Vareen Ray: 2010

Monday, October 25, 2010

Frozen in time and space

This was no Jallianwala Bagh where thousands of Sikhs were massacred while protesting against the British rule. Children born post 1980 (me included) had read about the anguish and the atrocities Sikhs had to bear during partition. I had heard stories from my grandmother when she along with her family had to leave behind their ancestral home and all belongings in Rawalpindi to move lock, stock and barrel to Delhi. I could hear the excruciating pain she had suffered and still lingers on in her memory, 63 years of Independence. I had developed a deep abhorrence towards the Britishers who had ruled our country. But this was worse. In a span of just three short days (October 31-November 2, 1984) over 3,000 Sikhs were massacred in New Delhi. Reason: On October 31, 1984, India’s then Prime Minister, Indira Gandhi was assassinated by her two Sikh bodyguards – Satwant Singh and Kehar Singh – in retaliation for the storming of the Sikh holy shrine of the Golden Temple in Amritsar in June during Operation Blue Star.

I grew up as a regular Delhiite, without a care in the world. I never bothered about the political scene in the country. I was untouched both emotionally & physically by the ghosts left behind by the 1984 carnage on Sikhs in the Capital or the 1992 bloodbath in Mumbai or for that matter, even the ghastly killing in Godhra.

Meanwhile, the political scene in the country was heating up. On April 17, 1999, Atal Bihari Vajpayee lost a confidence vote in the Lok Sabha and consequently tendered the resignation of his coalition government. So, on April 26, then President of India, late K. R. Narayanan, dissolved the Lok Sabha and called for early elections.

I had just turned major, but I didn’t have the Voter’s I-card, so couldn’t cast my vote. Being an Army man’s daughter, discussions around politics and government were very normal during the dinner table and the entire family used to chip in.

On turning 18, my father insisted that I get a Voter’s I-card made. The only motive behind getting a Voter’s I-Card was that I should have a valid document to prove my identity!!! By now the Vajpayee government, along with its NDA coalition, had successfully completed its five-year tenure and India was once again gearing up for elections in 2004. And since now I had my Voter’s I-Card, I though of putting it to good use.

Staying in Lutyens Delhi, our locality belonged to the prestigious and prized New Delhi constituency. Known for its ‘elite’ nature and Sikh voters being the decisive factor, my constituency always witnessed lively contests. In 2004, standing from our constituency was Ajay Maken who as Power Minister played a key role in privatising electricity and bringing relief for the laid-back Delhi Vidyut Board. No guesses then that I had voted for this young and enterprising Congressman, as opposed to BJP’s veteran Jagmohan. Maken won hands down.

This time too, we saw frenzied excitement and energy. Congress has once again walked away with the top honours. Even the black shadows of Jagdish Tytler and Sajjan Kumar were not able to turn the tide in BJP’s favour. The Tytler issue made me think that I knew very little about the 1984 riots on Sikhs and since I belonged to this minority community, I decided it’s time that I better know what happened 25 years back.

I got hold of the book “When a Tree Shook Delhi’ by Manoj Mitta and H. S. Phoolka. I was hooked from page one itself. It was such an intriguing book that in less than a day, I had completed it entirely. I felt deep revulsion toward H.K.L Bhagat, Jagdish Tytler and Sajjan Kumar.

I also felt a sense of betrayal as I had always claimed Rajiv Gandhi to be my favourite leader. A chance meeting with Mr. Phoolka (he stays near my house) and learning about his great sacrifices made me wonder: Why vote for Congress?

But then again, who says BJP is any better. If Congress was to be blamed for the 1984 riots, then BJP is equally responsible for the Godhra carnage. It’s just a matter of concluding which is worse of the two. Even though I was shocked with the revelations, my decision to vote for Congress remained intact. After all, 25 years is a long time and one needs to let things go. By letting issues to fester will only bring in deep sorrow and nothing more. Tragically, the current imbroglio does not seem to end. Solving it would be the big final laugh.

Tuesday, June 15, 2010

Corporation: LG

Consumer Durables sector

The death trap

The lure of Credit Cards

http://www.chillibreeze.com/articles_various/Credit-Cards.asp#a

When Rahul decided to marry his college sweetheart Aditi against their respective parents’ wishes, he had no qualms that he could give his would-be wife all the luxuries of the world that she was so used to since childhood. After all he was a MBA Graduate from a reputed B-school and had a highflying career ahead of him. Aditi, on the other hand, was a graduate from Delhi University’s St. Stephens. Her rich, orthodox family wouldn’t let her work as they felt it would be an impediment to getting her married.

Undeterred by the stiff opposition, the duo decided to elope. Totally appalled by this decision, both sides of the parents decided to disown the two. Though Aditi was a bit skeptical as to how they would run a family, Rahul was more optimistic. The initial bloom of marriage swept the two away. A honeymoon in Mauritius, a diamond set for his beloved wife, those ten days were sheer bliss. But they had to face reality the moment they landed at the Indira Gandhi International Airport, New Delhi. Both were scared of the uncertainty that awaited them. But they hid their doubts well. After all they belonged to the socioeconomic category - `SEC A’.

The newly wedded couple started staying in a two-room apartment that Rahul had bought just prior to the wedding. Rahul soon rejoined his office. Rahul wanted Aditi to work, but being the dutiful Indian wife, she first wanted to setup her household. So after Rahul would to leave for work, armed with a long list, Aditi would head shopping for her house. Soon their two-room apartment became a home. From new beds to curtains, from sofa set to dining table, from crockery to white goods, they now had all the luxuries at home. Rahul even entertained his office colleagues at home to celebrate his wedding. He wanted to show-off his beautiful wife as well as his beautiful home.

Life was going smooth until everything shattered, suddenly... While Aditi was planning a grand surprise for their one-month anniversary the next weekend, little did she know that all her plans were going to be ruined. Rahul returned from work one evening with a big frown on his face. He didn’t give Aditi the customary hug and went straight to his room. Aditi entered the room to find Rahul staring hard at a bill.

It was a credit card bill from Standard Chartered. When Aditi saw the outstanding amount she almost fainted. Aditi was shell-shocked. “Rs.4,52,000 outstanding! How come?” Well, what did they expect? A trip to Mauritius, diamond set, furnishing their house, throwing a party – all this in Rahul’s fifty thousand-a month- salary. To top it, there was the repayment of the house loan and the car loan. Where was the money for the rest? Rahul & Aditi had fallen badly into the trap set by banks that coax people to take loans or credit for whatever amount they desire.

Reams and reams have been written on how the economic boom in India, changing lifestyles and easy availability of credit facilities lure even the sanest person into the deadly yin and yang trap of credit and debt. The buy-now-pay-later syndrome has gripped the 300 million middle class Indians. For them it’s an easy way out to satisfy their growing aspirations for high life and fast cars. What’s worse, by paying the minimum amount due on their outstanding bill, people are being sucked deep into the credit vortex. After all it’s all about today. Who cares about tomorrow! That’s the mantra that today’s Gen-Y is following. The ‘I-care-a-damn’ attitude. Young executives, just of college are easily swayed by the kind of liquidity that a credit card offers. Credit card companies also go all out to lure an unsuspecting person with the bait of high credit limits, personal loans et al. But what that person doesn’t realize is that while it’s easy to whip out that piece of plastic and pay for what he/she want, it’s equally easy to fall into the deadly debt trap that can wreck one, financially as well as emotionally.

The double whammy of high inflation and rapidly rising interest rates has further added to the woes of middle class consumers across the country. Families across the country have seen their EMIs going up by over 20% in the last one year. Investments have taken a beating and savings are being eroded. But the credit epidemic has not subsided; rather it has gained more momentum, as it has become very difficult for a family to cut its existing lifestyle.

The result: more friction in the family, severe depression and in worse situations people have found no other option but to commit suicide to get out of the debt trap. A case in point is that of Prakash Sarvankar of Mumbai who committed suicide in September 2007. The 38-year-old was allegedly harassed by recovery agents of ICICI Bank in the presence of his family after he defaulted on payments of a personal loan. Humiliated, he committed suicide the next day, leaving behind a wife and three daughters and a lot of grief. A similar case is that of 34-year-old Himanshu Dev Sharma, who committed suicide on October 21. Goons (in the garb of Recovery Agents) of ICICI Bank took away his motorcycle after he defaulted just once in paying his EMI of the motorcycle loan.

There are several Prakashs and Himanshus in India who have fallen badly to the debt trap. For them the debt trap has become a death trap. People, especially the young generation need to realize that it is easy to fall prey to the trap, but extremely difficult to get out of it.

And for Rahul & Aditi, it was a lesson learnt well, that a credit card, if used judiciously can be a real asset but if used to splurge can lead to a highly volatile situation.