This is with regard to ‘Retirement Crisis’. Let us rephrase it as post-job problems, as our understanding of retirement is age-related and ‘retirement’ presumes job security. Even the present governor of the Reserve Bank of India (RBI) once mentioned that, these days, people do not think of remaining in the same job for more than 10 years. It would be an interesting study, if one factors in the social security issues that worry Americans into the thought process of Indian workers.
During the past decade, India has destroyed a pension system which was admittedly available only to a small percentage of the Indian work force. The substitute, namely, National Pension System (NPS), is yet to put its act together.
The previous Central government had talked about an annual matching contribution of Rs1,000/- (rupees one thousand only) to those who join NPS, as an incentive. It is beyond comprehension as to what benefit a family will get by a fund created out of annual deposit of Rs2,000/-.
Post-job worries are about shelter, healthcare and a source of income, which will not dry up. For those who can take up new jobs for earning adequate income, support for re-skilling or up-skilling should be made available.
It is comforting that the debate on social security is being kept alive by Moneylife.
MG Warrier, online comment
Go Through Hell!
This is with regard to “Reasonableness, Again” by Bapoo Malcolm. This is very clearly explained by Bapoo Malcom and I am sure it will help readers in case something similar happens to them. I can relate my personal case—my car was stolen and later recovered. I had to go through hell (different police stations, courts, lawyers) to get it back. The procedure is so cumbersome and lengthy that one wishes that if a vehicle is stolen, it is never found.
Deepak R Khemani, online comment
This is with regard to “Delhi elections bring to the fore governance issues again” by Sucheta Dalal. Governance reforms, as the writer has rightly addressed, are the key to action. But which are these areas?
First, agriculture. Sustained technology interventions with amendment to the APMC Act that should provide for the farmers to have direct market access in the place of brokers and politicians do not brook delay.
Second, education. Right from primary to technical and higher education should come under one umbrella and one ministry. Institutional reforms hold the key. Budgetary allocations appropriate to the task would be also extremely important.
Third, manufacturing sector. Ease of doing business is getting the attention that is due, no doubt.
Land laws are a sore point. This has to be addressed with a sense of proportion. Among services, finance and insurance sectors need a thorough review. Responsible and responsive public sector requires good governance code and effective monitoring. Capital refurbishment has to be done with accountability.
B Yerram Raju, by email
High Profile Jailbirds
This is with regard to “Billionaire Subrata Roy strangely can’t raise money to get out of jail” by Sucheta Dalal. A close unofficial watch on many of these high-profile jailbirds may be illuminating about the actual life enjoyed by them ‘in jail’ and ‘on record in jail’. Why give Rs10,000 crore when there are jail staff who can be persuaded and some of this money lavished on them for ‘better returns’?
Leslie Menezes, online comment
Government Should Provide Relief
This is with regard to “Budget and Senior Citizens” by SD Israni in Moneylife (11 February 2015). I wholeheartedly agree with the article. I would even go one step ahead and suggest that health-related expenditure on senior citizens should be exempted, or deducted, even when such expenditure is borne by their children. I say this from my own experience. My parents, both senior citizens, are dependent on me, since they have no source of income. While I consider it my duty to take care of them, perhaps I can also expect the government to provide relief on such expenditure via exemptions/ deductions.
Sreenidhi, online comment
Wrongs On Unknowing Customer!
This is with regard to “The Fad of Financial Literacy” by Sucheta Dalal. The regulators have most often been caught unawares or have chosen to look the other way, when there were anti-consumer products / services/ policies of insurance companies and AMCs (asset management companies). While it is good to inculcate financial literacy among the masses, it does not absolve those who offer financial products and their respective regulators from the wrongs being perpetrated on the unknowing customer.
Subba Rao, online comment
This is with regard to “16 Features of Stocks To Avoid” by R Balakrishnan. If you see the stocks wealth management companies recommend, they have at least a few of these 16 features. About two years ago, one Naresh Rever working in HDFC Securities (Mumbai) confidently boasted that IDFC share price will be Rs1,000/- in one year’s time. After getting the banking licence, the share price is still stuck in Rs140-Rs 150/- range. It is important to blacklist all wealth management companies, like HDFC Securities, who will contact you and stalk you continuously to sell shares having any of these 16 features. In October-December 2012, HDFC Securities suggested stocks which included Praj, KEC International, MTNL, United Breweries Holdings, Sintex, Escorts, Piramal Enterprise, JSW Holdings, etc. It would be interesting to compare the share price of these companies then and now; the comparison would speak for itself.
Suketu Shah, online comment
This is with regard to “Searching for ‘Sickness’” by Prof BM Hegde. It is time the author thought about writing a book which creates awareness among the people. These online articles appear for a week or two and have limited readership. But a book can be gifted to elders to read.
Sreekanth Yelicherla, online comment
This is with regard to “Fortnightly Market View: Budget Run-up?” by Debashis Basu. Why are just the Nifty and the Sensex rallying ? People are only chasing expensive stocks. Why is the Small-caps Index not rallying? Strange indeed!
Vinayak Bhimrao Mudholkar
Transparency In Political Funding
This is with regard to “Delhi elections bring to the fore governance issues again” by Sucheta Dalal. Very well articulated. In spite of my apprehensions, I wish that AAP (Aam Admi Party) succeeds. If they can, at least, force transparency in the system of political funding, it will be a great contribution. I am sure, many of their promises are difficult to deliver; but, if they can control corruption that impacts men on the street, it will be a huge success.
Deterrent For Future Scamsters
This is with regard to “Billionaire Subrata Roy strangely can’t raise money to get out of jail” by Sucheta Dalal. Everybody knows that all these groups—Sahara, Kuber, Saradha, etc—are/were shady businesses. For long, these were enjoying political involvement and patronage. They cared the least about law and ethics. All of these scamsters should meet an outcome that serves as a deterrent.
Safeguarding Bogus Companies?
This is with regard to “The Fad of Financial Literacy” by Sucheta Dalal. If an individual were to get into the trap of a dishonoured cheque, he can be put behind bars for a petty amount under the Negotiable Instruments Act. What about companies issuing cheques that bounce? The regulators are more prone to safeguarding bogus companies rather than investors.
Doctor With A Hammer?
This is with regard to “When doctors assume that they know what a patient wants” by Prof BM Hegde. This reminds me of what Charlie Munger has said: “To a man with a hammer, everything looks like a nail!” Doctor, would love some suggestions on the possible short-term solutions for this problem. A doctor helpline by Moneylife? Not to complain, but to recommend people to doctors who specialise in holistic care and wellness rather than prescribing medicines and surgery. In the long term, this requires a major jolt from the government which we can all hope and pray for.