Sojourn in Serendip – III

English Tea Time

Leaving Kandy we moved on to the heights of Nuwara Eliya to check into the Galway Forest Lodge. Nuwara Eliya meaning “the City of Dawn” is the town at the highest elevation (about 2000m above sea level) in Sri Lanka and its tallest peak, Piduruthalagala (2555m) can be seen from here. The city established by the British in the Nineteenth Century is known as “Little England”. In fact there are some stretches of this quaint colonial landscape where a traveler would honestly believe himself to be in Shropshire or Kent; that is, of course, until a green autorickshaw or the ubiquiyous posters of President RajaPakse comes into one’s view.

Nuwara Eliya is in the Heart of the Tea Estate. On the way, there are numerous Tea Factories, remodelled into Tea Centres that serve tea, Lunch and also sell pure Ceylon Tea. On Request it is possible to have a guided tour of the adjoining factory. We visited a Tea Factory on BlueField Tea Estate.

Asoka Vaatika

In the evening, we braved the weather to visit the Temple of Seetha at Seetha Eliya. En route we attempted a walk in Gregory park on the banks of Nuwara Eliya lake. But a heavy downpour chased us back to our vehicle.

The Ramayana is compelling narrative that is Pan-Indian. Every region in India has a shrine associated with the star-crossed prince of Ayodhya who was God incarnate as Man! The story crosses the sea and enters Sri Lanka when Ravan the King of Lanka abducts Sita, the wife of Rama. Sita was kept imprisoned in a garden of Asoka Trees. It is on the location of this Asoka Gasrden or Vaatika that the Temple of Seetha at Seetha Eliya is built. The Temple houses 3000 year old idols of Ram, Lakshman, Sita and Hanumanji. The idols are somewhat defaced and new idols are used for regular worship.

The Asoka trees (or atleast what remains of them after Hanumanji’s destructive frenzy during the burning of Lanka) have been since destroyed by the British. But the location itself still has a few Asoka trees gto bear witness. The soil nearabout is black in color as the entire forest had been burned down when Hanumanji went bersek and put the city of Lanka to Flame with his burning tail. The huge print of Hanumanji’s foot as he took gigantic form or Viswaroopa to disclose his true identity to Sita is another significant part of the visit to Nuwara Eliya.

The ardent traveler can go further up the hills where there is a Ravana Temple and a Waterfalls called Ravana Falls where the demon Ravana is said to have taken his bath.

Thence we drove past N. Eliya town and had tea at the Grand Indian Restaurant opposite The Grand Hotel, a beautiful colonial hotel surrounded by green lawns and tall trees.

Janani Janma Bhoomi

Indian Capital Markets: From here where?

The year 2011 has opened with a mixed bag. Hopes and aspirations of both investors as well as the business community are hanging on a precipice. The question is whether the markets will harden and start moving north or whether it will hover around at current levels. Many leading lights in the capital market are giving their guestimates for Sensex and Nifty as on 31.12.2011. A better idea may be to predict the price of onions. Onions truly seem to have replaced Sensex as the talk of the town. Jokes apart, the broader issue is not about the market itself but rather about the sustainability of the India Shining Story.

Although the liberalization story should rightly be traced to the decisions of the young and intrepid Prime Minister Rajiv Gandhi, his untimely death at Sriperumbudur led India down a slightly different tunnel into the wonderland of economic development. Liberalization continued with two other policies resulting in the coining of the aconym LPG—Liberalization, Privatization and Globalization. The author’s of the new India Growth story were, of course, Narasimha Rao and Manmohan Singh.

There is an apocryphal story about the Liberalization story which goes like this: Manmohan then Finance Minister, goes to Rao’s house one morning almost as soon as he took over as Prime Minister. It’s early in the morning and the FM has a sheaf of papers in his hand. Rao opens the main door still in his lungi and asks him what he wants. Manmohan says, “Sir, we are proposing to partially liberalize the economy. This is the new industrial policy and the Government Orders where we are delicensing 14 industries. Will you please sign them?”

Rao looks at Manmohan and asks, “How many industries are we planning to liberalize?” Manmohan informs him that on the whole there is proposal to liberalize 21 industries. Narasimha Rao says, “Why are you delaying the process. Bring all the GOs to me in one shot, I will clear them all!”

Whether this story is true or not, the haste that the then Prime Minister showed was laudable as India had nearly a decade of economic growth back log to make up when compared with China, Taiwan and Korea. But, once the policy framework was put in place, the statutes were slowly amended to suit the policy. Rival governments might have differed on political ideologies but they have not wavered from the common LPG agenda.

The proof of the pudding was proved in the eating. The India growth story has not lost its steam. The global financial melt-down has left India comparatively unscathed. This is also due to the decision not to make the rupee fully convertible. Full convertibility is not economically bad, as such. In fact the relative indifference with which most Indian Business men have treated the Liberalized Remittance scheme seems to indicate that India is seen as the best investment destination. Similarly the rush of qualified professionals abroad has abated post Global Melt down. There are many Indians working abroad who wouldn’t mind coming back to Bangalore or Chennai given half the chance. They seem to echo the feelings of Lord Rama addressing Lakshmana in Lanka.

When Lord Rama defeated Ravana in the historical battle of Lanka, Lakshman, Lord Rama's brother asked him to settle in that beautiful city of Lanka which was supposedly made of bricks of Gold. This is the actual quote from Valmiki Ramayan of Lord Rama's answer to Lakshmana's request.

अपि स्वर्णमयी लंका न मे लक्ष्मण रोचते ।

जननी जन्मभूमिश्च स्वर्गादपि गरीयसी ॥

Api swarnamayee lankaa na me Lakshmana rochate

janaanee janmabhoomishcha swargaadapi gareeyasee

(O Lakshmana, I don't like Lanka though made up of gold

(because) mother & motherland are greater than heaven.)

I think it’s the right time to accept the power of our motherland and our capability to emerge as a super power in the world. This is one of the greatest times to be an Indian in India! 2011 marks the beginning of an epoch in the annals of our nation which may never occur again. 1991 to 2010 saw two decades of growth which was steady but slow. The next one decade as we move towards 2020 will see growth as we have never seen before. Whole cityscapes will change. New cities will be born. In this story of growth the beneficiaries would be those companies that do not simply accept or adapt to change but those that initiate and embrace change.

As investors we need to watch out for companies that have a proven track record of innovation and change. We should look for business models that work on changing with customer needs and profiles. Classic examples are the Telecom and Software sector where the customer base is growing steadily. Companies like Bharthi Airtel deserve a glance even at the current price levels keeping in mind a long term perspective. In the Software and Information Sector, we should wait and watch for opportunities to buy scrips like Infosys and TCS, when the markets take a dive in March-April.

The Infrastructure and Construction story are yet to happen. The potential scrips are not yet listed. But, with increasing opportunities, the huge construction contracting companies with huge order books on hand will access the primary markets. The length of the roads to be laid; number of new airports to be enlarged or built anew will be reflected in the huge bottomline of these companies. Some players like VA Tech Wabag Ltd and CCCL will be potential gainers. But ethical practices, corporate governance and professionalism in management will distinguish the winners from the also-rans. The fall-out of this would fuel the successs stories of cyclical like Steel and Cement.

Banking is a service sector line that is going to see a continuous progression growth followed by consolidation. Some of the potential targets for acquisition like IOB, Karnataka Bank and the small Kerala based banks are the best bets. A larger bank which may come out of the consolidation phase as winner is HDFC.

But all this will need an environment or climate that nurtures independent entrepreneurial effort as well as a level playing field where the Indian business houses can consolidate their position before taking flight as emerging transnationals with global reach and control.

Let me conclude this article with the wish list for India Inc as well as the Indian Investor:

· Rational, if not lower direct and indirect tax structures with clarity in the implementation issues.

· A Government where an honest administration service works outside the stranglehold of political bosses and their convoluted and self-serving agenda.

· Better Infrastructure in the form of smoother roads, larger harbours and broader telecommunication bandwidths.

· Reduction in the cost of raising finance through the development of more stock exchanges and other Market Infrastructure Intermediaries.

In the words of the immortal poet Rabindranath Tagore in his Gitanjali, “into that heaven of freedom let our country awake.”

Lord Rama—A Role model for Communication

25.03.2010

Yesterday was Sree Rama Navami. I was performing pooja. As part of the ceremony, I was chanting the Ashtothra Satha Namavali or the 108 holy names of Lord Rama, when I came across these three names of Rama that intrigued me as trainer. A little bit of research with the Apte Sanskrit-English dictionary and a conversation with my relative Mr. G Ramachandran, who is well versed in Sanskrit, gave me better understanding of these mames. I would like to share them with you because, understandsing the essesnce of these names would show us how to become better communicators. In this sense, Sree Rama is the best Role Model for Advanced Communicators.

Om Smithavakthraya Namah

He who has an ever-smiling face. Smitha means smile. Vakthra is face or mouth. We like someone who is smiling. Please do not confuse a genuine warm smile with a sarcastic one that actually irritates people.

This is a gentle upward turn of the lips that is reflected in the eyes as well as in the forward movement of the head and trunk. Have you seen the smile I mean? One that makes you want to reach out to that person and get to know them better?

This is the smile that wins friends and influences people! It enabled Sree Rama to find allies and friends everywhere. Sree Rama had so many of them. And, what variety…Tribals like Guha, Monkeys like Sugreev and Demons like Vibheeshan, and scores of animals and birds that flocked together to assist Rama during his Vanvas. There are so many instances where characters in Ramayan claim that they are drawn to Sree Rama because of his smiling countenance.

Om Poorvabhashiney Namaha

He who speaks first. Poorva means first or before. Bhasha is, of course, speech or language. Sree Rama was one who spoke first. Remember, Sree Rama was a king whether in exile or otherwise. He could have had an attitude that was aloof and distant. He could have refused to speak to people unless introduced. But he was not like that at all. He spoke first!

He greeted them openly and with genuine interest. He enquired after their welfare. He hugged them and called them his brother. And they, in turn, shared their innermost thoughts with him.

Om Mitha Bhasiney Namaha

One who speaks with moderation . Mitha means measured or moderate. This is not the same as being taciturn or tight-lipped. This is knowing when to stop talking and become a goods listener. Sree Rama did not talk on ad on and on. He knew when to stop and allow the other person to complete his message.

He thought before he spoke so that when he spoke his words were the soul of brevity. The only other person in the Ramayan who was his equal in brevity and communicating more with less words was Sree Hanumanji with his world famous, “Karpukiniyaalai Kanden Seetaiyai..” (I saw her, she who is beautiful through chastity, Seetha). But, no true devotee of Rama or Hanuman can ever distinguish between the two!