This is a topic which nobody discusses, or cares about, except a few; even there things don’t move beyond discussions. This concern is about our millions of middle-class elderly senior citizens in India, whose children do not, or cannot, support them. They cannot invest their lifetime savings in businesses or stock market and are not in a position to start, or run, a small business themselves. They don’t want to take any risk at an older age.
In such a scenario, the only option left for this category is to invest their money as bank fixed deposits (FDs). Now, this helpless category has so much of worrying to do. If not consciously (but subconsciously), they worry about their deteriorating health, fear of death, fear of losing their partner, loneliness, daily routine work, etc; above all, they worry about the cost of living which is going up day by day and their bank FD rates going down day by day!
I will be grateful to Moneylife if it can research and let us know if a collapse happens in the US or Europe, will our Indian banks also fall along with them like a pack of cards? Is our hard-earned money, which is the only support we have and which is just enough for our daily food and medicines, will also be snatched from us? Don’t you think this is cruel on the part of the government, politicians, corporates, policy-makers, intellectuals and the media to allow these greedy bankers to silently, or ignorantly, mass murder millions of middle-class senior citizens and not give them a chance to even die in peace?
Moneylife and its team will receive huge blessings and good wishes from millions of helpless senior citizens for taking up this cause and bringing some solace to our elderly.
Omar SK, by email
INDIANISATION OF JUDICIAL PROCESS NEEDED?
This is with regard to “Private Bankers Are Public Servants, Decrees the SC” by Sucheta Dalal. This is yet another occasion when one feels proud of being part of the efforts that Moneylife makes to spread awareness about the implications of legal decisions affecting the financial sector. The judicial process and the law books passed on to us by the British have not, even after several decades of legislative action, undergone the kind of Indianisation needed to serve a growing economy like ours.
If the common man has to benefit from the several provisions of law intended to protect his interests, there has to be more transparency and speed in judicial procedures. In most of the court cases affecting financial interests of citizens, the legal battle is between the citizen on the one side and government/corporate body on the other side. Governments and corporates can fight endlessly using public funds (yes, for me, the funds with corporates also come under the broad classification ‘public funds’). These result in prolonged litigation and, sometimes, even small issues reach the Supreme Court.
The differentiation between the public sector and private sector banks for enforcement of laws like the Prevention of Corruption Act, by itself, does not stand to reason. Both categories of banks in India mobilise resource from the same source (public deposits) and do business in similar areas/sectors.
MG Warrier, online comment
MONEY THAT YOU CAN AFFORD TO LOSE?
This is with regard to “Why Savers Have Stayed Away from Stocks for Two Decades” by Sucheta Dalal. The question now is how will somebody convince investors that the stock market is a good place to grow one’s wealth? Most people ‘invest’ in insurance products because there are agents to lure them. An equity-investment culture can be created only if youngsters are financially educated. If that happens, the next generation will change things. It may now be difficult to convince older market-sceptics, especially those who may have lost money to scams and IPOs (initial public offers) that never did well.
Mohan Sivanand, online comment
NATURAL SEA-SALT IS NUTRITIOUS
This is with regard to “Salt Restriction Myth Busted” by Prof BM Hegde. Refined salt may be harmful but the best salt is natural, unrefined and unprocessed salt from the sea. It is a nutritious food. Among the many minerals that make sea-salt nutritious are: magnesium, manganese, boron, copper, silicon, iron and nickel. It has all the trace mineral elements that are naturally found in our blood.
Just take a cue; five decades ago did anyone have an issue of salt intake? The answer is No, because we used to ingest natural salt and sweetener like jaggery. The only issue is now to find good organic material at reasonable price.
Jayendra Pandya, online comment
WHICH ONE IS BETTER FOR A LAYMAN?
This is with regard to “Which Critical Illness Policy?” by Raj Pradhan. This is one of the better written articles on critical illness (CI) cover. Can you also suggest a flowchart to aid decision-making on which product type would be better for a layman?
Anurag, online comment
BLAME THE MINORITIES?
This is with regard to review of ‘The Turn of the Tortoise’ by Debashis Basu. As we are being reminded about this by the right-wing RSS, BJP and Shiv Sena, the lack of development can be blamed on the minorities. Once pure Hindutva is implemented, all these problems will be automatically solved.
J Pinto, online comment
ESSENCE OF GROWTH-INVESTING
This is with regard to “Buying Quality Vs Paying Less” by Debashis Basu. This is very well written. I have been investing in high-quality companies and nothing captures the essence of growth-investing as this article did. Growth-investing is a very tough field and has humbled quite a few people. But, on the flip side, you get to think like a businessman. I almost put myself in the promoter’s shoes when I think of the potential of the businesses.
MARK IT DOWN TO THEIR WHIM?
This is with regard to “Investing to Retire Comfortably” by Jason Monteiro. This is a well-written article. I think the problem is something else. Each government can come and change the taxation rules for this corpus whenever it wants. It is our money until we get our hands on it. In the US (and even in Europe), when Detroit’s local government goes bankrupt, the retirement/ pensions funds are ‘marked down’. My fear is that when India goes through a bad phase in future, the government would use these pension funds the way it uses LIC (Life Insurance Corporation of India) to save the stock market or worse mark-it-down-to-their-whim.
Aditya Kumar Pandey
UGLY ROLE OF OPPOSITION POLITICIANS
This is with regard to “I’m Back!” by Debashis Basu and Jason Monteiro. I wish the authors had mentioned the ugly role played by the Opposition politicians, i.e., the ‘dynasty slaves’, plus the new crook on the block and his coterie of Leftists, ably aided by their Left allies and Pak-leaning media. A large part of the blame should fall on these crooks who have just a one-point agenda: to pull down Narendra Modi and nothing else. They have failed to play the role of an intelligent, honest Opposition. And now it looks like the Opposition is willing to go anti-India desh ki barbaadi tak way to destroy Mr Modi. This reminds me of the joke: “Every woman needs a husband because you can’t blame everything on God or Modi.” The article does not have even a reference to any of these Opposition anti-nationals.
This is with regard to “Wealth Creators 2005—2015” by Jason Monteiro and Pratibha Kamath. Great analysis, the past two decades were the turning point for our economy and it was because of the reforms in 1993. I doubt if there are any winners (for tomorrow) that are available cheap?