your imagination. A lifeless pitiful body remained staring at the window, hands by its side, legs curled up, face hanging and mouth open to the bugs of the outside world.

"Bet'chr Ass Man, Guns N' Roses! Rules....Then That Cobain Pussy Had To Come Around & Ruin It All."

Guns N’ Roses! Guns…N’…Roses! They evoked a chant from the ravenous, inebriated puffed, riot inducing, high decibel volubly wired craniums that formed the electoral support for the stage.

Axl Rose is an acronym for Oral Sex and Slash is a Nigerian-Jewish-Brit hybrid, but enough of their trivialities. They were anti-establishment, anti-anti even. They screeched their existence, and then added heavy drumming and the electric streamed through their fingers and said “You’re in a jungle, baby. Wake Up! Time to die!”

The world hasn’t changed much. They were the notified punks of the 80’s, the era’s brand ambassadors. They spoke about that time, how grunge it was, how intoxicating it was, how loud it was, how nostalgic it would be, and a stark reminder of how empty it is now.

Axl’s hoarse shrieking laid low setting up as a precursor to the enticing runaway solos by Slash; mix it with a balladic piano of Dizzy Reed, the bass of Duff McKagan, might it be added; heavily underrated, the rhythms of Izzy Stradlin, the percussions of the discarded Steven Adler and his replacement Matt Sorum.

Guns N’ Roses, like most of the bands of the 80’s, were known for their on-stage antics, from the St. Louis riots in 1991 to the sane pleas of pacifying the crowds “we don’t want people passing out and having to go to the hospital” (Mr. Brownstone from Live Era ’87-‘93).

The rift that was between Axl Rose and the original band, currently Velvet Revolver sans the lead singer Scott Weiland, is still on a high and will collude against a reunion. Communism has fallen and so has the band, the voracious appetite for era is now just a grand illusion.

Contemplate

The sage atop a snowy peak freezes in the endorsement of enlightenment. He froze his blood blue and he froze his nose pink, his toes were black and ready to disembark on a journey detached from his transcendent thoughts. He froze time as well because time was cryogenically relative to civilization and the only wise words he heard was the bleating of a mountain goat.

The wind picked up speed which formed a low pressure in the atmosphere in which he was enclosed. His parched eyes were ready to pop out from his sockets, ready to fall in line with his toes. The incline would make them travel farther than his toes might drop off. Rolling down further down to the chasm, his eye-balls would serve a tempting ready-to-eat fast food snack for a hungry pack of wolves. The mountain goat was the main course.

His skin had leather like gleam and his mammary papilla was hard as a diamond cutters tools. He was not in one with nature though; he realized this as he could not hibernate. His stomach growled with hunger. It had already digested the butterflies he had nourished a few hours ago. His concentration strewn, he robotically reached in his bag, and as his elbows creaked, the punishing grinding of gears in his joints, his fingers sent vague signals to his numb yet semi-enlightened receptors in his brains.

“Are those my testicles?” he pondered. His body was numb, at certain places. He mustered enough courage to withdraw his hand, with the fruit on the tips of his fingers, as he finally he realized that his testicles could not have possibly walked to his satchel.

He opened his icicle infested eyes and as he lost his eye-lashes in the process he noticed he was holding a peach, frozen hard as a rock like those lay beside him. The dogs that now stopped growling started howling. And he knew his stomach was close to his balls and he could not afford to “release the hounds”.

He took one bite of the frozen delight and swallowed his teeth. He could feel the warmth of the blood inside his mouth. It is difficult to find an analogy to describe what he felt, but “parting is such sweet sorrow”.

With the dogs neutered, he sat there. He sat wondering. Why? Then it hit him. Like a clap of thunder that would make a cat jump. A single bolt of lightening strayed across the brazen sky and toasted him. He was done. He fell, buttered side down. His heart beat a faint beat like a slow ballad barren of love. He looked up to the heavens and raised his voice, with his fist wallowing, he shrieked “Aaaaargh! That hurt!” Looked left and right as if crossing the street, paused for applause and sat down cross legged.

With one eye in the sky and the other one waiting to fall off, he felt the warmth in his body. His body was a prison he felt. A prison for all his desires and he needed liberation or enlightenment, whichever came first. But he eventually decided he needed to urinate the little ice cubes that were forming in his bladder first. He passed the elephant through the needles eye and then there was a moment. A surreal moment of peace and tranquility surged through his body. He had done it, he thought. He was there. Atop a peak, one with nature, one with himself and life itself thereabouts round the corner.

It was a long and onerous journey uphill. He stomped and he grazed without a faintest idea that he may resemble a goat. His beard and long hair were his ever increasing constant companions. A flow, a pattern emerged. The pointed end of his beard resembled a compass which directed his senile pleas to march towards the opposite direction. He had left it all behind, people and their social ineptitude. He had met a donkey on the way to the stony pass which led to the foothills of the mountain. He had gazed into the stubborn eyes of the lazy beast. The sage said, in the most childlike eager tone, although laden with a bit of subtlety, “Hello”. The donkey mustered up its head, away from the desolate ground below, where it had its vision fixated in a magnifying point of deep thought. “Hrrrmph! Hee Haw!” it answered. As if to say, “Hee Haw”. They looked at each other like they were a separated military unit lost during the peak of a civil war, looking at each other in an untrustworthy manner, trying to figure who was the one who was brainwashed. Then the donkey, without any indication, turned his head away, like a scorned lover trying to hide its embarrassment.

Incomplete...

"Kzzht! I Am Dead! Over And Out!"

Your first day with a new game is like your first day of a new term at school. Everything seems new and fresh. The introductory lectures, the first few easy chapters – the training camp, an odd new face – characters, the books – the ammo, the teacher – the sensei, the strategies, the odd bullet in your head, losing your partners...wait it gets much worse...nonchalant team mates, incompetent tactics, connectivity issues and finally the complete and utter failure!
And none of it was your fault!

Angela’s Ashes: A Memoir

Angela’s Ashes is the 1997 Pulitzer Prize winning memoir of an Irish-Catholic childhood of the life of Frank McCourt. A recounting life of abject misery, poverty and torment which young Frank could only observe, borne by his mother Angela.

The book recounts surprising number of details through the eyes of a child born in America, the Land of the Free, but withheld by the depths of Depression, forcing the family in the plunge of Limerick, back home in Ireland. McCourt describes as to what he perceives the plight of his siblings on the steps of heaven, a constantly out-of-work over zealous patriotic inebriated father, apathetic kin, an indifferent town and the endurance of it all by one Angela, Frank’s mother.

The book is widely Frank McCourt’s memories in his early years and it not only reflects in his writings but also in a strong empathetic feeling generated as a reader towards his early days. Throughout the tragedy which can be called his life, his mind reflects, nay meanders, towards a silver lining. Be it in stealing apples or getting the proud satisfaction finding work in his adolescence.

Moreover, the grim tale encompasses definitions of what can bring the odd smile to the readers face. The book in all its subtlety is satirical at times. To think a boy in his youth can conjure why Jesus Christ was not born in damp Limerick, lest he died of the consumption, tells you why Frank McCourt can bring out the sun amongst the dark side that were his childhood years and more impudently it set about his literary skills to blossom.

The book was adapted as a movie in 1997 and although notable facets of his life are truncated, the core of this book has been captured and its essence flows in the dull and dreary scenes embossed forever on the readers mind. Read it and smile with an odd tear in your eye.

“My Phone…Rather Want An iPhone”

Cell phones have evolved to a vast array of services normally found in your Personal Computer. Samsung has found itself delved in this upcoming deluge in the world of upgraded communication devices.

The Samsung i710 is their attempt at just another SmartPhone. The handset looks, in the simplest of ways, smart. Its simplistic appearance makes it all the more appealing. It features, among others, a 2 Mega Pixel Camera powered by Windows Mobile 5.0 for Pocket PC.

The touchscreen is not at all bad and responds easily and without any feelings of constrictions due to its large 2.8 inch display. All applications seem to be well organized and permits customized menus and free allocation for its short cut keys. The camera also offers clean images of desired resolutions and minor editing options. Images captured in low light or in the night are surprisingly not a letdown considering there is no flash, something that should have enhanced its cumbersome capability. The sound quality is a bit to be desired, for you can only unleash its influence through the prescribed headphones.

The Microsoft Office feature spells out where the phone can be utilized at its best. Word and PowerPoint, although a bit basic, provide to be worthwhile on the move. Excel, on the other hand, lies on a similar page although using Excel may prove to be a bit of a handful as the display, although copious, does not seem to be large enough for this software. And disappointingly, Office only supports its 2003 cousin.

The handwriting recognition facet which can be used both for Office as well as basic SMS is tempting and lives up to its expectations and more importantly is fun to use. Other than this other basic features include MMS, Email, Bluetooth, Video and Audio for capturing and playback, a Memory slot and Java support.

Maybe asking for a Radio would have been a bit too much, but then again it also lacks WiFi which would have rendered the piece close to priceless. At least that is what I would like to believe. Moreover, the battery power is a bit weak and it may find time and again depleting itself to half its life with half the day gone, assuming you use most of the features it has to offer. Coming to its looks, the chrome plating on each of it sides, which gives a nice finish, comes off very easily taking most of the phones gloss away. But that may not be its worst attribute. Ever find yourself in an area with weak connectivity where other phones cling on to its last bar with its teeth. This doesn’t. This just gives up just before you reach such an area.

All in all, it has its fair share of frustration driving behavior which most of modern technology encompasses but then again there are others such as the HTC Touch which may offer the same as the i710 and just a bit more for just a bit less.

Life Goes On…

You are born; adolescence breeds indoctrination of social stigmas and those receptors you may or may not concur may lead you to a path of a content life or abject misery, or perhaps a permutation and combination of both.

What ends in a padded cell with a straight jacket is actually the beginning, of not an uncultured presence, but the transcendence of unadulterated thought. A thought devoid of infestation and subjugation, perhaps to democracy, a contest against ideologies, an antonym of measurement, a rebel of the rebellious, yet a non-conformist.

But, these are subverted by the very humanity that breeds it all. So don’t just free your mind…just loose the bloody thing!!!

Bite The Apple…Again!

We are stuck with technology when what we really want is just stuff that works. How do you recognize something that is technology? A good clue is if it comes with a manual.” – Douglas Adams

The iPhone is here. But several philosophies propose that some unforeseen facets do not want it to stay. Launched at a time when inflation is trying to shoot the moon, political turmoil flipped like pancakes and exploding bombs playing hide and seek. All of this comes at a whopping cost of the middle class man’s monthly pay packet.

Critics and pundits and others who prey on this fabrication of capitalism have taken to this like vultures to an after-buffet dessert. It has a lot of features but they work in an undulated exasperating fashion. A Nokia 3500 Classic for instance is available at 1/5th the cost of the iPhone yet offers a lot more. The iPhone can play videos but can’t capture one, you can’t send an MMS unlike the 3500, and all you settle with is a pitiful and Spartan 2 mega-pixel camera, the same as in the 3500. The Bluetooth in the iPhone does not allow exchanging our precious illegal mp3’s either, again a service rendered by the 3500. The Bluetooth is only there for headset support. And both phones offer Email. And yes you may argue that the iPhone has 3G but it’s in a country without the appropriate network.

On Vodafone, the phone is expensive and the call charges are similar to what is offered in their standard tariffs and Airtel is unequivocally on the same page. It is turning out to be a classic case of duopoly. What it needs is a bit of competition in the market to get the prices down a bit. Then there is the 3G Network itself. The Department of Telecom has announced that it may hike the 3G spectrum usage charges to telcos making the road more knotty than it already is and couple that with the poor sales of the handset with both Vodafone and Bharti Airtel and you have a recipe of oversights. Vodafone introduced the 8GB and the 16GB versions for Rs. 31, 000 and Rs 36, 000 respectively. These were then slashed by Rs 1, 500 as Vodafone and Airtel together only managed to sell 1, 500 in the opening week. (Does this mean that they would slash prices down by Rs. 10,000 if they sell 10, 000 in a week?) Vodafone customer services are not surprised when asked whether the prices will come down further. The standard verbiage then follows, “I am sorry, I am not aware of that…”

Steve Jobs, the father of the iPhone, once got fired from his own company. He tried and succeeded and now earns more than you and me and the guy who fired him. The iPhone seems to be on a similar path.

In spite of all the above …the iPhone is truly a piece of art. It’s like the bastard love-child of Picasso and Michelangelo, smearing your ear with its tongue dipped in paint. It is a masterpiece, a looker. You have to be an ant to appreciate its grandeur, so you may walk around it and look up to it. It is a Pink Floyd concert, complete with strobe and pschydelia all on your fingertips. It is the Genesis of the very philosophy of l’art pour l’art. It is sleek, tender and seductive and it beckons to be used. The display looks clean and captivating while the interface is a crèche to use. Above all and aptly, it is an iPod you can talk from.

It’s like owning a 300kph Ferrari in Mumbai. Sure, people might say that it is impractical and that the roads are inadequate to unleash it, just like the iPhone 3G on a 2G network. But hey, at least you own a Ferrari. It works, and that is what matters. Forget logic; don’t reason; just indulge. Go buy it!

The Pole Missed The Pole

[15th March 2008]

Qualifying began at Albert Park, Melbourne for the Australian GP on Saturday 15th March 2008. Memories were still afresh of the three way title race of 2007 where Kimi Raikkonen pulled off a fascinating conclusion. A championship 21 years in the making since another three way battle between Nelson Piquet, Nigel Mansell and Alain Prost in 1986 with a similar outcome.

A few cars made its way onto the track and placed a bookmark as to which cars would lay down the rubber for the top end duopoly. The three teams to set interests on were, other than the ones at the top of course, on the basis of off season practice and testing were Red Bull and Toyota and also Force India for obvious reasons.

Over the course of the season, Red Bull, Toyota and Renault are expected to battle for mid-field supremacy, a place which proves consistently entertaining, when the Ferraris and McLarens abruptly decide to devise a perfect package which insipidly, at times, hog up uninterrupted race wins. Hopefully, without traction control this season, and consequently considering the numbers of cars which looked twitchy and gave armfuls of opposite locks during the entire Qualifying session, the season may prove to be a juggler’s delight.

Q1 saw Lewis Hamilton getting his McLaren twitching twice in a single lap, one occasion when held up behind a BMW. The BMWs did not particularly impress in the first session either with Nick Heidfeld locking up and Robert Kubica's run interrupted by Raikkonnen's inlap. Heidfeld eventually came good though but did not look strong enough. Hard compounds may be the attribute here. The Ferraris did not seem to be bothered as there was no reason to be. Felipe Massa finished 3rd and Raikkonen 5th. Hamilton finished 10th and Fernando Alonso 14th, another snobbish display of the guys on top. Nelsinho Piquet Jr and Sebastian Bourdais sadly did not make the cut and Giancarlo Fisichella disappointed a billion fans with no fault of his own. Kazuki Nakajima moved on to the next session though.

Q2 saw the potential birth of a possible inter-team rivalry, when Raikkonen could no longer take a part due to a fuel pressure failure. This leaves Massa a lot of freedom to concentrate for the rest of the session and perhaps for the race, and hopefully a thought that can fuel another Hamilton vs Alonso of 2007. The weather was hot and Kubica was drowsy as pictures were shown of him in a drink & drive state in his car. Mark Webber, married to a demonic wife called bad luck, had his brakes explode and crashed backwards into the barrier. Alonso was heard addressing about a lot of understeer and consequently with a subtle hint that he would not win the championship this year. Hamilton and Massa both looked fast but Hamilton’s lap was far from neat (read: aggressive). Ruebens Barrichello classified 11th and Honda were insane with subtle contentment. Toyota and Sebastian Vettel moved to the final session.

Q3 saw both the McLarens having a bit of an off track excursion which may have lost them a few hundredths of a second which can be accredited to a heavy fuel load added with an aggressive drive. Hamilton set a clean lap to get a pole. But the driver of the day was the sleepy Kubica, who even though went a bit off the track due to a very aggressive take of turn 12, managed to control the car well and settle for P2.