Recasting India (28 page)

 6
. The Indian market research organization divides consumers into various categories depending on the number of members and household earnings.

 7
. Jean Drèze and Amartya Sen,
An Uncertain Glory: India and Its Contradictions
(London: Allen Lane, 2013).

CHAPTER 1

 1
. Blair B. Kling,
Partner in Empire: Dwarkanath Tagore and the Age of Enterprise in Eastern India
(Berkeley: University of California Press, 1976), 3.

 2
. Sati in the 17th and 18th centuries had been celebrated in legends and parables as the ultimate honor for a woman in Hindu orthodoxy. But by the start of the 19th century, as reform swept through Hinduism, more and more people saw it for what it was—a ghoulish, perverse ritual often used by ultraorthodox Brahmins to usurp the property of the dead couple. The abolition of sati is today held as one of the greatest tasks accomplished in the overhaul of Hindu orthodoxy in the 19th century by Rammohun Roy and Dwarkanath Tagore and one of the best things achieved through British rule in India.

 3
. Makrand Mehta,
Indian Merchants and Entrepreneurs in Historical Perspective
(New Delhi: Academic Foundation, 1991), 81.

 4
. Claude Markovits,
Merchants, Traders, Entrepreneurs: Indian Business in the Colonial Era
(New York: Palgrave Macmillan, 2008), 19, 20.

 5
. All interviews, unless explicitly indicated otherwise, have been conducted by the author.

CHAPTER 2

 1
. Details on J&K Entrepreneurship Development Institute at
www.jkedi.org
.

 2
. Mass protests with hundreds of young men pelting stones at security forces in Kashmir began in June 2010 after the killing of three suspected male terrorists who later turned out to be innocent young villagers. The protests mushroomed into weeks of street fights between stone throwers and armed forces. Some of the protests were also politically fueled by the rivals of Chief Minister Omar Abdullah. These have been some of the biggest protests thus far against the large presence of the Indian Army in Kashmir and the army's many alleged atrocities.

 3
. Jammu and Kashmir Bank annual reports and financials at
www.jkbank.net
. Angel Broking, Result Update 2QFY14, Jammu and Kashmir Bank at
http://bsmedia.business-standard.com/_media/bs/data/market-reports/equity-brokertips/2013-11/13843273580.98208300.pdf
.

 4
. “(J&K) Bank reported healthy operating performance, while asset quality remained largely stable. NII came in line with 23% growth yoy on back of 20% increase in advances yoy. The operating expenses grew by 29% (has been growing 25% and upwards for last few quarters) which was in line with our expectations. Operating profit grew by 17.5% yoy. On the asset quality front, the Gross NPA ratio increased marginally by 2bp qoq to 1.7%, while net NPA ratio increased by 5bp qoq to 0.19%, which appears to a modest increase, given the prevailing weak macro environment and low base of NPLs for bank. PCR for the bank dropped by 195bp qoq, but even then at 92%, it remains one of the highest in the industry. Overall net profit for the bank grew by 12% yoy to Rs 303cr. At the CMP, the stock is trading at 1.0x FY2015E ABV, at a higher end compared to peers, which factors in its better asset quality performance vis-à-vis peers even in a challenging macro environment. Hence, we maintain our Neutral recommendation on the stock.” Vaibhav Agrawal, VP-Research-Banking, Angel Broking, on J&K Bank, 2QFY2014 results, November 9, 2013.

 5
. M. Saleem Pandit, “Four Killed as Zubin Mehta's Concert Begins in Srinagar,”
Times of India
, September 7, 2013,
http://timesofindia.indiatimes.com/india/Four-killed-as-Zubin-Mehtas-concert-begins-in-Srinagar/articleshow/22392358.cms
.

CHAPTER 3

 1
. For more on the Saradha scam, see Live Mint,
http://www.livemint.com/Query/5voTl1zEvA2y3bzBTRRDjO/The-Saradha-scam.html
.

 2
. Baiju Kalesh, “Why Private Equity Firms Follow Shriram Group Company,”
Economic Times
, May 23, 2013.

 3
. Lisa Pallavi Barbora, “What Is a Chit Fund?,” Live Mint, April 29, 2013,
http://www.livemint.com/Money/TM2QQIfmWRi5mtgcEc6zkL/What-is-a-chit-fund.html
.

 4
. David Roodman, “The IFMR Trust: Not Your Parents' Microfinance,” Center for Global Development, April 27, 2009,
http://www.cgdev.org/blog/ifmr-trust-not-your-parents-microfinance
.

 5
. Bindu Ananth, “Sustainability Means Going from Buyer Beware to Seller Be Sure,” Live Mint, December 10, 2013,
http://www.livemint.com/Money/NNCvhOatfDQeB3d6UjxHDO/Suitability-means-going-from-buyer-beware-to-seller-be-sure.html
.

CHAPTER 4

 1
. Asifa Khan and Zafar Sareshwala, “Debunking the ‘Facts' on Narendra Modi and Muslims,”
First Post
, November 8, 2013,
www.firstpost.com
.

 2
. Sanjay Kumar, “Who Did India's Muslims Vote for in General Election?”
BBC.com
, May 30, 2014,
http://www.bbc.com/news/world-asia-india-27615592
.

 3
. In February 2002, a compartment full of Hindu pilgrims returning from Ayodhya, which has been the site of a Hindu-Muslim dispute over a mosque, was set on fire at a train station in the predominantly Muslim area in Gujarat called Godhra and 58 pilgrims were burned alive. This triggered a nearly three-day-long riot across Gujarat, though most of the fiercest violence occurred in Ahmedabad.

 4
. Surjit S. Bhalla, “Lessons to Be Learnt from Narendra Modi's Gujarat,”
The Financial Express
, October 26, 2013.

CHAPTER 5

 1
. Michael Sandel, “What Money Can't Buy: The Moral Limits of Markets,”
https://www.youtube.com/watch?v=GvDpYHyBlgc
.

CHAPTER 6

 1
. “Hiware Bazar: A Water Led Transformation of a Village,” IDFC Quarterly Research Note, no. 16, June 2012,
http://www.idfc.com/pdf/publications/Hiware-Bazar-rural-water.pdf
.

 2
. “India Wastes 21 Million Tonnes of Wheat Every Year: Report,”
The Times of India/Press Trust of India
, January 10, 2013,
http://timesofindia.indiatimes.com/india/India-wastes-21-million-tonnes-of-wheat-every-year-Report/articleshow/17969340.cms
.

CHAPTER 7

 1
. Constituent Assembly Debates, November 15, 1948,
http://parliamentofindia.nic.in/ls/debates/vol7p6.htm
.

 2
. Ibid.

 3
. B. R. Ambedkar,
The Problem of the Rupee
(London: P. S. King & Son, 1923).

 4
. B. R. Ambedkar,
The Evolution of Provincial Finance in British India
(London: P. S. King & Son, 1925), 140.

 5
. B. R. Ambedkar,
India on the Eve of the Crown Government
,
http://drambedkarbooks.wordpress.com/dr-b-r-ambedkar-books/
.

 6
. Ibid.

 7
. Ibid.

 8
. Ibid.

 9
. Ibid.

10
. Ibid.

11
. Ibid.

12
. Surinder S. Jodhka, “Dalits in Business: Self-employed Scheduled Castes in Northwest India,” Working Paper Series, Volume 4, Number 2, p. 5, Indian Institute of Dalit Studies, 2010.

13
. Ibid., p. 8.

14
. Ambedkar,
India on the Eve of Crown Government.

15
. Ibid., p. 14.

16
. Ibid.

17
. Ibid., p. 18.

18
. Ibid., p. 19.

19
. Ibid., p. 21.

20
. Ibid., p. 22.

21
. Ibid, p. 23.

22
. Email to author.

23
. Thomas Babington Macaulay,
Minute on Education
, February 2, 1835, para. 10,
http://www.columbia.edu/itc/mealac/pritchett/00generallinks/macaulay/txt_minute_education_1835.html
.

24
. Ibid., para. 12 and 13.

CHAPTER 8

 1
. Kounteya Sinha, “70% Can't Afford Sanitary Napkins, Reveals Study,”
Times of India
, January 23, 2011,
http://timesofindia.indiatimes.com/india/70-cant-afford-sanitary-napkins-reveals-study/articleshow/7344998.cms
.

 2
. Arunachalam Muruganantham, “How I Started a Sanitary Napkin Revolution!”, TED talk, May 2012,
http://www.ted.com/talks/arunachalam_muruganantham_how_i_started_a_sanitary_napkin_revolution
.

CHAPTER 9

 1
. Seema Chowdhry, “CGNet Swara: Spreading a Revolution with Words,” Live Mint, November 1, 2013,
http://www.livemint.com/Leisure/JLMeY7AwookCpyraa04b0O/CGNet-Swara–Spreading-a-revolution-with-words.html
.

CHAPTER 10

 1
. “Around 80% of Sewage in Indian Cities Flows into Water Systems,”
Times of India
, March 5, 2013,
http://timesofindia.indiatimes.com/home/environment/pollution/Around-80-of-sewage-in-Indian-cities-flows-into-water-systems/articleshow/18804660.cms
.

 2
. Bhasha Singh,
Unseen: The Truth about India's Manual Scavengers
(New Delhi: Penguin, 2014).

CONCLUSION

 1
. Oliver Balch, “The Relevance of Gandhi in the Capitalism Debate,”
Guardian
, January 28, 2013,
http://www.theguardian.com/sustainable-business/blog/relevance-gandhi-capitalism-debate-rajni-bakshi
.

 2
. Sudheendra Kulkarni,
Music of the Spinning Wheel: Mahatma Gandhi's Manifesto for the Internet Age
(New Delhi: Amaryllis, 2012).

 3
. 
Speeches and Writings of Mahatma Gandhi
, 4th Edition (Madras: GA Natesan & Co.), 384–85.

 4
. M. K. Gandhi, “Theory of Trusteeship,”
http://www.mkgandhi.org/ebks/trusteeship.pdf
.

 5
. M. K. Gandhi,
Harijan
, 145, accessed from M. K. Gandhi, “Theory of Trusteeship,”
http://www.mkgandhi.org/ebks/trusteeship.pdf
.

 6
. Ibid., p. 49.

 7
. Harish Damodaran, “Crony Capitalism? Really?,
The Hindu Business Line
, March 18, 2014,
http://www.thehindubusinessline.com/opinion/columns/harish-damodaran/crony-capitalism-really/article5801300.ece
.

The index that appeared in the print version of this title does not match the pages in your eBook. Please use the search function on your eReading device to search for terms of interest.

For your reference, the terms that appear in the print index are listed below.

9/11 attacks

20th Century Finance

aam aadmi
(common man/mango people)

Aam Aadmi Party

Abdullah, Omar

Acharya, Srinivasa

Adani, Gautam

Adani, Mahmood

Adani Group

Adivasis (young tribals)

Administration and Finance of the East India Company
(Ambedkar)

Advani, Lal Krishna

Aegis BPO

Agarwal, Vaibhav

agriculture

apple farming

and caste mobility

and electricity

farmer suicide

Harshna Naturals

in Hiware Bazar

income

Krishi Karman Samman (national agricultural prize)

in Madhya Pradesh

moneylending

percentage of rural economy

water irrigation

Ahmad, Ahjaz

Ahmad, Mushtaq

Aiyar, Yamini

al Qaeda

All India Chit Fund Association

Allahabad Bank

Alpic Finance

Ambani, Mukesh

Ambedkar, Bhimrao Ramji

Amin, Gazzala

Anand Rathi

Anand, Malik Saloni

Ananth, Bindu

Antilia Syndrome

Anuradha, R. V.

anxiety

artisans

Association of Democratic Reforms (ADR)

Aungier, Gerald

Aurangzeb (Mughal emperor)

austerity

Axis Bank

Ayyangar, Gopala-Swami

Baber (Babur)

Babu, D. Shyam

Bagri, Indu

Bahujan Samaj Party (BSP)

Bajaj, Rahul

Bakshi, Rajni

Balaji Wafers

Balussery Benefit Chit Fund

Banday, Shafat Ahmad

Bangar, Srikant

bania
(merchant caste)

banking and financial industry

chit funds

credit deposit ratio (CDR)

ICICI Bank

IFMR Trust

Jammu and Kashmir Bank

microfinance

non-banking financial companies (NBFCs)

non-performing asset (NPA)

Punjab National Bank

Reserve Bank of India (RBI)

SARFAESI

Shriram Group

State Bank of India

strikes

and violence

See also
moneylending

below-poverty-line (BPL)

Bengal

Bengalis

Calcutta

crime and violence in

history of

Muslim population

refugees from

Saradha Group financial scandal

Bentinck, William

Bhakra Nangal dam

Bhalla, Surjit S.

Bhansali, Chain Roop

Bharatiya Janata Party (BJP)

Bharti

Bharti Walmart

Bhat, Fayaz

Bhatt, Mahesh

Bhotmange, Bhaiyalal

Bhumihar

BIMARU (lost-cause states)

Biocon

Birla, Ghanshyam Das

Birla, Kumaramangalam

Birla family

Board of Industrial and Financial

Reconstruction (BIFR)

Bohra Muslim community

Bombay.
See
Mumbai

Bose, Khudiram

Bose, Subhash Chandra

Brahmins

Burhanuddin, Mohammed

business process outsourcing company (BPO)