Saturday, December 24, 2005

Manmohan Will Take Markets to 2900!

78th Annual General Meeting

Salient Points

  1. The Indian economy needs a massive dose of investment in the foreseeable future. We need investment in every conceivable area. The decade ahead of us must be a decade of investment.
  2. I do not accept the proposition that India can skip the manufacturing stage of development and go from being an agrarian society directly to becoming a services and knowledge-based society. This is a mistaken view.
  3. Reports are mixed about the results in textiles this year. We cannot miss the opportunities which we once did in the 1960s.
  4. If it requires modifications to our labour policies to provide greater flexibility which in turn will generate more jobs, we will work with all stakeholders to generate a consensus on this.
  5. Many of you have concerns about our tax system. Over the last two years, we have moved towards lower tariffs, uniform tax rates and easier procedures. There are still some concerns. I promise to address these concerns over the next year.
  6. Some steps are already being taken to remove fuel constraints, increase captive coal production, having mega coast based power projects and improving operations of power plants.

Posted by Eclectic Investor at 10:12 PM  

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KM

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IN PASSING

Consider how the crisis has unfolded over the past eighteen months. The proximate cause is to be found in the housing bubble or more exactly in the excesses of the subprime mortgage market. The longer a double-digit rise in house prices lasted, the more lax the lending practices became. In the end, people could borrow 100 percent of inflated house prices with no money down. Insiders referred to subprime loans as ninja loans—no income, no job, no questions asked. - George Soros in latest book


“When everything’s going up, there’s a feelgood factor and people tell each other how much their houses are going up at dinner parties,” says Professor Mark Stephens of York University’s Centre for Housing Policy. “Then the music stops, as it always does.”

“Last year, Japan was a more attractive market to put money in. If you look at the US, we can now get an internal rate of return of 25% there, so why would anyone want to come to India?” - a senior executive at an international financial services group, who did not wish to be named.

"Most people told us house prices never go down on a national level, and that there had never been a default of an investment-grade-rated mortgage bond, "Mortgage experts were too caught up." - John Paulson, trader, who bet against subprime market and made $15 billion.

The most puzzling are the real-estate projects of Parsvnath. Just have a look at the Pride Asia project near Chandigarh. They are asking almost US $300K-$350 K dollars for 2 bed room apartments. They have Villas in this project that costs more than US $1.5 million dollars. It is true that some people in India have that kind of money in India. However most of their wealth is black money and that can not be used to buy these properties. Obviously, these projects have been launched keeping NRIs in mind. - Sanjeev, comment from another site

Prachi Desai, aka Bani, the star of Balalji Telefilms's soap, Kasam Se, has been house hunting for over a year. She had almost closed a 2-BHK deal last year for Rs 1.5 crore in a Oberoi Constructions' building located at Andheri, Mumbai, but when she went back to confirm it, she was asked to cough up Rs 2.61 crore. Since then, she is still house hunting. - Mumbai Mirror

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