Archive for March 28th, 2018

Manipal Hospitals merger with Fortis Hospitals: A journey that started in 1953 in Manipal

March 28, 2018

A renowned Indian business historian once told me, first very little is written on Indian business history. Second, whatever is written,  it is mostly North India based and ends at Bombay/Mumbai. Southern India is mostly missing from the analysis.

Within Southern India, this region of Mangalore/Udupi/Manipal (called South Canara earlier) deserves a special mention in the pantheon of Indian business history. How many regions have contributed distinctly to four service industries?

  • Medicine (discussed in the post)
  • Banking (home to several banks which pioneered many innovations, much of whose history is lost)
  • Education (several students have got educated in Manipal)
  • Hotels and Restaurants (each time you eat in Udupi Restaurants and lick your fingers, remember they originated from here)

So, when one read the news of merger of Manipal Hospitals and Fortis Hospitals, to create the largest hospital company it warmed the heart a bit.


The first mangoes of the year come from this Kerala town: Muthalamada

March 28, 2018

Fascinating piece by Anubha George. Had no idea about this.

In Muthalamada, a Kerala town, mangoes are available from Feb onwards:


Financial engineering will not stabilise an unstable euro area

March 28, 2018

Without the basics in place, Financial engineering can only delay the inevitable.

Profs. Paul De Grauwe and Yuemei Ji on fin engg in Euro area:


Temperature and human capital in India

March 28, 2018

Three researchers – Teevrat Garg , Maulik Jagnani  Vis Taraz – in this piece:

A large proportion of the population in India has agrarian livelihoods that remain climate-exposed. The number of hot days per year in the country are expected to double by the end of this century. This column shows that higher-than-normal temperatures in a particular year lead to a contemporaneous reduction in agricultural incomes, and large negative impacts on children’s human capital outcomes in the subsequent year. 


We use math and reading test scores for more than 4.5 million children in primary and secondary school to examine the effects of higher temperatures on human capital production in India. Using data from an India-wide repeated cross-section2 between 2006-2014, the Annual Status of Education Report (ASER), that tests school-age children on math and reading ability, we show that over a longer-run horizon, measured as the number of hot days in the calendar year prior to the test, higher temperatures affect both math and reading scores. Ten extra days in the previous year with average daily temperature above 29°C (84°F) relative to 15°C-17°C (59°F-63°F) reduces current-year math and reading test performance by 0.03 and 0.02 standard deviations3 (SD) respectively.
In fact, when we isolate effects by growing and non-growing seasons in India, we find that the effect of higher temperatures on test scores is primarily driven through higher temperatures in the previous years’ agricultural growing seasons, with comparatively negligible effects of non-growing season temperature. Ten extra days over 29°C in the previous year growing season reduces math and reading scores by 0.1 and 0.06 SD, respectively. These are large effects: these 10 extra hot days in the previous year growing season could effectively wipe out gains made from a median educational intervention (McEwan 2015), particularly when one considers that India currently experiences close to 50 days above 29°C.

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