Markets- Not The Hope For Our Future

I grew up on a steady diet of Discovery Channel and National Geographic- this was before these turned into polished versions of sleazy reality TV and showed and explained scientific facts. On top of this was Captain Planet, which was quite effective in instilling in me a sense of responsibility towards ethe environment and oriented my thinking towards sustainability. I became prompt, if not obsessed with, in switching off lights and turning off taps, I used public transport as much as possible and even when barely possible. This invited the ire of my parents and a few years ago, my spouse as well.

Perhaps it is the sign of times, or I have changed, but my current circumstances do not permit such an environmentally responsible living. I drive a car to and from work since comfort and convenience are prioritised, not to mention safety, since my daughter also travels with me. Reducing power consumption is an exercise in futility since the mostly sultry Mumbai weather does not permit me to stick to it consistently while lack of time (due to work and baby duty) forces me to use packaging heavy quick-commerce.

Circumstances have thus forced me to abandon my idealism, much to the relief of my family members, but these changes in my daily life seem less morally repugnant when compared to what allows me to pay my bills. After a lot of twists and turns, I am a foreign exchange and interest rate derivatives trader and that means, I am part of the financial market that incentivises short-term thinking and has no concern about long term sustainability.

Money is the fuel and grease for the money machine that runs the world and motivation for all humans who are merely either operators or parts of the machine. Money- its availability and cost- determine whether investments are made in digging out more fossil fuels or in solar power. It decides whether more electric vehicles are made or we continue pumping more carbon dioxide into an already warmed up planet. Financial market has its long tentacles in every single thing that goes on in this world- even the most idealist and morally upright environment protectionist cannot escape its grasp.

I have been part of this machine for sometime now and sometimes, I see a glimpse of the reality when I force myself into my old reading habits. The trigger for my current ramblings come from the book "Environmentalism: A Global History" by Ramachandra Guha. I do not wish to delve into the books details nor do I think I can summarise it for the simple reason that my attention span has been destroyed, not by instagram or youtube reels or anything remotely related to social media, but by the sheer habit of watching ever-changing trends, narratives and fickle-mindedness of financial markets.

For now, it is the upcoming tariff announcement by the current US President. By Friday, it will be the jobs data in US and if it is strong, a new narrative of growth against all odds could takeover. Or, if tariffs announced are milder than expected, then narrative will shift again. Some would say that this is how markets are supposed to be- digesting new information, assimilating it by adjusting the price of various asset classes and then waiting for the next trigger and readjusting its price, even reversing course as if every event in the past makes no impact on future price.

At the risk of being judged a noob or an amateur in trading, I would like to state that this short-termism in price discovery seems ridiculous to my old self who was obsessed with sustainability and environmental issues. For me, the most important and damaging actions from the current US President are not related to tariffs or Ukraine or DOGE or DEI- it is his trenchant, adamant and unscientific denial of climate change that will bring doom to this planet. His statement "drill baby! drill" and exhortation to pump out more and more oil, exit of USA from the Paris agreement, reversal of fuel efficiency norms for vehicles and targeting Greenland for its resources with scarce regard for its fragile ecology have all been neglected by the market that is so eager to price in everything in an instant.

But the market's vision does not extend beyond the current or at most the next year. This is ironic since US issues 30 year government bonds and its price changes based on every minute fluctuation in survey outcomes of consumer sentiment, estimates of inflation and unemployment data released for each month. It is obsessed with the tariffs that may come tomorrow despite not knowing how harsh or how soft it will be, it does not care about the fact that it will only create a temporary blip in trade patterns of almost all countries who will then be able to find alternative markets in case it is required, while condemning USA to the sidelines, thus allowing China to take the global leadership in every sphere. It does not care that these are issues that can be solved with some effort, just by getting over lazy economics that has been going around the world which wants to export to the US while not exploring other markets or developing new products for their home country.

This obsession with short-term issues always clouds its outlook while the impact of climate change is being either denied or naively expected to affect only the next generation. This is despite irrefutable proof from more damaging storms, wildfires and droughts than ever before across the world and especially in the USA, that climate is a harsh reality of our times. There has been little price adjustment either for mitigation or adaptation but share prices of fossil fuel extractors and refiners have been on the rise once the current US President whittled down the country's commitment to combating climate change. Companies in the renewable energy sector are now having a tough time despite the fact that their way is the future while the short-term obsession with AI and using it for trivial pursuits like generating Studio Ghibli like images is the most popular investment theme.

As long as we are obsessed with these frivolous distractions, the real issues of our time will never be taken care of by the market. The solution is for a group of enlightened corporates and sensible governments to ignore all the noise from global markets, especially the USA, and do what is right. But that requires immeasurable bravery, idealism and naivety- the world desperately needs someone to have these qualities and immense money and wealth to see the required results. Only then will my kids have a planet in which they can do more than just survive and they can consider their parents not as the ones who gave them a dying or dead planet but as those who did their best to solve an intractable problem. 

Rants

Whatever I have posted have been ramblings, but not exactly rants. Mind wanders, interesting thoughts come up and I put it up here only to give them a shape. But now, I am doing this to just vent, to release my frustration at how things are and hopefully, remove these thoughts from my mind.

In my young days, my mother and teacher said that whenever someone said something that I did not like or found uninteresting, I just turned my face away. They said that people found it offensive- it annoyed them and made them angry towards me. At that age, everyone could get angry at me since I was a helpless child whom teachers and adults could shout at. Being naive since I was not yet sullied by grim realities of live, I used to believe in peace and not arguing and so it got to be a point where I could not turn away, I could not respond and had to take all their garbage head on without any response. 

As I got older, and bigger I might add, I started responding. I was no longer the small kid anyone could bully. I started shouting back, I started responding back, I gave tit for tat replies, I showed my anger and was not hesitant to get people to be afraid of me and hence I did not have to turn my face away from them but could look them directly face to face and confront their hostility.

However, one day, my very wise boss in SBI told me that there is no point in getting into a fight with pigs- you will get dirty while the pig enjoys the dirt. So, even if you win the fight, you will get dirty. This was a new dynamic for me to be honest- the rules had changed since it was about who could play dirty and who could manipulate facts- basically the implications of a post-truth world.

If you can present a rosy picture about your own versions of the story- leave out certain parts that do not favour your argument or twist the words into meaning something else or just shake a lot of branches to disrupt the proceedings, then it is possible to win. I saw this the other as someone literally copy pasted select parts of a conversation and left out parts that completely discredited their argument- initial five minutes of a conversation and last five minutes of a conversation while the middle five minutes where not attached in the email while painting me in an arrogant, inconsiderate and selfish colour.

He got annoyed because I did not respect his mightiness and authority, which I hold are merely delusions of a megalomaniac who has little to vouch for in terms of real skills apart from show-off and shaking branches to rustle a few leaves in order to hide the fact he is incapable of plucking low-hanging fruits.

But these are the people who succeed in terms of career progression, wealth, respect and power. My tactic of entering into a shouting match will only lead to a fight where I get dirt on myself. The world also wants these super-agressive and boisterous types to lead the charge. Toxicity is encouraged and sought after. I am not going to stoop to that level.

I am now going to turn my face away- in contempt, neglect and scorn. This comes only from the fact I do not care about their position, power, authority and what they can do to me- it is called fearlessness. Worst they can do is throw me out whereas I have snubbed even stronger dictators and their cronies and just walked out with no idea where I was heading, but with my integrity and peace of mind intact.

New Meaning of Nostalgia

Change is difficult for me to accept and I try to go back to my past every now and then. Recently, my family moved to a flat in Kochi near Changampuzha Park while I continued in Mumbai and visited on alternate weekends. In addition to the releif and battery recharge from meeting my family, I looked forward to being in familiar territory - I lived and went to school 2km from the place.

As if this wasn't enough, I have now bought a flat in the same area despite being certain of the fact that I won't be living there for the next 20 years at least. Familiarity is not just comforting but also gives a feeling that things are going well.

However, each time I go back to Mumbai, I feel I'm out of place. Even worse, each time I go to Kerala, there's something different about the place. There's a slow, constant but noticeable change which means that home exists only in the past.

It has brought me to the realisation that once we leave a place, it will exist only in the past even if we are able to come back physically to that place. The real meaning of time being the fourth dimension hit me hard.

This tendency to cling on to the past isn't healthy, but perhaps it's too late for me. I was hoping that it's not a genetic trait despite evidence to the contrary as my actions are quite similar to what my father had done during this age in his life- find a home in the place he used to live during his teen years, try to repeatedly go back to that place despite work being thousands of miles away.

Unfortunately, my daughter seems to have been bitten by the nostalgia bug. She's by all measures a plant that has not been allowed to firmly strike roots- moving to Mumbai at 7 months, then back to Kochi at 2.5 years, moving schools and residence within Kochi, making and losing friends every year. Now, she's just moved to Mumbai but we had to come back within a week of the move due to a family health concern. 

In this one week, she said goodbye to get old school and her grandparents, moved to Mumbai, went to a new school for a day and is now back in Kerala. She saw the promises of her old school and expressed her desire to go back. She mentioned that she dreamt about her old school. She was definitely glad to be in familiar territory.

I had thought that repeated movements would have obviated the concept of a stable home.and long-lasting friendships and kept nostalgia at bay. I had hoped that she wouldn't be as sentimental as me about her past. 

There is still time for her to believe that only the present matters and looking back to the past is a futile exercise while we need to be ready for an uncertain future. I do not think she'll be able realise this though. I'm not even sure if it's a good thing. 

One of the cousins my father had once told me the it's important to be aware if and hold onto one's roots. His experience as a national level floater and now an international level floater makes his view a valid one. 

However, my experience only suggests that roots are a burden- an emotional one that makes you vulnerable and not fully enjoy the present surroundings, a physical one since it forces you to attempt to go back to where you started from and perhaps even a financial one since flight tickets and real estate at home is expensive.

I do not know what is right. Perhaps, she will be able to find a better way to deal with it than I have been able to so far. Perhaps she'll be able to feel at home wherever she is and also maintain an identity of her own.

Best Actor

At school and for most people who knew me, I was seen as a nerd- someone who spent almost his entire time studying. This perception only got reinforced when I started succeeding in quiz competitions. So, I was always studying from textbooks or quiz books- never mind the fact that quizzing is not about mugging up questions and fact but requires a good understanding of what is happening in our world.

So, it would come as a shock to this crowd that I have spent a considerable amount of time on movies. Starting with late Saturdayu night Hindi movies on Doordarshan and now continuing with bingeing on new releases in OTT platforms.

Here I am, on another Saturday night, about to watch Kaathal, the latest one from Mammootty. Until very recently, I was of the strong opinion that Mohanlal was a better actor. Both their oeuvre consist of mindblowing performances in the tragedy/ drama genre- to Mammotty's Thaniyavarthanam, I present  Mohanlal's Thalavattom. Yathra and Bhoothakkanadi can definitely hold themselves against Yathramozhi and Bhramaram. There are many more and would take more than one night out to merely list them head to head. The tragedy/ drama thus see the thespians evenly matched and it is a matter of pride for all Malayalees.

When it comes to the action genre, both of them had memorable performances playing the angry (sometimes young, unfortunately too young for their real age) man, fighting the good cause against the entrenched elite like Mahanagaram, Inspector Balram etc for Mammotty and Adwaitham, Abhimanyu etc for Mohanlal. However, both of them did immense disservice to themselves and to Malayalam cinema by choosing several larger than life, chauvinistic and macho roles which do not deserve to be mentioned.

Both of the have also performed well in the playing the 

consummate family man in movies like Aviduthe Pole Ivideyum,  Bharatham, 

Thus far, they are evenly matched and now come the reasons why I saw Mohanlal as a better actor. He played the angst, ambition and helplessness that we all go through in life way better than Mammootty in movies like Mithunam, T P Balagopalan MA, Mukundetta Sumitra Vilikkunnu, Varavelppu, Vellakanalude Naadu, Nadodikkatu etc and that too in a way we did not feel sorry for the character. We could relate to them (just try to get any basic government service delivered even in these days of liberalisation, privatisation and globalisation, you will feel the pain), but we also felt light-hearted since these movies used comedy to depict the ground level realities of life.

Thus, although the Priyadarshan- Mohanlal combo provided us several slapstick comedy movies and Mammootty has nevern been able to pull this off, my rating of Mohanlal as a better came from the above described depiction of the realities of life through comedy, even black comedy. This had been my opinion until recently. 

However, several movies from the last couple of years have made me rethink my stance on this matter. Mohanlal has been consumed by a larger than life persona in most films including his biggest hit "Lucifer" while most such films have been duds and disappointing to watch for a connoiseur of good acting. The thespian had downgraded his own talent and craft while roles doing justice to the old Mohanlal were too few and far in between like Drishyam.

It is here that Mammootty has scored a decisive point as he has been quite selective and done the opposite of Mohanlal. Yes, there have been duds and disappointments, but they have been too far and few in between. Movies like Unda, Puzhu, Kannur Squad, Rorschak etc are unique in their storytelling- they are dark, real and the main character has shades of darkness in himself in many of them. A few years ago, he appeared in a movie called "Munnariyippu" and this is when he perhaps began reinventing himself, rebuilt his image and played roles more suited to his age and skill. These were not phenomenal performances by themselves, but were rather proof of the fact that when backed by a good story, the tasty dish of acting when served in a shiny and clean vessel, it can be a delectable treat.

As I reach the culmination of my quest to answer who is a better actor now, the final flourish, the helicopter six at Wankhede in 2011, the Fergie time goal by Solskjaer in 1999, the mike drop moment comes from the movie "Kathal-The Core". The movie does not have a stand-out sequence of phenomenal performance, but look at each moment, when the wife wishes her husband the best for the upcoming election or when the brother-in-law says he wants to support his sister and numerous such small snaps, you will see that the actor has done justice to a very difficult role in a socially relevant subject.

Mammootty and Mohanlal will do more movies, Malayalam still awaits the inheritors to their thrones, both are great actors in their own right, but to me right now, Mammootty has moved ahead, after several decades and hundreds of movies in their careers.

Redemption or Perdition

For years I have been trying,

to create for my mind,

a haven of peace.

Alone I have been crying,

I have not been able to find,

from my fears a release.

Each day with dread I face,

Is my fate to be a burden?

Will I ever achieve redemption?

I am not good enough in the race,

Hence I keep myself hidden.

Perhaps I am already in perdition.

Questions on God

Two quotes which I have come across at different times time popped into my head today- "life is what happens when you are busy making other plans" by John Lennon and "If you want to make God laugh, tell him about your plans" by Woody Allen.

Putting the two together, I make plans, I make God laugh and life just goes on. For the last 19 months, that has been the story of my life. It is not worth repeating every setback, large and small, but suffice it to say that my life has completely changed and I am at a complete loss as to what is happening.

Whether it is my child's health and education, my wife's illness, my mother's struggle with the suddenly enforced loneliness, my own hopeless efforts at work, I  have had little say or part in any of it except as a member of the audience or at best, an unwitting participant from the audience.

It is my own life and I am just a spectator with no role, no control over the dialogue and no idea what is coming up. It is being played out infront of me and there is little I can do about what is happening.

Given this, I have decided to stop god from laughing. First, there are no more plans since I have realised that there is no point in them. I am not doing any self-destructive or just giving up, but I have stopped expecting anything from life, neither the bad nor the good.

Next, I have stopped believing in God. As a child, I used to pray for something for my benefit, then moved to wishing good for the world and my family, then to the right thoughts at the right time and none of these have ever worked.

The gradual shift happened since I realised that the first was just plain selfish and silly. Then, the second was a worthy cause and I tried to do something about it as well but it fell apart which led me to focus more on my own life but in an unselfish way. They have all fallen apart now and need a new way to see my relationship with God.

I am not going to be an atheist and outright deny the existence of god. But for me, the growing doubts have become too much to ignore. Earlier, I used to believe that no matter what happened to the rest of the world, at least there was some fairness in what was happening to me and hence there is a god and I need to be thankful for that.

But now, recent experiences have cast a pall of gloom so thick that I cannot see the point in a god. I would like to start with what is happening in the world because I admit that my problems and issues may be too small for god to be bothered. 

Things are going wrong all over the word- war, famine, crime and disease- killing, injuring, hurting, starving and destroying people who have done nothing wrong! It is obvious that there is no fairness in this world. If there is no fairness, what is the point in believing in a God?

Then there is the question my mother asked a long time ago- if there is a God who determines how we live our life and is all powerful, then how can we be punished for what we did wrong when we did not even act of our own free will? I will drop this argument and admit that there is a god, but not the all powerful and all knowing provider of justice. Then what is God?

If God cannot even prioritise the destruction mankind is bringing up on itself and the planet, if he can allow war and rampant poverty, if he can allow one group of humans to subjugate and strangle another group to death, what is he doing? What greater task is he busying himself with?

Thus, as far as the world is concerned, there is no point in having a god as proved by whatever has been happening in the world since the dawn of time.

Then it is my personal stance and as far that is concerned, I have never believed in rituals and poojas and rites. There are some that offer us consolation and closure, like the last rites after a death- it gives us the relief that we have done all we can for that person and it is only for our peace of mind. I do not think there is an afterlife, last judgement, heaven or hell and that once we die, that is it. No matter what we say about soul, or as per hinduism, soul returning to the creator (vishnupadam, brahman etc), I believe the individual just ceases to exist and nothing more.

I believe that most rituals are merely eyewash, to provide an illusion of hope and there will be fairness in this world. It is to pull a veil of expectation that if we do the right thing, we will have a good life and the world will be kinder to us.

Then, it is about silent and unnoticed prayers and hope. I earlier mentioned that my trials and tribulations over the last year and a half have left me with little space for belief in god. Life just goes on and has taken me wherever it feels like and each day is a preparation for whatever worse is to come the next day.

There is no relief but only incessant challenges from which, not only there is no victory, but there is only the certainty of defeat and I feel this is the situation with everyone in the world. We have no chance to win because the world has infinite time and opportunities to knock us down and claim victory.

In this gloom, the only thing we can do is to be a little kinder to each other, reduce our selfishness, care and share what we have since all of us are facing our own battles and every speck of relief from the battle helps us live a little better.

We need to do this ourselves and no god is going to come by and shower us with blessings and luck and favourable circumstances. We need to take care of each other and the planet we live in. That is the only solution if we are to have any hope and future- it is not going to be in the hands of god, but in our collective, conscientious effort that we will find a better world.

Photographic Memories

We used to take a photograph to permanently preserve a precious moment of our lives and sometimes the moment becomes precious just on account of the fact that it has been photographed. This was in the era when we were limited by the costs of a roll of film and processing it, along with the onerous tasks of preparing both the camera and ourselves for a shot and then finding a studio to convert the negatives into tangible photographs.

Nowadays, we take photographs not for memories but for instantly sharing it with the world. Rather than looking back at a time that has long gone by, we broadcast it for instant consumption and then discard it, not transfer, into a hard-disc (or google drive), rarely to be dug up or even remembered.

However, Google photos has taken a contrary position as it reminds us of various "pics", to use the contemporary term for photographs, we have taken over time and uploaded on Google. Since I am alone for most of the week, I go through these pics and recollect the context behind them- a birthday, a trip, a festival or an ordinary outing and in case of my daughter, just about any interesting thing she said or did during her first 2 years and they still bring a smile to my face.

When I go home, I show these pics to my daughter and she is as enthralled by her own antics as if she is watching her favorite disney princess movie. I also actively collude in her self indulgence.

However, I am not home during weekdays and only during weekends do I see my family. During most of the week, photographs are a reminder of what I miss each day since they not just show me random moments frozen in time, but I am usually able to place those moments as part of a bigger story about the events that surround each pic.

Thus, memories are not records of a happy past but a cruel and painful reminder of what I have lost and what I miss. This is especially true of all good memories that have been preserved in pics. They are proof of what I used to have and there is little hope of getting them back. I can see and almost feel, but can never reach them. The happy and peaceful moments are gone and I am drowning in uncertainty, anxiety and loneliness.

As far as memories of unpleasant experiences go, since they have not been photographed fortunately, they do not come up frequently. I am glad that they are over and hence it is a relief, but experience suggests that bad times repeat more often than good ones. Hence, they are scary reminders of what lies ahead.

Am I then condemned to be always haunted by memories, whether they are happy or sad? I do not want to carry them like a burden and I do not want to feel what is fondly called "nostalgia" for I have never understood why it is such a romanticised and glorified word as it only means reminders of a past long gone and unreachable.

I want to live in the present and look ahead to the future. I neither want to relive the pains of the past nor be reminded that I cannot get back what I once had. Past has got me to the present, but more than a sense of token gratitude, I cannot bear them as a burden anymore as they hurt me more than I can suffer.

I hope there is something in the future that is happy and worth living for. I wish that I am not past all the good times in my life and that there is more to be lived in gladness and peace.

The Year That Was

I tried to review the year 2022, but then on January 2nd 2023, my father passed away. That's a strong and blunt opening line, but I have no other way to start describing a year that had me move jobs and cities multiple times and also finally turn my family's world upside down.

The beginning of the year was about LIBOR transition at the time of Corona. At work, it meant uncertainties, wrangling with IT and mid office to implement changes about which I was also learning on the go from online articles, other banks and through trial and error. The omicron wave lashed at my home as well, but the effects then were minimal while the long term damage will remain unknown.

A deserved break and visit to my in-laws in Thrissur was upended when, out of the blue, exactly a year ago to this day, the Bank made it clear that it would transfer me back to retail banking, albeit near home, as per the newly minted HR policy which gave primacy to branch banking. The policy deserves an entire thesis to be devoted to dissect it's pros and cons and impact on the Bank and it's personnel- hence I do not wish to delve into that now. For me, it meant family would be unattended in Mumbai while I would be at home, or so I thought.

That was when I realised the difference between a home and a house. I was alone at my house that had been my permanent address since birth, but I did not feel comfortable. Without my family, I felt suffocated and rudderless. 

That did not have to last long fortunately, as after a lot of bureaucratic wrangling, I was able to get my family back home, which I thought would be the beginning of some stability.

Stability- I have lost sight of what that means. When I joined in Kerala, I was a fish out of water- transplanted from the world of market risk to credit risk. It was not just uncomfortable but even hostile. I must admit that the immediate environment was very supportive, but it was more like inmates at a prison trying to make each other feel better and hoping for an escape or serving out their sentence before losing all hope for a normal life.

The initial period was a struggle but I felt hardwork would give results. My stance was vindicated and my usual strategy of studying, reading and just brute force trial and error worked, or so it seemed. There were results, but it was all in vain as I could not escape the pitfalls of retail banking in SBI. This too deserves to be analysed thoroughly, which I would leave for a later post.

I had to leave, for peace of mind, and realised the purpose of fear and anxiety - it's meant to force us to get out of threatening scenarios and if that's not possible, survive it. Right from the day I joined, I was afraid of such a turn of events. Everyone dismissed it as unreasonable and attributed it to my mind's failings. The riposte from management or seniors was that "so many people are doing it, what is the problem with you?". 

I like to think that the answer is "I have other options while others are scared to explore anything outside" and not "I'm too scared and not as brave as them". 

And so, I left. Some say it was a brave call, I felt it was unwise and hasty. But either way, I felt it was the only option. The interregnum was scary, but the emergence of options made it easier with time, each of which had Bangalore as the destination.

The options emerged due to the risks I took in 2017. At that time, it looked hasty and unwise. I left everything and everyone I knew and dived into unfamiliar depths. I was broken down, all my limitations - anxiety, homesickness, lack of self confidence- laid bare infront of an unforgiving city that pushed me to the edge, before I was able to claw my way back.

Thus having seen off Mumbai, Bangalore seemed a step down in all aspects- despite the city's famed IT sector, it's not as fast paced as Mumbai. For me, the lack of sunshine and slow paced work were mood dampeners. The profile was also not what I wanted at the time, but perhaps it was what I needed then - something easy to pick myself up after the complete dismantling of my confidence at the hands of top management.

Perhaps Bangalore had the same opinion about me- you're not suited here. Senior colleges definitely thought so- I had to go back to what I was doing before, go full circle and start off again. Another role change and location change beckoned me. 

As I prepared for this, the new year brought dad news right in its early days and the rest of the year will go in getting used to a new reality. The sudden loss meant that I had never saw him an old man- he was full of life, activity and shouldering responsibilities till the end. I never had a chance to create a memory to remember him and all I'm left with are memories of daily life- the list making on things to be done each day, analysis of deposit interest rates, driving somewhere (wouldn't let me drive if he was also in the car!!), taking care of my daughter, supervising the labourer who cleared the land, grocery shopping... 

I'm not able to accept that he's gone, naturally since it's been less than 50 days. But to live on without being able to plan and manage things without his "audit", to take decisions with long term implications without his insights and the fallback option that he provided- it'll be doable but I'll miss him.

A year of challenges thus gives way to an era of even greater challenges and responsibilities. But this time, there wouldn't be the bulwark that my father was. During my last stint in Mumbai, the limited options in terms of housing, location, pay and comforts that came with SBI were set off by him and perks from his job. Going back hence would be a new challenge, but after having faced off once before, I know what to expect. Plus, the constraints of SBI do not bind me anymore.

While seeking counsel on what to do about the situation at home, one of my SBI seniors told me "life must move on" and I realise more scope for those words each day. I need to live, work, take care of family and then one day, put what has happened behind me and begin to enjoy life fully. Might not be this year though, but I need to get ready for that.

30 Years of LPG

The economic reforms that India has embarked on since 1991 are known as LPG or Liberalisation-Privatisation-Globalisation, abolition of License-Permit Raj and the critic favored Crony Capitalism reforms. Whatever the christening, the reforms were essential at the time and that is where I would like to begin.

At the time, it was well known that our country had run dangerously low on foreign exchange reforms and it is also widely critiqued that India was arm-twisted by the Global economic powers into the reforms. But this overly simplifies the crisis that was India was staring as it brushes aside the deeper issues in the economy. Apart from the foreign exchange issue, India had a very high fiscal deficit and inflation fuelled by government profligacies- both revenue and capital expenditure were out of control. Lack of efficiency due to restrictions on private sector and an obese public sector meant poor export competitiveness while the nature of the economy meant we could not completely avoid imports. 

The population was expanding but had no visible avenues for gainful employment apart from the microscopic private sector and inefficient small public sector. The concept of brain drain was part of school textbooks (I remember reading about it in 1999 for Civics) as the best option for an educated Indian was to follow what Gandhiji had said "Quit India". India was at the bottom of various social indicators like Infant and maternal mortality, life expectancy and literacy. As the state occupied commanding heights of the economy, it forgot to look at the grass roots level issues faced by its people.

Did the reforms resolve all the issues? The answer definitely is a NO. Then did the reforms fail? The answer there also is a NO. Although the purpose of the reforms was crisis management, the opportunity was used to rectify structural issues in the economy. How did the reforms achieve that?

Firstly, the abolition of License-Permit Raj ensured that private sector was allowed to grow. This indeed has happened and they are mostly free, especially in areas that do not require hard capital and resources. The growth of domestic steel, automotive, media, telecom and software sector is a direct result of this freedom. Secondly, the growth of private sector and greater employment for individuals reduced the need for social support while increasing government revenue which in turn contained the fiscal deficit and negated the need for fiscal profligacy which was euphemistically called deficit financing. Third, the entry of private sector without bondages enabled Indian products to be competitive in International markets and brought in much needed foreign exchange. The expectations of future growth also brought in foreign capital which has fuelled further growth in new age companies (Start-ups), infrastructure and even education (Eurokids, a pre-KG education chain has attracted foreign PE funds into India).

Next, the fact that they generated employment is stating the obvious, but they also allowed Indians to stay in India and support intellectual and economic growth in the country. Finally, as the state was being freed from running the entire economy and being the biggest player in the economy, it could now focus on being the umpire- act as a purely neutral regulator to ensure that the private sector played by the rules and also ensure progress at the grassroots level- meet basic human needs and support their upward social and economic mobility.

The reforms did not obviously generate the full results. One of the major reasons significant discretionary and opaque control over resources still lies with the state. The 2G and Coalgate scams owe their origins to this state control. Continued environment issues and unabated deforestation also owe their origin to Government interference in resource allocation under influence of the powers that be. The government also did not fully embrace social support as early as it should have. Our progress in various human development indices and social sector is behind that of Bangladesh and Srilanka which had lower economic success when compared to India.  

Another issue was that when the change happened in 1991, there was a small class of Indians that were able to benefit from the resources. They were educated (Engineers, MBAs, Doctors etc)  or in Government jobs (I benefitted from here as both my parents had Government jobs and so under that safety and periodic salary revisions, I had the freedom to study or pursue my own goals) or had already established business houses (Tata, Birla, Ambani, Godrej etc). For them, the reforms provided the opportunity to fully utilise their potential. 

As a small section of the population benefitted from the reforms, the majority were in no position to take advantage of the changes sweeping through the nation. The state in fact, withdrew too much in certain areas- especially health, education, infrastructure and agriculture- and was late to assume the role of a regulator as it took time to find its way through the maze. Meanwhile, a majority of the population was caught in a torrent and thrown out of control as private sector started taking over or polluting land, water, forests and the air while having no access to education to lift them out of their situation, lacked health to fight for their rights and had opportunities restricted by the lack of infrastructure.

I would like to elaborate with the example of agriculture in India. State support for farmers is now on the decline, especially with the new farm laws where the government intends to promote contract farming, remove stockholding limits and abolish APMC act. The benefits and demerits of these legislations are beyond the scope of this article since we are limiting ourselves to the 1991 reforms, however this is a clear sign of withdrawal of state support. However, are farmers capable of living without this support? Are they all capable of entering into contracts with corporates? Is there a regulatory body or grievance redressal body to ensure fair transactions? 

The state has also invested very little in improving farm infrastructure and supply chain- whether it be warehouses and cold storages to paved roads for farmers to take their produce to the market. Further support in modernising their farming practices- like mechanisation, water and soil conservation, getting certification for organic farming methods, awareness building on climate change and its impact- these are areas where the private sector will not see any benefits due to its inherent short term nature.

The government needs to support co-operatisation, creation of Farmer Producer Organisations, training and education for farmers etc. But the state has continued its pre-liberalisation era policies of Minimum Support Price and politically attractive but economically and environmentally disastrous policies like free power, subsidised chemical fertilisers and high MSP for water guzzling crops.

In conclusion, in addition to freeing up the private sector, the withdrawal of the state from the commanding heights of the economy should have freed up the government to divert its attention and resources generated from privatisation and new revenue streams to improving the daily lives of its masses and build a level playing field. Unfortunately, the excess withdrawal of state in certain sectors lead to the fruits of reforms of 1991 being restricted to a small minority that had the potential at the time while the majority of the population still needs state support to build their potential to utilise the opportunity presented by the reforms. The lack of effective and timely regulatory measures also played a part in cornering of resources by a savvy few which also needs to be effectively rectified.

BKC in Times of Corona

Bandra Kurla Complex in Mumbai is a hussle of activity during weekdays as lakhs pour into dozens of swanky glass panelled buildings. Mammoth buildings of government offices and public sector enterprises rub shoulders with public, private and foreign banks in BKC which is also host to a few corporate offices. The diamond bourse deserves special mention due to its sheer size and the activity of diamond trading that happens here.

Apart from the morning and evening rush hour during weekdays, the place is filled with people out for a smoke during the day and for a drink the evenings. Weekends also attract a fair crowd due to the smattering of restaurants that occupy the ground floor of most buildings. But all these are descriptions of the past- an era before covid made BKC a hub of desolate glass castles. By the middle of March, most of the offices had send its staff home and implemented work from home. The crowds thinned and by the time lockdown was implemented from March 24, the place had an eerie silence at all times. As I stay in BKC and since my office has temporarily moved to another building in BKC, I have been able to observe the place over the last three months. During the days of work from home, I have taken the liberty offered by the desolate area to walk around a bit.

During April, BKC ground was host to the APMC market and it was interesting to see trucks lined up on both sides of the road in the evening waiting to enter the market. During one of my trips to office in the morning, I also saw a lorry full of cauliflower, probably waiting to drop off its cargo in the market at night. Till the first of June, it had been just a few cars and some trucks carrying equipment to set up the covid care centre and ambulances ferrying patients to the centre. Large queues had also appeared in front of the diamond bourse as it obtained special permission to operate during the lockdown, thus becoming the first unit to commence operation.

During my evening walks, I have observed a gradual increase in those using the low traffic and wide roads to practice and hone their driving skills. Perhaps there are not many places like this in Mumbai where you can do these things without crowds and risk of infection and police- the place is quite desolate these days. But the same conditions also provide a secluded spot for those (usually couples) who perhaps lack the space to be alone in their own thoughts and worlds. I guess there is also a limit to what they have to talk about and so that is why there are many such duos who practice driving.

Since June though, there has been a shift in the traffic. There are more autos and taxis plying the roads, but nowhere near the dozens that waited infront of each building and ferried thousands to the nearest railway station on a shared basis. The number of personal vehicles has increased significantly, visible from the vehicles that overflow onto the wide roads due to fully occupied parking spaces in office buildings- a sign that people are resorting more to personal transport- whether due to lack of public transport, especially trains, or out of fear I do not know.

Something that I have not been able to accept, although it is as clear as daylight, is the fact that restaurants that are highly expensive attracted food delivery app based business even during the peak lockdown period and this continues even now with the addition of those coming with friends and families for takeaway which they consume inside the vehicle or huddle around the lugge compartment. It is perhaps my naivety or lack of knowledge about the real world that stops from accepting the fact that there are a lot of very rich people who could afford these previously and for them the situation has not changed except in the form of a few inconveniences that do not really affect their wealth.

Perhaps the disease will go away, perhaps we will find a way to live with it or I do not wish to ponder. I guess there will always be those who will lose a lot of the little they have and those who will lose only a little of the lot they have or even add to it. I am only an observer trying to make sense of the world as it moves on.