Archive for March 6th, 2015

Book Review — India’s New Capitalists: Caste, Business, and Industry in a Modern Nation

March 6, 2015

How did Appejay group get its name? What about M&M? Orpat? How are businesses in South India different from those in North? And those in West? How did Tirupur shape as a textile hub? Sivakasi as fireworks one?

Well, there are books and there are epics. This book by Harish Damodarn easily slips into the second category. If there is one book one needs to figure history of Indian companies and business groups, it is this.  The work is so majestic that one is amazed to learn something new in each para.  It is a pity and shame to discover this book so late as it came in 2008.

CASI, UPenn has an intro of the book:



ATM’s new form is Any Time Monetary Policy..

March 6, 2015

Indian central bank has given ATM a new name –  Any Time Monetary Policy. The monetary policy decisions are announced completely randomly without any logic.

It has now lowered its policy rate two times this year, both out of its normal policy date. The usual policy date was just 15 days away in Jan and around a month away in Mar. Usually such random rate cuts come when there is somekind of external shock like the 9/11 attack or sudden meltdown of financial system as in Lehman times.  But nothing of this sort has happened here. Infact India is already the fastest growing economy..


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