Open Magazine. 20 November, 2023

Автор: Prasannarajan S.

Теги: politics magazine news open magazine

Год: 2023

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CONTENTS
20 NOVEMBER 2023

NOTEBOOK

INDRAPRASTHA

NOSTALGIA

SOFT POWER

ISRAEL DIARY

OPEN ESSAY

Damned
by deepfakes

By Virendra Kapoor

Gymkhana
clubbed. Rightly so

Who’s afraid
of Sundar Iyer?

In it together

By Bhaichand Patel

By Makarand R Paranjape

OPINION

A modern crusade?

By Minhaz Merchant
By Madhavankutty Pillai

Gandhi’s sympathy
By Anat Bernstein-Reich for Jews did not blind
him to injustice
against Arabs

THE
WEALTH
ISSUE
34 PROFITS OF PURSUIT

By MJ Akbar

66 THE ZEN OF INHERITANCE

By Sudeep Paul

86 ASSET CONTROL

By Harsh Roongta

46 CAPITAL NOURISHMENT

By Suresh Sadagopan

70 THE REMAINS OF
A GILDED AGE

By Siddharth Singh

88 RAGS TO RICHES
By Moinak Mitra

By V Shoba

54 MAPPING THE MASTERS
OF THE UNIVERSE

92 HIGH GIVING

76 CAFÉ CAPITALISTS

By Madhavankutty Pillai

By Kaveree Bamzai

By Lhendup G Bhutia

60 THANK GODDESS

94 HAUTE BOURGEOISIE

80 A CLASS ACT

By Bibek Debroy

By Rachel Dwyer

By Rajesh Shukla

FAST GLORY India’s pace attack has never looked stronger By Aditya Iyer
100

108

110

113

BEING AND SOUNDLESSNESS

RACING AGAINST TIME

What the women runners
reveal about Indian society

PLAYTIME WITH
BORIA MAJUMDAR

STREAMING SMART

A meditation on the loss of hearing
By Carlo Pizzati

114

STARGAZER
By Kaveree Bamzai

The Chak De girls

By Sumana Ramanan

Cover by Saurabh Singh
Disclaimer ‘Open Avenues’ are advertiser-driven marketing initiatives and Open assumes no responsibility for content and the consequences of using products or services advertised in the magazine

20 NOVEMBER 2023

www.openthemagazine.com 3

OPEN MAIL
editor@openmedianetwork.in
EDITOR S Prasannarajan
MANAGING EDITOR PR Ramesh
CONSULTING EDITOR-AT-LARGE

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EXECUTIVE EDITOR Ullekh NP
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GENERAL MANAGER–EVENTS INITIATIVES

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GENERAL MANAGER

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Jyoti Handa (West)
NATIONAL HEAD -CIRCULATION

Days after Hamas-led Palestinian militants invaded
Israel, Israel Defense Forces (IDF) readied for a possible
ground invasion of Gaza even as they continued with
air strikes amid a worsening humanitarian crisis
(‘The Blaze of Gaza’, by Brahma Chellaney, November
13, 2023). Hamas’ attack, which IDF declared the worst
in Israel’s history, claimed more than a thousand lives.
Last weekend, the Israeli military pounded northern
Gaza, and declared that as many as one million
Palestinians must leave the north and head south.
This had led to thousands of Palestinians ﬂeeing the
north for the south on foot. In just one week of strikes,
more than 2,300 Palestinians —including more
than 500 children—have allegedly been killed. The
losses on the Israeli side have been big as well. In this
war, there is no doubt Israel will emerge victorious.
India’s diplomatic response has been threefold: it
has unequivocally criticised the attack by Hamas; it
has expressed solidarity with Israel; it has declared
its stand on a two-state solution and the need to
uphold humanitarian principles. This sums up MEA
Spokesperson Arindam Bagchi’s recent remarks on
the subject. The MEA emphatically said that India
considers the Hamas attack a “terrorist attack” .

Dhanpreet
Amol Joshi (West & East)
Ranjeet Kumar Yadav (North)
N Kishore Kumar (South)
HEAD–PRODUCTION Maneesh Tyagi
HEAD DESIGN–ADVERTISING Liju Varghese

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Volume 15 Issue 46
For the week 14-20 November 2023
Total no of pages 116

LETTER OF THE WEEK

bottom of the affair. To
unravel the truth, Central
investigative agencies were
rushed to Kerala to probe
any possible terror links
like Hamas in the incident.
Meanwhile, it is sad that the
blamegame started between
BJP and the Left. However,
this is always the case in
such disasters.

CK Subramaniam

KR Srinivasan
ANTI-INCUMBENCY

A WAY FORWARD

The war between Israel
and Hamas shares several
similarities with the
conﬂict between Russia
and Ukraine (‘The Blaze of
Gaza’, by Brahma Chellaney,
November 13, 2023). The
Ukraine war shows no sign
of relenting, leading one
to question how long the
Israel-Hamas conﬂict will
last. Both these conﬂicts
have also resulted in
devastating damage, killing
thousands of soldiers and
civilians, and creating as
many refugees. In view of
this, it is strongly suggested
that world leaders should
jointly prepare a longterm peace plan, which
should demonstrate the
importance of peace,
healthcare, and safety. There
should also be efforts made

to bridge the gap between
weaker countries and
stronger ones. This is one
way to possibly resolve
such conﬂicts.
Ashok Nihalani
OLD MISTAKES

The blasts at the
Jehovah’s Witnesses (JW)
congregation in Kerala,
which killed three people
and injured several, have
sent shockwaves through
security agencies. (‘The
Radicalisation of Kerala’,
November 13, 2023).
Even though the attacker
surrendered later, taking
responsibilty for the act on
the plea that JW’s teachings
are anti-national and JW
is propagating harmful
and destructive messages,
the government deemed
it necessary to get to the

The ongoing elections to the
90-member Chhattisgarh
Assembly (‘Intimations for
the Incumbent’, November
13, 2023) will certainly not
be a cakewalk for the Baghel
government. With BJP in
the reckoning in several
seats, expect a setback
for Congress.
Anthony Gonsalves
ENGLAND OUT

The ICC One Day
International World
Cup has seen defending
champions England lose out
from the beginning (‘The
Fall of England’, November
13, 2023). As hosts, even the
Indian team gave them a
thrashing and they bowed
out without much of a ﬁght.
This is a wake-up call for
Team England.
Calicut Ramani

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OPINION

Minhaz Merchant

A Modern Crusade?
The ancient roots of today’s battle in Gaza

HE FINAL CRUSADE in a series of nine religious
By the 1940s, the swelling numbers of Jews, many of
wars fought between the armies of Muslims and
them Zionists, increased the level of violence leading to
Christians over a period of two centuries ended in
the Nakba, the Arab word for catastrophe which befell
1291 with the fall of the holy city of Acre to Muslims.
Palestinians in their own land.
Acre, which lies on the Mediterranean coast in today’s
“Between 1947 and 1949,” Al Jazeera reported, “at least
Israel, was the last bastion held by Christian Crusaders.
750,000 Palestinians from a 1.9 million population were
The ﬁrst Crusade, launched by Christian forces from
made refugees beyond the borders of the state. Zionist forcEurope in 1099, had seized Jerusalem from Muslims who
es had taken more than 78 per cent of historic Palestine,
had controlled the city for 450 years.
ethnically cleansed and destroyed about 530 villages and
Jerusalem was recaptured by the Muslim army of Saladin
cities, and killed about 15,000 Palestinians in a series of
in 1187. Christian Crusaders tried to take it back but were
mass atrocities, including more than 70 massacres.
foiled. European armies led by Lord Edward, the future King
“In 1936, Palestinian Arabs launched a large-scale upEdward I of England, were defeated and forced to withdraw.
rising against the British and their support for Zionist setJerusalem though would remain contested for centuries
tler-colonialism, known as the Arab Revolt. The British aubetween Jews, Muslims, and Christians.
thorities crushed the revolt, which lasted
Today, it is at the heart of the battle beuntil 1939, violently; they destroyed at
Britain in 1948 left behind
tween Palestinians, Israelis, and Hamas.
least 2,000 Palestinian homes, put 9,000
a fractured country and a
For Muslims, the city has the Al-Aqsa
Palestinians in concentration camps
legacy of decades of future
Mosque, the third holiest in Islam. For
and subjected them to violent interrogawars between Jews and
Jews, the Western Wall is one of Judaism’s
tion, including torture, and deported 200
Muslims. Seventy-five years
most revered sites. For Christians, the
Palestinian nationalist leaders.”
after the Nakba in 1948
Church of the Holy Sepulchre in Jerusalem
Israel declared itself an independent
when Palestinians lost their
is where Jesus Christ was cruciﬁed.
nation on May 15, 1948, hours after the
land and Jews gained a
Today’s battle in Gaza has its roots in
British withdrawal from Palestine. In less
homeland, a second Nakba
the deep animosities that extremists in the
than a year on May 11, 1949, Israel was foris today raging in Gaza
three Abrahamic religions continue to harmally recognised as a sovereign nation by
bour for one another.
the United Nations.
Ruled by the Ottoman Empire till 1918,
Massacres had preceded the British
Jerusalem became part of Britain’s Palestine Mandate after withdrawal. Jewish terrorist groups attacked Palestinians
the defeat of the Ottomans, who had allied with Germany
and other Arabs. The British, who had tried to appease both
in World War I. Jews started trickling back to Palestine in
sides during their 30-year protectorate of Palestine, were atthe late 1800s. But it was at the end of Ottoman control
tacked by Zionist terror groups as well.
over Palestine in 1918 that Jews believed their moment,
Britain in 1948 left behind a fractured country and a legdenied to them at different times for millennia, had
acy of decades of future wars between Jews and Muslims.
ﬁnally arrived.
A year earlier, the British had similarly withdrawn rapidly
Britain was deeply complicit. Having replaced the
from India, leaving behind the horriﬁc violence of Partition
Ottomans as the controlling authority in Palestine, the
and residual hostility between India and Pakistan.
British tacitly encouraged European Jewish migration
For the Zionist terror groups in Palestine that engaged in
to Palestine.
acts of savagery in 1947-48, the Holocaust in World War II
Zionism—the nationalist movement for a Jewish home- gave Zionism both a moral imperative and Western support.
land—gained traction. Jews comprised 8 per cent of the
Seventy-ﬁve years after the Nakba in 1948 when
population of Palestine in 1918 when Britain assumed the
Palestinians lost their land and Jews gained a homeland, a
mandate for Palestine which, together with Jordan, became second Nakba is today raging in Gaza.
a British protectorate.
Like the ancient Crusades, the war between Israel,
By May 1948, when Palestine ceased to be a British probacked by the Christian West, and Hamas, backed
tectorate, Jews comprised over 80 per cent of its population. by the Muslim world, could—as Turkey’s President
In the intervening 1920s and 1930s, incoming Jewish
Recep Tayyip Erdogan warned—spark a wider, longer
migrants had driven Palestinians out of their homes.
modern crusade between the crescent and the cross.
6

20 NOVEMBER 2023

OPENINGS
NOTEBOOK

Damned by Deepfakes

T TAKES A CELEBRITY to make a malicious technolperson under provisions of IPC. Deep fakes are latest and even
ogy that has been in existence for years become real to
more dangerous and damaging form of misinformation and
Indian society. An X (formerly Twitter) user posted two
needs to be dealt with by platforms.” As per media reports,
videos which were exactly the same, of a woman enterthis was followed by the government telling social media plating a lift. Except that one of them had the face of the actress
forms like Instagram that deepfakes needed to be taken down
Rashmika Mandanna, who is extremely popular in south
within 24 hours when they received a complaint.
India but also became known in the rest of the country after
And yet, despite all the alarm and anxiety, even though the
the movie Pushpa: The Rise became a blockbuster. The real vidresponsibility has been thrust onto the platforms to ensure
eo was of a British inﬂuencer called Zara Patel. The one with
the policing of deepfakes, it is not a problem that is going
Mandanna was a fake created using artiﬁcial intelligence (AI)
to be solved anytime soon. Deepfake is even worse than fake
tools, and the label by which this phenomenon goes is
news; it is fake reality, and as the technology improves, it is
called deepfake. The person who posted it did so to create
going to get even better at what it does. Right now, there needs
awareness about how prevalent deepfakes were and the
to be a large number of images and videos of the victim for
objective was met. The post going viral led to comments
the programme to make a good impersonation. This is why
from other celebrities which lent further fuel to its publicity.
people in public life, like movie stars and politicians, are the
Amitabh Bachchan, who had acted along with Mandanna in
easiest to make deepfakes of because there are so many
a movie, posted: “Yes, this is a strong case for legal.” Mandanna
images of them from every angle possible that the proherself put up a post on X voicing her anxiety, stating that it
gramme can morph into another body.
was “extremely scary” how the misuse of technology is
But, eventually, as AI gets better, this won’t be a limiting
making people vulnerable and that while she herself had
factor, and then anyone and everyone will be a potential vica support system of friends and family to deal with such
tim. Mandanna’s fear of a college student being a victim could
an issue, if such a thing had happened to her when she was
soon come to pass. Every jilted lover, every man or woman
in college, she would have been
who has a quarrel with a neighbour
devastated. “We need to address this
or who dislikes someone in the
as a community and with urgency
office, will be able to create deepbefore more of us are affected by
fakes ranging from pornography to
The universe of deepfakes
such identity theft,” she wrote.
confessions of crimes.
The government responded
After the Mandanna incident,
keeps expanding. There are
as the issue snowballed.
the government restated that the
now not just impersonations
Rajeev Chandrasekhar, Union
creation of deepfakes could lead to
Minister of State for Electronics
three years in jail. But law by itself
of looks but also audio
and Information Technology, put
is usually never enough to stop
fakes, where, like
up a post on X that said: “Under the
something that is just a download
mimicry artists, the
IT rules notiﬁed in April, 2023 - it is
away. One of deepfake’s biggest uses
a legal obligation for platforms to
is in pornography and that is where
programme puts words into
ensure no misinformation is posted
it even got its name. It came into
a person’s mouth. This is
by any user, and ensure that when
public consciousness in 2017 when
prone to be misused against
reported by any user or govt, misa user of the online forum Reddit
information is removed in 36 hrs.
named “deepfakes” started posting
politicians and leaders
If platforms do not comply with
pornographic images of celebrities
whose public statements
this, rule 7 will apply and platforms
using the technology.
can have damaging effects
can be taken to court by aggrieved
Something that really triggered
8

20 NOVEMBER 2023

Illustration by SAURABH SINGH

interest in it was the following year when Buzzfeed released a
fake video of former US President Barack Obama giving a talk
in which he was warning against such impersonations. They
did it using technology that was freely available online and a
Buzzfeed article that said it took 56 hours and a professional to
make it, but big dangers lay ahead: “So the good news is it still
requires a decent amount of skill, processing power, and time
to create a really good ‘deepfake’. The bad news is that [with]
the lesson of computers and technology, this stuff will get
easier, cheaper, and more ubiquitous faster than you would
expect—or be ready for.”
It has taken ﬁve years since then for deepfakes to enter
the mainstream consciousness of India, and much of it has
to do with what Buzzfeed had predicted—the technology
has progressed. There is now even a word for it—cheapfakes,
done with comparative ease. A New York Times article in
March spoke about it: “Making realistic fake videos, often
called deepfakes, once required elaborate software to put one
person’s face onto another’s. But now, many of the tools to
create them are available to everyday consumers — even on
smartphone apps, and often for little to no money. The new
altered videos—mostly, so far, the work of meme-makers and
marketers—have gone viral on social media sites like TikTok
and Twitter. The content they produce, sometimes called
cheapfakes by researchers, work by cloning celebrity voices,
altering mouth movements to match alternative audio, and
writing persuasive dialogue.”
20 NOVEMBER 2023

The Mandanna video would probably be an example of
such a cheapfake given that close observation of it could still
give hints of it being a fake. As the user who put out the video
himself had written: “From a deepfake POV, the viral video is
perfect enough for ordinary social media users to fall for it. But
if you watch the video carefully, you can see at (0:01) that
when Rashmika (deepfake) was entering the lift, suddenly
her face changes from the other girl to Rashmika.”
The universe of deepfakes keeps expanding. There are
now not just impersonations of looks but also audio fakes,
where, like mimicry artists, the programme puts words
into a person’s mouth. This is prone to be misused against
politicians and leaders whose public statements can have
damaging effects. The onus on countering deepfakes has
fallen on the big tech companies like Google and Meta,
which owns Facebook and Instagram, and they are trying.
They have begun to insist on transparency for those
who create non-malicious content with such tools.
The problem will become more acute in the immediate
future because there are many important elections in
countries like the US and India. Meta has just announced a
policy that any use of deepfake in political advertisements
must be openly stated. AI is also being used to weed out deepfakes. But the genie is increasingly getting out of the bottle
and it doesn’t look like it will go back easily.
By MADHAVANKUTTY PILLAI
www.openthemagazine.com 9

OPENINGS

IN MEMORIAM

GIEVE PATEL (1940-2023)

VERSE TO CANVAS
His artistic freedom came from
a refusal to be evasive

N ONE OF HIS LAST few exhibitions titled ‘The Footboard Rider’
in 2017 in Mumbai, Gieve Patel included a large work that had the view
of the surface of a well. Wells were a later preoccupation in Patel’s life as a
painter, the ﬁrst of which he reportedly painted in 1991. He had an entire series called ‘Looking into the Well’. They originated from his remembrances
of his visits to a village in Gujarat named Nargol, where his family hailed
from. There were many such wells there and as a child, and even later, as
an adult sometimes, he formed the habit of looking into them. Many have
found these paintings akin to a spiritual quest, where Patel was in fact looking into himself. Some have even found it morbid, that he was presenting
to viewers things most would rather not acknowledge. “I don’t see this as
morbid,” he told the Indian Express then. “I’d say that comes more from a
desire to not evade things which might puzzle one or frighten one... By not
evading them, you have a certain degree of freedom from them.”
Patel, who died from cancer recently, was hailed, both in his paintings
and poems, for his unvarnished and idiosyncratic voice. Perhaps the better
description, as he had suggested, would be the freedom that came from unevasiveness and clarity.
Viewed as one of the key figures in Indian poetry and painting in the last
few decades, he was also a playwright and, interestingly, a doctor. He ran a
clinic as a general physician for about four decades in Mumbai Central with
GETTY IMAGES

most of his patients constituting the city’s poor.
He retired from medical practice sometime in the
mid-2000s. Many have been curious about this
unusual combination of roles and wondered if one
did not affect the other. And Patel is once said to have
jokingly remarked to a journalist, “I write in the early
morning, then practice [medicine], and paint in the
afternoon.” He had become a doctor because many
in his family had been in the medical profession,
including a grandfather, and his father who was a
dentist. If these roles did clash with one another, he
didn’t admit to it. The only time it did, he told the
poet Arundhathi Subramaniam, was the period he
was in medical college when his family wanted him
to pursue medicine only. “But then, these people
began to give up on me. That helped! I decided to do
all three and I’ve been happy since,” he told her.
Born in 1940 in then Bombay, Patel is believed to
have started writing poems in his teens. He found a
mentor in the celebrated poet Nissim Ezekiel, who
helped publish the young poet’s first collection,
titled Poems when he was just 26 years old. Mumbai
was a vibrant space for emerging writers then. There
was however a dearth of spaces where poets could
publish their works, and in 1976, Patel and a few other
celebrated poets like Arun Kolatkar, Adil Jussawalla,
and Arvind Krishna Mehrotra tried rectifying that
when they formed a publishing cooperative called
Clearing House. It turned out to be a shortlived
experiment, but in the years it was operational, it
published many well-regarded works, including
Patel’s second book How Do You Withstand, Body?
He was working on his art too, just as he was on his
poems, early in life. Entirely self-taught, he had begun,
he told interviewers, by copying reproductions from
books and colouring them. Later, he would seek
out artists at the Jehangir Art Gallery in Mumbai.
Interestingly, he exhibited his first collection of
paintings in the same year (1966) he published his
first book of poems. Patel also wrote several plays.
Patel, his admirers say, had the tendency to look
unﬂinchingly at every experience or grim aspect
of life, whether these were his ‘Looking into the
Well’ series or his poems, some of which looked
closely at the human body (one of them even
describes an autopsy). “What motivates most of my
creative activity is the need for knowledge,” he told
Subramaniam. “My way of ‘knowing’ something
is by writing or painting. This gives me a sense of
having made it on my own. The end result is
a move towards inner clarity, however, clothed
in ambivalence.”
By LHENDUP G BHUTIA

20 NOVEMBER 2023

OPENINGS

IDEAS

ANGLE

PRIVACY MATTERS
On Supreme Court questioning
the right of police to unfettered
access to cellphones and laptops

By MADHAVANKUTTY PILLAI

N INDIA, THE POLICE don’t really have much interest in investigating a crime as the textbook prescribes.
It involves hard legwork, cultivating
informants, chasing multiple leads,
interviews and so on, that any procedural novel from the more developed
shores give in great detail because over
there, the rule of law is accountable.
Here, it is almost a crime if a suspect
refuses to cooperate. And so, you often
see news reports where extension of
bail is sought on the grounds that the
accused is not being forthright. The
expectation is that confession is a right
of the police. And this, despite the Constitution itself giving the defendant
the right to not provide anything that
incriminates him.
The second item in the police’s
limited arsenal is technology, through
mobile phone call records which leave
a trace of where someone was present,
which is legitimate enough. But then
the other thing that the police do is
coolly take over electronic articles in
which the entire life of an individual is
stored. They think that it is the easiest
way to ﬁnd evidence, except that not
every accused is a criminal. In fact, our
jurisprudence, on paper, makes it clear
the opposite is to be believed—that
everyone is innocent unless held guilty,
not by the police but by the courts.
Someone shouldn’t have to be paranoid about protecting one’s privacy by
keeping his mobile phones and laptops
squeaky clean of any traces of deviant
behaviour because the Supreme Court
12

FATIGUE
itself in a judgment, not too far back,
held that the right to privacy is a fundamental one. What anyone does in the
conﬁnes of their autonomy is their business. But this fundamental right has got
very little traction on the ground.
It is therefore a matter of some cheer
that the Supreme Court questioned
the police thinking they have unfettered access to mobiles and laptops
of Indians. The judges termed such
all-pervading powers dangerous and
sought for guidelines to regulate them.
It is not a judgment but an observation
at present and the court has only asked
the government to come out with a
solution. It is still a start. The petition
on which the court was hearing the
case argues that digital devices contain
more sensitive information about a
person in them than anything that they
may store in their homes. If the police
don’t have absolute power to enter your
home, what allows them to take your
devices? The answer is that they do it
because they can. Why wouldn’t they
when it makes their job easier, even if it
is at the cost of the liberties promised by
the Constitution.
There are cases where perhaps
such access is warranted but the onus
must be on the police to justify it. Just
as special laws exist to address speciﬁc
problems like terrorism where a compromise is made with civil liberties,
there must be extreme oversight into
allowing access to devices. It shouldn’t
be the default option because then no
one’s privacy is safe.

The latest superhero ﬁlm from the
Marvel franchise, The Marvels,
featuring the Oscar-winning star
Brie Larson, may be a sequel to
one of the best-performing titles
in the superhero genre—Captain
Marvel is said to have made $1.1
billion worldwide back in 2019—
but there is a surprising lack of
buzz as the latest title makes its
way to the screens. Most analysts
are predicting a low weekend
opening. It comes at a time when
another Marvel ﬁlm Ant-Man and
the Wasp: Quantumania, released
earlier this year, also bombed.
Other superhero ﬁlms across
franchises, from Shazam! Fury of
the Gods to The Flash, have done
no better in recent times. These
numbers only establish what
many have been feeling for quite
some time—superhero fatigue.
The whole genre has begun to
feel repetitive and dull. Unless
something new is injected, the
superhero era’s dominance might
ﬁnally be drawing to a close.

WORD’S WORTH

‘Cinema is an art form

that brings you the
unexpected. In superhero
movies, nothing is at risk’
MARTIN SCORSESE
AMERICAN FILMMAKER

20 NOVEMBER 2023

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INDRAPRASTHA
Virendra Kapoor

AVE YOU NOTICED that
Pakistan is throwing out nearly
two million Afghans? Having given
them short notice, which ended on
October 31, Pakistani police are now
corralling Afghans like animals from
wherever they can lay hands on them,
imprisoning them in shabby refugee
camps, before eventual transfer to
Afghanistan. Even tens of thousands
born in Pakistan, and with bona fide
residency papers, are not spared. They
must all go across the Durand Line
on foot, buses, trucks, or whatever
transport they can get, but they are
no longer allowed to stay in Pakistan.
Period. Strained relations with the
Taliban regime in Kabul coupled with
the perception that Afghans pose a
security threat are among the
reasons cited for the diktat on
en masse eviction.
But what is significant is that
Pakistan has hardly faced any
pushback from any quarter, domestic
or foreign, for its precipitate action
against the two million Afghans.
Even the Western media, quick to

wax angry at the real or imaginary
human rights violations in India,
has been rather muted. Of course,
Pakistani human rights activists and
secular-liberal pretenders who get
angry at the mere hint of action by
the Indian authorities against
illegal migrants are maintaining
radio silence.
Be that as it may, what I still
fail to wrap my head around is the
well-funded protests against the
Citizenship Amendment Act (CAA),
2019. How a relatively quicker grant
of citizenship to the persecuted
Hindus, Sikhs, Jains, Parsis from
the neighbouring countries was
discriminatory, was not clear. That
those who sought to be offered faster
citizenship had no other country on
planet Earth to call home and that
they had strong ancestral ties to this
country, were not good enough. The
mere exclusion of Muslims from
those listed for the provision of
faster citizenship had made
them suspect in the eyes
of the secularist-liberal
pretenders. That, of
course, was utter
nonsense.
One could argue
that illegals entering
this country from

Illustration by SAURABH SINGH

Bangladesh, Myanmar, etc, over
the decades have hardly required
the benefit of CAA since they are
known to melt into the multitudes
and without much ado get enrolled
as bonafide citizens, with Aadhaar
cards, ration cards, houses, et al.
Porous borders allow illegal migrants
to slip into the country—and to be
welcomed with open arms by fellow
illegals who had come before them
and had already acquired citizenship,
voting rights, etc.
There cannot be an iota of doubt
that tens of millions of illegals in
this country have distorted our
demography, and democracy too.
The sanctity of citizenship has
been undermined with complete
impunity with the collusion of
political forces which have all along
seen the illegals as a vote bank.
Anyone protesting the relentless
influx of illegals is immediately
dubbed communal. It is a different
matter though that all countries
try and keep their borders completely
shut to illegal migrants. And
nobody does a better job of keeping
strictly closed borders than
the 50-odd Islamic countries.
But we must revolt against CAA.
Why? Because we do not like the
Modi government.

HEN AIR POLLUTION
enveloped Delhi in a killer
embrace recently, someone put out
a clip of the Delhi chief minister
speaking at the annual conclave of
a media house. He committed to
ensure a pollution-free Delhi in “one
year since Punjab now has an AAP
government.” The caption under the
clip read: “Please note the date and
year.” It was November 21, 2022.
20 NOVEMBER 2023

NOSTALGIA

Bhaichand Patel

Gymkhana Clubbed. Rightly So
Club cleansing may begin with the expulsion of all green-card members

HE MEMBERS OF the Delhi Gymkhana Club
are a nervous lot these days. The running of the
club has been taken away from them. For the
last two years, its administration has been in the
hands of government nominees. First, there were six of
them and now, eight. Will the members ever get their beloved club back? Not everyone is counting on it.
One thing is certain. The place will be made more inclusive. The members are themselves to be blamed for the mess
that has been created, giving the government the excuse to
take control. The rules under which the club was granted a
long lease on government land have been brazenly ﬂouted.
The club’s troubles began nine years ago when the government launched an investigation into its alleged failure to pay
tax dues amounting to `3 crore. More serious was the charge
that what was intended to be a sport club had been turned into
a hereditary club for members and their children. It has become, over the years, a watering hole for the elite of the city
with sport far from the minds of most members. There is more
action in the club’s several bars than on its tennis courts.

HE CLUB IS LOCATED on prime land, in the heart of
Lutyens’ Delhi. There are few buildings in New Delhi to
match the club’s elegance. It has a magniﬁcent ballroom
at the centre where the sahibs of another era danced. It is
rarely used these days. Another elegant building houses its
library. The club claims that its 25 tennis courts rank second
in number worldwide, and only Wimbledon with 38 has
more. That could well be true.

Illustrations by SAURABH SINGH

It was founded in 1913 as the Imperial Delhi Gymkhana
Club soon after the capital of British India moved from
Calcutta to Delhi. The original site was in Civil Lines on
the north of the Walled City. Unlike many posh clubs of
the Raj era, Delhi Gymkhana’s membership was not restricted to expats.
Several maharajas, including Gwalior, Jaipur, Jodhpur
and Udaipur, were made life members at the start, as was
the Nawab of Bhopal. They had made generous contributions to setting up the club. Selected Indian ICS officers
were also given membership. It helped if you studied at
Oxbridge and you knew how to foxtrot.
Its ﬁrst president was Sir Spencer Harcourt Butler,
governor of the then United Provinces of Agra and Oudh.
As one would expect, until Independence, all presidents
were senior British civil servants or army officers.
Fifteen years later, in 1928, the club moved to its present
locality which covers over 20 acres in the heart of Lutyens’
Delhi. The contract for the new building was given to
Robert Russell, the architect who designed Connaught
Place. It lacked a swimming pool when it was ready and the
viceroy’s wife, Lady Willingdon, liked to swim. She persuaded her husband to donate `21,000 for the construction of a pool at the club.
Lord Willingdon was one of our more liberal viceroys. His previous posting was as the
governor of Bombay where he founded the
Willingdon Club. It was after he was refused
permission to entertain an Indian maharaja at

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SUITS

ETS
JACK

NOSTALGIA

the all-white Royal Bombay Yacht Club. The new club welcomed both Indians and Europeans.
The word ‘imperial’ was dropped from Gymkhana’s
name soon after India’s Independence. The ﬁrst Indian
president of the club was Sir Usha Nath Sen. He was elected
in 1947 for a two-year term. To everyone’s surprise, he
decided to run for a third term. And he won! This was not
considered kosher by the members and a convention was
established that one could be president only for two years.
That understanding has been breached several times since
then by presidents unwilling to step down.
There is also a convention that the presidentship will
rotate every two years between civil and defence services.
Outsiders don’t stand a chance. Before the government takeover, the club annually elected a managing committee of
16 members. The president is elected directly by members
through a separate ballot. Air Marshal PS Ahluwalia was the
last elected president of the club.
The prime minister’s current residence is on the other side of the club’s wall. That adds to the jitter of members
who are worried they will never be able to free their beloved
club from the clutches of the government.

MONG THE CLUB’S various shenanigans that led to
the government takeover, the most outrageous is
that a club that was meant for everyone had been turned
into a hereditary club. The children of existing members get
priority when they apply for membership in the non-government category.
The members found an ingenious way of doing this.
They invented a new class of membership, the green card,
meant solely for their children. They were given all rights to
enjoy the facilities of the club, except the right to vote. To do
this, they had to reduce the number of non-government
applicants the club would take every year.
The Articles of Association of the club, under which it
was established, mention only four categories of
members—permanent, garrison, temporary, casual and
special. The creation of the ‘green card’ category was a
ﬁddle, in fact illegal. It has resulted in a drastic reduction in
the admission of outsiders who were keen on joining. The
waiting period for these applicants is over 30 years.
To rub salt in their wounds, the club took ‘deposits’ from
those applying, calling them ‘application fees’ with no
interest being paid on them during the long waiting period.
The deposit required for non-government applicants was `7.5
lakh. The club put this money in securities and ﬁxed deposits.
Matters came to a head in April last year. The Ministry of
Corporate Affairs took notice of the sorry state of affairs at
the club and ﬁled a petition with the National Company Law
Tribunal to take over its affairs. The tribunal determined that
the club was run in a manner “prejudicial to public interest”
and appointed six nominees as its administrators. The nominees included a national spokesperson of the Bharatiya Janata
18

Party and the party’s general secretary for Delhi.
The new administrators meant business. “The club, as
per its Articles of Association, can have 5,600 members, but
when we took over last year, there were over 16,000 people
using the club,” one nominee told the media. “We have to
take corrective steps.”
The obvious corrective step to get rid of the excess fat
would be to expel all the green-card holders from membership. They have no legal right to be members; the rules of
the club were disregarded to admit them through the
backdoor. But expulsion is easier said than done. Many
green-card holders are children of ministers and senior
civil servants.
The club’s elected committee remains dissolved and its
members are in a sulk. But they should have seen it coming.
During the Covid crisis, when liquor shops were closed, bottles of Scotch went missing from the club’s stocks and found
their way into the lockers of some of its elected members. The
culprits would have got away with the scam if a disgruntled
employee, dismissed from service, had not blown the whistle.
When elections come round, lakhs of rupees are spent
in wining and dining the members to entice their votes. It
is against the rules to canvas for votes, but no one pays any
attention to that. Being an office-bearer of the club can be
quite lucrative.
Rumours are making the rounds that the government
plans to turn the club’s premises into a centre to promote
yoga worldwide. That seems unlikely to happen but, all
things considered, it may not be a bad idea. Q
Bhaichand Patel is a former director of
the United Nations. He retired in 1997
20 NOVEMBER 2023

SOFT POWER

Makarand R Paranjape

Who’s Afraid of Sundar Iyer?
The Hindu coalitions of America lead caste reforms

N MY LAST COLUMN, I covered the progress—
and veto—of SB-403. This so-called anti-caste
discrimination California Bill, moved by Democratic
state senator, Aisha Wahab. Those who supported
SB-403 cited the lawsuit ﬁled by California Civil Rights
Department (CRD) on behalf of “John Doe” against
Sundar Iyer, Ramana Kompella, and their employer, Cisco
Systems, an IT major located in Silicon Valley, California.
After dragging on for three years, the lawsuit was
dismissed due to lack of evidence. The natural question that
arises is who is John Doe? We only know him as the “selfidentiﬁed” Dalit who was behind the lawsuit, and indirectly
SB-403 too. But instead of asking who is John Doe, it might be
more appropriate to ask who is Sundar Iyer. A large number
of educated and concerned Indians are sure to want to know.
After the city of Seattle passed an anti-caste Bill, evidently
it was the turn of California, more speciﬁcally Silicon Valley
to target Hindus as perpetrators of the obnoxious caste
system. With dubious and unsubstantiated claims passed
off as “evidence” supplied by the for-proﬁt Dalit rights
organisation, Thenmozhi Soundararajan’s Equality Labs.
In fact, the more one researches the manner in which
the Cisco anti-discrimination case against Sundar Iyer
and his colleague Ramana Kompella was orchestrated,
the more revolted and angry one feels. There is not only
blatant disregard for truth and justice behind the US
anti-caste movement, but unscrupulous deviousness,
even proﬁteering perhaps. Bullying big corporations or
universities into adopting anti-caste measures would keep
self-appointed enforcers in business for a long time.
John Doe, now outed to be allegedly Iyer’s fellow IITian and classmate, Chetan Narsude, had accused Iyer and
Kompella of discriminating against him because he selfidentiﬁes as a Dalit. Actually, Doe never even applied for the
position he accused Iyer of denying him. Iyer, in addition,
paid Doe several million dollars to join his startup, for
which Iyer gave up his own Cisco equity. In return, Iyer,
who self-identiﬁes as an atheist, was subject to the worst
form of harassment for caste bigotry by CRD. Ironically,
Iyer was the former champion of caste equality, having
offered top leadership positions to other Dalits, including
the head of engineering post which Doe claimed he was
20

discriminated against for not getting.
In other words, Doe wasn’t appointed, but another Dalit
was, to a post that Doe had not even applied for, not getting
which Doe brought a lawsuit against Iyer-Kompella and
Cisco. Kompella was accused of caste-based harassment
because he asked Doe to ﬁle weekly work reports. When the
lawsuit was thrown out, some of the “corrupt CRD actions”
were exposed by crowdfunded action group, Caste Gate,
in their “Hall of Shame”. These include ‘Hiding Material
Evidence’, ‘Unethical Claims’, ‘Casteism’, ‘Xenophobia’,
‘Racial Proﬁling’, ‘Due Process Violations’, ‘Erasure of Dalit
Identity’, ‘Frivolous and Racist Harassment Claims’, and
‘Intentional Material Fabrications’.
Last April, California Governor Gavin Newsom ﬁred
CRD’s lead prosecutor, who was also ﬁghting the Cisco case.
The Hindu American Foundation also sued CRD for violating
the US constitution. In January 2023, Iyer ﬁled to sanction
CRD for bringing a false case against him. CRD withdrew its
case against Iyer and Kompella, but is still suing Cisco.
That is why in answer to the question, who is
Sundar Iyer, let us hear his own voice, especially this
poignant appeal to BR Ambedkar himself:
“Dear Dr Ambedkar, I hadn’t realised that I would
have to talk to you. I am deeply sorry; at Cisco, I ﬁrst gave
my top leadership position to a brilliant, hard-working,
developed candidate. Why? Because he was the best person
that I could hire.… But dear Dr Ambedkar, I thought you
should know the truth that we’re not expected to prove
our innocence in America. It is the job of the state to prove
guilt. The CRD withdrew their case against Ramana and me
without prejudice. In layman’s language, they agreed never
to sue Ramana and me on this matter. However, earlier this
year, our local Fremont Senator [Aisha] Wahab introduced
SB-403 to prevent discrimination based on someone’s
perceived caste. In her speech, she invoked the Cisco case
and presumed my 50-plus co-workers guilty. Many of them
are her own constituents. Like the CRD, she perceived us as
an oppressed upper cause before our Fair Day in court.”
But Iyer, who got scapegoated, did not become the fall
guy. He did not take the campaign against him lying down.
He stood up and spoke out at great ﬁnancial and personal
costs to himself.
20 NOVEMBER 2023

However, the defeat of SB-403 was the work of the
concerted efforts of several advocacy groups. It galvanised
the conscience of Hindu Americans, who usually vote as
Democrats and are politically passive. A large coalition of
Hindu groups, including the Hindu American Foundation
(HAF), CoHNA: Coalition of Hindus of North America,
and Casteﬁles, rallied the community against the Bill.
But what is not well known is the tremendous push from
Dalit groups such as the Ambedkar Phule Network of
American Dalits and Bahujans (APNADB) against the Bill.

Makwana was a technical programme manager in a big
Silicon Valley company. Soft-spoken and mild-mannered,
he was well known as a Sewa International volunteer
and Hindu Swayamsevak Sangh (HSS) activist. His last
words are telling: “My name is Milind. I am a Cupertino
School District taxpayer. I’m from a marginalised
community and I am a proud Hindu. So, whoever is
claiming here to represent us but ignoring Hindus is
talking about us without us. So, what I would like to say
is looks can be deceiving, just like having a disco ball
on a Monday morning. When you look at
the proposed resolution SB-403 and peel off
Illustration by SAURABH SINGH
the shiny exterior, you will ﬁnd a costume
party of hidden racial discrimination and
Hinduphobia for Asian Indians. I urge the city
council to vote no on SB-403….”
No wonder Governor Newsom’s veto of
the Bill was seen as a major victory for Hindu
advocacy in the US. As HAF’s Samir Kalra
observed, “This is a victory for the civil rights of
all Californians.” Founder and Policy Director
of Casteﬁles, Richa Gautam, who was a vocal
member of the campaign against the Bill,
argued that “Real Hindu Americans did not
like the divide of dominant caste and oppressed
caste politics because that was simply not the
lived experience of people in reality. Dalits who
spoke out in media interviews were silenced
and their stories not published.”
Many saw the Seattle city legislation as
THE MORE ONE RESEARCHES THE MANNER IN
starting
an anti-Hindu domino effect campaign.
WHICH THE CISCO ANTIDISCRIMINATION CASE
Its
ringleaders
are the usual caucus of anti-India
AGAINST SUNDAR IYER AND HIS COLLEAGUE
Leftist
Democrats,
Islamists, Dalit, and Khalistani
R AMANA KOMPELLA WAS ORCHESTR ATED, THE
separatists, members of the Republican Christian
MORE REVOLTED AND ANGRY ONE FEELS
right, supported allegedly by Pakistan’s ISI,
Soros’ foundations, and other anti-India
powers. Hindus became propaganda targets,
with quasi-coercive “caste-sensitisation” workshops
In their eloquent assertion of dissent, APNADB said: “This
organised on major American universities and Fortune 500
anti-Dalit bill SB-403 was about denying civil rights to us,
campuses. The effort was to make caste a protected category.
the very Dalit and Bahujan people, by appropriating our
In effect, to superimpose or smuggle a distorted version of
marginalized identity. SB-403 was a weapon to butcher the
the Indian quota and reservation system into the US. The
cultural existence of us, the very Dalits and Bahujans….
Hindu-American pushback, on the other hand, was almost
Who is responsible? We continue to get targeted via
entirely a community movement, which is what makes it so
cunning appropriation of our marginalized identity for
signiﬁcant. Some Hindu senators and Congressmen joined in
such Bills that produce threats to the cultural and physical
later, after extensive lobbying efforts.
well-being of us, the marginalized.”
Stereotyping Hindu society along caste lines was meant
Not only heroes and villains, the movement against
to guilt-trip, divide and rule Hindus. Why? Evidently to
SB-403 also had a genuine martyr. Dalit rights activist,
suppress and control the most prosperous and well-educated
Milind Makwana, one of the founders of APNADB. While
minority in America. For those seeking to reform the
campaigning against the Bill on July 18, he suddenly
deep entrenchment of the caste system in Indian politics,
suffered a heart attack in Cupertino, California. He had
education, employment, social, personal, and public life have
come to testify against the Bill in the City Council meeting.
much to learn from the US Hindu coalitions. Once again, we
After his one-minute testimony, he collapsed. Despite best
are forced to concede, they are showing us the way.
attempts to revive him, he passed away.
20 NOVEMBER 2023

www.openthemagazine.com 21

ISRAEL DIARY

IN IT TOGETHER

,VUDHOL0XVOLPVDUHVWDQGLQJE\-HZVIRUWKHÀUVWWLPH

By Anat Bernstein-Reich

appy Deepavali, India. In
a normal year, I would have
sent my friends a Deepavali
message. Usually, the festival coincides
with the Jewish holiday of Hanukkah. Both holidays are about bringing
light to fight the darkness. And good
conquers evil. This year, Hanukkah will
be celebrated a month from now, at the
beginning of December. I guess we need
an additional month to overcome evil.
We marked one month since the
October 7 massacre. I visualise this day
as a puzzle of 10 million pieces that we
gradually start to put together. Some
pieces are heart-breaking. Some others
we would prefer not to know. TV channels broadcast round-the-clock stories
from that day of the survivors, the
kidnapped, the rescuers, the victims,
the families. Each person has a story
to tell. When we reflect, we, Israelis,
understand that life will not be the
same as before. Not with regard to toler22

ance of terror, or our security. Not with
regard to internal politics that reached
its lowest in the past year, and not our
priorities on any other matter either.
The 1,400 dead and the burned villages
will always be our compass, reminding
us what is really important.
The voice of the Arab citizens of
Israel is encouraging. In the past, when
a military operation to ﬁght terror in
Gaza was taking place, many Arab Israelis protested and sympathised with
the Palestinians. It’s important to note,
although Israel is a Jewish state, 18 per
cent of the population is Muslim. They
are citizens with equal rights, including representation in the parliament,
the Supreme Court, and in all walks of
life. During this Gaza war, Israeli Arabs have equally condemned Hamas.
They were devastated by the
atrocities of October 7 and said
clearly that Hamas
is the enemy of the
Palestinian people.
They suddenly realised that if Hamas succeeded in its mission to
conquer Israel, they
would not be able
to live the liberal,
high-standard, life they have as
citizens of Israel. Suddenly, I hear
about rallies of unity between Jews
and Muslims. I mentioned in my earlier diaries the reconciliation between
the secular and ultraorthodox Jews
during this war, between the political

right and the left, and now between
Jews and Muslims. There is hope for
the day after, but only after the war
has successfully concluded and the
hostages have returned from captivity.
The hostages’ condition continues to
be a mystery. The Red Cross is useless.
They still haven’t visited the hostages
to ensure their safety and medical
condition, and the clock is ticking.

ast week, I invited a group of
Indians for a Zoom meet in which
I spoke about Jewish-Israeli history and
current affairs. A few of the participants
prepared for the session and came
with very strong allegations against
Israel. They asked me what Israel did
to provoke Hamas to execute this
massacre. My response was: “Did the
US provoke Al Qaeda before 9/11?”
“Did India provoke the LeT
[Lashkar-e-Toiba]
before 26/11?” I
was surprised that
the criticism was not
about the current war;
rather, it went back
to the right of Jews
to have a Jewish
state—something
so obvious now more than ever,
with anti-Semitism on the rise
again. As I suspected, Hamas’ call
for killing Jews all around the world
has reached anti-Semitic ears. Parades
that openly call for genocide of the
Jewish people are terrifying to Jews
20 NOVEMBER 2023

ISRAEL DIARY
everywhere. An American Jew was
murdered this week at a Los Angeles
pro-Palestine rally. Two weeks ago, the
president of a synagogue in Detroit was
stabbed to death. The Israeli foreign
ministry issued a travel advisory not
to travel abroad unless necessary. At an
airport in Dagestan in Russia, passengers who arrived from Israel were almost lynched. The mob overwhelmed
security and reached the plane’s ramp,
looking for Israelis and Jews. Jews all
over the world report an increase in
anti-Semitic incidents. Many removed
the mezuzah, the symbol of a Jewish
house, from their doorframes.
The mezuzah, a small container
that holds a scroll, is placed on the
right side of the doorframe and is
visible from outside. Others have
changed the signage on the door
so as not to be identified with a
Jewish name. Some others have
gone so far as to edit their identity
on the Uber app. Jewish students at
American universities report that
pro-Palestinian movements on
campus have become violent and they
are scared. Those schools, often funded
with Qatari money, are not rushing to
stop the rallies and the Hamas support
on campus. The current anti-Semitism
will be a catalyst for Jews to migrate to
Israel. It is not the safest place to live
now, but still, Jews around the world
have begun to understand that Israel
was built for a reason—to be a safe
place for Jews.

en thousand rockets were ﬁred
by Hamas and Hezbollah at Israel
since the war broke out. Hamas continues to ﬁre rockets and at the same time
calls for a ceaseﬁre. This week, Hezbollah, located in Lebanon north of Israel,
increased its artillery activities and
is ﬁring heavily on Israel’s northern
cities. They are trying to push Israel to
start a war on the Lebanon border and
thus divert military units from Gaza
to the north. Hamas, located in the
south, brags that its rockets can reach
northern Israel. Hezbollah boasts that
its rockets can reach southern Israel.
24

I ask: “Why don’t you both try harder
and hit each other?”
Gaza turned out to be the largest
terror base in the world. Beneath an
area of 36,500 hectares, Hamas has built
a labyrinth of tunnels, storing rockets
and other ammunition. Its headquarters were built under hospitals, which
is another cynical way Hamas is using
civilians as human shields. They know
that the Israel Defense Forces (IDF) will
not attack hospitals. Field hospitals are
being built on the border with Egypt to
replace the existing ones. Hamas will
make every effort to hinder attempts to

for Hamas to show a larger number
of casualties. The larger the number
of victims, the stronger the global
public opinion in favour of Hamas.
The number of the deceased in Gaza is
pure fiction. The only number that one
should care about is the number of innocent civilians. The number of Hamas
terrorists should not be counted and
terrorists of any age are just that—terrorists. IDF is making every effort not
to hurt civilians. They continue to distribute pamphlets, make phone calls to
community leaders, and continuously
ask civilians to evacuate buildings that
Courtesy ANAT BERNSTEIN-REICH
serve Hamas.
IDF produced a 45-minute
movie that gathered footage of
the atrocities captured by Hamas’
cameras and footage taken from
the massacre scenes. This movie
has not been released to the public.
It is being shown to diplomats,
journalists, and special audiences. It is very difficult to watch. It
shows what Hamas is and explains
A Hamas training camp
why Israel had to enter this war.
evacuate hospitals, especially the Shifa
Even without watching it, the fear and
Hospital serving as its headquarters.
trauma remain. When Hamas infilIsrael has called for Palestinian
trated Israel, it was suspected that a few
civilians to move to the southern part
members managed to stay behind and
of the Strip where special camps have
hide in Israel. They might attack when
been arranged for them. Hamas has
the opportunity arises. Last week, there
not allowed civilians to relocate to
was a threat or a rumour that a terrorist
southern Gaza and even shot Palestinhad reached a small town in central
ians who started moving south. EvenIsrael. My friend Shira, who lives in that
tually, Israeli troops had to safeguard
town, called her 13-year-old daughter
the convoy of civilians and create a
and asked her to close the doors and
safe corridor, protecting the Palestinwindows. Shira didn’t tell her why, but
ian civilians from Hamas. A Hamas
the daughter already knew, thanks to
leader was asked this week why they
her own WhatsApp groups. When
hadn’t built shelters for their civilians,
Shira arrived home, her daughter
and why their tunnels only serve
collapsed, shivering in her arms. ApHamas. He replied without hesitaparently, for an hour, and until Shira
tion that it is not for Hamas to protect
got back, the daughter was holding a
Palestinians; it’s for the United Nations large knife and a pan to protect herself
to do so. Again, how cynical.
from bullets. Maybe when this war is
Media clips of fake victims in
over and Hamas is gone, we will be able
Gaza have obtained a nickname—
to relax. Oops, we still have Hezbollah
Pallywood. Actors pretend to be dead,
knocking on the door from the north.
injured, shouting and carrying children
Anat Bernstein-Reich, based in
out of the ruins, also allegedly dead.
Tel Aviv, is president of the Israel-Asia
When TV stations are comparing the
Chamber of Commerce
death toll on both sides, it is important
20 NOVEMBER 2023

OPEN ESSAY

By MJ AKBAR

THE MORAL REALIST
Gandhi’s sympathy for Jews did not blind him to injustice against Arabs

DOLF HITLER, CHANCELLOR and Fuehrer of Germany between 1933 and his suicide in 1945, had a
simple solution for Britain’s most difficult problem: kill Gandhi.
Hitler told Lord Irwin in November 1937, ‘All you have to do is shoot Gandhi. If necessary, shoot more
leaders of the Congress. You will be surprised how quickly the trouble will die down’ (Gandhi 2007, 422,
quoting from The Eden Memoirs by Sir Anthony Eden, 1962).
The British were imperialists, not fascists. They met India’s nationalist upsurge with guile, subterfuge
and harsh authority but, exceptions apart, stopped short of supremacist brutality after the wanton, indiscriminate and unforgivable massacre of innocents at Jallianwala Bagh in 1919. Gandhi’s unique code of nonviolence made state violence that much more repugnant, so the viceroys generally restricted themselves to
coercive whip, torture and mass penal imprisonment.
The cycle of protest and arrest that followed the salt march paused with the suspension of civil disobedience in April 1934.
Thereafter Gandhi turned his attention to social reform of Indian society with particular emphasis on the
emancipation of ‘Depressed Classes’ as he sought to give practical meaning to his pact with Ambedkar in 1932.
On occasion, even friends found his passion grating. Tagore was upset when Gandhi suggested that the devastating Bihar earthquake of January 1934 was divine punishment for ‘untouchability’. The poet suggested that such
superstition suited Gandhi’s opponents more than him. Nehru continued to wonder whether the diversion of
Gandhi’s energies would dilute the focus on imperialism.
Most Indians accepted the necessity of change but few had an appetite for thorough cleansing. For outraged conservatives, Gandhi’s denunciation of set caste beliefs was a bigger sin than British rule. On 25 April in Bihar and on
25 June 1934 in Poona, attempts were made on Gandhi’s life, the ﬁrst by lathis and the second by a bomb. Gandhi, popularly called
Bapu, or Father, commented that he was not aching for martyrdom, but if it came his way in pursuit of his ‘supreme duty’, he would
have earned the epithet.
In September 1934, Gandhi resigned from Congress. The caveat that he remained at everyone’s disposal was not very reassuring
to the startled Congress leaders. Gandhi argued that he wanted to lift the ‘weight that had been suppressing’ his myriad lieutenants,
preventing their rise to the level of command, but the limitations of suddenly upgraded generals were exposed soon enough. There
was an open split on economic policy, with Nehru leading the socialist tendency and Patel opposing it. A chorus of worthies offered
to resign. Gandhi described the mess as a tragicomedy and rebuked both factions for intolerance.
His own crusade concentrated on the rejuvenation of Hinduism. He even considered asking for the government’s help. On
26

20 NOVEMBER 2023

Mahatma Gandhi leads
the Salt March with
Sarojini Naidu in 1930
ALAMY

AS EARLY AS IN 1938, WHEN MUCH OF THE BRITISH ESTABLISHMENT BELIEVED
THAT A FAUSTIAN RAPPROCHEMENT WITH EVIL COULD PREVENT A CONFLAGRATION
ACROSS EUROPE, GANDHI FORESAW NOT MERELY THE WAR BUT A HOLOCAUST
AGAINST THE JEWISH PEOPLE BY AN ‘OBVIOUSLY MAD’ HITLER. GANDHI
WAS UNEQUIVOCAL. HE DESCRIBED THE PERSECUTION OF THE JEWISH PEOPLE
IN GERMANY AS UNPARALLELED INSANITY

18 December 1936, he wrote to the inﬂuential industrialist
G.D. Birla wondering whether the viceroy could force open the
Guruvayur temple in Travancore to ‘depressed classes’ through
legislation. This did not mean that he welcomed gratuitous
criticism from foreigners. That same week, he castigated
Dr J.W. Pickett, a bishop of the Methodist Episcopal Church, for
claiming at a London gathering presided over by the archbishop of Canterbury that Christianity had raised standards
of cleanliness and honesty to new heights in the Telugu areas
of the Madras province. Pickett, who clearly found hyperbole
irresistible, called this ‘one of the greatest miracles of Christian
history’. Gandhi was arch: ‘I have rarely seen so much exaggeration in so little space.’ The true miracle, he said, was that 2,000
temples in Travancore had been opened to ‘Harijans’.
Gandhi kept aloof from the 1937 elections. Nehru, as party
20 NOVEMBER 2023

president, took the lead in canvassing. Congress won an emphatic victory, but an overconfident Nehru underestimated
Jinnah’s potential after the Muslim League’s underwhelming
performance even in a system of separate electorates in which
only Muslim voters could elect Muslim candidates. Nehru
rejected a proposal to accept the League as a minor partner within
a coalition government in the United Provinces. It would prove a
costly error. Jinnah’s argument that a ‘Hindu’ Congress wanted to
dominate Muslims rather than share power began to get traction.
In March 1938, Gandhi sought a meeting with Jinnah to rectify the damage. There was much public excitement at the prospect. Gandhi explained that he was going through the Slough of
Despond for the first time in fifty years but remained optimistic
because of ‘a prayerful and religious spirit’. His Hinduism was not
sectarian; it included all he knew of Islam, Christianity, Buddhism
www.openthemagazine.com 27

OPEN ESSAY

With Viceroy Linlithgow at their first meeting in 1936

THE FORTY-NINE-YEAR-OLD SCOTSMAN
VICTOR HOPE, 2ND MARQUESS OF
LINLITHGOW, REACHED BOMBAY ON
17 APRIL 1936 TO TAKE OVER AS INDIA’S 18TH
VICEROY. HE MET GANDHI IN JULY AND WAS
IMPRESSED BUT NOT DISARMED BY THE
MAHATMA’S ABILITY TO SEPARATE THE
PERSONAL FROM THE OFFICIAL

and Zoroastrianism. He would talk to Jinnah in his personal capacity as a ‘lifelong worker in the cause of Hindu–Muslim unity’
and would not ‘leave a single stone unturned’ to achieve amity.
The imperious Jinnah would not deign to call on Gandhi,
whom he routinely dismissed as merely the presumed leader of
Hindus. The Mahatma swallowed the insult and went to Jinnah’s
palatial Bombay residence. He ruefully concluded at the end of
three and a half hours that Jinnah was a ‘very tough customer’. It
was another glimpse at the steely character of his greatest foe.

HE FORTY-NINE-YEAR-OLD Scotsman Victor Hope,
2nd Marquess of Linlithgow, reached Bombay on 17 April
1936 to take over as India’s 18th viceroy. He met Gandhi in July
and was impressed but not disarmed by the Mahatma’s ability
to separate the personal from the official. Their confrontation
began at the outbreak of the Second World War.
28

As early as in 1938, when much of the British establishment
believed that a Faustian rapprochement with evil could prevent a
conflagration across Europe, Gandhi foresaw not merely the war
but a holocaust against the Jewish people by an ‘obviously mad’
Hitler. Gandhi was unequivocal. He described the persecution of
the Jewish people in Germany as unparalleled insanity: ‘My sympathies are all with the Jews…. They have been the untouchables
of Christianity. The parallel between their treatment by Christians and the treatment of untouchables by Hindus is very close.…
But the German persecution of the Jews seems to have no parallel
in history. The tyrants of old never went so mad as Hitler seems to
have gone.… The crime of an obviously mad but intrepid youth
is being visited upon his whole race with unbelievable ferocity. If
there ever could be a justifiable war in the name of and for humanity, a war against Germany, to prevent the wanton persecution of a
whole race, would be completely justified.… Germany is showing
to the world how efficiently violence can be worked when it is
not hampered by any hypocrisy or weakness masquerading as
humanitarianism.… [Nazism is] hideous, terrible and terrifying.’
Gandhi had no illusions about the Munich Pact signed on
29 September 1938 between Britain’s Neville Chamberlain,
Edouard Daladier of France and the dictators of Italy and Germany, Benito Mussolini and Adolf Hitler. He wrote to Nehru on
4 October 1938, ‘What a peace at the cost of honour.… Europe
has lost her soul for the sake of seven days’ earthly existence.
The peace Europe gained at Munich is a triumph of violence; it
is also its defeat. If England and France were sure of victory, they
would certainly have fulﬁlled their duty of saving Czechoslovakia or of dying with it. But they have quailed before the combined violence of Germany and Italy’.
In contrast, some of the most powerful voices in the British
establishment were advocating some form of accommodation
with Hitler. Lloyd George, Britain’s victorious prime minister in
the First World War, ‘left his 1936 meeting with Hitler likening
Mein Kampf to the Magna Carta’ and equating the Fuehrer with
the resurrection of Germany.
On 26 November 1938, the non-violent Gandhi again
justiﬁed war against Hitler. However, his laboured advice the
following year to deploy satyagraha against Nazis for the soul
would prevail against the sword seemed whimsical even to admirers. His letter to ‘Herr Hitler’, written on 23 July 1939, seems
the very height of naiveté.
‘Dear Friend,’ it began, and continued: ‘Friends have been
urging me to write to you for the sake of humanity. But I have
resisted their request, because of the feeling that any letter from
me would be an impertinence. Something tells me that I must
not calculate and that I must make my appeal for whatever it
may be worth. It is quite clear that you are today the one person
in the world who can prevent a war which may reduce humanity to the savage state. Must you pay that price for an object
however worthy it may appear to you to be? Will you listen to
the appeal of one who has deliberately shunned the method
20 NOVEMBER 2023

OPEN ESSAY

of war not without considerable success? Anyway I anticipate
your forgiveness, if I have erred in writing to you’.
The anticipation was irrelevant. Hitler never got the paciﬁst’s letter. The government blocked its transit.
Gandhi’s deep sympathy for Jews did not blind him to any injustice against Arabs in Palestine under British rule: ‘Palestine belongs to the Arabs in the same sense that England belongs to the
English or France to the French.… The nobler course would be to
insist on a just treatment of the Jews wherever they are born and
bred’. There was inevitable criticism from Jewish intellectuals.
Hayim Greenberg, managing editor of Jewish Frontier published
from New York, accused the ‘spiritual leader of young India’ of being influenced by ‘the anti-Zionist propaganda being conducted
by fanatic pan-Islamists’. Gandhi, he added, had become partial
towards Arabs as part of his efforts for Hindu–Muslim unity.

subscribe to his facts or the arguments in his manifestos. I think
his references to his colleagues were unjustiﬁed and unworthy.
Nevertheless, I am glad of his victory.’ He took full responsibility
of the defeat: ‘[T]he defeat is more mine than his [Sitaramayya’s].
I am nothing if I do not represent deﬁnite principles and policy.
Therefore, it is plain to me that the delegates do not approve of
the principles and policy for which I stand.’
‘I rejoice in this defeat,’ he continued, rather improbably,
adding that Bose had won the right to choose his Cabinet [as the
CWC was called since 1930] and ‘enforce his programme without let or hindrance’. He did not hide his pique: ‘[T]he Congress
is fast becoming a corrupt organization in the sense that its
registers contain a very large number of bogus members.’
Having accused the party of electoral malpractice, Gandhi
refrained from asking for another ballot.
He was planning a putsch, not a purge. The stakes were too
high for Gandhi to step aside. He hinted that Congress officebearers might resign if they found Bose’s directions unpalatable
since they had no moral right to obstruct an elected president:
‘After all Subhas Bose is not an enemy of his country. He has
suffered for it. In his opinion his is the most forward and boldest
policy and programme. The minority can only wish it all success’. As an exercise in faint praise, this was in a class of its own.
Patel, Azad, Rajendra Prasad, Sarojini Naidu and
Badshah Khan resigned from the ﬁfteen-member CWC on

ANDHI’S ZIGZAG IDEAS had domestic consequences. The ﬁercely anti-British Subhas Bose, elected
Congress president in 1938, worried that Gandhi might lend
tacit or active support to the British war effort, and wanted a
civil disobedience campaign that would effectively undermine
any cooperation. Bose decided to seek a second term as party
president to ensure this.
A consecutive term was unusual but neither unknown
nor irregular. Nehru was the president
in 1936 and 1937 to provide continuity
during elections. Gandhi could not use
precedence to deny Bose. His response was
GANDHI LEFT NO SPACE FOR AMBIGUITY IN HIS LETTER TO
flimsy. The environment, Gandhi sugBOSE DATED 23 NOVEMBER 1939. HE CRITICISED BOSE’S
gested, was not right for civil disobedience;
ATTITUDE AND REBUKED HIM FOR CALLING THE
there was too much violence in the air.
DISQUALIFICATION A ‘VENDETTA’. GANDHI WAS CLEAR: ‘AS
The real issue was control of the ConTO ACTION BY THE WORKING COMMITTEE, I DISSENT FROM
gress. Gandhi did not want a party chief
YOU. YOUR WAY IS NOT MINE. SOME DAY I SHALL FIND YOU
who might deviate from his prescribed
RETURNING TO THE FOLD, IF I AM RIGHT’
line. He preferred Maulana Azad, who
would also serve as a counterfoil to
Jinnah as the Congress sought to bolster
With Subhas Chandra Bose in 1938
its support among Muslims. Undeterred,
Bose ﬁled his nomination papers, thereby
challenging Gandhi’s supremacy in the
party that the Mahatma had moulded
into a colossus. Azad, unnerved, backed
out. The relatively unknown Pattabhi
Sitaramayya became Gandhi’s candidate.
In the elections held on 29 January 1939,
Bose got 1580 votes and Sitaramayya 1375.
Gandhi was in Bardoli when he learnt
of his defeat. On 31 January he issued a
statement, which was more disingenuous than it seemed at ﬁrst glance. He
readily accepted his opposition to Bose
‘for reasons I need not go into’. He then
speciﬁed a few of them: ‘I do not
GETTY IMAGES

20 NOVEMBER 2023

OPEN ESSAY

With Muhammad Ali Jinnah in Delhi, November 24, 1939
GETTY IMAGES

22 February. Within four days, the resignations were accepted. Bose, ill with high
fever, was absent from the 52nd Congress
session at Tripuri in March 1939. Instead,
his portrait was placed on a chariot driven
by fifty-two elephants. The presidential address was read out by his brother Sarat Bose.

Y THIS TIME, THE Congress delegates were suffering from a severe case
of buyer’s remorse. Pandit Govind Ballabh
Pant’s resolution reaffirming the party’s
commitment to its Mahatma and demanding that the CWC be ‘in accordance to the
wishes of Gandhi’ was passed by an overwhelming majority. After much correspondence and having made his point, Gandhi
told Bose on 31 March to go ahead ‘unfettered’. The false détente was unsustainable.
GANDHI SOUGHT A MEETING WITH JINNAH TO RECTIFY
In late April, Bose’s enthusiasts nearly beat
THE DAMAGE. THERE WAS PUBLIC EXCITEMENT AT
up Pant at a Congress session in Calcutta.
THE PROSPECT. HE WOULD TALK TO JINNAH IN HIS
On 29 April 1939, Bose resigned as president but remained head of the party in
PERSONAL CAPACITY AS A ‘LIFELONG WORKER IN THE
Bengal, his political ﬁefdom, from where
CAUSE OF HINDU–MUSLIM UNITY’ AND WOULD NOT
he began to needle his replacement,
‘LEAVE A SINGLE STONE UNTURNED’ TO ACHIEVE AMITY
Dr Rajendra Prasad. On 13 July, Bose criticised the Bombay Congress government
over defects in its prohibition scheme,
property tax and sales tax. Gandhi reacted the same day in ‘pain
Forward Bloc at Nagpur 20–22 June 1940.
and sorrow’, accusing Bose of trying to ‘discredit the Bombay
Gandhi tried some gentle sarcasm on his lost sheep. On
Ministry in a manner the avowed opponents of prohibition
29 December 1940, he wrote to Bose, ‘You are irrepressible
could never hope to do’. He also accused Bose of playing ‘a most
whether ill or well. Do get well before going in for ﬁreworks.’
dangerous game by mixing up the communal question with
He was surprised that Bose could not distinguish between
such a purely moral reform as prohibition’. The festering stale‘discipline and indiscipline’, agreed that Bose was popular
mate took another acrimonious turn in August when Prasad
and could carry on without the Congress in Bengal, but ‘the
dissolved the Bengal Congress committee and disqualiﬁed Bose
Congress has to manage somehow under the severe handicap’.
from holding office for three years.
Gandhi made it very clear that he did not want Bose’s cooperaGandhi left no space for ambiguity in his letter to Bose dated
tion in civil disobedience since there were ‘fundamental differ23 November 1939. He criticised Bose’s attitude and rebuked
ences between them’. On 10 January 1941, Bose asked Gandhi
him for calling the disqualiﬁcation a ‘vendetta’. Gandhi was
to reconsider this decision, but the Mahatma was inﬂexible.
clear and concise: ‘As to action by the Working Committee, I
Gandhi had no idea of the kind of fireworks that Bose had in
dissent from you. Your way is not mine. For the time being you
mind. Within a fortnight came information that Bose had ‘disapare my lost sheep. Some day I shall ﬁnd you returning to the
peared’ from his home in Calcutta. Gandhi sent a telegram to
fold, if I am right and my love is pure’.
Sarat Bose: ‘Startling news about Subhas. Please wire truth. AnxGandhi’s love may have been pure, but his ‘sheep’ was
ious. Hope all well’. Subhas Chandra Bose had eluded the police
headed for non-Gandhian pastures. Bose had already set up
and slipped out of Calcutta on the long road to Afghanistan, Rusan alternative organisation, Forward Bloc, on 3 May 1939. He
sia and Berlin with plans to proclaim the first free Indian governasked every member to sign a pledge in blood taken from the
ment-in-exile with help from the anti-British Axis Powers. Q
ﬁnger never to turn their backs upon the British. The ﬁrst
This is an edited excerpt from Gandhi: A Life in Three Campaigns
seventeen to do so were young women. A newspaper, Forward
(Bloomsbury, 266 pages, `799) by MJ Akbar. Akbar is the author of
Bloc, began publication in August. Bose waited till the followseveral books, including Doolally Sahib and the Black Zamindar:
ing summer to complete the break with the Congress after
Racism and Revenge in the British Raj
being elected president at the ﬁrst national conference of the
32

20 NOVEMBER 2023

THE WEALTH ISSUE
INDIA IS ONE OF THE FEW
ECONOMIES THAT CONTINUE TO
SEE BIG INCREASES IN PERSONAL
WEALTH. THIS EXCEPTION
IS FRAMED BY A DECREASE
IN TOTAL GLOBAL WEALTH
OWING LARGELY TO WAR AND
APPRECIATION OF THE DOLLAR.
WHILE WE DID WELL AND EXPECT
TO DO BETTER, IT CANNOT
HURT TO BE CIRCUMSPECT
AS THE WORLD STARES AT
UNCERTAINTY. SUSTAINABILITY
AND PRESERVATION ARE THE
WATCHWORDS FOR THE
FORESEEABLE FUTURE. WEALTH
MUST BE SUSTAINED AS MUST
THE ENVIRONMENT. WHAT
GOES WITHOUT SAYING IS THE
NECESSITY OF THE PURSUIT. AS
WE CELEBRATE DEEPAVALI 2023,
WE NEED TO REMEMBER
THAT THE BEST PROTECTION
AGAINST THE RISK OF
LOSS IS MORE, NOT LESS.

Illustration by
SAURABH SINGH

20 NOVEMBER 2023

www.openthemagazine.com 33

THE
WEALTH
ISSUE

Profits of Pur
THERE IS NO SUCH THING AS TOO MUCH WEALTH

suit

By SUDEEP PAUL

f the fundamental pursuit of the human
individual is security, wealth is the material means
to that end. But wealth is much more than money
or assets, and it has been both a means and an end
in itself for as far back as civilisational memory can
stretch. That’s why we ask ourselves: How much
wealth is enough? That seemingly unanswerable question
pertains to both the individual in a socioeconomic context
as well as everybody within the perimeter of an economy.
How much wealth is enough for me? How much wealth is
enough for us all? Foolish questions but they point to the
difference between the winners and losers of history.
“Put but money in thy purse.” Iago’s trite advice would be
the soundest one man could give another as long as it wasn’t
meant for Rodrigo to get Desdemona in his bed. The ﬁrst of
the seven “cures” for a lean purse in George Clason’s 1926
classic The Richest Man in Babylon is “Start thy purse to fattening”. Which is all very well Willy Loman would have said,
but all we know is that Uncle Ben went into the jungle when
he was 17 and when he came out, he was rich. That period
in between which we don’t know, which we cannot know,
is when what matters happens. For much less sophisticated
socialist grudge-mongers than Arthur Miller, in that gap resides the great lie of capitalism. And yet, one doesn’t have to
look beyond oneself to see that that gap is where we all want
to be. What happens there is what keeps the world turning.
For, private wealth means capital. And private capital is the
proven best means to date of growing an economy.

Illustration by SAURABH SINGH

www.openthemagazine.com 35

THE
WEALTH
ISSUE
THE INDIAN EXCEPTION
In 2022, global wealth fell for the ﬁrst
time since the crash of 2008 according
to the Credit Suisse-UBS Global Wealth
Report (2023). In 2021, aggregate global
wealth had risen by 9.8 per cent to $463.6
trillion. In 2022, total net private wealth
fell to $454.4 trillion, a decline of $11.3
trillion at (-)2.4 per cent. Wealth per
adult declined by $3,198 at (-)3.6 per cent.
Much of this decline was due to the appreciation of the dollar. Financial assets
contributed the most to the fall while
non-ﬁnancial assets like real estate
stayed resilient, defying higher interest
rates. According to the Boston Consulting Group’s (BCG) Global Wealth Report
(2023), “[f]ollowing nearly 15 years of
steady expansion that began in the wake
of the 2007-2008 ﬁnancial crisis, the
growth of global ﬁnancial wealth was
stopped in its tracks in 2022, declining
by 4% to $255 trillion.” A downturn,
given the sharp 10 per cent-plus rise in

ﬁnancial assets in 2021. However, the
BCG report also says, “Combining both
ﬁnancial and real assets, total absolute
global wealth in 2022 reached $516 trillion, an increase of 1% over 2021.”
What can be agreed on is that 2022
hasn’t been anywhere as good as 2021
although the longer term global prospects till 2027 look good. BCG expects
global ﬁnancial wealth to rebound in
2023 by 5 per cent to touch $267 trillion.
Credit Suisse-UBS expects a 38 per cent
increase in global wealth over the next
ﬁve years to end around $629 trillion
in 2027 and attention should be paid to
middle-income countries because they
will determine which way the arrow
moves. Latin America, the outlier, has
shown a total increase of wealth of $2.4
trillion, although the cause is largely local currency appreciations against the
dollar. North America and Europe, with
a total loss of $10.9 trillion, were the
chief drain while individually the US,

Japan, Canada and China were among
the heaviest losers. Most notably, India,
along with Brazil, Mexico and Russia,
was one of the countries that experienced the biggest increases in wealth.
Something else has happened even
as total global wealth declined. Wealth
inequality has also narrowed with the
share of the richest 1 per cent dropping
to 44.5 per cent. But more importantly,
global median wealth rose by 3 per
cent in 2022. Which means, despite the
Ukraine war and its extended fallout,
the average individual hasn’t done
all too badly although such numbers
mean nothing when brought to bear
on real people on the ground and their
innumerably diverse circumstances.
No amount of wealth can be
enough. Its pursuit is our sign of life.

CALAMITIES ARE CYCLICAL
“[A]t least once in every century there
has been an episode of great wealth

The next big upheaval is unlikely to leave India unaffected.
An investor, wealth creator or wealth manager cannot ignore
what happens in the world outside. Wisdom lies in hindsight.
But we cannot get there on time. Thus, we must never
lose sight of the third and fourth ‘cures’ from Babylon:
Make thy gold multiply. Guard thy treasures from loss

Then and Now:
23 Wall Street which
was originally the
headquarters of
J.P. Morgan & Co.

Phtograph by SAURABH SINGH

Photos ALAMY

20 NOVEMBER 2023

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THE
WEALTH
ISSUE
destruction when the Four Horsemen
of the Apocalypse—Pestilence, War,
Famine, and Death—have ridden roughshod. World War II was the last time that
the pale horse with Death on his back
and Hell following him terrorized the
world,” wrote Barton Biggs in Wealth,
War, and Wisdom (2008). Biggs had
correctly identified the dotcom bubble
but the crisis looming in 2007 had given
him the slip. Better known as the author
of Hedgehogging (2006) and The Diary
of a Hedgehog (2005 and 2012), Biggs in
Wealth, War, and Wisdom took a hammer
to Paul Samuelson’s maxim “the stock
market has predicted nine out of the last
five recessions” about the unreliability of
markets. Financial economists as a rule
have been dismissive about the predictive
power of stock markets and not without
reason. But Biggs showed, with facts and
data, several instances in the course of
World War II when markets reacted to
what would become some of the turning
points of the war. In other words, the
market saw shifts in the fortunes of
the warring parties that contemporary
observers, including experts and journalists, did not. The crowd might be wise,
after all. An analysis like this, of “what
really happened to financial markets and
wealth during the war years”, had never
really been attempted before. But the
reason to return to it now is not merely
the doom-and-gloom enhanced by the
Ukraine war, the possible spread of the
Gaza conflagration, or Xi Jinping’s itchy
foot across the Taiwan Strait.
The reason is another perpetual
question. What happens to wealth in a
cataclysm and how can it be preserved?
As Biggs put it, “what happened to
wealth before and during the war” leads
us to “what insurance steps should a
wealthy individual take to protect his
or her fortune from the Black Swan-like
appearance of the apocalypse.” Things in
the wider world must be paid attention to
and an investor needs to study history because “[t]here is no use working yourself
to death to accumulate wealth if it can’t
be preserved and enhanced.”
38

The Brothers
Warburg: Paul,
Max and the
historian Aby
(seated, left to
right); Felix and
Fritz (standing),
August 21, 1929

Perhaps the key to Warburg resilience and
survival lies in Ron Chernow’s observation
that, though well-assimilated into the
upper echelons of society, ‘the Warburgs
were never wholly accepted. This enabled
them to combine an outsider’s perspective
with an insider’s entrée’
There’s no such thing as too much
wealth because wealth gets destroyed periodically. Tangible assets burn or change
hands, stocks and bonds become meaningless in times of war and occupation.
Digital infrastructure will be severely
tested by the next big conflict. In addition
to calamities like global financial crises
or pandemics, war and occupation and
mass destruction of wealth are back as
our possible futures. It’s not merely about
trade patterns and the global financial
order. It is said that land is the only real
asset since it’s the only thing that tends
to survive a cataclysm like war while everything standing on it can get destroyed.
Yet, there’s the example of post-war Japan
which showed that even land could be
destroyed, although this was a creative
destruction by Douglas MacArthur
whose confiscation and redistribution of
farmland, while leaving industrial and
commercial land untouched, provided
the impetus for the renewed creation of

wealth, or the creation of new wealth.
Creative destruction of wealth
generates a sense of the persistence
of wealth. But since there is no law of
conservation of wealth like mass and
energy, it matters little or negatively to
the individual who loses wealth unless
it’s his wealth getting renewed. And yet,
it’s argued that wealth, like mass and
energy, is conserved when it’s changed
from one form to another, the transferee
and transferor values of wealth being
equal. That may be ﬁne ceteris paribus,
but what it doesn’t take into account, for
example, is the museum and its artefacts
being burnt to the ground or a tony
address suffering the same fate.

THE MIRROR OF HISTORY
Capitalism runs on the creative
destruction of wealth. Wealth begets
wealth but that doesn’t make it a linear
process. Two ﬁnancial dynasties in the
20th century are more illustrative than
20 NOVEMBER 2023

THE
WEALTH
ISSUE
most others of the resilience of wealth.
JPMorgan Chase & Co may be the
largest ‘bank’ in the US and the largest
in the world by market capitalisation
today while Morgan Stanley—which
long ago lost formal links with the other
half of the House of Morgan, having been
brought into being by the Glass-Steagall
Act of the 1930s that separated commercial banking from investment banking
in the US—is still a giant. However, these
behemoths are far removed from what
the name Morgan once meant before
the secretive and rareﬁed world of the
private banker as it once was came to
an end. After the dawn of the age of the
small investor, it has become increasingly difficult to recall the power of the
private banker as ﬁnancial ambassador
and adjunct to government. As Ron
Chernow put it in his much-celebrated
The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance
(1990): “During the pre-1913 Baronial
Age [Chernow’s coinage] of Pierpont
Morgan, bankers were masters of the
economy... They ﬁnanced canals and
railroads, steel mills and shipping lines,
supplying the capital for a nascent industrial society… As the major intermediaries between users and providers of
capital, they oversaw massive industrial
development. Because they rationed
scarce capital, they were more powerful
than the companies they ﬁnanced and
acquired increasing control over them.”
The JP Morgan myth was so
pervasive that it led not only to some
of the most hair-raising conspiracy
theories but also a general distrust of
the banker. In response to Pierpont
Morgan’s remark “America is good
enough for me,” a populist newspaper
had retorted, “Whenever you’re tired of
it, you can give it back.” When Pierpont
Morgan died in 1913, his estate was
worth $68 million, more than a billion
today. Andrew Carnegie was surprised
that Morgan Sr was not a “rich man”.
But Morgan’s power was the money he
commanded, not what he owned.
“The story of the three Morgan banks
40

[Morgan Grenfell in the City of London
being the third] is nothing less than
the history of Anglo-American finance
itself. For 150 years, they have stood at
the center of every panic, boom, and
crash on Wall Street or in the City. They
have weathered wars and depressions,
scandals and hearings, bomb blasts
and attempted assassinations. No other
financial dynasty in modern times has
so steadily maintained its preeminence,”
wrote Chernow. The emergence of
fiercely competitive global markets in
the second half of the last century, with
multinational corporations much more
powerful than banks and the prolifera-

Stanley from the 1970s was actually the
visible sign of bankers’ weakness. Thus,
the fall of haute banque is essentially a
story of adaptation and evolution.
The second illustrative story of the
destruction and resurrection of wealth
is that of the Warburgs. If JP Morgan is
the story of America, of American and
global ﬁnance, and how the power of the
ﬁnancier shrunk and then reconciled
itself to an altered world, bringing about
a fundamental change in the idea and
reality of wealth, nothing tells more
of the resilience of wealth in the most
sanguinary century in human history
than the saga of the Sephardic Jewish

Father and Son:
John Pierpont Morgan
(left) and JP Morgan Jr

Photos GETTY IMAGES

tion of instruments to raise capital for
both governments and companies, saw
bankers lose that pre-eminence and the
old, conservative and secretive world of
private banking which didn’t advertise itself, let alone put up a nameplate (J.P. Morgan & Co. had nothing but the number 23
on its door), and whose illustrious clients
would travel halfway across the world to
the bank, was gone. The new, necessarily
aggressive tactics employed by Morgan

banking family that took its name from
the central German town where they
settled in the 16th century after moving
there from Italy.
“Older than the Rothschilds, more
versatile than the Barings or the
Hambros,” was a statement of fact from
Time magazine in a proﬁle of the family
in 1966. “No less than the Rothschilds,
they were revered as Jewish royalty. A
huge, charming, and gregarious clan
20 NOVEMBER 2023

with enormous joie de vivre, they may
rank as the oldest, continuously active
banking family in the world,” says
Chernow in his history of the family
and its banking empire in The
Warburgs: The Twentieth-Century Odyssey of a Remarkable Jewish Family (1993).
The story of the Warburgs is the story
of the rise and fall of Jewish life in Germany. And astonishingly, of its renewal.
If they showed the “abundance of German-Jewish achievement and the eerily
close fit of German and Jewish culture,”
they also “displayed the shortcomings of
German Jews. They could be snobbish,
arrogant, and status-conscious...” But un-

of power in 1933, and like the rest of German Jewry they learnt that to Hitler it
didn’t matter how they saw themselves
or constructed their identity. Where
their story differed was in survival. Although most members of the Warburg
branches had ﬂed to the US and UK before the war began, they have their dead
in the Holocaust, too. Paul Warburg, one
of the fathers of the US Federal Reserve,
and his brother Felix had migrated to the
US long before (Paul died before Hitler
came to power) while another brother,
Max, who was director of M.M. Warburg
& Co. in Hamburg—and once an advisor
to the Kaiser—held on till the end before

The Morgan
behemoths in their
current avatars
are far removed
from what the
name Morgan
meant when
private bankers ran
economies.Yet, the
fall of haute banque
is essentially a story
of adaptation
and evolution

like other Jewish banking families they
never fully assimilated into the aristocracy while refusing to be baptised. And yet,
“[s]eemingly heedless of the darker side of
the German psyche... and subservient to
the state, they were generally ill equipped
to deal with the tragedy that befell them.
The Warburgs didn’t love Germany
wisely but too well.”
That could be said of much of German Jewry even after the Nazi capture
20 NOVEMBER 2023

ﬂeeing in 1938. Their cousin Siegmund
migrated to the UK in 1934 and founded
S.G. Warburg & Co. in London in 1946.
Max’s son Eric, the founder of Warburg
Pincus, would return to Germany as an
officer in the US Air Force and later help
rebuild both the family’s business as
well as West Germany, to say nothing
of post-Holocaust German-Jewish relations. Eric’s son Max is still a partner in
M.M. Warburg & Co. which remains one

of the oldest extant investment banks
in the world (the bank was implicated
in the 2017-onwards Cum-Ex scandal of
allegedly defrauding taxpayers but that’s
not of any pertinence to this story just
like the Warburgs’ impressive artistic,
scientiﬁc and overall intellectual accomplishments aren’t).
Perhaps the key to Warburg survival and resilience lies in Chernow’s
observation that though they were wellassimilated into the upper echelons
of society in Hamburg, New York and
London, “the Warburgs were never
wholly accepted. This enabled them to
combine an outsider’s perspective with
an insider’s entrée. Often seeing things
from a somewhat skewed angle, they
tended to peep deeper into their times
than their contemporaries.”
The name Warburg is a synonym
for both resilience and survival.

SEIZETHE DAY
The relevance of these vastly different
but ultimate, and one extreme, stories
of the rise and fall and resurrection
of wealth is as much the triumph of
private enterprise they demonstrate as
the warning they advertise. Wealth in
every form is vulnerable. Its destruction is always a war or an epidemic or
a natural disaster away. No amount of
wealth is enough and what there is,
must be preserved.
While India has been spared a
cataclysm on the scale of World War II,
the next largescale upheaval is unlikely
to leave us unaffected, no matter where
it starts, not least because we are much
more integrated into the global economy
than ever before. An investor, wealth
creator or wealth manager cannot ignore
anything that happens in the world
outside. The best wisdom lies in hindsight. But we cannot get there on time.
Therefore, we must never lose sight of the
third and fourth cures from Babylon:
Make thy gold multiply.
Guard thy treasures from loss.
Persevere, because we don’t know
what comes tomorrow.
www.openthemagazine.com 41

THE
A JOURNEY THROUGH TEA TOURISM

estled in the North eastern corner of
India, the state of Assam is renowned
for its lush green landscapes, ric
rich
cultural heritage, and, of cours
ourse, its
world-famous tea. Assam has been a vital
player in the global tea industry for ove
ver a
century, and its tea estates oǘer a unique
ue
and immersive experience for tourists. Tea
tourism in Assam is a growing trend that not
only allows visitors to savour some of the Ànest
teas in the world but also to get a glimpse into
the fascinating world of tea production.
Considering the enormous potential of tea
tourism in Assam, the Department of Tourism
plans to develop 50 select tea gardens having
iconic tea bungalows that are at least 50 years
old and which are close to existing tourism
circuits as tourism destinations on PPP mode.
The development of tea tourism in Assam,
besides sustaining the environment and
preserving heritage and culture, will beneÀt the
state by creating employment opportunities
and boosting the rural economy.
Tea has been an integral part of Assam's
Assam s
history, culture, and economy since the early
19th century. The British
Br
East India Company

iss credited with introducing commercial tea
cultivation inn AAssam. Robert Bruce, a Scottish
explorer, is believ
ieved to have discovered wild
tea plants in Assam
m in the 1820s, although it
is also believed that th
the local Singpho tribals
had been cultivating and
nd drinking tea for a

long time as an herbal drink. Bruce’s plants
were eventuall\ used to establish the Àrst tea
gardens in the region. Assam's unique climate
and geography make it the ideal location for
growing the Camellia sinensis var. assamica
tea plant, which produces the bold, brisk and

ACTIVITI
ITIES FOR TEA TOURISTS
TEA PLUCKING AND
AN TASTING: Visitors have the unique opportunity to
participate in tea pluck
ucking sessions, guided by experienced tea workers. After
plucking, you cann observe
o
the tea-making process in the factory, from withering
and rolling too ox
oxidation and drying.
TEA TASTING
ASTING SESSI
SIONS: After witnessing the tea-making process, you can
indulge in tea tasting sessions
ns to sample an array of teas, from the robust Assam
black tea to lighter green teas andd unique
u
speciality blends. Tea experts often guide
these sessions, providing insights into
to the
t aromas and Áavours of the teas.
TEA HERITAGE TOURS: 0an
0any tea estates oǘer heritage tours that delve into
the history of tea cultivation in Assam.
am. These tours often include
lude visits to historic
bungalows, gardens, and museums. Some
me also oǘer stays
ys in heritage
herita bungalows
where formerly the tea estate managers would
uld reside.
e.
WILDLIFE AND NATURE EXPERIENCES: The tea estates
es
are often situated
in close proximity to lush forests, rivers, and wildlife
fe sanctuaries. Exploring the
natural beauty and spotting indigenous wildlife is an integ
egral part of the tea tourism
experience in Assam.
CULTURAL IMMERSION: Assam's rich cultura
ral heritage is reÁected in its
tea gardens. Many estates organize cultural events, ssuch as traditional dance
performances, to oǘer tourists a glimpse of Assamese trad
aditions.

Assam’s sprawling tea
gardens are all about
enjoying the great
outdoors in the lap of
nature. So, next time
you’re in Assam, do raise
a cup to Tea Tourism.

Assam's tea estates
are not only places
of tea production
but also picturesque
destinations for
tourists. Each estate
has its charm and
distinct character.

strength of the full-bodied liquor is retained and the tea
bushes yield high-quality tea.
Many of the heritage residential bungalows of the
tea estates have been developed as tea garden resorts
to attract tourists. These include Mancotta Chang
Bungalow and Chowkidinghee Heritage Chang Bungalow
in Dibrugarh, Wathai Heritage Bungalow in Tinsukia, and
many more.

00
n8
a
ey
th
re read Vall
o
s m sp tra
ast tes pu
bo esta ahma
sam tea e Br
As
h
st
ros
ac

malty Áavour for which Assam
teas are famous.
Assam boasts more than
800 tea estates spread across
the Brahmaputra Valley. These
estates are not only places
of tea production but also
picturesque destinations for
tourists. Each estate has its
charm and distinct character,
from the serene landscapes to
the historic bungalows that once
housed British tea planters.
A few of the must-visit tea estates in Assam
include Monabarie Tea Estate which is said to
be Asia’s largest tea estate, the Mancotta Tea
Estate which is redolent with heritage, and the
eco-conscious Wild Mahseer Lodge which is
nestled within the Addabarie Tea Estate.

TEA TOURISM DESTINATIONS
With more than 800 major and 60,000 small
estates spread across 300,000 hectares,
Assam has the world’s largest concentration
of tea plantations and employs 17% of the
state’s workforce. Assam tea accounts for 55%
of India’s total tea production and 80% of the
country’s export. Therefore, it should come as
no surprise that Assam is a treasure trove of
tea tourism destinations, most of which are
in Upper Assam, with numerous tea estates

and gardens scattered across its
lush landscapes. Each destination
oǘers a unique experience, from
guided tours of tea production
to opportunities for cultural
immersion and wildlife exploration.
Dibrugarh and Jorhat are two major
tea tourism destinations.
Established in 1970, the
Guwahati Tea Auction Centre
(GTAC) is one of the busiest tea
trading facilities in the world
and a must visit. The Tocklai
Experimental Station in Jorhat
district is the world’s oldest and
largest research station of its kind,
carries out clonal propagation
and constant research so that the

MUST-VISIT TEA ESTATES
• MANCOTTA TEA ESTATE, DIBRUGARH: Nestled
in the picturesque town of Dibrugarh, this tea estate
boasts a charming heritage bungalow that serves as a
homestay for tourists. Guests can engage in tea plucking,
explore the estate's gardens, and learn about the teamaking process. The sprawling tea gardens, colonial-era
bungalow, and tranquil surroundings provide visitors with
a glimpse into the rich history and tradition of Assam's
tea industry. Tourists can embark on guided tours that
take them through the tea cultivation and processing
methods, providing a fascinating insight into the making
of Assam tea. For those simply seeking a serene escape,
the estate's charming bungalow, which once served as the
home of British planters, oǘers a comfortable stay where
travellers can relax and enjoy the serene ambience.
• WILD MAHSEER, BALIPARA: Set in the middle
of the Addabarie Tea Estate, this luxury lodge combines

Assam is
a treasure
trove of tea
tourism
destinations,
most of
which are
in Upper
Assam, with
numerous
tea estates
and gardens
scattered
across
its lush
landscapes.

tea tourism with a focus on wildlife conservation. Visitors can enjoy
nature walks, bird watching, and even go on a safari to explore the
nearby Nameri National Park. The Lodge is a beautifully restored
heritage bungalow, and serves as the perfect base for travellers to
explore the estate and its surroundings. It also a tranquil and authentic
atmosphere, allowing guests to relax and unwindd in the midst of nature.
• MARGHERITA TEA ESTATE, MARGHERITA: Nestled in the
serene landscape of Margherita in the upper Assam region, this tea
estate welcomes visitors with open arms. It is famous for its historic
heritage bungalows and golf course. Tourists can learn about the tea
manufacturing process, relax in the colonial-style surroundings, and
explore the nearby Singpho village to learn about the local culture.
Tourists have the opportunity to explore the sprawling tea gardens, where
they can witness the meticulous process of tea cultivation and plucking.
• MONABARIE TEA ESTATE, MONABARIE: Set in Assam’s
Biswanath District, this is Asia's Largest Tea Estate. The sprawling
gardens consist of 1158 hectares of tea plantations and are owned
by the McLeod Russel India Limited, a part of the Williamson Magor
Group. Tourism at Monabarie Tea Estate is a serene and immersive
experience that beckons travellers to the heart of Assam's tea country.
• HATHIKULI TEA ESTATE, GOLAGHAT: This estate is unique
for its location near the Kaziranga National Park, a UNESCO World
Heritage Site known for its population of one-horned rhinoceros.
Tourists can enjoy a blend of tea experiences and wildlife safaris.
• NONAIPARA TEA ESTATE, DIBRUGARH: Nonaipara Tea Estate
oǘers a serene and picturesque atmosphere. Visitors can participate
in tea plucking and processing, explore the well-maintained gardens,
and enjoy leisurely strolls in the estate.
• GATOONGA TEA ESTATE, DIBRUGARH: Gatoonga Tea Estate
is known for its lush gardens and stunning scenery. It provides guided
tours of the tea factory, cultural performances, and opportunities to
interact with the estate workers.

Assam is an
emerging
and
affordable
golf
destination
that
deserves
a place on
every golfer's
travel bucket
list.

• BOGAPANI TEA ESTATE, DIBRUGARH:
This estate is situated amidst picturesque
surroundings. Visitors can take guided tours
of the tea factory, learn about the tea-making
process, and engage in tea-tasting sessions.
• MANJUSHREE TEA ESTATE, TINSUKIA:
Manjushree Tea Estate oǘers guided tours of
the tea manufacturing process, tea plucking
experiences, and the chance to stay in cosy
bungalows surrounded by tea gardens.
•MANOHARI TEA RETREAT, DIBRUGARH:
This charming resort sits amidst the lush
greenery of an 1,800-acre tea estate, with
over 1,000 acres planted with tea bushes,
and evokes the old-fashioned elegance of
the colonial era. The rooms and cottages are
reminiscent of a British tea planter’s mansion.
•DURRUNG
TEA
ESTATE,
DEKA
CHUBURI: Situated on the north bank of the
mighty Brahmaputra in Sonitpur District, this
tea plantation was established in 1875 and is

one of the oldest in Assam. With a rich history of
a century and a half, the estate is noted for its
premium black tea. The Kaziranga National Park
and Orang Wildlife Sanctuary are in close vicinity
of the garden.
These tea tourism destinations in Assam oǘer
a diverse range of experiences, from getting
up close and personal with tea production
to immersing yourself in the natural beauty
and culture of the region. Each estate has its
unique charm, making Assam a paradise for
tea enthusiasts and travellers seeking a holistic
experience.

TEA AND TEE
To conclude, Assam’s tea tourism is a blend of
nature, culture and history. It oǘers a unique
opportunity to explore the world of tea from the

TEEING OFF IN PARADISE: GOLF TOURISM IN ASSAM
and in hand with tea tourism, golf
tourism is also catching up in Assam.
Golf came early to India and Assam has not
been far behind. In 1829, India became the
Àrst country outside Great Britain to have
a golf course. And Assam’s ‘tea-tees’ golf
courses in tea estates are in a class of their
own. There are around 20, all natural and
many with nine holes. Set within 200kms
of each other, these golf courses prepared
essentially to enhance the lifestyle of British
planters transport one to the grandeur of the
Raj days. Today, they are helping the estates
package them as exotic holiday destinations
where tee-putt is as exhilarating as the teapot.
A stay in a tea garden, playing golf and
driving through tea country is an unforgettablee experience.
experience Assam’s
sprawling tea estates with old-world bungalows, also boast classical
clubhouses for post-golf sessions. Professional golfers swear by the
18-hole Digboi Golf Course that Digboi ReÀnery lords over in eastern
Assam’s Digboi town. The course oǘers a challenging round with a mix
of hills, water hazards, and lush fairways. The serene surroundings
and cool climate make it a golÀng paradise.

• KAZIRANGA GOLF RESORT: This high-end
high end golf resort is one
of the best in Assam and sits in the middle of a tea estate in Jorhat.
Designed by Ranjit Nanda, one of India’s leading golf course architects,
the resort has a challenging 18-hole, par-71 golf course that is the Àrst
of its kind. The club house is the heritage Burra Sahib’s Bungalow.
The resort also oǘers a golf academy with professional coaching and
a well-equipped golf pro shop.

OTHER PROMINENT GOLF COURSES IN ASSAM INCLUDE THE NORTH LAKHIMPUR PLANTERS CLUB,
JORHAT GYMKHANA CLUB AND MARGHERITA GOLF CLUB
plantations to your cup while immersing yourself
in the enchanting beauty and cultural richnesss of
Assam. So, if you are a tea connoisseur or sim
mply
someone who appreciates natural beauty and
cultural experiences, Assam's tea gardens are
a must-visit destination to quench your thirstt for
tea and adventure. It's a journey that promisees to
leave you with memories as delightful as the brew
b
itself. Meanwhile, golf tourism in Assam is rappidly
gaining recognition among golfers seeking not only
an excellent golÀng experience but also a journey

Assam's tea
gardens are a
must-visit
destination to
quench your
thirst for
tea and adventure.

into the heart of Northeastern India’s natural and
cultuural wonders. With its lush and scenic courses,
unique wildlife encounters, and a welcoming
atmoosphere, Assam is an emerging and aǘordable
golf destination that deserves a place on every
golfeer's travel bucket list.
Annd when you put tea and golf together, you have
the makings of a perfect holiday. So, pack your
clubs and tee oǘ in paradise in the stunning state
of Asssam. And don’t forget to have that refreshing
cup of Assam tea afterwards!

THE
WEALTH
ISSUE

Capital
Nourishment
WILL INDIANS SHED THEIR
LINGERING PREJUDICES
AGAINST THE WEALTHY?
By SIDDHARTH SINGH

Illustration by SAURABH SINGH

ndia’s climb on the global
economic ladder in the past two
decades has been swift. It became
a $1 trillion economy in 2007.
The $2 trillion mark was crossed
seven years later and now it is the
ﬁfth-largest economy. By 2030 it is expected to become the third-largest with
a formidable GDP of $7.5 trillion.
Yet, if one were to examine intellectual attitudes towards capitalism in
India—and there’s no point denying
that its economic vitality is due to capitalism—the negative strands stand out
prominently. Two examples illustrate
this very well. The ongoing legal battle
over the legality of electoral bonds is as
much about the current government
garnering a large share of donations as
it is about alleged corruption by large
companies. Then there is the neverending saga of alleged malfeasance of
the Adani Group. Seen dispassionately,
these attitudes reﬂect a very negative
perception of Indian capitalism; it is
another matter that the real creator of
India’s wealth and its march towards
prosperity is its capitalist class.
How did India come to disdain this
class and how did capitalism manage

to survive in what have surely been
a very hostile ﬁrst 50-odd years after
Independence?
Just as capitalism has evolved in the
West so has it in India. But what is interesting are the very different trajectories
and different rationales when India is
compared to the West. The ﬁrst thing
to note is that India has a long and rich
history of domestic enterprise and ﬁnancial networks that goes back many
centuries. Unlike the West, where the
Industrial Revolution and the evolution of individualism deepened market
relations, India’s colonial experience
and its social structure gave its ‘capitalism’ a very different texture.
The rapid economic progress in
the West, roughly from the time of the
Industrial Revolution, delivered a clear
lesson: Capitalism was the best system
to allocate resources in the economy.
This lesson took time and was delivered much after capitalism took root.
That this was not accepted unquestioningly was clear from the series of
booms and busts seen in the second
half of the 19th century. It was also during this time that a veritable industry
of people who questioned capitalism
emerged. Francesco Boldizzoni, a
scholar of ideas about the demise of
capitalism, lists four kinds of theories
about its imminent demise. These
include theories about its implosion.
Karl Marx and the 20th-century American economist Paul Sweezy are examples of this line of thinking. Another
set of theories centre round the claim
that capitalism will exhaust itself over
time. The proponents of these exhaustion theories include John Stuart Mill
in the 19th century and John Maynard
Keynes in the 20th. Then there are
theories about the convergence of
capitalism and socialism based on how
technology will push the two systems
in the same direction over time. The
proponents of this thesis included the
Austrian Marxist Rudolf Hilferding
and the American economist John
Kenneth Galbraith. Finally there are

theories about how the ‘contradictions’ of capitalism lay in the cultural
and not economic sphere as Marx had
prophesied. The champions of this
idea included the Austrian-American
economist Joseph Schumpeter and the
American intellectual Daniel Bell.
Boldizzoni has shown that none
of these theories about the demise of
capitalism ever came to pass, though
there were some near misses. In Foretelling the End of Capitalism: Intellectual
Misadventures since Karl Marx (2020), he
showed these theories were erroneous
due to limitations of human cognition, theoretical ﬂaws—especially the
underestimation of culture as a force in
human affairs—and, ﬁnally, what he
describes as the “Enlightenment mindset” of these thinkers. The latter implies
that any system replacing capitalism
was bound to be an improvement over it
although there were no reasons—except
for “imagination”—to make such claims.
In the end, capitalism survives
because of its innate ﬂexibility and its
record of efficiency when compared
with other systems like socialism and
mixed economic systems.

ndia never underwent the actual
economic processes and the intellectual understanding of how capitalism
worked. India’s experience of colonialism ensured that it could not undertake a process similar to the Industrial Revolution. India’s history in the
second half of the 19th century shows
how its indigenous entrepreneurial
class—that wanted to move from trade
to industry—had to contend with a
hostile colonial power. By the time independence came, the local industrial
class had found its feet but had to contend with its own—Indian—version
of hostility towards private enterprise.
What is more, this hostility was not the
product of actual experience with capitalism but was based on intellectual import of Western ideas about capitalism.
This was a blend of 19th-century ideas
www.openthemagazine.com 47

THE
WEALTH
ISSUE
of socialism, the alleged superiority of
state-led development and, in general,
hostility towards free trade.
It took almost 50 years and actual
economic inefficiency of the government being at the “commanding
heights” of the economy for some
perceptible change in ideas about
capitalism. It is worth pointing out that
India became a trillion-dollar economy
after 60 years of independence while
the next trillion mark was reached just
seven years after the ﬁrst. No elaborate
theories about efficiency of one system
over the other are necessary. Facts speak
for themselves.

n these dreary decades, Indian capitalism survived but it was a sheltered
existence under the watchful eyes of
governments that would neither let
the capitalist class break chains and
explore global horizons nor let it die.
Unlike the West, where there were
sound economic reasons for
the success of capitalism,
in India there were extraeconomic, political ones that
ensured its survival as well as
limitations.
In Nehru’s India: A History
in Seven Myths (2022),
Taylor Sherman, a historian
at the London School of Economics, shows in fascinating
detail the origins of corporate
funding of elections in the
early decades after Independence. The problem was
clear: elections in a vast country like India with adult franchise were expensive. The
government did not provide
funding for elections and private funds
of politicians in the electoral fray were
not sufficient. Enter the Indian private
sector that generously provided funds
for the purpose. It is interesting to note
that when the Companies Act, 1956
was passed, the government allowed
companies to donate money to private
48

parties as long as the company was not
government-owned and if its memoranda of association permitted such
donations. Sherman notes that two
leading companies quickly obtained
permission from courts to change their
memoranda of association. The courts
permitted but one judge presciently
noted that there were “great dangers”
in the move.
What makes such developments
fascinating is that these took place at
the height of India’s experiment with
socialism. Here was a government that
believed that capitalism was unsuited
for India and yet did not hesitate to
allow the set of people running that
emaciated capitalism from contributing fuel to the engine that powered democracy—its elections. Depending on
your perspective, this can be a triﬂing
matter of certain companies donating
money to political parties. But in the
political and intellectual climate that
prevailed in India from 1950 till 1990,

thinks so) and so is the political party
getting the lion’s share of contributions from the private sector. But the
contributions per se are not bad. On
paper what is being argued is that such
contributions should be “transparent”
and that they should be “equitable”.
But these are just fancy expressions for
unhappiness at a particular political
party being favoured. Never mind the
fact that in the past, the system of
political donations was far more odious
and opaque.
It will be a stretch to say that elections and democracy are the raison
d’être for the survival of capitalism in
India but it is equally true that it forms
an important, and unhappy, part of the
explanation. Why not celebrate the
fact that Indian companies and its big
businesses are vital participants in the
democratic process? But that would
require a degree of honesty from India’s
intellectuals to admit that capitalism
is not just useful but is a system that
enriches India. It would also
require revisiting the history
of the dreary decades from
1950 to 1990 and showing
what it took to run democracy in India. It is hard to
resist the temptation to use
a Hollywood line here: “The
problem isn’t the doing. It’s
the people in power having
to admit that they knew.”
Maybe a day will come
when this history will see
its day. But for now there are
better reasons for the success
and continuing enchantment with Indian capitalism:
its ability to generate wealth
for a new generation of Indians who are not ashamed of wealth and
refuse to call it Mammon. India’s craze
with startups, the race to become a ‘unicorn’ and more such phenomena are
just signs that India is changing, and for
the better. Hopefully, by the time India
gets its ﬁfth trillion dollar, capitalism
and proﬁt won’t be dirty words.

Why not celebrate the fact
that Indian companies
and its big businesses are
vital participants in the
democratic process? But
that would require a degree
of honesty from India’s
intellectuals to admit that
capitalism is not just useful
but is a system that
enriches India
this was, and remains, the dirty secret
of India’s democracy: Indian democracy is expensive and needs its much
maligned capitalists to fund it.
The same attitudes inform the
debate around electoral bonds today:
Capitalism is bad (at least one leading
advocate involved in the proceedings

20 NOVEMBER 2023

ON BIHAR’S BUDDHIST TRAIL

Ghoda Katora

BIHAR IS THE LAND WHERE BUDDHISM ORIGINATED,
AND AN EXPLORATION OF ITS BUDDHIST SITES IS A JOURNEY
STEEPED IN SPIRITUALITY AND TRANQUILLITY
he state of Bihar is not only known
for its rich historical and cultural
heritage but also for its profound
association with Buddhism. The
state is a treasure trove of Buddhist sites that
hold signiÀcant spiritual and historical value. That
is why Bihar is often referred to as the cradle of
Buddhism and boasts a rich and unparalleled
Buddhist heritage.
As the premier tourist destination for Buddhists
worldwide, Bihar offers a remarkable journey
through the life and teachings of Siddhartha
Gautama, the Buddha. The state is home to an
array of signiÀcant Buddhist sites, with Bodh
Gaya being the crown jewel, where the Buddha
attained enlightenment. Nalanda, once a great
ancient centre of learning, and Rajgir, where the
Buddha spent a signiÀcant amount of time, are
also integral parts of Bihar’s Buddhist legacy.
The state’s historical and architectural treasures,
combined with its spiritual ambience, provide
a holistic experience for pilgrims and travellers
seeking a deep connection with Buddhism.

Bihar stands as a timeless destination,
embracing both its past and the continuous Áow
of visitors who come in search of enlightenment
and cultural enrichment. It is home to two UNESCO
World Heritage Sites, both associated with
Buddhism. These are the Mahabodhi Mahavihara
in Bodh Gaya and the ruins of the former Nalanda

University. Besides that, the Government of Bihar
has recommended that the Cyclopean Wall of Rajgir
also be declared a UNSECO World Heritage Site.
Bihar’s Buddhist Circuit is a trail of the sacred
footsteps of Lord Buddha and the important places
of his life and teachings across Bihar. A journey
along this Buddhist Trail is a truly enriching

Bihar stands as a timeless destination, embracing both
its past and the continuous flow of visitors who come in
search of enlightenment and cultural enrichment.

BODH GAYA
Bodh Gaya, is often considered as the
epicentre of Buddhism, is the place where
Prince Siddhartha attained enlightenment
under the Bodhi tree, becoming the
Buddha. The Mahabodhi Temple Complex,
a UNESCO World Heritage Site, is the
heart of Bodh Gaya and is a magniÀcent
example of ancient Indian architecture.
Pilgrims from around the world visit
the temple to meditate and offer their
prayers.The complex encompasses the
revered Bodhi tree, the Diamond Throne,
and various monasteries representing
different Buddhist nations. Pilgrims come
to meditate, offer prayers, and bask in
the spiritual aura of Bodh Gaya, seeking
enlightenment and inner peace. Beyond
its religious signiÀcance, the town
offers a glimpse into the rich tapestry of
Indian culture and history, making it a
captivating destination for those seeking
a profound connection with Buddhism
and a taste of ancient Indian heritage.

SUJATA STUPA
Sujata Stupa, also known as Sujata Kuti
Stupa or Sujata Garh, is a Buddhist stupa
in Senanigrama (Bakraur), a village lying
to the east of Bodh Gaya. It is located
right across the Phalgu River from Bodh
Gaya, a 20-min walk away. Discoveries
of dark grey polished objects and a
punch-marked coin in the neighbouring
monastery provide evidence that it was
Àrst constructed in the second century
BCE.The stupa was built in honour of the
milkmaid Sujata from this village, who
is credited with feeding the Buddha milk

BIHAR’S
BUDDHIST
TRAIL

Journey through these
sacred locations lets
you connect with the
teachings of the Buddha

Mahabodhi Temple,
Bodh Gaya

Bihar’s Buddhist
Circuit is a trail of
the sacred footsteps
of Lord Buddha
and the important
places of his life and
teachings across
Bihar. A journey along
this Buddhist Trail
is a truly enriching
experience and will
leave the traveller
suffused with inner
peace and a deep
sense of spirituality.

Vishwa Shanti
Stupa, also
serves as a
symbol of
world peace,
emphasizing
the importance
of unity and
harmony
among different
nations and
religions.

and rice when he was seated under a
banyan tree here, breaking his sevenyear fast and enabling him to achieve
enlightenment. A pillar of Ashoka, which
served as the stupa’s initial decoration,
was quarried in the 1800s for use as
construction material, then placed at the
Gol Pather intersection in Gaya before
being transported to Bodh Gaya in 1956.

NALANDA
Nalanda is renowned for the ancient
Nalanda University, one of the Àrst
residential universities in the world.

experience and will leave the traveller
suffused with inner peace and a deep
sense of spirituality. So, whether you are a
devoted Buddhist seeking enlightenment
or a curious traveller interested in history
and spirituality, Bihar’s Buddhist sites
offer a unique experience. The journey
through these sacred locations lets
you connect with the teachings of the
Buddha, soak in the tranquillity of the
surroundings, and immerse yourself in
a profound spiritual experience. As you
explore these sites, you’ll Ànd that Bihar
is not just a destination; it’s a spiritual
journey that can leave a lasting impact on
your soul.

VISHWA SHANTI STUPA
This magniﬁcent stupa not only
offers breathtaking panoramic
views but also exudes an aura
of tranquillity
A marvel of architectural and
spiritual significance, the
Vishwa Shanti Stupa is
constructed entirely of white
marble, giving it an ethereal
and pristine appearance that
contrasts beautifully with the
lush greenery of Ratnagiri hill.

It was a centre for Buddhist learning, attracting
scholars and students from across the globe.
While the university is in ruins today, you can
explore the Nalanda Archaeological Museum and
Nalanda Multimedia Museum to get a glimpse of its
historical signiÀcance. The Hieun Tsang Memorial
Hall, named after the renowned Chinese scholar
who studied at Nalanda, further accentuates its
historical signiÀcance. As visitors explore the
meticulously restored ruins, they connect with the
profound heritage of Buddhism and the scholars
who shaped its philosophy.

RAJGIR
Rajgir is a picturesque town
nestled in the hills, which
played a pivotal role in the
Buddha’s life. The Griddhakuta
Hill, also known as Vulture’s
Peak, is where the Buddha
delivered some of his most
famous
sermons.
The
Ajatshatru Fort, Bimbisara Jail,
and the Cyclopean Wall are
other attractions in Rajgir that
are closely linked to Buddhist
history. The Cyclopean Wall of
Rajgir is a 40-km-long wall of
stone which encircled the ancient city of Rajgriha
(present-day Rajgir), to protect it from enemies and
potential invaders. It is among the oldest examples
of cyclopean masonry in the world. Dating from c.
600 BCE to 400 BCE, it was erected by the early
Magadha rulers using massive, undressed stones.
The wall also Ànds mention in Buddhist works. Only
some portions of the wall now remain. It is currently

KESARIYA STUPA

Dungeshwari Cave , Gaya

designated as a national monument, and the Bihar
Archaeological Department has recommended
to the Archaeological Survey of India that it be
included in the list of UNESCO World Heritage Sites.
Vishwa Shanti Stupa, also called the Peace
Pagoda, is located at the highest point of
Ratnagiri hill, at an altitude of 400 m, in Rajgir.
It is a remarkable tourist attraction that beckons

The Kesariya Stupa is not only a religious
pilgrimage site but also an architectural marvel
that offers a glimpse into the ancient Buddhist
traditions and artistic craftsmanship of the region.
Kesariya came into the limelight after the discovery
of the biggest Buddhist Stupa in the world here.
Also, till date it is estimated to be the tallest
everexcavated stupa in the world.The stupa is an
imposing structure, rising to a height of over 100
feet and is believed to date back to the Mauryan
period, around the 3rd century BCE. Its distinct
reddish-orange colour, derived from the use of
bricks and terracotta, gives it the name ‘Kesariya’,
meaning saffron. Located in the East Champaran
district,the stupa has a polygonal base and is
capped with polygonal shaped bricks from top.

travellers from far and wide. This magniÀcent
stupa not only offers breathtaking panoramic views
but also exudes an aura of tranquillity that makes
it a must-visit destination for seekers of serenity.
Built with marble, the Stupa comprises four golden
statues of Lord Buddha with each representing his
life periods of birth, enlightenment, preaching and
death. There is a ropeway which helps the tourists
reach the Stupa. The other route is via a serpentine
staircase.
A marvel of architectural and spiritual
signiÀcance, the Vishwa Shanti Stupa is
constructed entirely of white marble, giving it an
ethereal and pristine appearance that contrasts
beautifully with the lush greenery of Ratnagiri hill.
This striking choice of material not only adds to

the stupa’s aesthetic appeal
but also symbolizes purity
and peace, which are central
themes of Buddhism. Besides
its spiritual signiÀcance,
the Vishwa Shanti Stupa
also serves as a symbol of
world peace, emphasizing
the importance of unity and
harmony among different
nations and religions.

VAISHALI
Vaishali is an ancient city
with deep Buddhist roots. It
was the birthplace of Lord
Mahavira, the 24th Tirthankara
of Jainism, and also a place
closely associated with the
Buddha. The city is known for the Relic Stupa,
where a part of the Buddha’s ashes are said to
be enshrined. Vaishali is celebrated for being the
place where the Buddha delivered his last sermon
before his Mahaparinirvana, making it a site of
profound spiritual importance.
The Ashokan Pillar at Kohlua-approximately 65
km northwest of capital Patna-is a timeless symbol
of India’s ancient heritage, standing tall in Vaishali

and serving as a reminder of Emperor Ashoka’s
commitment to spreading Buddhism. The pillar
stands next to a brick stupa and commemorates
Buddha’s last sermon. Found in an excavation, it
has a life-size Àgure of a lion on top. Excavations
have also revealed many other articles related to
Buddhism. The pillar is made of a highly polished
single piece of red sandstone, surmounted by a
bell-shaped capital, 18.3 m high. There is a small
tank here known as Ramkund.
The magniÀcent Relic Stupa and the Abhishek
Pushkarni (coronation tank) further contribute to
Vaishali’s spiritual ambience. The Stupa enshrines
one of the eight parts of the mortal remains of Lord
Buddha after he attained Mahaparinirvana and is
one of the most revered sites for Buddhists. The
Stupa was built by the Lichhav is as a mud-stupa
in the 5th century BC. It was later discovered in
an archaeological excavation carried out under
the aegis of Patna-based K.P. Jayaswal Research
Institute during 1958-1962. The relic casket
excavated from the core of the stupa contained
the holy ashes of Lord Buddha mixed with earth, a
piece of conch, pieces of beads, a thin golden leaf
and a copper punch-marked coin. The casket was
brought to Patna Museum in 1972.
Buddhist devotees and history enthusiasts alike
are drawn to Vaishali to pay homage to the Buddha’s

Ànal teachings and to immerse themselves in the
tranquil aura of this sacred place. It’s a destination
where history and spirituality intertwine, creating
a unique and deeply meaningful experience for all
who visit.

LAURIYA NANDANGARH
Lauriya Nandangarh is also known for its Ashoka
Pillar, which is one of the pillars erected by Emperor
Ashoka, a devout Buddhist and one of India’s
most renowned rulers. The pillar is adorned with
exquisite carvings and is a signiÀcant historical
artifact.

VIKRAMSHILA
Situated at Antichak village in Kahalgaon subdivision, 38 km from Bhagalpur, ancient Vikramshila
University was famous as a centre of learning
during the Pala dynasty and was established by
King Dharmapala. Two things impressed King
Dharampala and motivated him to establish the
university; Àrst, the rocky hillock anchored around
the conÁuence of the Kosi and Ganga rivers at
Bateshwar Sthan was not only a scenic attraction
but also a popular Tantric site. Second, the Ganga
here was Uttar Vahini (Áowing northwards) and as
such, the place was a pilgrim centre which drew
large crowds during Varsavardhana.

The A shokan P illar at K ohlua - approximately 65 km northwest
of capital Patna - is a timeless symbol of India’s ancient
heritage, standing tall in Vaishali and serving as a reminder of
Emperor A shoka’s commitment to spreading Buddhism.

Niraj
Bajaj
Lakshmi
Mittal

Kumar
Mangalam
Birla

Radhakishan
Damani

Dilip
Shanghvi

Shiv
Nadar

Gopichand
Hinduja

Gautam
Adani

Cyrus S
Poonawalla

Mukesh
Ambani

54
Illustration by SAURABH SINGH

2 SEPTEMBER 2019

THE
WEALTH
ISSUE

Mapping
the Masters
of the Universe

THE RICH LIST AND THE MEASURE
OF INDIAN AFFLUENCE
By MADHAVANKUTTY PILLAI

n the pyramid of wealth,
there are ﬁrst those who would
be worth more than a crore. It
might not be a big number in
terms of dollars because India
remains a developing nation
but any comparison should therefore
be with what it used to be. Or what it is
about to become. If you term `1 crore
as the marker to be called wealthy, then
it is self-evident that this is a population growing at an exponential rate.
You just have to look around you. Most
middle-class couples having jobs for a
couple of decades, with some conservative ﬁnancial planning, should be able
to touch this number, and most do. But
even take the more rareﬁed air above
this category and it is still a very rosy
picture. The real estate consultancy
Knight Frank came out with their annual Wealth Report about six months
ago and they looked at what is happening with high net worth individuals (HNIs), the ultra high net worth
individuals (UHNIs), and at the very
top the dollar billionaires. They deﬁned

20 NOVEMBER 2023

UHNIs as people with over $30 million
in net worth, which would translate
in rupee terms to somewhere around
`250 crore. The number of Indians in
this category, they estimated, would go
up by almost 60 per cent in ﬁve years.
By 2027, as per a Mint article on the
report, there would be 19,119 men and
women in India who would have more
than $30 million. The number of billionaires would be 195 from 161 at present. But, perhaps, the most remarkable
number was of those who were worth
over $1 million or `8 crore roughly, the
category dubbed HNIs. There are currently over 7.9 lakh of them in India. In
ﬁve years, this number was expected to
straight off more than double to
16.5 lakh Indians.
Wealth has the characteristic of
going down the chain the more it is
made—the principle by which capitalism became the dominant economic
system and why living conditions
improved immeasurably in recent
centuries. The `8 crore of this 16.5
lakh Indians does not go into a chest

under the bed. It is kept in banks which
lend them out to others and the circle
of multiplication continues. Or the
wealthy spend their money on goods
and services which then leads to new
businesses and employment. Or it is
invested directly into companies as
equity which leads to the business
sector becoming even bigger. India has
been seeing this picture of the spread
of money ever since it unleashed the
energies of liberalisation. People suddenly realised that there were multiple
opportunities now to become richer.
Working hard at a job could lead to
lucrative pay packages after a while.
But the ones who really propelled this
revolution were the entrepreneurs.
Traditional business families reinvented themselves to be competitive
and thrived. Those who couldn’t do so
became footnotes. There was also an
entirely new ﬂood of entrepreneurs
who saw the opportunities that had
now become available.
Last month, in October, Hurun
India published its annual rich list
which does a deep dive into the wealth
of India and the people who make it.
And it once again showed the scale of
how business acumen drives India’s
wealth. They found that there were
1,319 Indian individuals whose wealth
was over `1,000 crore. This was 216
more than the previous year. But of the
1,319, as many as 66 per cent, or 871,
were self-made entrepreneurs. The
wealthiest man in India was Mukesh
Ambani, who on last year’s list had
been overtaken by Gautam Adani, but
now reclaimed the top spot because
share prices of some of the Adani stocks
had decreased. Ambani is a secondgeneration entrepreneur. His father
Dhirubhai Ambani built the Reliance
empire from scratch and, after his
death, even though the companies in
the group were split among his two
sons, Mukesh Ambani not only made
his companies the most valuable in India but also turned them future-ready,
pivoting from oil reﬁning, which will
www.openthemagazine.com 55

THE
WEALTH
ISSUE
eventually become a sunset sector, to
green energy, telecom and cutting-edge
technology-based platforms. He now
has an astonishingly wide footprint,
including OTT platforms, new and old
media, ecommerce, retail, ﬁnance, and
more. Ambani might have had a forerunner in his father but he still thinks
like an entrepreneur, the reason for Reliance’s continued growth despite its size.
Meanwhile, Adani is a ﬁrst-generation
entrepreneur who, beginning with
commodity trading, has propelled himself into ﬁelds like ports, power, energy,
airports, mining. Recently, he acquired
the biggest cement company of India,
Ambuja. The drives exhibited by people
like Ambani and Adani reﬂect in terms
of their worth. Hurun valued Ambani’s
wealth at a whopping `8,08,700 crore
while Adani’s was `4,74,800 crore. At
third place was a group whose fortunes
took off into another orbit following
Covid. Cyrus Poonawalla and family,
who own the Serum Institute of India

able wealth growth of INR 1 lakh crore
over the last ﬁve years, with 13 entrepreneurs securing a wealth growth of INR
50,000 crore during the same period.”

hese numbers are often estimates
and there could be some discrepancies between different rich lists but
most of the personalities and rankings
remain the same. Forbes, for example, has
a rich list of India’s wealthiest in which
the top two are also Ambani and Adani,
but on third place they have Shiv Nadar,
who founded the IT company HCL way
back in 1976. From humble beginnings,
his wealth is now valued at $29.3 billion.
Poonawalla on the Forbes list is at No 6.
They represent two of the sectors—IT
and pharmaceuticals—which have created some of the greatest business stories
of this era.
It doesn’t matter how old or young
one is, India has opportunities for
everyone. For instance, on the Hurun List,

sity but decided to forego that option.
They saw an enormous opportunity for
a venture like Zepto when the Covidrelated lockdowns happened and did
not want to miss it. The latest round of
valuation of Zepto puts it at $1.4 billion or
a little under `12,000 crore. The value of
their stake in Zepto has led to them being
on the Hurun list for the last couple of
years at such young ages.
Credit Suisse was yet another institution that came out with a Global Wealth
Report 2023. One of the things they
looked at was people with over $100
million across the world dubbed ultrahigh-net-worth individuals. India had
5,480 of them and they also found that
it was one of the few countries where
this category was rising the most. They
predicted that dollar millionaires, too,
would rise very fast for India in future,
noting: “Millionaire numbers are also
likely to increase rapidly in India—we
envisage a rise of 69% to 1.4 million by
2027…” But there was a line in the report

Last month, Hurun India published its annual rich list
which does a deep dive into the wealth of India and the
people who make it. They found that there were 1,319
Indians whose wealth was over `1,000 crore. This was
216 more than the previous year. But of the 1,319, as many
as 66 per cent were self-made entrepreneurs
that manufactured a large proportion of
the vaccines used during the pandemic,
are now worth `2,78,500 crore, a 36
per cent jump over the previous year.
These ﬁgures, though mind-boggling,
become even more astonishing when
you consider how much the wealth of
the richest Indians has grown over the
last ﬁve years. Ambani added `4,28,000
crore in this period while for Adani
and Poonawalla it was `3,80,300 crore
and `1,89,700 crore respectively. But
there were many more who ﬂourished
during the same time. The report noted:
“Four entrepreneurs achieved a remark56

the oldest person to make it was 94 years
old. This was Mahendra Ratilal Mehta,
founder of Precision Wires which makes
copper wires. Lately, it has seen a huge
upswing in its share prices, taking the
company’s market value to over `2,000
crore and taking Mehta’s own worth to
over `1,000 crore and so bringing him
into the list. At the other end of the age
spectrum are Aadit Palicha and Kaivalya
Vohra, founders of Zepto, the grocery
delivery app. Friends since childhood, the
entrepreneurial bug bit them together
when they began joint ventures in their
teens. They got seats at Stanford Univer-

which showed that the wealth at the
top translates downwards too. It said:
“On average, wealth per adult in India
has risen at an annual rate of 8.7% since
the year 2000 and was USD 16,500 at the
end of 2022.” India doesn’t really have
to do much to upset the momentum.
The ball is almost inevitably going in
the direction of more opportunities
and growth as the world looks for new
markets for both selling its goods and
services, while also doing the supplying.
The story from the Indian rich list is that
the current rise in wealth could just be
the tip of what is lying in wait.
20 NOVEMBER 2023

THE
WEALTH
ISSUE

Thank Goddess
WHY DO WE WORSHIP LAKSHMI?
By BIBEK DEBROY

akshmi is the goddess
of prosperity, fortune,
wealth and beauty. We
shouldn’t get bogged
down in semantics. Devi
has many manifestations—as in Maha Lakshmi, Maha
Sarasvati and Maha Kali, identiﬁed
respectively with Vishnu, Brahma and
Shiva. Lakshmi is the same as Shri. A
suktam is a hymn of praise and one of
the earliest, dedicated to Shri, is from
the khila portions (appendices) to the
Rig Veda. This Shri suktam is often sung.
Let me translate a few verses. “Her
complexion is golden. Her image is
golden. She wears gold and silver
garlands. She is like a golden moon.
O ﬁre! Invoke that Lakshmi for me.
Invoke for me that Lakshmi whose
arrival is not futile. Through her, I will
obtain gold, cattle, horses and men. She
is seated on a lotus. Her complexion is
like that of a lotus. I invoke that Shri.
Through her favours, let the
Alakshmi in me be destroyed.”
Lakshmi is prosperity and good
fortune. Alakshmi, described as
Lakshmi’s older sister, is adversity
and misfortune. Rama, the one who
delights, is another name for Lakshmi
or Shri. Lakshmi’s iconography is
familiar to most of us. As the quote
from Shri suktam suggests, she will
be golden in complexion. She will be
60

seated (or standing) on a lotus. When
template has many dimensions, with
seated, she will be in the lotus posture
nitya (daily), naimittika (special
(padmasana).
occasions) and kamya (for a desired
Lakshmi has been worshipped for
objective) rites and varnashrama
thousands of years. There are
dharma. Kama is about sensual
sculptures, paintings and textual
pleasures, not sex alone. It is ridiculous
references. There are many temples,
that we have reduced our understandspeciﬁcally for Lakshmi. As is but
ing of Vatsayayana’s Kamasutra to
natural, the iconography is not
physical positions. Artha is also broader
standardised. Sometimes, she will have
than material wealth alone. The
18 arms. More common is four arms.
texts say there has to be equilibrium
We often miss the symbolism
between the pursuits of dharma, artha
associated with iconography. Four arms
and kama. No single one should
stand for dharma, artha, kama and
be pursued to excess.
moksha, the four objectives of human
Devi, or Lakshmi, is not born. But she
existence (purusharthas). Moksha
manifests herself in different forms in
means mukti or liberation, freedom
different eras. One such manifestation
from the worldly cycle of human
was at the time of the churning of the
existence, or samsara. Rare is the person
ocean (samudra manthana). Using Mount
who will aspire for moksha and get it.
Mandara as a churning-rod and Vasuki
It is important to stress
as the churning-rope, devas
this, since an unnecesand asuras churned the
sary notion ﬂoats around
milky ocean for amrita. Oththat Hinduism abhors
er than Dhanvantari, who
worldly and material
arose with the pot of amrita,
wealth and is only about
there were many treasures
the other world. That
that arose as a result of the
moksha dharma or the
churning. The lists vary
Bibek Debroy
has translated the
pursuit of adhyatma is for
a bit. But in all those lists,
Mahabharata and the
the rare person. The others
there will be a mention of
Valmiki Ramayana
are stuck in this samsara,
Lakshmi. There is a place
into English. He is
pursuing dharma, artha
on Vishnu’s chest known as
the Chairman of the
and kama, referred to
Shrivatsa, the place where
Economic Advisory
as trivarga, or three
Shri resides. Lakshmi arose
Council to the
objectives. The dharma
and occupied that spot.
Prime Minister
20 NOVEMBER 2023

ALAMY

Lakshmi
by Raja Ravi Varma

Lakshmi is prosperity and good fortune. Lakshmi’s iconography
is familiar to most of us. She will be golden in complexion.
She will be seated (or standing) on a lotus. When seated,
she will be in the lotus posture (padmasana)
20 NOVEMBER 2023

www.openthemagazine.com 61

THE
WEALTH
ISSUE
Just as Devi has many manifestations, of
which one is Lakshmi, Lakshmi also has
many manifestations. One such is Ashta
Lakshmi, the eight forms that Lakshmi
takes. The list is again not standardised.
But, in all probability, will include Aishvarya Lakshmi (prosperity in general),
Soubhagya Lakshmi (good fortune),
Gaja Lakshmi (elephants, indicative of
wealth in the form of animals), Dhairya
Lakshmi (fortitude), Dhana Lakshmi
(wealth), Dhanya Lakshmi (grain),
Vijaya Lakshmi (for victory) and Rajya
Lakshmi (prosperity in the form a kingdom). This makes it obvious that artha
can take many forms. The iconography
for all these different forms of Lakshmi
varies. But for all, one hand will be in

vasya. But in the eastern parts, Lakshmi
is worshipped on purnima, ﬁve days
after Vijaya Dashami. This is known as
Kojagari Lakshmi Puja. Lakshmi will
come and knock at the door, asking
“Who is awake?” (That’s the meaning
of Kojagari.) If householders are asleep,
she will ignore the house and go away,
her Chanchala attribute. Traditionally, harvests were a time for wealth
and prosperity. That’s the reason there
are many such festivals at the time of
spring and autumn harvests, and the
autumn harvest is a time for Lakshmi
Puja. Most of us are familiar with the
idea of Shakti Peethas, the places where
parts of Sati’s body fell after Daksha’s
sacriﬁce. The list of Shakti Peethas

indicative of prosperity. Lakshmi is
also one of the nine forms of Durga
(Navadurga), as she is of one of the 10
Mahavidyas, in her form as Kamala.
There are different ways to think of
Lakshmi and her worship. Every morning, many still recite, “Karagre vasate
Lakshmi, karamadhye Sarasvati,” or
some variant of this. “Lakshmi resides
in the tips of the hand, Sarasvati in the
centre of the hand.” One can think of
her worship as the worship of Devi in
one of her manifestations, as part of the
trinity of Lakshmi, Sarasvati or Kali.
One can think of her worship as the
pursuit of adhyatma, with a Shri yantra
or Lakshmi yantra being used to facilitate the process. For those who do not

The most common names for Lakshmi
are Padma and Kamala, both references to her being
seated on a lotus. She is also described as Chanchala,
which means that she is fickle. If you do not
please her, she will move away and Alakshmi
will step in instead
varada mudra (the posture for granting of
boons), while another will be in abhaya
mudra (the posture for granting freedom
from fear). In the Gaja Lakshmi form,
two elephants will sprinkle her
with water.
All devas and devis have many
names. Other than Shri, the most common names for Lakshmi are Padma and
Kamala, both references to her being
seated on a lotus. (Lakshmi is seated on
a red lotus, while Sarasvati is seated on a
white lotus. Incidentally, there are also
different manifestations as Shridevi
and Bhudevi.) She is also described as
Chanchala, which means that she is
ﬁckle. If you do not please her, she will
move away and Alakshmi will step in
instead. In different parts of India, Lakshmi is worshipped at different times.
In many parts, Lakshmi is worshipped
on the night of Deepavali, that is, ama62

varies from four to 108. Some of these,
like Karavira, Siddhavana, Kolhapura
or Varanasi, are the ones where Devi
assumes the name of Lakshmi, though
descriptions vary from one text to
another. I said that the devas and devis
have many names. Accordingly, texts
have sahasranamas (hymns with one
thousand names of the deva or devi).
Most of us have heard of Vishnu sahasranama, Shiva sahasranama or Lalita
sahasranama. There is a Lakshmi sahasranama too. It can be found in Skanda
Purana, the longest of the Puranas.
What of Lakshmi’s mount? All
devas and devis have speciﬁc mounts.
We will immediately say owl, signifying patience and wisdom. But like
much else, mounts and iconography
have evolved. Earlier, there were many
depictions of Lakshmi with a lion as
a mount. Her being clad in red is also

know, there is a Gayatri mantra speciﬁc
to Lakshmi. Or one can worship Lakshmi in the limited sense of the pursuit of
artha at that particular time in autumn.
The last is also acceptable, even the
making of a ritual and fetish out of it.
But it is also worth remembering what
Lakshmi Puja actually stands for.
Let me end with quoting from Shri
suktam again. “Horses precede her, and
she is seated in a chariot in the middle.
She is woken up by the trumpeting
of elephants. I invoke Devi Shri. May
Devi Shri be pleased with me. Who is
she, the smiling one? There is a tender
golden glow around her. She blazes. She
is satisﬁed, and she is the one who satisﬁes. In thoughts, wishes, intentions
and words, I truly try to reach. Shri will
abide with me in the form of animals,
beauty, food and prosperity.” There is
nothing more that needs to be said.
20 NOVEMBER 2023

SUSTAINABLE POWER,
SUSTAINABLE FUTURE:

A LOOK AT REC LIMITED
As a Maharatna CPSU and a leading NBFC, REC is determined to contribute to country’s journey
towards achieving net-zero emissions by 2070 by continuing as government's strategic partner to
Ànance power sector and also by capitalizing on the thrust on energy transition by the *overnment
and Ànancing upcoming renewable energy projects solar, wind, biomass, hydro Iunding oI solar
parNs, solar SE=, solar pump-sets, energy storage systems, E9’s charging inIrastructure, etc
RENEWABLE ENERGY FOCUS

Shri Vivek Kumar
Dewangan
Chairman and
Managing Director,
REC

n light of broadened mandate, REC has
already started to exploreÀnance sub-sectors
like Airports, Metro Rail, Highways, Green
HydrogenGreen Ammonia, Multi-Modal Logistics
Parks, Cold Chains, Ports, Healthcare Infrastructure,
etc. This diversiÀcation of the lending portfolio has
enabled the company to reduce dependence on the
power sector and mitigate risks associated with the
sector. Notwithstanding above, REC is committed to
driving innovation, promoting a culture of excellence
and fostering collaboration with stakeholders to
achieve the company's goals.
REC has been instrumental in fulÀlling the
Government of India’s target of electrifying
unelectriÀed villages and universal household
electriÀcation as a nodal agency for the Deen Dayal
Upadhyaya Gram Jyoti Yojana and the Pradhan

Mantri Sahaj Bijli Har Ghar Yojana – SAUBHGYA
Scheme, as a result, the country has achieved
the target of providing access to electricity to all
households.
As the power sector enters a phase of
modernization, technological advancement and
consumer-centric focus, we are honored to be
associated with `3 lakh crore reforms-based
and results-linked Revamped Distribution Sector
Scheme (RDSS) of the Government, a signiÀcant
step in this transformative journey. REC is also
providing counterpart funding to various schemes
of Government of India being implemented for
transformation of Indian Power Sector. Further, we
take immense pride in contributing to the foundation
of Ujjwal Bharat, fostering a brighter and more
prosperous India.

REC’s Loan book in Renewable Energy space has
grown from ` 7,506 Cr i.e. 3 of REC loan book of
` 2.39 Lakh crore in FY 2017-18 to ` 29,073 Cr i.e.
7 of REC loan book of ` 4.35 Lakh crore in 202223. REC has targeted to increase RE Portfolio to ` 3
lakh Cr by FY 2030.
REC is looking forward to Ànancing the entire
RE power value chain. REC RE Ànancial assistance
includes Projects viz. Wind, Solar, Hybrid, Round the
Clock (RTC), E-Bus, Pumped Storage Projects (PSP),
Solar Cell and Module manufacturing, Waste to
Energy Projects, Projects under KUSUM Scheme etc.
Furthermore, we are actively pursuing Ànancing
of Green Hydrogen and Ammonia, Ethanol
production and open to new and upcoming
Technology based initiatives in Green space. These
technologies hold immense potential in terms of
energy storage, decarbonization, and reducing
reliance on traditional fossil fuels. REC recognizes
their importance and is committed to supporting
these Projects in the near future. Aggressive efforts
in this direction would reduce the cost as well as
demand for fossil fuel to create a sustainable and
thriving planet for future generations.

CORPORATE SOCIAL RESPONSIBILITY
During the Ànancial year 2022-23, REC continued
its commitment to socially beneÀcial projects
through CSR initiatives. With a focus on national
developmental issues, REC spent a noteworthy over
`210 crore on various thematic areas surpassing
the minimum requirement set by statutory
provisions. We have covered a wide range of
activities viz., health & sanitation, education, rural
development, skill development, entrepreneurship
programmes etc. Embracing inclusive development,
REC sponsored health and nutrition projects in
aspirational districts like Gajapati in Odisha, Mamit
in Mizoram, Kiphire in Nagaland, Muzaffarpur in
Bihar, Udham Singh Nagar in Uttarakhand, Chandel

in Manipur and West Sikkim in Sikkim.
REC supported National Sports Development
Fund (NSDF) through Sports Authority of India for
an amount of `100 crore over a period of three
years covering Athletics, Badminton and Boxing
which also includes Target Olympic Podium Scheme
(TOPS). Identifying and nurturing young talents to
win medals for the country, is one of the objectives
of this scheme.

FINANCIAL & OPERATIONAL
PERFORMANCE
During the Ànancial year 2022-23, REC delivered
an outstanding performance on all fronts with
exceptional growth in loans sanctioned from
`54,421 crore in 2021-22 to `2,68,461 crore in
2022-23, translating a growth of 393. There was

Maintained highest domestic rating of AAA for
domestic debt instruments from each of the four
rating agencies i.e. CRISIL, ICRA, CARE and India
Ratings and Research; and
Internationally, REC enjoys rating at par with
India's sovereign rating of Baa3 and BBB from
Moody’s and Fitch, respectively.

MoU RATING & AWARDS
During the Ànancial year 2022-23, REC garnered
several accolades and recognitions, including the
prestigious Maharatna status for Company’s
operational efÀciency and Ànancial strength. The
performance of the Company in terms of MoU for the
Ànancial year 2023 is likely to be excellent, subject
to Ànal evaluation by DPE.
The company was also honored as the 'Best PSU'

India#100estimates that through 2047, which
is the ´AmritKaalµ period, India’s economy shall
continue to grow in the range of 6-6.4, by when
India would become a US26 trillion economy.
Energy transition to clean and green energy,
is expected to lead to large investments in the
power sector in the country, thus enabling a
promising future for REC. At COP26 in Glasgow,
UK in November 2021, our Hon’ble Prime Minister
announced about India’s aim to achieve net-zero
emissions by 2070. Furthermore, in August 2022,
India updated its intended Nationally Determined
Contribution (NDC) as part of the Paris Agreement
(2015), by committing to reduce the Emissions
Intensity of its GDP by 45 from 2005 levels and
achieving about 50 installed capacity from nonfossil fuel-based energy resources by 2030.

HIGHLIGHTS - Q1 FY24 VS Q1 FY23 (STANDALONE)
ǂ]Âã¯ÈÂÜ¼¯ÁãÈˏɿɶʍɽɿɽØÈØÜÜ©¯ÂÜãˏɻɿʍɾɿɻ
ØÈØÜʍçÕöɻɸ˩ʒYÂô¼ÜãÈØÈÂÜã¯ãçãÜ¨ÈØɷɼ˩È¨
the total sanctions
ǂ isçØseÁents ¸çÁÕe to ˏ ɹɺʍɷɹɹ cØoØes a©ainst
ˏ ɷɸʍɺɺɸ cØoØesʍ ôhich ÁaØ¹s an incØease o¨ ɷɽɺ˩
ǂ dhe 0nteØest 0ncoÁe on =oan ssets toçche ˏ ɷɶʍɺɼɻ
cØoØesas oÕÕose to ˏ ɿʍɸɼɸ cØoØes çØin© the saÁe ÕeØio
in the ÕØeóioçs ¨iscal öeaØʍ Øe©isteØin© a ©Øoôth o¨ ɷɹ˩
ǂ YecoØe the hi©hest eóeØ ×çaØteØlö Cet VØo¨it o¨ ˏ ɸʍɿɼɷ
cØoØes as a©ainst ˏ ɸʍɺɺɽ cØoØesʍ enotin© a Øise ö ɸɷ˩
REC Limited felicitated with
Green Ribbon Champions
Award for its Commitment to
Environmental Sustainability

all round growth in all the segments comprising of
conventional generation, renewable energy and
Transmission & Distribution, etc.
The key performance highlights of REC during the
year 2022-23 are as under:
The Loan Book grew by 13 year on year to
`4,35,012 crore;
Highest ever disbursements in Ànancial year
2022-23; up by 51 to `96,846 crore with
additional disbursement of subsidy of `1,066 crore
under various Government schemes;
Highest ever net proÀt of `11,055 crore; up by
10 with EPS increasing to `41.85 per share of
`10- each
Net Worth increased by 13 to `57,680 crore
with return on equity of 20.35;
Low levels of Credit Impaired Assets (Stage III),
with Gross and Net Credit Impaired Assets of 3.42
and 1.01 respectively and the credit cost stood at
`115 crore translating to 0.03;
Capital Adequacy ratio of 25.78, against
minimum statutory requirement of 15, implying
ample opportunities to support the future growth;

in the Financial Services category
and 'Best Navratna' by Dun &
Bradstreet for Ànancial year 202122. Further, it received the Golden
Peacock Award for Excellence in
REC Limited conferred with Golden Peacock Award 2022 for
'Corporate Governance,' the 'Best
Excellence in Corporate Governance
Public Sector IT Project' award at
the Technology Excellence Awards
2022 and the 'Operational Performance Excellence' For the next 10 years, the latest National Electricity
recognition at the 12th PSE Excellence Awards. Plan (Generation expansion planning) has estimated
Additionally, REC's commitment to environmental that the installed capacity by the end of Ànancial
sustainability was also acknowledged with the Green year 2026-27 shall reach 610 GW with 57 nonfossil capacity and by Ànancial year 2031-32 it is
Ribbon Champions Award.
expected to reach 900 GW with 68 non-fossil
share. This corresponds to fund requirement of
THE PATH AHEAD
India’s growth momentum looks bright in 2023-24 `33.60 lakh crore by 2032 for generation sector
in an atmosphere of easing inÁationary pressures as alone. Of this `14.54 lakh crore is estimated for the
RBI has projected 6.4 real GDP growth for Ànancial Àve-year period during Ànancial year 2022-27 and
remaining `19.06 lakh crore for subsequent Àve
year 2023-24.
Even as the country has achieved the highest years. REC is going to play a vital role in fulÀlling
population mark in the globe, it has the youngest this huge funding opportunity in the power sector
human resources in the world to propel the by targeting to Ànance at least Rs. 3 lakh crore for
future growth. A recently published report by EY, Green projects.

THE
WEALTH
ISSUE

The Zen of
Inheritance

THE RITE OF SUCCESSION IN INDIA
By HARSH ROONGTA

t was the horrible summer
well as units held in seven mutual funds
of 2020 when Covid was
and shares held in a demat account (all
ravaging the entire world.
in Sunil’s single name, with Rashmi as
Sunil, 65, was a retired profesthe nominee) and one bank account
sional. His spouse Rashmi, 64, a
each in Sunil and Rashmi’s name, with
homemaker, resided with him
each other as the nominee. He also
in Mumbai. Their two children (Anil,
found the key to a bank safe deposit
40, and Monali, 37) were both settled
locker with details of the bank in which
overseas. They were living an ideal life
the locker was situated. The locker was
until Covid struck. First, Rashmi sucin Rashmi’s name and Sunil was the
cumbed to the virus in May 2020 and a
nominee. He could not ﬁnd any will for
month later, the virus took Sunil’s life
either of his parents.
as well. Their children were unable to
Anil checked with the concerned
even come to India for cremation. With
banks, mutual funds, and the deposigreat difficulty, Anil reached India a few
tory participant in which Sunil had a
months later to pick up
demat account. All of them
the pieces. Like most Inmentioned that they would
dian families, the children
need a letter of adminiswere completely unaware
tration issued by a court
of their parents’ ﬁnancial
before the assets could be
affairs. When Anil looked
transferred in their (Anil
at the cupboards and other
and Monali) names. Their
storage devices at home,
housing society mentioned
he came across a detailed
the same thing. Anil could
Harsh Roongta
inventory of their assets.
not even access the bank
is founder, Fee Only
He also found a pouch
locker without having the
Investment Advisers
containing papers relating
same court document.
LLP, and director
to his parents’ residence as
There was no dispute
of ARIA
66

Illustration by SAURABH SINGH

between Anil and Monali, but they still
had to go through a lengthy court process
that took more than a year and cost them
a couple of lakhs. Their ordeal did not end
with getting the court document. Anil
had to make three more trips to India
and individually go to each of the banks,
mutual fund houses and the depository
participants separately and submit extensive documents before the assets could
be transferred in their names. That took
another 18 months, or so.
20 NOVEMBER 2023

Issues with India’s
inheritance and
succession systems
have always existed.
Covid just brought
these issues to the
fore, even as each of
us confronted our
own heightened
sense of mortality

Rashmi pre-deceased him (which she
did). Unfortunately, this “successive
nomination” facility is not available in
respect of any other asset.

All this when Sunil had been very
careful to list all his assets and had made
sure that Rashmi was the nominee.
Unfortunately, Covid had laid low all his
plans as he did not get the time to change
the nominee after his spouse’s death.
Such issues with India’s inheritance
and succession systems have always existed. Covid just brought these issues to
the fore, even as each of us confronted
our own heightened sense of mortality.
Readers might be surprised to
20 NOVEMBER 2023

know that the different parts of India’s
ﬁnancial systems have completely different rules. Just as a sample, the Indian
Provident Fund 1925 (which governs
the provident fund for government
servants) allows what is known as “successive nominations”. So, if Sunil had
been a government servant with a GPF
account, he would have had a facility to
nominate Rashmi as the ﬁrst nominee
and he could have pre-nominated Anil
and Monali as equal nominees in case

hese and many other issues have
been succinctly brought out in a
white paper (bit.ly/3ZzCNI8) written
by Pramod Rao, who wrote this paper
in his personal capacity. He currently
serves as executive director at Securities Exchange Board of India (SEBI).
The Association of Registered Investment Advisers (ARIA) provided inputs
for this paper. ARIA is a Section 8 notfor-proﬁt company formed to promote
investor interests by elevating the
standards of the investment advisory
profession. Veteran business leader
KV Kamath has written a foreword for
this white paper.
Apart from the suggestion of making
“successive nomination facility” available across the board, the white paper
has made many recommendations to
ease the tedious, lengthy, and expensive
inheritance process. Some of these suggestions are highlighted below:
www.openthemagazine.com 67

THE
WEALTH
ISSUE
zThere should be an easy, online,

of the account holder.

uniform, and simple process to check
the status of nominations and to make
or change nominations. This already
exists in the banking and securities
markets and needs to be extended to
other sectors (insurance, EPFO, small
savings, NPS, etc).
zThe banking regulations allow only
one nominee and need to be amended
to allow multiple nominees for one
bank account/locker. Every sector has a
different number of nominees allowed
for each account (three nominees
allowed for mutual funds and demat
accounts) and the necessary changes
should be made to allow as many nominees as may be desired by the account

zIn a global ﬁrst landmark and well-

detailed circular (bit.ly/3skPSZX), SEBI
has made the life of surviving family
members much easier to claim their
rightful inheritance through a centralised death reporting mechanism. The
deceased’s death certiﬁcate and PAN
will have to be submitted to only one
of the ﬁnancial entities. This entity
will verify the death certiﬁcate within
one working day and notify any one
of the six KYC Registration Agencies
(KRAs) about the veriﬁcation. The
KRA, in turn, will perform independent veriﬁcation using details available
in its system within one working day.
The deceased’s KYC will be marked

inheritance systems in India that,
except for life insurance, nominees
are treated as trustees for the legal heir.
Let’s understand this with an example.
Suppose the deceased person has not
made a will and has his spouse and two
children as the only legal heirs. Let’s
further assume that he had a life insurance policy and mutual fund units in
his name and in both, he had named his
spouse as the nominee. When he dies,
the wife will be able to get the proceeds
of the life insurance policy and get the
mutual fund units because of her status
as the nominee. She is not accountable
to her two children for the life insurance
policy amount, but both her children
are entitled to get a one-third share of the

Many exciting new developments, such as the
account aggregator system, will enable easy and
central discovery of the deceased person’s assets
and will start contributing soon to make the
inheritance process simpler
holder. Also, the account holder should
be allowed to specify percentage allocation among nominees.
zAccount holders should be required
to provide a nomination or a declaration that they do not wish to nominate.
zIf a couple are joint holders, they may
not name their minor children as nominees simply because they may not be
able to name a guardian. Hence, there
should be no compulsion to name the
guardian in such cases.
zAccount holders should optionally be
allowed to do the KYC formalities for the
nominees at any time, even during their
lifetime. This ensures that there are no
delays in the settlement of the account
on the demise of the account holder for
doing KYC formalities of the nominee.
This is particularly important where the
nominees are non-residents and can conveniently complete the KYC formalities
when they visit India during the lifetime
68

as veriﬁed and the KRA will notify all
the other entities in the capital market
about the updated status. Within ﬁve
days of receiving this message, all the
entities will need to reach out to the
nominee(s), informing them about the
transmission procedure and the documents to be submitted. All this will
happen within a week of submission of
the death certiﬁcate. This will aid in the
discovery of unknown assets—even if
the nominee was aware of only one of
the investments, he will get to know
about the investments with all entities in the capital markets. This rapid
permeation of information within the
system will also prevent fraud. Similar
centralised reporting is needed for all
other areas such as banking, insurance,
small savings, etc. Eventually, the centralised reporting mechanism should
work across all sectors.
zIt is one of the peculiarities of the

mutual fund units from her. The most
important suggestion made in the white
paper is to elevate the status of the nominee to a beneﬁcial owner, just like it has
been done in the Life Insurance Act.
Many exciting new developments,
such as the account aggregator system,
will enable easy and central discovery
of the deceased person’s assets and will
start contributing soon to make the
inheritance process simpler.
Most of the suggestions made in the
white paper already exist in some parts
of the Indian system or the other. What
is needed is to harmonise all these provisions and apply them uniformly across
the entire inheritance system in India,
including immovable assets. Surely,
anything that contributes to making life
easier for the family members to inherit
the assets left behind by their loved ones
will count towards increasing the ‘Ease
of Living Index’ in India.
20 NOVEMBER 2023

MAASTERS INFRA

TRANSFORM
MING
INDIA’S
REALTY
LANDSCAPE
An exclusive interview with
Mr Manpreet Singh Wason,
Director, Maasters Infra
How you started your journey in the
real estate sector, and what drove
you to become such a prominent
entity in the real estate sector?
My introduction to the world of real estate began
nearly two decades ago when I started as an active
investor collaborating with various builders in the
Delhi National Capital Region (NCR). This early
experience provided me with invaluable insights into
the industry, allowing me to understand the nuances
of real estate. I was driven by a strong desire to
contribute to the sector and bring about positive
change through my work.

It’s a common phrase in this industry
that everyone knows Mr Manpreet,
and Mr Manpreet knows everyone.
How true is this statement?
As for the reputation that "everyone knows Mr.
Manpreet, and Mr. Manpreet knows everyone," I
believe it's a testament to the power of genuine
relationships in this industry. Real estate is not
just about buildings and properties; it's about
people and partnerships. Over the years, I've
been fortunate to cultivate strong relationships
with builders, stakeholders, and various industry
players. These connections have played a crucial
role in my journey, allowing me to facilitate
effective collaborations and liaisons, which in turn
have contributed to my success.

It is said that success is not achieved
alone. But you’ve been an exception
to that widely accepted statement.

In the real estate sector, success is
indeed a collective effort. While I've been
called a self-made man, I've always believed in
the power of teamwork and collaboration.
+RZKDYH\RXPDQDJHGWRGRWKDW
In the real estate sector, success is indeed a
collective effort. While I've been called a self-made
man, I've always believed in the power of teamwork
and collaboration. I'm deeply committed to fostering
a sense of unity and shared goals among my team
and partners. This commitment has allowed us to
work together harmoniously, making the impossible
possible.

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KDYLQJ DQ RSHQGRRU SROLF\ IRU \RXU
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\RXULGHDRIEHLQJLQGHSHQGHQW"
Having an open-door policy for my staff does
not contradict my belief in independence.
Independence to me means having the freedom
to explore new ideas and innovation. By creating
an environment where my team feels valued and
heard, we empower each member to contribute
their best, ultimately driving the company
towards success.

+DV \RXU ZD\ RI OLYLQJ OLIH ERWK
SHUVRQDOO\
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SURIHVVLRQDOO\

LQÁXHQFHG WKH GHVLJQ SKLORVRSK\ RI
Capitol Avenue?
Absolutely, my way of life, both personally and
professionally, has signiÀcantly inÁuenced the
design philosophy of Capitol Avenue. I believe
in sustainability, social betterment, and making
a positive impact on the environment and
communities we serve. These principles have
been at the core of the project, and we've strived
to create a space that reÁects our commitment to
these values. Capitol Avenue is a testament to our
dedication to excellence and our desire to create
something meaningful for our clients and the
community.

$IWHUWKHVXFFHVVRI&DSLWRO$YHQXH
what’s next on your mind?
After the success of Capitol Avenue, I'm excited
about what the future holds. We have several
projects in the pipeline, each with its unique
features and focus on sustainable development.
Our goal is to continue setting new benchmarks in
the real estate industry and leave a positive impact
on the communities we serve. We're committed to
pushing the boundaries and creating spaces that
redeÀne modern living.

The interior of
Lakshmi Vilas
in Poolankurichi

2 SEPTEMBER 2019

THE
WEALTH
ISSUE

The
Remains
of a
Gilded
Age
CHETTINAD STILL
GLOWS WITH THE
MEMORIES OF
OPULENCE AND
INGENUITY

20 NOVEMBER 2023

Photograph by VIKRAMPONAPPA

By V SHOBA

www.openthemagazine.com 71

THE
WEALTH
ISSUE

bout 50 kilometres
northwest of Karaikudi in Tamil Nadu’s
arid southern interior,
in the village of Poolankurichi, a pair of
silvery gates ﬂanked
by blue pillars opens into a world far
removed from the hubbub of the street
with motorbike salesmen shouting into
a loudspeaker. It must be hard convincing people to take a test ride under the
scorching sun. Or perhaps not. This is
Chettinad, after all, a land forever ﬂush
with heat. Even a short walk can seem
punishing, and the rains bring barely
any respite. But step inside one of the
old Chettiar mansions with their vast
thresholds, checkerboard-tiled halls and
open-to-sky courtyards and you instantly feel enveloped by familiar comforts.
I meet Vikram Ponnappa, a Bengalurubased architect and restorer, at Lakshmi
Vilas’ cool, understated veranda. The
statement teak doorway should have
prepared me for the sights that lay
beyond. As soon as I set foot inside, the
crazy opulence of the mansion wallops
me. A high painted ceiling with carved
borders runs the length of the large
hall that is the piece de resistance of the
house. Look upon it from the ﬁrst ﬂoor
and you can see yourself partaking of the
many weddings celebrated here over the
past century. Spotless Belgian bevelled
mirrors, Italian glass chandeliers, Spanish tile borders and a profusion of paintings of gods, landscapes, Gandhi and
other icons of pre-Independence India
make this mansion—and thousands of
others in Chettinad—an unlikely and
unique architectural confection, a home
for a traditional Hindu joint family as
well as a showcase of the remarkable
success of the Chettiars, a mercantile
class that amassed great fortunes trading
gems, silk, spices and salt and lending
money to small and medium-scale
businesses in Southeast Asia till World
War II. Deeply religious, family-oriented
and endogamous, Chettiars were
unapologetic capitalists whose love
72

An aerial view
of Chettiar mansions
in Kanadukathan

for beautiful things did not lead them
to pursue excessive lifestyles. Within
these conspicuous homes spread across
75-plus dusty villages dwelt people
who were frugal at heart, preserving
food for the dry months, building and
maintaining temples, ponds and public
infrastructure.
“The attention to detail is something
to marvel at,” says Ponnappa, who has
helped restore the building over the

past three years. “There are elements
of Western architectural styles but the
house has clearly been built for this
family.” He ﬁshes inside a dark front
room for the key that opens the front
doors—they must weigh a tonne but
swing open effortlessly on the hinges.
The key clicks in the lock and with every
anti-clockwise turn, sounds an invisible
gong. “The idea was to alert the people of
the house, and to serve as an alarm in the
20 NOVEMBER 2023

Deeply religious
and family-oriented,
Chettiars were
unapologetic
capitalists whose
love for beautiful
things did not lead
them to pursue
excessive lifestyles.
Within these
conspicuous homes
dwelt people who
were frugal at heart

AFP

mornings. The family was expected to
wake up, bathe, cook and eat together.”
“To Chettiars, family is everything,”
says Chocko Valliappa, managing
director of the Sona Group, a century-old
business house with interests in education, construction, IT, textiles and biotech
across south India. He is one of the coowners of Lakshmi Vilas and the driving
force behind its renovation. Chettiars
haven’t lost their sense of belonging, he
20 NOVEMBER 2023

says—they continue to value family and
social ties. “The extended family gathers
at the ancestral home several times a
year—for weddings, events, festivals.
It is an important part of who we are,
but many families can no longer afford
to maintain a home like that,” says Valliappa. As opportunities faded with the
war, so did the fortunes of the Chettiars,
and capital became scarce, scuppering
their celebrated spirit of enterprise. Those

who managed to bring home large sums,
such as the Murugappas, set up industries; some others like the SLN Group
cemented their position as coffee planters
and exporters, while a number of families
invariably strayed from the path of prosperity. “Have you heard of the festival of
risk?” Valliappa asks me, before playing
a video of him and his father offering
a prayer to Ganesha and swallowing a
morsel set on fire. “Our seafaring ancestors undertook risky voyages armed
with nothing but their faith in god.
Swallowing fire before god is a custom
that has been handed down and we see it
as a celebration of our propensity to take
chances.” What he leaves unsaid is that
Chettiars who took up safe, cushy jobs in
the West have some soul-searching to do.
Indeed, the history of enterprise and
philanthropy in India is incomplete
without a mention of the torchbearers
of Chettiar values who built institutions
and industries in pre-Independence
India. RM Alagappa Chettiar, hailed as a
‘socialist capitalist’ by Jawaharlal Nehru,
is an unsung industrialist who should
rightly be remembered alongside other
greats of Indian business. From rubber,
tin, textiles, chemicals and pharmaceuticals to education, hospitality, insurance
and even aviation, there was scarcely
www.openthemagazine.com 73

THE
WEALTH
ISSUE
a sector he left untouched. When the
British sold off their Dakota planes after
the war, he bought eight of them to start
Madras’ ﬁrst airline, and used his planes
not only to ferry royals and VIP guests to
his daughter’s wedding in Karaikudi but
also for airlifting refugees and distributing humanitarian aid. The arts college
he started in Karaikudi, and his generous contributions towards setting up a
string of institutions that later became
Alagappa University, proved truly transformative for Chettinad. “Karaikudi is
a good catchment area of young talent,”
says Swaminathan Prabhu Manimaran,
senior manager, Zoho Accounts, who
moved from Chennai to act as the local
anchor for Zoho’s new spoke office in
Kottaiyur, Karaikudi, in 2021. The office,
housed in an old Chettinad building, has
inspired other software companies to set
up shop in the region.
Another institution started by a
Chettiar, Annamalai University in
Chidambaram, is one of the oldest and
most prestigious universities in the
country today. SRmM Annamalai
Chettiar, who was conferred the hereditary title of Raja of Chettinad in 1929,
was a pioneering banker, administrator and educationist. A member of the
Madras Legislative Council for three
consecutive terms, he was the maternal
grandfather of former Union Finance
Minister P Chidambaram. Over 250 km
north of Chettinad, in Salem, another
Chettiar left an indelible mark on the
socio-economic landscape, setting up
19 educational institutions. Karumuttu
Thiagarajan Chettiar was a wealthy
industrialist and banker who owned a
number of textile mills, but he is equally
well-known for his contributions to the
freedom struggle. The moral legacies
these illustrious Chettiars left behind,
their names almost whispered in awe,
have few parallels elsewhere in India.
The name Chettiar may have stuck,
but the community was originally
known as Nagarathar—literally, townsfolk—and had settled in Kanchipuram
and Poompuhar before ﬂoods forced
74

them to move inland. Self-made individuals who lifted themselves up by their
bootstraps, they aspired to greatness and
negotiated the labyrinths of capital with
spectacular success, largely because
of their irrepressible versatility.
Wherever they went, they made the
place their own. AM Murugappa
Chettiar, who set up a money-lending
and banking business in Burma, was
forced to move base to south India during the war, but made the best of a bad
situation and spread his wings across
engineering, fertilisers and ﬁnancial
services. Today, the Murugappa Group is
worth over $740 billion.

rguably, Chettiars are looking
inward more than they ever have
in the past century. “A lot of families are
now interested in restoring their homes.
Some are even building smaller houses
in the traditional style so they can have
one foot in Chettinad,” says Ganeshan
Suppiah, who runs a diamond jewellery
business from Chennai with his wife
Meenu. Suppiah is one of the organisers
of the Chettinad Heritage and Culture
Festival, whose second edition, held over
six days—from September 29 to October
4—saw over 130 people attending. They
were hosted at four heritage properties,
including The Bangala in Karaikudi,
which opened its doors in 1999, welcoming the ﬁrst streams of visitors to Chettinad. “Interest in Chettinad culture has
been steadily growing since the opening
of The Bangala. Now, there is also a sense
of revival from within the community,”
Suppiah says.
Sporting festive ﬂowers, drapes and
palm leaf thorans, The Bangala could
not be busier. It is lunch time and every
table at the highly rated restaurant is
occupied. The meal is served with care
on banana leaves—kuzhambu, sambar,
mandi, koottu, pachadi, poriyal, a signature
black rice pudding and other vegetarian
fare vying with peppery chicken and
fried ﬁsh for space. Shallots and tamarind tame the aromatics that are crucial

to this cuisine, and the result is a gently
warming meal, a far cry from the ﬁery
curries that pass for Chettinad food at
restaurants. Like the food, the architecture of Chettinad, too, has been pillaged
over time—precious doors and ceilings
sold for petty sums, imported curios and
enamel cookware heaped at antique
shops in Karaikudi. Valliappa was dismayed to ﬁnd that the ceiling of an older
home built by his ancestors—together
owned by 140 families and eventually
razed after decades of neglect—had
ended up in a bar in Germany, which
had bought it for `20 lakh. “You cannot
recreate it if you pay ten times that,” he
says. Co-ownership is both a curse and a
blessing. If everyone does not pitch in for
upkeep, the mansion may well fall into
disrepair. The fact that it exists, however,
forces families to keep returning to Chettinad long after they have migrated. “We
want to look beyond our family home
and our temples—many of which we
are actively restoring with other members of the community—and ﬁnd ways
of contributing to the local economy. We
are looking at opening a centre for Vee
Technologies, which is our IT services
company, in Karaikudi,” says Valliappa.
“Chettiars take pride in our culture,
our people, and where we are from. A big
part of that is the house, which is unique
in its form and fosters a communal
way of living. We wanted to give that
to our children,” says Aarthi Ashwin, a
40-something corporate lawyer from
Chennai who has built a Chettinadstyle house in a patch of ancestral land
in Koppanapatti, an hour’s drive from
Karaikudi. “Although the scale of the
house is a lot smaller, I have tried to
incorporate features of the old house
that I remember spending my summer
holidays in,” she says. Having a house
means tethering oneself to a place, she
says. “We are hoping to spend every pongal there so that the kids will associate at
least one festival with the village. Now
that we have a home in Chettinad, my
father goes back more often, and attends
many social events. In a sense, the house
20 NOVEMBER 2023

has helped us build some roots after being away for a long time. When you live
here, you see glimpses of the history but
you also see the struggles.”
Take a walk down the streets of Kadiapatti, 30 minutes north of Karaikudi
town, and you can sense the ‘struggles’
that Ashwin speaks of. A few magniﬁcent mansions are kept under lock and
key, maintained for the sole purpose
of renting them out to ﬁlm crews. One
has been turned into a heritage hotel by
the Sangam Group. Other buildings lay
abandoned, their facades tinged with the
colour of loss, the giddy beauty of their
ancient doors obscured by dust. Time is a

SRmM Annamalai Chettiar

cept those of Chettinad carpenters who
continue to follow traditional principles
and terminologies. When you undertake
a renovation, however, architects now
recommend using steel instead of wood
to rein in costs. Instead of the egg plaster
that gave the old walls their satinysmooth ﬁnish, the best you can get today
is lime. “It costs `1,000 per square foot to
renovate a Chettinad house and this can
go up to `2,000 if it’s in terrible shape,”
says. To give you a sense of the scale of
such an exercise, a Chettinad mansion
can be as large as 20,000 square feet.
“There are two kinds of people who are
interested in restorations now—young

AMM Murugappa Chettiar

“We are tied to Chettinad, no matter
where our business takes us,” says
Narayanan Chettiar, the patriarch of
the SLN family from Karaikudi which
owns coffee plantations and a resort in
Coorg. “But after my time, I don’t think
my sons will want to occupy this big old
house. They are well settled in Karnataka.” Chettiars have a commitment to
place wherever they go, says Muthatha
Ramanathan, a human geographer who
lives in Bengaluru. “Behind the optics of
the mansions hides an old value system
that hinges on a robust understanding of
wealth creation and what place means to
a community,” says Ramanathan, who,

Karumuttu Thiagarajan Chettiar

Alagappa Chettiar

SRmM Annamalai Chettiar was a pioneering administrator.
Another Chettiar, Karumuttu Thiagarajan Chettiar, is
known for his contributions to the freedom struggle.
The moral legacies these Chettiars left behind have
few parallels elsewhere in India
treacherous concept in these parts as episodes from a happily frantic past threaten to inﬁltrate the day-to-day at will. In
yet other partially occupied homes, there
is a sense of lived history that is only just
out of reach, a few memories away from
the present moment. Touring one such
home in Kothamangalam, Kamalahasan Ramaswamy, a Coimbatore-based
architect who specialises in heritage
structures, talks about the consistent
workmanship of a century ago and how
we have lost many skill sets over time, ex20 NOVEMBER 2023

people who have made some money
and want to save a piece of their family
heritage before it disappears, and NRIs
who are rediscovering their roots,” says
Ramaswamy, who is working on restoring a couple of ancestral homes, besides
a marriage hall. An eco-heritage resort is
also on the drawing board, he says. In his
own village, Shanmuganathapuram, he
has built a mini-Chettinad home for his
sister, and added a vertical extension to
his parents’ residence to house an office
for himself.

despite having lived abroad and settled
in Bengaluru, has never lost touch with
her community. “I go back once every
three months—my mother had some
rooms added to the art deco-style family
bungalow,” she says. In many families,
the ancestral home was used for rituals
and functions and a separate bungalow
was maintained to serve as a guest house
for family members when they visited.
You can take a Chettiar out of Chettinad,
but you can never take Chettinad out
of a Chettiar.
www.openthemagazine.com 75

THE
WEALTH
ISSUE

Café Capitalists

HOW THEY BREWED A COFFEE WAVE

I
Blue Tokai founders
Namrata Asthana,
Shivam Shahi and
Matt Chitharanjan
in New Delhi,
November 6, 2023

Photograph by RAUL IRANI

t was sometime in 2012, not
long after Matt Chitharanjan
and his wife Namrata Asthana
had moved from Chennai to
Delhi, that the two began to long
for some freshly roasted coffee.
Chitharanjan, an American citizen, was
living in San Francisco when the so-called
third-wave coffee (or specialty coffee)
movement scene exploded, turning him
from a drinker of coffee from regular
chains like Starbucks to someone who
looked more closely at where his beans
came from and how they were roasted.
He even began to roast his own beans at
home as a hobby. He moved to Chennai
a few years later with a job, where he also
met Asthana. And while the coffee scene
in Chennai wasn’t nearly as vibrant as
what he had experienced in the US, it was
still a lot better than what he and Asthana
witnessed when they moved to Delhi.
“There was this one [coffee] chain we
used to go to in Delhi, and when I would
ask, they wouldn’t even be able to tell
where their coffee came from,” Asthana
says. One day followed another, one bad
cup of coffee after another, and one morning, Asthana recalls waking up exasperated and voicing her frustration out aloud.
“I just sort of told Matt, ‘Man, I really want
a good cup of coffee. I want to know it
is fresh and I want to know where it is
from’. It was just a kind of ideal wish I was
voicing out,” Asthana says. “And Matt just
turned around and said, ‘You know what,
this isn’t such a bad idea’.”
Yearning to get their hands on better quality coffee for themselves and
suspecting there might be a few others
who might like to try out what they
produced, the two began to reach out to
coffee farms to sell some of their beans
to them, and then setting up a small
coffee-roaster in a spare bedroom in the
house where Asthana’s parents lived.

By LHENDUP G BHUTIA

The couple began to roast and grind
beans and sell their product under the
brand name Blue Tokai Coffee Roasters.
“It was just that—a table-top roaster,
a small grinder. It was very much a
mom-and-pop type of operation,”
Chitharanjan says. “There was no putting together a business plan, or identifying some gap in the market, or anything
like that. It was just us trying to get
coffee that we wanted for ourselves, and
imagining that there might be others
like us who could make this [venture]
sustainable.”
A little more than a decade since, Blue
Tokai is a much more familiar name. It
now consists of 90 cafés spread across
10 cities, much of which came up only
this year; and four large coffee roasteries
to support this expansion, including its
ﬁrst international roastery in Tokyo. It
is witnessing rapid growth, according
to the founders, in online sales and in
their B2B (business-to-business) segment
where they sell their products to
restaurants and corporate offices. The
startup has also raised over $32 million
in funding from investors in the last two
years, apart from an undisclosed
investment recently from the actress
Deepika Padukone, and is now,
according to reports, valued at about
` 650 crore. Its rapid expansion is most
visible in the number of cafés that have
begun mushrooming in the metro cities
in the last few months. “We opened
about 60 cafés this year. By March next
year, we plan to have about 120 to 125
cafés,” says Shivam Shahi, who joined
Blue Tokai as a co-founder in 2015.
“Right now, our focus has been on the big
metros. But from next year onwards, you
will start seeing us exploring some of the
smaller cities.”
Although a few more coffee brands
that specialise in specialty coffee have
www.openthemagazine.com 77

THE
WEALTH
ISSUE
emerged in recent times, Blue Tokai is
seen as among the first of its kind, and
one of a few that is pioneering a new
type of coffee culture among the young
and affluent in urban India. “When we
started in 2012, coffee was just commodity coffee. It was produced in very large
batches, roasted in large facilities, and sat
in retail for a significant amount of time.
Coffee is actually a perishable product. It
should be consumed maximum within
two months of roasting to get the best
flavour,” says Chitharanjan. “So, when
we began, right from the initial stages, we
started gaining a lot of traction.”
In India, where tea is the primary
beverage of choice, the coffee market has
traditionally been a small one. Before the
economy was liberalised in the 1990s, all
the coffee grown in India had to be sold to
the government-controlled Coffee Board
of India, which then auctioned off the
produce. Once the economy opened up,
India’s coffee growers, unencumbered
by past rules, began to explore the much
larger coffee market abroad. The business
began to increase rapidly. According to
one BBC article, India exported 2.1 million
bags, each one containing 60kg of coffee
in 1993. By 2010, the number had jumped
to 4.6 million 60kg bags.
The domestic market changed
slightly in the mid-1990s, when India’s
first chain of cafés, Café Coffee Day, began
to mushroom across cities, giving young
Indians their first taste of cappuccinos
and a new type of lifestyle. A few other
brands of coffee shops followed. The
emphasis in these new cafés however
was never on the coffee itself. You went
to a café, not necessarily to drink coffee,
but to hang out with your friends, read a
book, or work on some project. Nobody
asked for the origin of the coffee in their
cup, and even if someone did, no answer
would be available. The coffee itself was
often a bit too bitter, probably because
the beans were being heavily roasted, and
whatever flavour remained, was often
overwhelmed by sugar and milk.
This sort of coffee culture, pioneered
by café chains, has been dubbed by cof78

fee enthusiasts abroad as representing
the second wave of coffee (the ﬁrst wave
is claimed to be the period of instant
and diner coffees where the primary
focus was on low price and consistent
taste). The specialty coffee trend was
seen as a response to the second wave.
The focus was now not on the ambience
but on the coffee in the cup. Not unlike
the way a sommelier may speak of the
best wines, the specialty coffee drinker
wanted to know where the coffee bean
was grown and in what condition, how
the ‘ﬂavour proﬁle’ differed from one
farm to another. “In this specialty seg-

Nobody asked for
the origin of the
coffee in their cup,
and even if someone
did, no answer
would be available.
The coffee itself
was often a bit too
bitter, probably
because the beans
were being
heavily roasted
ment, we are really looking for ﬂavour
complexity,” Chitharanjan says. “There
are different varietals and where those
plants are grown within an estate, how
much rainfall that area gets, the altitude
and soil condition, and the surrounding fauna, all of that contributes to the
ﬂavour you ultimately get.”
Chitharanjan and Asthana were
trying to introduce this aspect of coffee
consumption, believing there might be
a small market for something like this in
India, when they first came up with the
idea of Blue Tokai. They had never imagined, the two say, that the demand would
pick up so quickly. “If you look at global
trends, specialty coffee is becoming close

to the majority [of the coffee market],
if not the majority in most markets.
Because of how much traction we were
getting, we felt that it was only a matter of
time India would follow the same trajectory,” Chitharanjan says.
Although they now source their coffee from around 50 farms—a majority of
them in the south, but also from places
like Nagaland in the Northeast—the
ﬁrst big challenge the founders faced
was convincing the farms to sell to them.
Most of India’s high-quality coffee beans,
the founders learnt, are exported abroad.
“There was this big resistance [from the
estates to our idea] because India is seen
as a price-sensitive market. Many of
them had never even considered selling
domestically because they thought not
enough people would be willing to pay
more for coffee,” Chitharanjan says. The
couple also put the name of the estate
and the way it was prepared on the coffee’s packaging, something many estates
weren’t agreeable to. This was crucial, the
two say, to maintain transparency and
to educate consumers. “Our coffee can
only be as good as the green unroasted
coffee we get from farms. So, for us, it
was important they get the credit too,”
Chitharanjan says. They were able to
convince about ﬁve or six estates and
began operations this way.
Although their cafés now contribute
about 70 per cent of their revenue stream,
the founders don’t see theirs as a café company. “The cafés are important to reach
out to consumers. But the goal isn’t to be
a café company, but a coffee company,”
Chitharanjan says.
Their café in Delhi tends to get a lot
of patronage from Japanese expatriates
working in the national capital, which
was one reason, the founders say, why
they expanded their operations to Japan.
“They were very surprised at the quality
of the coffee. They had no idea India produced coffee, let alone this level of coffee,”
Chitharanjan says. “This is a common
perception. Whereas what we are roasting, it can really sit in any specialty café
anywhere in the world.”
20 NOVEMBER 2023

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THE
WEALTH
ISSUE

A Class Act

WHAT CONSUMPTION PATTERNS SAY
ABOUT THE INDIAN GROWTH STORY
By RAJESH SHUKLA

he road to prosperity in
61 per cent by 2047.
India is being paved by the
This middle class has helped drive
nation’s large and growing India’s enviable record of economic
middle-class population.
growth over the last 30 years. A large
By 2047, if political and
middle class (as opposed to a few rich
economic reforms have their desired efand a sizeable segment of poor) leads to
fect, India is expected to become the fasthigher domestic consumption because
est growing economy in the world. Over
it has a higher marginal propensity to
the next 25-year period, at a sustained
consume than the rich and is ﬁnancially
and conservative annual growth rate of
secure compared to the poor.
6-7 per cent, average annual household
The middle class is also more likely
incomes are set to rise to about `20
to have acquired certain assets and is in
lakh ($27,000) at 2020-21 prices. The
a position to take more risks, thereby bepopulation count would have risen to
coming a source of entrepreneurship and
more than 1.66 billion when the nation
job creation. Moreover, it supports growth
celebrates its centenary year of indepenby strengthening social cohesion and
dence. By then the middle class would be
enhancing political stability. The process
poised to become not only the biggest inof growing the middle class also supports
come group in the country in numerical
economic growth because human capital
terms but the major driver of economic,
investments are key to acquiring the skills
political and social growth.
required to obtain middle-class jobs, and
Today, one out of every three Indians
also to accelerating growth.
belongs to the middle class, making it a
A rapidly growing middle class is
dynamic group of 432 milgood for its members and
lion people. Expanding at
good for India’s economy
the rate of 6.33 per cent per
for the following main
year, the middle class cominterrelated reasons.
prises of households with
First, a growing middle
annual incomes ranging
class indicates higher disfrom `5 lakh to ` 30 lakh at
posable incomes and better
2020-21 prices. It represents
standards of living. Second,
Rajesh Shukla is
31 per cent of the populahigher incomes fuel
managing director and
tion currently, is expected
consumption growth that
CEO, People Research
to form 47 per cent of the
drives the economy. Beon India’s Consumer
population by 2031 and
sides it also translates into
Economy (PRICE)
80

growing the base for income tax revenues
that can then fund public investments,
governance, risk mitigation and poverty
reduction programmes. Third, a rapidly
growing middle class is closely linked
with reducing inequality as more and
more people belonging to the underprivileged sections aspire to join in. Fourth,
there is also the risk that if the middle class
fails to expand and include those who
aspire to join it, or if policy interventions
are aimed at benefiting only the middle
class, it could lead to a more polarised
and fractious society. Finally, increasing
labour productivity and mitigating the
effects of an ageing population need
special attention.
Middle-class consumption has
grown at 9.8 per cent annually since 2005
and now represents close to half of all
consumption in India. By comparison,
total average household consumption
growth was only 7.4 per cent annually
over the same period and 16.1 per cent
for the rich. Even more signiﬁcantly,
the total poor household consumption
actually declined by 1.4 per cent annually in real terms and grew at only 4.4
percent annually for the aspiring class. It
is therefore imperative that the government maintain a strong focus on reducing poverty and vulnerability or else the
middle-class story could go awry.
Increasingly, the middle class is spending its disposable income on non-food
20 NOVEMBER 2023

20 NOVEMBER 2023

Illustration by SAURABH SINGH

items, such as education, transport, housing, communications, and other services.
Indians spend a large proportion of their
money on food. In fact, food represents
67 per cent of all consumption for the
bottom-most income group (Destitute)
and 63 per cent for the aspiring class (the
group just below the middle class in terms
of income). The middle and rich classes in
contrast spend more on non-food items.
However, for most middle-class
households, food comprises 51 per cent
of consumption. Only for the top
creamy layer of Indian society, the food component is less than half
of total consumption.
With greater affluence,
the middle class is spending
more on health and education—representing 16 per cent
of its expenditure. Housing, travel
and other services form nearly 18
per cent of middle-class spending.
As disposable incomes have grown,
the middle class has become big consumers of entertainment and durables. Entertainment accounts for 5-6 per cent of total
consumption. While essential durables,
such as refrigerators, are being purchased
by a large number of households, products that are oriented towards comfort
and convenience—air conditioners,
laptops, and air puriﬁers—are being
bought by upper middle-class and rich
households, especially in urban areas. Car
ownership on the other hand marks a
clear dividing line. While the middle and
rich classes are most certainly car owners,
the aspiring and poor households
do not own cars.
More importantly, while the middle
class formed just 31 per cent of the total
Indian households in 2020-21 its share of
total income is nearly half of the income
and expenditure and it saves more than
over a quarter of its income. The growing
clout of the middle class becomes even
more apparent when one looks at the
ownership patterns of household goods.
Nearly 58 per cent of all cars are owned
by the middle class, compared to just

Household luxuries like air conditioners
and water purifiers are non-existent below
the middle class, while car ownership in
particular divides the middle class and rich
from all other Indian households
www.openthemagazine.com 81

THE
WEALTH
ISSUE

437

184
25

169

196

209

349

432

* Annual household income at 2020-21 prices

715

568

735

732

1,015

23 per cent by the rich. Similarly, 49 per
To become a high-income country and
mobility for millions aspiring to join the
cent of all air conditioners are owned by
accelerate its growth rate—or maintain
middle class.
middle-class homes.
a sustained rate of growth—India will
The key to India’s closing the gap
It is only as a household becomes
need to develop a more inclusive growth
with high-income countries is a growth
middle-class that it begins to purchase
model. One that enables its people to
strategy based on improving labour proproducts geared towards convenience
both contribute to and benefit from. In
ductivity. To achieve this, in addition to
and comfort. Access to computers and
the current scenario, despite declining
improving the functioning of product,
the internet are uncommon outside the
poverty, many Indians (almost one-fifth
labour, land, and capital markets, sigmiddle class; thus middle-class children
who are in the category of Destitute)
niﬁcant investment is required to close
are far more likely to gain exposure to
continue to remain vulnerable, and susthe infrastructure gap (roads, ports,
ICT that underpins the modern
tained attention is required to lift them
electricity, water and sanitation, and
global economy.
out of subsistence and provide them
irrigation networks) and the skills gap
The challenge now for Indians is to
with greater opportunities. However,
(which requires improving access to key
make growth more inclusive by providaction is also required for a further 52
public services for young children and
ing economic mobility and growing the
per cent of the population—732 million
improving the quality and relevance of
middle class. The pandemic has played a
people—who, while free from poverty,
education for older children).
major spoilsport and has led to a dramatic
have yet to achieve the economic security
Today, the bulk of the tax burden is
rise in inequality, especially
borne by the middle and
among those aspiring to join
rich classes. A new social
the middle class. High levels
contract is needed to grow
INDIA’S INCOME
of inequality could have
tax collections. India’s
significant consequences
government revenues are
PYRAMID
not just in terms of ecolower than many other
(Population in million)
nomic growth but also with
middle-income countries.
regard to social and political
Thus, increased incomestability. Recent research intax revenues would signifidicates that high inequality
cantly increase available
leads to lower and unstable
funding for investment in
economic growth. Social
infrastructure and skills.
costs of high inequality have
Strengthening tax policies
the potential of derailing
and administration to
the middle-class story. For
increase compliance by
)
(P
7
instance, when people perthose already in the middle
-4
6
4
20
)
030 -31 (P
2
ceive that a small section of
class and broadening the
2020 -21
people are becoming richer
tax base to boost new col6
-1
15
0
2
at the expense of the majorlections from an expandRich (> ` 30 lakh)*
Middle Class ( ` 5-30 lakh)*
Aspirers ( ` 1.25-5 lakh)*
Destitutes ( <` 1.25 lakh)*
ity, it can cause social tening middle class will be
sions and become a source
required to finance these
Source RAJESH SHUKLA AND PRICE
of conflict. Regions with
needed investments.
higher levels of inequality
The middle class and
than the average in India have a higher
and lifestyle of the middle class. To help
its dynamism will be vital to India’s
rate of conflict compared with regions
these millions aspiring to join the middle
future as it stands at a crossroad. The
with lower levels of inequality.
class, India needs to create more jobs with
growth of the middle class requires reAnother key challenge for India is the
better pay, backed by a robust system to
forms and political stability to improve
growth in the country’s ageing populaprovide quality education and univerthe business environment to create
tion. Combined with the upcoming drop
sal health coverage. This will require
good jobs, invest in essential skills, and
in the size of its workforce and sharp
improving the business environment
create a social security system that proincreases in public spending on welfare
and investing in infrastructure. It will
tects against shocks. Having the right
schemes, such as pensions, healthcare,
also require expanding access to social
policies in place to expand the size of the
and geriatric care in the coming decades,
insurance to protect against health and
middle class can unlock India’s growth
this will pose a challenge to sustained
employment shocks that erode ecopotential and will be able to boost the
economic growth.
nomic gains and prospects for upward
country to a higher income status.
20 NOVEMBER 2023

RITURAJ
SHARMA

Dr.
PARJEET
KAUR

POWERFUL

Game
Changers

Powerful Game Changers take risks
DQGDUHUHDG\WRPDNHVDFULÀFHVLQ
their pursuit of excellence.

POWERFUL
FU
UL
Game
Changers
rss

INNOVATIONS IN THE
MANAGEMENT OF DIABETES

iabetes mellitus is a metabolic disease that leads
to high blood glucose or blood sugar. Diabetes
is a growing challenge in India with an estimated
77 million people living with diabetes which makes it the
second most affected in the world. Fortunately, substantial
progress has been made in diabetes management with
promising results using different treatment regimen. Here’s
a look at some of the most promising innovations in the
diabetes management
1. Continuous Glucose Monitoring (CGM): CGMs,
are small devices, often about the size of a quarter that use
a small under-the-skin needle to continuously monitor bloodglucose levels. This information can be transmitted in some
cases wirelessly and automatically to a smartphone app or
other device. You can look at glucose levels for a single point
in time, but you can also look at trends in values over time. For
example, monitoring blood sugar in real time could help people
make diet or lifestyle changes. CGMs also help improving
“Time in range” blood glucose values in type 1 diabetes.

2. Insulin Delivery Systems: Advances in insulin
delivery technology, such as insulin pumps and smart pens,
have improved insulin administration and made it more
convenient. Smart insulin pens can provide precise dosing
and even offer reminders for insulin injections. Advancement
in the insulin pump include, Automated insulin delivery
systems (artiÀcial pancreas). Hybrid Closed Loop systems
can modulate delivery both up and down, although users still
initiate insulin doses (boluses) for meals. Fully Closed Loops
require no manual insulin delivery actions or announcement
for meals.
3. Newer drugs: Two types of drugs are emerging as
potential “game changers” when it comes to Type 2 diabetes
treatment. Glucagon-like peptide 1 (GLP-1) is a hormone
released in the gut during digestion—one that plays a role
in blood-sugar homeostasis. GLP-1 receptor agonists can
interact with GLP-1 receptors in ways that lower appetite,
improve glycemic control, and promote weight loss for
people with Type 2 diabetes. Semaglutide is one such drug
which is also available in the pill form. Recently approved
tirzepatide is the Àrst-in-class medication that activates
the receptors for both glucagon-like peptide-1 (GLP-1) and
glucose-dependent insulinotropic polypeptide (GIP) and

Advances in
insulin delivery
technology, such as
insulin pumps and
smart pens, have
improved insulin
administration
and made it more
convenient. Smart
insulin pens can
provide precise
dosing and even
offer reminders for
insulin injections.
DR. PARJEET KAUR

MD (AIIMS) DM (AIIMS)
FACE (USA), Associate Director,
Division of Endocrinology and
Diabetes, Medanta Medicity,
Gurgaon (Delhi NCR)

has a remarkable impact on weight loss
and glycemic control. A second category
of drug has also emerged as a standout in
the treatment of Type 2 diabetes. Known
as sodium-glucose cotransporter-2 (SGLT2) inhibitors, these drugs help the kidneys
remove sugar from a person’s blood. Not
only does this improve blood-sugar control
in people with Type 2 diabetes, but it also
helps protect them from heart failure and
kidney disease.
4. Bariatric surgery: For some
individuals with type 2 diabetes and severe
obesity, bariatric surgery has been a
transformative treatment option. It can lead
to signiÀcant weight loss and often results
in remission of diabetes. In the future,
these procedures are likely to become more
commonplace even for people with Type 2
diabetes who are not severely obese.
5. Telemedicine: The COVID-19 pandemic
accelerated the adoption of telemedicine.
People with type 2 diabetes can now consult
with healthcare providers remotely, making
it easier to manage their condition while
reducing the need for in-person visits.
6. Gene therapy and stem cell

therapy: These therapies hold a lot of
promise for people living with T1D who are
hoping for an eventual future without needing
to take insulin or immuno suppressant
therapy. Some gene therapy and stem cell
approaches in type 2 diabetes research have
explored potential metabolic gene targets
that might help improve insulin sensitivity
or glucose regulation. Gene and stem cell
therapy for the treatment of diabetes is an
area of ongoing research and development.
These therapies as a routine treatment for
diabetes have not yet reached the stage of
widespread clinical use.
7. Dietary interventions: There have
been research on a number of weight-loss
diets. Some of the latest studies suggest that
fasting plans in particular, intermittent fasting
may be particularly beneÀcial for people with
Type 2 diabetes. Intermittent fasting involves
cutting out calorie-containing foods and
drinks for an extended period of time anywhere
from 12 hours to two days depending on the
approach a person chooses.
Combining lifestyle changes along with
innovative therapies can help people manage
their diabetes well and improve quality of life.

POWERFUL
FU
UL
Game
Changers
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ZETTA FARMS

Powering the
Future of Indian
Agriculture
with Vision and
Partnership

n the realm of agriculture, Zetta Farms
has unleashed a transformation so
Srofound that it deÀes conYentional
Zisdom :ith a Yisionar\ aSSroach
and a relentless Sursuit of change, the\
haYe Eecome a s\mEol of SoZerful
achieYement in the industr\ Zetta Farms
has Mostled Srogress, redeÀning the Yer\
essence of farming and changing the
game of Agriculture.
What sets Zetta Farms apart is how
the\ see things differentl\. 7he\ haYe
successfull\ eleYated income and
productiYit\ in the agricultural sector E\
strategicall\ diYersif\ing crop plantations
and adopting innoYatiYe farming practices.
7his Ealance in agriculture, striNingl\
different from traditional methods, is their
hallmarN achieYement. Zetta Farms was
the Àrst to enYision and implement this
groundEreaNing approach, setting them
as pioneers in the Àeld.
7heir impact is nothing short of
monumental. Zetta Farms has redeÀned
what it means to Ee a farmer, going Ee\ond
the mundane to empower indiYiduals to
enYision a future that is Erighter, Eetter,
and more secure. 7he\ are not merel\
transforming liYelihoods the\ are Euilding
a legac\ where the children of farmers not
onl\ inherit their occupation Eut eagerl\
choose it as their Yocation of choice.
Zetta Farms' footprint spans across
14+ states, from the southern tip to
the eastern frontier, from the northern
expanse to the western frontier of India.
7heir relentless expansion ensures that
no part of the countr\ is left untouched,
and the\ are committed to ensuring that
eYer\ Indian emEraces the rich tapestr\

Zetta Farms
- Pioneering
a Revolution,
Empowering Farmers,
and Cultivating a
Brighter Future
for India
of 'esh Na culture agriculture. In each
state, the\ haYe successfull\ diYersiÀed
crop plantations, Eringing prosperit\ to
local farmers and contriEuting to the
nation's agricultural diYersit\.
7echnolog\ is at the core of their
approach. Zetta Farms emplo\s technolog\
in a strategic and fruitful manner, ensuring
that crops thriYe and are sold at prices
that trul\ EeneÀt farmers. 7he\ haYe
harnessed the power of innoYation to
create a sustainaEle and proÀtaEle farming
ecos\stem that EeneÀts not Must Zetta
Farms Eut the entire farming communit\.

unwaYering dedication and consistent
growth to achieYe their targeted goals.
Zetta Farms has also collaEorated
closel\ with the goYernment to strengthen
the EacNEone of our nation ² the farming
communit\. 7heir Moint efforts haYe
estaElished critical infrastructure, ensuring
that farmers receiYe the necessar\
assistance and resources to thriYe. 7his
partnership underscores the crucial role
of agriculture in India's growth stor\ and
its Yital place in the nation's future.
Zetta Farms has done more than
reYolutioni]e agriculture the\ haYe

ZETTA FARMS EMPLOYS TECHNOLOGY IN A STRATEGIC
AND FRUITFUL MANNER, ensuring that crops thrive and
are sold at prices that truly beneÀt farmers. They have
harnessed the power of innovation to create a sustainable
and proÀtable farming ecosystem that beneÀts not just
Zetta Farms but the entire farming community

7he Zetta 5o]gaar <oMana, a
comprehensiYe program, is a testament
to their unwaYering commitment to
the welfare of farmers. 7his initiatiYe
proYides MoE securit\, pension schemes,
and health insurance coYerage. 7heir
achieYement of 1 &rore A80 Assets
8nder 0anagement demonstrates their

sown the seeds of empowerment and
prosperit\. 7heir Mourne\ is an ode to their
Yisionar\ approach, relentless growth,
and transformatiYe partnership with
the goYernment. Zetta Farms isn't Must a
Eusiness it's a moYement that empowers
farmers, nurtures prosperit\, and reshapes
the future of Indian agriculture.

THE
WEALTH
ISSUE

Asset
Control

THE FINANCIAL SECRETS
OF CONSISTENT RETURNS
By SURESH SADAGOPAN

ittal and Rana were
close buddies. As they
were enjoying the sea
breeze on a beach, the
topic veered towards
investments. This was an area where
they had never agreed.
Vittal was contemplative, with a
patient demeanour; that showed in his
investments too. He weighs everything
he does and carefully considers the pros
and cons. He had put together his investments meticulously over the years; but
over time, had found managing his
portfolio difficult with the explosion
of options available and the complexity that had permeated the personal
ﬁnance area. That was when he engaged
a ﬁnancial adviser. He claims to be more
at peace now and relieved that a professional is handling his ﬁnances.
Rana has been the mercurial kind.
86

Illustration by SAURABH SINGH

He is quick to get excited and invests
money based on what he has heard, seen
on TV, or read about ﬁnances. He also
follows the asset cycles and redirects
investments to those that are ﬁring up
at a certain point. For instance, he had
moved a fair portion of his portfolio to
crypto assets about two years back. He
now was contemplating investing in the
property sector, which he feels holds a
lot of potential.
“I am going to look at a property
coming up in Kandivli. This is a marquee
property from a reputed builder. At
launch, he is giving a great deal to investors. Would you like to come tomorrow?
It could be a great investment opportunity,” asked Rana.
“But you are already fully invested.
Where will you get the money for the
downpayment?” asked Vittal.
“They are just asking for 5 per cent on

booking. They have a scheme where the
payments will start after 24 months only.
By that time, if the property appreciates,
we can even exit,” said Rana.
Vittal just pursed his lips but did not
say anything. Rana saw him and knew
what he was thinking.
“You are always a sceptic, Vittal. You
need to take calculated risks if you want
to make money. You are far too conservative,” Rana piped.
“Don’t you think you are investing
somewhat randomly and making the
portfolio bloated and unmanageable?”
queried Vittal.
“This is the problem with you. You are
always thinking and never taking any
action. How will you ever make money?”
retorted Rana.
“Is the purpose of your investment
only to make money?” Vittal queried.
Rana was amazed by the question and
20 NOVEMBER 2023

gave him a look that held a mixture of
incredulity and annoyance.

inancial advisers need to understand their clients’ needs and goals,
their life situations and aspirations, their
any people are like Rana. For them,
finances, etc. They would then assess the
investment returns are everyfeasibility of achieving all their life goals
thing. They want to be invested in assets
and also create alternate scenarios to help
that are performing well at that point.
their clients understand their options and
They want to ride the crest all the time.
make their decisions.
But that is impossible as that assumes
Achieving the agreed goals is sacrothat one can correctly predict the botsanct for an adviser. Hence, they focus on
tom and top of the asset cycles. It is the
putting together a portfolio that achieves
alchemy that everyone is chasing.
this. Within this larger objective, the
Getting market timing right is very
advisor would optimise and choose the
difficult. Let me give an example. Equity
right products that would offer good,
markets in India crashed to some of their
consistent returns.
lowest levels at the end of March 2020.
Sorting out the ﬁnancial aspects, be
The Wuhan virus struck and Covid-19
it insurance, loans, optimising investlockdowns were imposed. It looked like
ments, and making them manageable is
the market would crash further from
a vital function of the ﬁnancial advisor.
there. No one predicted that it would rise
To arrive at the ideal portfolio to achieve
the way it did.
their client’s goals, the ﬁnancial adviser
As they say, if someone says they can
needs to consider the risk proﬁle of the
predict the markets, they are either God or
family members, the number of years to
a fraud. And we seldom find God on earth.
retirement, when the goals are coming
Hence, focusing on timing the marup, liquidity, tenure, taxation, income
kets or trying to ride the crest of any asset
needs, etc.
wave is like chasing a mirage.
Financial advisers play the role of
financial architects who craft a custominancial success is not about choos- built structure especially suited to their
ing the right product to invest in.
clients after understanding their position
That should be an outcome of careful
completely. In the process, products are
consideration of what we intend
like bricks, cement, and door/window
to achieve.
panels that can be sourced from various
For that, we need to start with a plan.
vendors to give shape to the edifice.
We do that in every other area—birthFinancial advisers themselves need
days, outings, home decoration, marnot manage the underlying investment,
riage, etc, but ignore it when it comes to
such as equity. They can instead invest
our ﬁnances. This is very ironic considerin a suitable managed product (like
ing that we spend the prime of our lives,
an equity MF scheme/PMS, etc) that is
almost 40 years, earning
helmed by a competent
that money.
fund manager. This is true
Financial planning is
of most investment assets.
very important. We need
Investment recoma blueprint before we start
mendations come at the
any important project. Most
end of the ﬁnancial plan
normal investors will find
as an outcome of the
it difficult to come up with
planning exercise. Finally,
Suresh Sadagopan,
a holistic financial plan as
the portfolio and the plan
MD & Principal Officer
they do not have the knowlhave to be reviewed
at Ladder7 Wealth
edge, skills, inclination, and
at regular intervals to
Planners, is the author of
time. That is why they need
course-correct and make
If God Was Your
to seek professional help.
appropriate changes.
Financial Planner

20 NOVEMBER 2023

t is very important to get the asset
allocation right as research has shown
that 90 per cent of the portfolio returns
can be attributed to the right asset allocation choices and only 10 per cent can
be attributed to product selection. This
instantly rubbishes the extreme focus on
choosing the products that purportedly
give the best returns.
Products should be chosen so that
there is good diversification and it helps
lower overall risk in the portfolio. For instance, gold as an asset class is negatively
correlated with equity and the dollar and
can balance the risk in a portfolio. Gold
and other such products should be considered on merits based on the portfolio size
and the risk mitigation needs.
There are various other assets like
crypto assets, alternative asset classes
and peer-to-peer lending products, apart
from traditional products like PPF, small
savings schemes, ﬁxed deposits, bonds,
NCDs, etc. An adviser must carefully examine their client’s situation and choose
the right product mix for their client.

inancial advisory is a specialised
area. Managing ﬁnances is not just
a matter of identifying the product and
investing in it. It is not even about ﬂipping from one to another based on what
is doing well at a certain point, which is
what Rana seems to think. It is an area
that needs knowledge, skills, experience,
and maturity—the reason why Vittal
chose a ﬁnancial adviser for himself even
though he is a well-informed, patient,
meticulous person.
A ﬁnancial adviser brings expertise
and a non-emotional perspective to the
decisions, which would be invaluable
for the client. Consider the adviser as
a coach; even Sachin Tendulkar and
Roger Federer had coaches at all points to
ensure great, consistent performances.
We need to learn from these greats and
recognise the need for one.
We cannot wing it with our ﬁnances
today; we are far too busy with our careers and lives, and ﬁnances have become
far too complex to do it by ourselves.
www.openthemagazine.com 87

THE
WEALTH
ISSUE

Rags to Riches
A NEW BREED OF ENTREPRENEURS
IS MAKING CASH OUT OF TRASH
By MOINAK MITRA
Photograph by ASHISH SHARMA

“We have assembled 4-5 machines that can recycle cigarette butts. Our USP is a chemical
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The paper and the tobacco are also recycled and converted into different products”
NAMAN GUPTA cofounder, Core Effect

ƈ;IKIXOKSJTPEWXMG?[EWXIAE
month and make about 1,000-2,000
sunglasses from them. One sunglass
XEOIWEFSYXƼZITEGOIXWSJGLMTWƉ

he ubiquity of the
cigarette butt gets
Naman Gupta’s goat
every now and then.
So, he decided to turn it
into a utility. Coming
from a non-smoking background, he
considered the omnipresent tobacco
stubs as “cotton”. And mass littering has
been a perennial pain point with him.
Five years back, Naman got together
with his brother Vipul and developed a
solution through which the duo could
recycle cigarette butts. “Once we had
the solution, we formed a company and
started awareness campaigns for proper
disposal of the cigarette butts,” says the
29-year-old BCom graduate from Delhi.
Today, their venture, the Noida-based
Core Effect, makes every cigarette
butt count, literally. Think compost,
handmade paper, mosquito repellants,
soft toys, cushions, keychains, wearable
textile. From tobacco, 1-2 per cent of
a cigarette butt, the company derives
compost. “Our compost has a high NPK
value and we sell it across gardens and
nurseries in and around Noida,” says
Naman. And from the paper (45-46 per
cent of the butt), the utility is manifold—mosquito repellants, handmade
paper sheets, carry-bags, envelopes,
wrapping paper, stationery items. “Once
the raw cigarette paper is available to us,
we deploy 100-odd women in a village in
Noida to manufacture the ﬁnished product,” says Naman. The third and ﬁnal
component (50 per cent of the raw material) is the cigarette ﬁlter, or ﬁbre, which
goes into a shredding machine and then
treated with a homegrown chemical
composition. It is then washed, dried
and softened to make soft toys, cushions and keychains, all of which are
handstitched. “Last year, we developed a
textile from the ﬁlter and since it is very
heavy, it acts as good insulation wear.”
Along with a new breed of social
entrepreneurs, Naman has been able
to create wealth out of waste, and the
results are now showing. At present,
Core Effect covers 200 districts pan-India

20 NOVEMBER 2023

ANISH MALPANI founder, Ashaya

Photograph by RAHUL RAUT

from where suppliers provide the raw
material (cigarette butts). The company
has collected 3 billion (300 crore) butts
since inception, and has recycled close
to 2 billion of them. In the process,
more than 2,500 ragpickers have
been mobilised.
According to a report by The Energy
and Resources Institute (TERI), India
generates over 62 million tons (MT) of
waste each year. Only 43 MT of waste
gets collected with only 12 MT being
treated before disposal. Every social entrepreneur in the country’s waste-scape
is ﬁghting for a piece of that pie.
In Pune, 34-year-old Anish Malpani
has given eyewear a glad eye by converting wafer/chips packets to sunglasses.
The former ﬁnance pro from New York

found new meaning launching his
company Ashaya in 2020 and started
operations the following year. “We’re a
pandemic baby,” he chortles, resolving
to lead a crusade against the devastating impact of plastic waste on the
environment.
Ashaya works directly with the
Swach cooperative in Pune and collects
plastic waste (read chips packets) from
them. “We get 100kg of plastic [waste] a
month and make about 1,000-2,000 sunglasses from them. One sunglass takes
about five packets of chips,” says Malpani
after a back-of-the-envelope calculation.
The chips packets-to-sunglasses
technology has been patented in India.
“It is a chemo-mechanical process that
separates the multi-layered [plastic]
www.openthemagazine.com 89

THE
WEALTH
ISSUE
packaging and extracts material
from it, and then converts those raw
materials into high-quality materials,”
explains Malpani.
The sunglasses vend under the
brand name ‘Nothing’ and launched in
February this year. At ` 1,599 a pop, “we
sold out within six days despite all the
sunglasses having the same dimensions
and colour.” Each of the sunglasses are
UV polarised and come with a QR code,
and on scanning the code, tell the story
of how they have been recycled.
Malpani’s next move is to test the
technology to scale. “Right now, we
do 5kg/day. The next step will be to do
100kg/day. We’ll build a pilot plant
scalable to much larger amounts.” So far,
two designs of sunglasses are on offer
on the company’s website and there
are plans to foray into jewellery, lamps,
coasters. “Think of us as sustainable
fashion,” pinpoints Malpani.
Around 22km away from Ashaya,
Jayant and Suchismita Pai have
launched a crusade to better the lives
of waste-pickers by empowering them
to get more bang for their buck. Like
Malpani, the couple is associated with
Swach, a cooperative founded and run
by 38,000-odd waste-pickers that runs on
a user-fee model.
The duo launched ‘The Protoprint
Project’ in 2012 by developing a low-cost
shredder/extruder to add value by converting plastic waste to flakes. Subsequently, the project experimented with
3D printer filament from plastic waste
and set up a pilot filament production
facility. In 2015, it began operations with a
small group of waste-pickers focused predominantly on flake production. Down
the line, the project experimented with
hand-powered injection moulding techniques to design artisanal products and
consumer items from waste plastic, and
even improved its 3D printer filament
quality. Three years back, it embarked on
the construction of over 50 distributed
plastic processing facilities in collaboration with the Pune municipality.
Simply put, a waste-picker typically
90

ƈ-J[IHSRSXYRHIVWXERHXLIQEXIVMEP[IGERRSX
solve the larger problem. In 2013, I started
[SVOMRK[MXLEKVMGYPXYVEP[EWXIFYX[ILEZIFIIR
TVMQEVMP][SVOMRK[MXLEPSXSJMRHYWXVMEP[EWXIƉ
SHUBHI SACHAN founder, Material Library of India

sells plastic, say a shampoo bottle, to
a scrap dealer for ` 20/kg. When that
shampoo bottle is shredded and gets
converted to ﬂake, it sells for ` 80/kg—a
fourfold increase; and when that ﬂake
is converted to ﬁlament, it fetches ` 800/
kg, a hundredfold hike. Disintermediation is key as the waste-picker directly
deals with the buyer, negating exploitative scrap dealers. That was one of the
mandates of The Protoprint Project from
the word go.
As value gets generated in the
process, the proﬁt gets divided among
waste-pickers. What more can the
project do? “The whole concept of ‘Protoprint’ deals with printing prototypes.
Suppose there’s an engineering student
who wants to do a prototype—injection
moulding is not possible since you have
to make a dye and print many of those
[prototypes] to be worth your while.
This is where 3D printing comes in to
do an innovation or test out a product,”
explains Suchismita, adding an array
of opportunities the project can look
at. “HP can buy ﬁlaments from us since
they have 3D printers; even hobbyists
have 3D printers; or I can sell ﬁlaments

on Amazon; or I may choose to sell to
institutions like engineering colleges
for all their 3D printer needs,”
she elaborates.
Back in Noida, where Core Effect
dabbles in cigarette butt therapy, Shubhi
Sachan’s ‘Material Library of India’ (MLI)
has taken root. “People often think I love
waste, the truth is I hate it so much that I
want it to end at its generation point,” is a
quote from her that hangs prominently
on her website. Founded in 2017, MLI’s
endeavour is “to find a solution to waste
by helping people do last-mile integration of it,” claims the 36-year-old Sachan.
A textile student, Sachan started
working for home furnishings major
Welspun, and thereafter worked for
several top fashion labels, such as
Ralph Laren, Givenchy, Balmain and
Alexander McQueen. “I saw they were
generating a lot of waste while making
designer wear and it was difficult turning a blind eye to it, and so I decided to
have a more systematic approach,” says
Sachan, who now deals with all kinds of
materials, not merely textiles.
From 2012 onwards, she started doing projects and consulting workaround
20 NOVEMBER 2023

Photographs by ASHISH SHARMA

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-[EW[IPPE[EVISJXLIUYERXMXMIWSJ[EWXEKI
in the fashion industry and understood the
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KRITI TULA founder, Doodlage

materials and has been a proﬁt-making
venture from day one. “We ﬁrmly
believe that if we do not understand
the material, we cannot solve the larger
issue,” she says.
MLI has already helped pharma
major Dr Reddy’s in a project by turning
pharma waste into lifestyle products.
Also, it developed a matrix for Godrej to
help the company understand its own
waste ﬂow.
As Sachan sets up her textile recycling facility in Noida, her current range
of upcycled pillows and yardages made
from industrial waste are already on
the shopﬂoor.
In neighbouring Delhi, Kriti Tula is
busy making sustainable fashion out of
pre and post-consumer waste fabric and
promoting low-impact raw material to
cotton, leather, polyester and viscose
through her collections that she vends
under her company name Doodlage.
Armed with a Master’s in fashion
from London, Tula, 34, was quick to
realise the wastage in the fashion world,
and wanted to do something about it.
“Having studied fashion and worked in
exports, I was well aware of the quanti20 NOVEMBER 2023

ties of wastage in the fashion industry
and understood the impact of this wastage on the environment,” says Tula, giving out the rationale behind Doodlage.
Today, the company receives fabric
waste from factories which are checked
for defects and ﬁxed with hand by
artisans before being converted into
collections. If the waste lands up as
scrap, it is patched back by artisans in
order to create products. For the recycled
material, Tula & Co work with handloom units that weave recycled yarns to
create fabric for them. “These yarns are
made in factories that shred garments
back to ﬁbre, blend them with new ﬁbre
for strength and convert them to yarn,”
informs Tula, adding that the company
has also worked with alternative materials like cactus, leather, cork, bamboo,
plant-based wool, etc.
So far, Doodlage has worked across
the corporate spectrum by creating
merchandise, gifts, uniforms, and even
providing workshops on campuses.
It counts AB InBev, Meta, Shell India,
payU, Mercedes, Hyundai and Penguin
India as some of its clients. “Our aim is
to add more products to the range and

make our offering more affordable,
add some physical stores, grow international partnerships, do more collaborations,” highlights Tula.
Not far, in the industrial hub of Okhla, sits Sanjay Chauhan’s MuddleArt
that allows him to drive “meaningful
change”. Through on-ground research
and engagement with the textile waste
sector, Chauhan and his team gained
invaluable insights into pressing challenges and untapped potential.
The company offers customised
textile waste management solutions
with a focus on fostering circularity in
the ecosystem. “By addressing brands’
and manufacturers’ sustainable waste
management needs, we create employment opportunities for marginalised
communities and safeguard the environment,” says Chauhan.
In a nutshell, MuddleArt procures
waste from apparel manufacturers and
sorts this mix into various categories,
channelling forward to organisations
that recycle or upcycle it. MuddleArt
also makes the mix accessible to hundreds of rural artisans as raw material,
who in turn convert it into affordable
articles like kidswear, garments and undergarments, besides a variety of home
utility products.
Currently in the R&D phase of
its textile-to-fibre recycling unit, the
company is on the verge of launching its
own upcycling vertical. This will help the
company achieve much of the recycling
and upcycling inhouse. Since inception
in 2019, the company has handled over
7,000 tons of fabric waste, with a monthly
capacity of more than 800 tons.
While the government’s ‘Waste to
Wealth Mission’ is an initiative that
attempts to leverage global technological capabilities to create socio-economic
beneﬁts for the nation, it is private
enterprise that is breathing new life to
the garbage pile—be it from cigarette
butts to soft toys, or chips packets to
sunglasses, or plastic ﬂake to ﬁlament,
or for that matter, any material waste to
quality products.
www.openthemagazine.com 91

THE
WEALTH
ISSUE

High Giving
A DECONSTRUCTION OF THE
NEW DEEPAVALI GIFT HAMPER
By Kaveree Bamzai

n certain homes, the arrival of
the doda barfi treacle tart made
by Manish Mehrotra from the
tony restaurant Indian Accent
indicates the arrival of Deepavali.
It’s a special fusion treat dreamt up by the
restaurant’s culinary director.
But eatables are no longer the stars of
the Deepavali hampers. With everyone becoming more fitness-conscious, the Deepavali hamper has now become a showcase
of everything organic. In keeping with the
changing definition of wealth, conscious
consumption has replaced conspicuous
consumption. As senior publicist
Neeta Raheja says: “Eatables are out, the
earth is in; greed is out, green is in; bling is
out, bespoke is in.” Gifting lists are becoming shorter, though the gifts themselves
may well be more expensive.
The idea is to stand out, and gift something with meaning, whether it is the old
favourite in Delhi, diyas made by students
of the Blind School; artisanal products
made by women’s self-help groups; or
this season’s star startup, SilaiWali, which
makes stuffed animal toys, dolls, bag
charms. Aggregator brands, such as Amala
Earth, provide eco-friendly design gift
hampers according to one’s budget.
In clothing and decor, people want to
help craft clusters. But the apparent simplicity should not be confused with being
cheap. Made-in-India luxury, whether it
Forest Essentials, home decor from Jaipur
Rugs or Heirloom Naga, is expensive. The
idea is for the giver and recipient to understand the significance of the product and
92

appreciate the values associated with it.
There’s a growing awareness of the
importance of supporting small businesses, driving demand for locally sourced
and artisanal products. Sustainability has
taken centrestage.
Every year brings a new set of brands to
light. If it was TWG tea a few years ago, now
it is Blue Tokai or Sleepy Owl coffee. If it was
millets last year, it is wild rajma this year.
Some Made-in-India brands have
retained prime spots. Nappa Dori bags, Ikai
Asai tableware, Ikkis’ playful copperware,
Khoya sweets, and Good Earth’s cushions
remain perennial favourites, with their
Deepavali buyers being a select mix of city
socialites, academics and expatriates. They
reflect the new India, mixing tradition
with a 21st-century twist.
But Deepavali is a sobering time for
many people as well, an index of their
position in the city hierarchy. It is best measured by gifts sent by some of India’s biggest celebrities—sometimes, it is the size of
the Pichwai painting, and at other times, it
is the quality of the Radha Krishna marble
frames. The smaller and less valuable it is,
the lower you have slipped in the eyes of
the celebrity. Ditto with hotel hampers,
the worth of which can range from `3,500
to more than `25 lakh, depending on the
constituent elements.
The typical elements of a hamper worth
`25 lakh? A five-night stay at a luxury hotel,
an Apple MacBook Air, the latest Apple
iPhone, third-generation Apple air pods,
Stefano Ricci tie, Michael Kors handbag
and watch, Apple Watch 8 Ultra, Tumi

men’s wallet, Mont Blanc cardholder, Mont
Blanc pen, Alexa Echo Show HD screen,
Bose Wireless Bluetooth speaker, Bvlgari
fragrance, pashmina stole, cufflinks, patent cigar ashtray, Davidoff cigar collection,
scented candles, designer jewellery box,
silver-plated Lord Ganesha idol, silverplated puja thali, black truffles, Himalayan
wild honey, single-estate tea, organic spices,
mukhwas, handcrafted chocolates, homemade Indian sweets, and Tumi trolley bag.
Hotels have various kinds of hampers.
Shangri-La Eros New Delhi, for instance,

has the Diwali Bliss Box, Divine Delights
Hamper, Couples’ Spa Indulgence,
Symphony of Sweets, Royal Indulgence,
Shangastic Casket, and more.
This is the first year after Covid where
Deepavali is being celebrated with fervour
rather than fear. People have settled down
to their new levels of earning, even if
they are lower than before Covid struck.
There is less uncertainty in the air. Car and
jewellery sales have gone up by 10 per cent
compared to last year.
The digital realm is also playing a

pivotal role, facilitating virtual gifting
experiences, online subscriptions,
and e-gift cards, bridging distances and
nurturing connections. The latest
PlayStation 5, VR headset, Bluetooth
speakers and Apple products are popular
with the young and restless.
There’s also a discernible shift towards
health and well-being, resulting in a surge
of gifts centred around fitness, wellness,
and self-care products, such as Medanta’s
‘Sehat ka Shagun’ that starts at `1,100 for a
silver health check-up on 42 parameters,
including doctor’s consultation.
This Deepavali, people are looking for
innovation and quality. People are weary of
gifting the usual sweets and dry fruits and
are looking for new ideas. “They are a little
tired of giving and receiving a hamper or a
basket which is none other than the
habitual grocery items packed as a gift,”
says Kazem Samandari, executive
chairman, L’Opéra, the bakery and
teahouse chain. As far as L’Opéra is concerned, he says, there is a move towards
higher value and more sophisticated and
exclusive gifts.
The sophistication in gifting is a far
cry from the early days of liberalisation in
India, where a handful of corporates kept
exhaustive dossiers on senior government
officials and key politicians, listing their
strengths and weaknesses. The weaknesses were exploited, and gifts ranged
from cash to management quota shares to
a child’s education at a foreign university.
A former executive with one such corporation recalls the existence of an office in
the capital dedicated entirely to liaison
officials whose job it was to know who
would like what every Deepavali.
The Deepavali gifting map is a smart
indicator of the new establishment, which
is an intricate mix of politicians, industrialists, bureaucrats, and a handful of media
owners. The value of the gift you get is
proportional to the value you provide. At
a personal level, the more intricate the gift
is, the more special the relationship. In
the festival of lights, the more sustainable,
artisanal and experiential your gift is, the
more you’re likely to be memorable.
www.openthemagazine.com 93

THE
WEALTH
ISSUE

Haute Bourgeoisie
THE METROPOLITAN RICH IN HINDI CINEMA
By RACHEL DWYER

recall that an art exhibition
more often, whether in realistic cinema,
on India (I won’t name it) that was
such as that of Satyajit Ray, or in mainto be held in the late 1990s was
stream Hindi cinema, often in the subadvised not to use the word “Ingenres showing tawaifs or courtesans,
dia” in the title as it would evoke
Sahib Bibi Aur Ghulam (1962) or Umrao
images of poverty. However, by
Jaan (1981). Thakurs are good and bad
the time the “Indian Summer” festival
(Ram Lakhan, 1989; Karan Arjun, 1995)
was held in London in 2002, no one
and Seths were often embodiments of
batted an eyelid at Selfridges adorning its
evil, ever ready to extract money from
Oxford Street windows with a glorious
the poor (Shree 420, 1955).
display of Indian luxury. The idea of India
From the 19th century, India had a
had clearly shifted, from that of the rural
highly visible haute bourgeoisie (known
village to an alluring style often identified
as the bhadralok in Bengal), many of
with “Bollywood”, of lifestyle, clothing,
whom studied at public schools (in the
jewellery, and glamour.
British sense), and at elite universities in
This U-turn was clearly linked to the
Europe and North America. They were
seismic changes that were taking place in
shown in ﬁlms like Mehboob Khan’s
India at this time—economic liberalisaAndaz (1949), where women go to clubs
tion and many cultural shifts in society,
to play sport, dance, and throw birthday
politics, and culture—that in turn were
parties, often dressed in Western clothes.
marked in Hindi cinema, both in the
Hindi cinema has long shown
industry and on-screen.
metropolitan elites whose great wealth
While it is well known that there
is unexplained beyond vague mentions
had always been great wealth in
of business. During periods where
India, whether that of the
consumerist opportunities,
Mughals or in more recent
including overseas travel
times, of Indian princes, it
and the purchase of luxury
extended to the zamindars
items were limited, depicand other hereditary landtions of modern wealth
owners. While historical
began as the use of colour
ﬁlms have depicted the
spread in ﬁlm. A clear
Mughals and other royals,
example is Yash Chopra’s
Rachel Dwyer is an
there have been few on
Waqt (1965). He told me
author and culture critic
their modern counterthat they created their own
based in London. She has
parts, apart from Shyam
interior design by looking
written extensively on
Benegal’s Zubeidaa (2001).
at magazines, and then
Hindi cinema and is an
Zamindars have featured
improvising by using fabric
Open contributor
94

on ﬂoors to look like ﬁtted carpets. In
all Yash Chopra’s ﬁlms before the 1990s,
from Daag (1973), Kabhi Kabhie (1976),
Silsila (1981) to Chandni (1989), he created an aspirational lifestyle by mixing
Indian items such as jewellery, saris and
shawls with Western clothing, furnishings, and styling.
Why was there this focus on wealth
in what were often austere times? Was
it just “unrealistic” and “escapist”? It
doesn’t take much reflection to realise
these terms are not helpful in understanding, let alone enjoying, Hindi

cinema. Why would entertainment
cinema be expected to be realistic, when
it is a narrative art form that has to engage
people’s interest; otherwise, why would
they go to see the films and keep watching them? It is better understood as what
Yash Chopra once described to me as
“glamorous realism”, where everything,
including the characters and story as
well as the settings, has to be “realistic”
in the sense that what we’re seeing feels
as though it could exist but is in fact a
heightened reality that is more attractive
than real life. Although many films seem

to resemble people’s day-to-day experiences, they are still tinged with exaggeration in the actors’ beauty, the lighting, the
framing, and the way the camera looks at
them. Realism and melodrama go handin-hand in Hindi cinema.
Looking at the escapism of the 1970s
and 1980s, we can see what clicked with
the public as ideas of what they wanted
to escape from and escape to. These
ﬁlms indicate people wanted to escape
dreary austerity and poverty and enjoy
consumerist lifestyles that were then
available to the very few and highly

This year’s Rocky Aur Rani Kii Prem Kahani’s
ostensible theme of the enduring comedy
of Punjabi vs Bengali, or money vs culture,
engages with a whole range of issues in
contemporary culture

www.openthemagazine.com 95

THE
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ISSUE
values or Hindu family values. It is not
static but shows changing understandings of a specifically Indian modernity
where there is a cultural, emotional,
perhaps religious, connection to Bharat
as well as to India.
Kabhi Khushi Kabhie Gham, from
the beginning of this century, itself a
ﬁlm inspired by Yash Chopra’s Kabhi
Kabhie, exempliﬁed the beginning of
these changes, and has been reworked,

ALAMY

privileged, although many “traditional”
values had to be upheld.
When economic liberalisation
allowed new possibilities in India
and changed India’s view of itself in
the world order, Yash Raj Films and
Dharma Productions evolved the style
known as “Bollywood”. The ﬁlms in a
way continued to adhere to the purushartha, the aims of Man, looking for
dharma (religion), kama (pleasure), and

From the 19th century, India had a highly
visible haute bourgeoisie, many of whom
studied at public schools and at elite
universities in Europe and North America.
They were shown in films like Mehboob Khan’s
Andaz (1949), where women go to clubs to
play sport, dance, and throw birthday parties,
often dressed in Western clothes
artha (wealth), with less emphasis
on moksha (liberation).
The person who has the best understanding of how changing India and
films are linked is Karan Johar, whose
company is named Dharma Productions.
He has a deep understanding of the new
lifestyles which many Indians seek,
incorporating what might be seen as modernity and tradition, framed by Indian
96

in some ways, in this year’s Rocky Aur
Rani Kii Prem Kahani. The ﬁlm’s ostensible theme of the enduring comedy of
Punjabi vs Bengali, or money vs culture,
engages with a whole range of issues in
contemporary culture.
The eponymous hero and heroine’s
grandparents, Punjabi male and Bengali
female, shared a romance that was
unable to develop as they were already

married. (These two characters would
have been the current hero and heroine’s
age around 40-50 years ago, that is, around
the time Kabhi Kabhie was made). Their
grandchildren encourage them to have
a brief reunion before time catches up
with them. The stars are Dharmendra,
the embodiment of Punjabi masculinity (and the most handsome of all Hindi
film actors, whose real acting skills was
brought to the fore by Bengali directors
like Bimal Roy and Hrishikesh
Mukherjee) and Shabana Azmi, a major
figure in realist and mainstream cinema
as well as a social activist.
In this ﬁlm, the role of Amitabh
Bachchan as the patriarch of Kabhi
Khushi Kabhie Gham, is replaced by his
wife in the ﬁlm as well as real life, Jaya
Bachchan, a Bengali playing a Punjabi
matriarch called, signiﬁcantly,
Dhanlaxmi, while her Bengali rival is
called Jamini, evocative (to me at least)
of Jamini Roy.
While the Bengalis are distinguished
by their high culture from Rabindra
Sangeet to dance, speaking elegantly
in (at least) three languages, with the
ever-present threat of effeminacy and
blue-stocking culture, with the heroine
wearing saris throughout (though modern styles with carefully mismatched
blouses), the Punjabi hero has wealth
without limits in everything from his
house (or rather, palace) to his designer
clothes which show off his bare chest,
to his taste in luxury cars with a rather
idiosyncratic use of English.
It is still all about loving your family,
and the film remains focused on love
and its many manifestations. The film
features many old film songs, from ‘Aap
jaisa koi’, ‘Aaj phir jeene ki tamanna hai’,
‘Abhi na jao chhod kar’, showing the
emotions of love don’t change (but the
songs aren’t as good as they used to be)
and that while external factors may be
transformed, love doesn’t, whether it’s the
romance of family. Wealth doesn’t make
you different; it just makes you rich.
May Lakshmi bless our homes. Happy
Diwali to you and yours.
20 NOVEMBER 2023

Visit your nearest Nature’s Basket or Spencer’s store

SPORT

Jasprit Bumrah

Mohammed Shami

Mohammed Siraj

FAST GLORY

India’s pace attack has never looked stronger

ASPRIT BUMRAH, WHO has perhaps not bowled
a bad ball all World Cup long, is wobbling in towards
the bowling crease. This will be Bumrah and India’s ﬁrst
ball to Sri Lanka at the Wankhede in Mumbai after the
batters set their southern neighbours a stiff target of 358
runs; this after being put in to bat ﬁrst. Stiff is going to get
so much stiffer once the great Indian new-ball bowler releases his
ﬁrst ball, but now he is still hopping in—a few brisk steps before
a short run, followed by a jump using the width of the popping
crease. Now, that slingy arm ensconced in a tight brown sleeve is
going to create chaos. Devastation even.
The devious angle of the ball pitches into the line of Pathum
Nissanka’s bat and darts away from it wickedly, rapping Sri
Lanka’s opening batsman on the back pad and every spectator
present at the Wankhede lend a thunderous echo to Bumrah’s
appeal, which is immediately upheld by the umpire. Nissanka
is as mesmerised as the crowd, so he reviews the decision. So, the
stadium and the players erupt a second time once the Decision
Review System conﬁrms their collective suspicions. Nissanka is
out for a golden duck and although this is just the ﬁrst ball of the
98

By ADITYA IYER

innings, it is indeed the beginning of a very brisk end.
Mohammed Siraj, who has not bowled a bad ball at Sri Lanka
since 2021, is now running in to bowl his ﬁrst ball in the following
over. The last time Siraj played against the Lankans, at the Asia
Cup ﬁnal in Colombo just about 45 days ago, he ripped through
their line-up with such malice (and six wickets, including four
in a single over) that Sri Lanka folded for a grand total of just 50
runs. Tonight, he is going to try and see if he can do it again. He
doesn’t know it yet, but he is.
Siraj charges in towards Sri Lanka’s other opener, the left-handed Dimuth Karunaratne. The ball hits the pitch and straightens,
but too late for Karunaratne, who has already fallen over and
missed his stroke completely. Now, Siraj is screaming at the umpire
and so are the joyous men, women, and children on the terraces
of Wankhede. Again, there is a second eruption and a third after
the ﬁnger goes up and Karunaratne forces the giant screen to give
him out all over again. He, too, is gone for a golden duck and the
Sri Lankans all but know that they have already lost this match.
Never before in the history of ODI cricket had both opening
bowlers struck with their ﬁrst legal deliveries. But again, never
20 NOVEMBER 2023

their bowlers. Their fast bowlers, on a turning track, no less. Shami
before in the history of ODI cricket has India had two opening
bowlers of such brilliance and quality as Bumrah and Siraj. There
claimed four wickets, Bumrah three, and England folded for 129.
is a third great in the pack too: ﬁrst-change bowler Mohammed
So, with nine wickets in just two games under his belt, Shami
Shami, a 33-year-old fast man who has turned into the bowler of
entered the fray in Mumbai in the tenth over, with Sri Lanka four
down for 14 runs. And what an over it turned out to be. No one
the World Cup, despite not having played in the ﬁrst four games
of the campaign. But Shami will have to wait a moment at the
in the world has a better seam position than Shami, upright and
Wankhede before he gets his due reward, for the other, younger
dead serious, and hence no one in the world makes the ball talk,
even dance, off the pitch like him. It really then is a tango, between
Mohammed—Siraj, that is—is not quite done yet.
With his very next ball, Siraj thinks he has nicked off new batsShami and the leather that is. The batsman has no part to play
man Sadeera Samarawickrama. The umpire and the crowd believe
in this art form, except for getting out. And they got out in the
so too, but for once DRS informs everyone that Siraj indeed won’t
proverbial truckload in Mumbai.
be on a hattrick. No matter, for Siraj nicks off Samarawickrama
With just his third ball, he had Charith Asalanka caught at
three balls later anyway—caught by Shreyas Iyer at third slip. This
point by Ravindra Jadeja. Asalanka is no mug with the bat, he
is now Test match stuff and Sri Lanka are reduced to 2/3, soon to
would go on to score his ﬁrst century of this World Cup in the
turn 2/4 after Bumrah’s following wicketless over where every
next game. But he was no match for Shami in this form, out for
ball is still an event. The batters are playing and missing, making
a pitiful one run off 24 balls. Neither was Dushan Hemantha,
the slip cordon, and the crowd ooh and aah along, followed by apcaught behind off the very next ball to leave Shami on a hattrick.
plause reserved for sixes and not dot balls. But in Indian cricket
Even the odd ‘bad’ ball was getting him wickets. What seemed
today, dot balls are cherished as much, if not more.
to be a leg side wide was in fact gloved by Dushmantha Chameera
to wicketkeeper KL Rahul. But those were rare, for Shami was
To begin his second over, Siraj steams in towards Sri Lanka’s
very often at the stumps and Angelo Mathews’ off stick was sent
captain and main bat, Kusal Mendis. He goes wide of the crease
and whips his arm. The ball obeys, spitting off the pitch and
to the skies to leave Sri Lanka on 29 for eight wickets, and Shami
crashing into Mendis’s off stump. It is
on incredible ﬁgures of 4 wickets, 1 run.
madness in Mumbai. But there’s going
When he got his ﬁfth, with the wicket
NEVER BEFORE IN THE
to be more of the phantasmal, for the
of Kasun Rajitha, Shami collapsed to his
real sorcerer, Shami, is yet to be introknees not only because he claimed his
HISTORY OF ODI CRICKET HAS
duced into the attack. But he is used to
third ﬁve-wicket haul in the space of 40
INDIA HAD TWO OPENING
days to take his tally to four, the most
arriving late at parties.
BOWLERS OF SUCH BRILLIANCE by an Indian ever, it also made him the
Only to shore up India’s batting
depth, coach Rahul Dravid and captain
AND QUALITY AS BUMRAH AND highest wicket-taker in ODI World
for India with 45 wickets.
Rohit Sharma had left out Shami for allSIRAJ. FIRST-CHANGE BOWLER Cups
rounder Shardul Thakur for the first
Sri Lanka were eventually bowled
MOHAMMED SHAMI, TOO, HAS out for 55, making their cumulative
four games of this World Cup. Then,
in Pune, Hardik Pandya got injured. So,
TURNED INTO THE BOWLER OF tally in the last two games against
for the match against New Zealand in
perhaps the strongest Indian ODI side
THE WORLD CUP
Dharamshala, Suryakumar Yadav came
read: 105 runs, 20 wickets in 35 total
in for Pandya; hence, to counterbalance
overs. Such numbers aren’t ﬂukes; far
the team’s bowling strength, Shami came in, and out went Thakur.
from it. This makes one wonder if this is the country’s greatestAnd soon, out went ﬁve New Zealand batsmen, too, as Shami celever troika of fast bowlers operating at the same time. Deﬁnitely.
Could it also be India’s best bowling attack, beyond just the pacebrated his return to World Cup cricket with a ﬁve-for.
The last piece of the jigsaw in Shami had fallen in place and
ers, at a major tournament? Possibly, given that the two left-arm
now, India had a bowling line-up to match, if not better, their
spinners Jadeja and Kuldeep Yadav have taken 14 and 12 wickets,
venerated batting equivalent. At the press conference later that
respectively, at this tournament, with Jadeja wrapping up a very
evening in Dharamshala, Shami was asked what it felt like to
strong South Africa for a team score of 83 runs in the following
come back into the fold with such a bang and he replied, in Hindi:
match in Kolkata with a ﬁve-for of his own (Siraj and Shami did
“I can only do something when I am given a chance. When you
the early damage with three wickets between them).
Such muscle in the bowling line-up made former England
are not playing, it does get difficult. But I think everyone should
captain Michael Vaughan post this: “So if Bumrah doesn’t get you,
enjoy each others’ success.”
Surely enjoying his success and eavesdropping on the press
Siraj will. If Siraj doesn’t get you, Shami will. If Shami doesn’t get
conference was Siraj, hiding behind a door and wearing his hood
you, Jadeja will and if Jadeja doesn’t get you, Kuldeep will.” Succinct,
low over his eyes. He nodded along with Shami’s answers and the
given that for the first time in the history of Indian cricket, India’s
camaraderie in the fast bowling pack was evident. They carried
bowlers are more celebrated than India’s batters, all while the curthat camaraderie to Lucknow, where after having been held to their
rent set of batsmen are some of the greatest to have graced the game.
lowest score of 229 for nine by England, India once again turned to
Imagine, then, just how phenomenal these bowlers must be. Q
20 NOVEMBER 2023

www.openthemagazine.com 99

SALON

PERSONAL HISTORY

THE EAR
BY SALVADOR DALI

100

BEING AND
SOUNDLESSNESS
A meditation on the loss of hearing
By Carlo Pizzati

y father-in-law doesn’t like to wear his hearing aids. At 79, he spends two hours driving to
and from work in the nefarious Chennai traffic. “I prefer to shut out the street noise,” he
says with a smile. I’d gone to the hearing aid lab with him to choose the instruments he
liked best. We were shown how to use those skin-toned contraptions shaped like cashew
nuts snuggling on top of his ears, silent appendages whispering what to do next. As soon
as we got home, he stuffed them in a drawer. They rarely come out of there. He really
doesn’t enjoy putting them on. “Sometimes they squeak,” he explains. They resurrect all the irritating sounds
of urban reality that hearing loss conveniently shelters him from.
I went with him not only as a gadget nerd but also as the family hearing aids expert, because I’ve been wearing them for more than a decade. I was ﬁrst diagnosed with hearing loss when I was 27 years old. I’d been living
in New York City for six years, and I was about to move back to Italy when I realised I couldn’t hear people very
crisply when they spoke. As a young reporter, I wanted to understand what was being said during interviews or
in press conferences. So, this was going to be a problem.
I was prone to ear infections, and I just knew there was something wrong with the sound of the world. I’d
attended too many loud concerts in small places. I knew a lot about New York nightlife in the late ’80s and ’90s.
When I walked out of thumping bars and nightclubs, for a few minutes I’d experience a long hiss in my head. I
was also on the phone more than I probably should’ve, in my office on the 21st ﬂoor of the Newsweek building
on Madison Avenue.
When the doctor told me I was already lip reading, I was taken aback. I’d lost the capacity to capture some high
frequencies, he said, especially the ones with consonants like S, T, and Z. Basically, when someone pronounced my
last name in a loud environment, instead of “Pizzati,” all I could hear was “Pi_ _ a_i.” Like PI. I needed to become my
own Private Investigator to decipher what people said in loud contexts. I had to become Carlo’s PI.
I could see lips pronouncing sounds, but words came off as either silence or as grumblings from a distant
cave. The otolaryngologist informed me that I’d need to immediately start wearing hearing instruments. If I
didn’t, he warned, the section of my brain accustomed to receiving those frequencies would atrophy.
I’d go deaf.
“You might not be able to ever regain your hearing back,” the doctor said, “but if you don’t wear hearing aids,
you will increasingly deteriorate your capacity to capture conversations, sounds, music. By the time you’re in
your 50s, your deafness might get serious. You can prevent that.” There was no cure, no possible surgery. “Your
only hope is to live long enough for stem cell research to ﬁnd a way to rebuild the dead high frequency receptor
cells inside your ear,” the ENT expert concluded. I stumbled out of that office on Fifth avenue in a daze, and for
the following 20 years I considered whether or not I should get hearing aids.
www.openthemagazine.com 101

PERSONAL HISTORY

At parties and dinners, I struggled to understand what was
suggested I’d heard this before, although I actually couldn’t
being said when people covered their mouth with a glass or with
tell if I had, because it all sounded like: asterisk, number sign,
their hand, or if they spoke while chewing. In restaurants or at
pound sign, dollar sign, exclamation mark, question mark, and
dinners, I would sometimes crane my neck and lean perhaps too
again asterisk, exclamation mark.
uncomfortably close to the person I was trying to understand.
What was wrong with me? Hadn’t I heard about personal space?
A QUEST BORN FROM REDISCOVERING THE
I’m not sure how many sweet nothings were whispered to
LONG-LOST SQUEALING SOUND ON A TRAIN
me in the most intimate moments, or encouragements to do
One night, many years ago, I found myself travelling alone with
something which might have been fun, had I only been able to
a camera and earphones, while shooting a documentary in
hear the idea instead of blurting out an annoyed: “Sorry, what
Naples. As the train slowed to a stop, I pointed the lenses to the
did you say?”
dark nightscape of Naples, floating in the distance. Thanks to the
Once, I visited a blind masseur who touched my neck and
earphones’ amplifying effect, I captured the squealing sound of
said: “You have a hearing problem.” I asked him how he could tell.
the badly oiled train wheels right below me. I was moved to tears.
He touched the side of my neck: “You’re straining this muscle,”
I’d just rediscovered a frequency I’d not heard in years. Those
he said, pressing on the splenius capitis, “typical of those hard of
dramatic screechy sound was like finding again a dear lost friend,
hearing when they tilt their head closer to the speaker.”
the memory of something I used to
To those who asked why I
know, but I’d forgotten.
wouldn’t wear hearing aids, I’d joke
I C OU L D SE E L IPS
Since I had that emotional
that I was afraid: who could guarreaction, I asked myself whether
antee the instruments wouldn’t be
PR ONOU NCI NG SOU N DS ,
high-pitched sounds are related
hacked, and what if I were sublimiBU T WORDS CA ME OF F A S
to a spectrum of emotions, and
nally forced to buy IBM stocks just as
EI T HER SIL E NCE OR A S
whether losing the capacity to hear
they were about to plummet? What
GRU MBL I NG S F ROM A
them meant becoming vaccinated
if these contraptions wired around
DISTA N T CAV E . T HE
against certain types of feelings
my ears pushed me to do something
OTOL A RY NG OL OGIST
which I, perhaps, was no longer
I didn’t want to do by whispering
I N FOR MED ME T H AT I’ D
capable of having. Are we what
subliminal secret commands?
N E ED TO I M MEDI AT ELY
we perceive? Is our emotional life
The truth is that I feared that
hampered by sensorial degradawearing visible hearing aids in my
STA RT W E A R I NG
tions, inevitable with age?
late 20s or 30s, or even in my 40s,
HE A R I NG I NST RU ME N T S.
As the senses get duller, so,
would make me look like a much
IF I DIDN ’ T, HE WA R N ED,
perhaps, does our capacity to feel
older and disabled man than I
T HE SEC T ION OF M Y
and be inspired by the manifested
wanted to appear. Narcissism kept
BR A I N AC CUSTOMED
reality around us. Does this give
me away from something science
TO R ECEI V I NG
freer rein to anger, stiﬂing tenderwas offering: the possibility of
T HOSE F R EQU E NCIE S
ness, eating into our emotional
not shutting out from the world
cognition? It would explain the
of sound around me. Later in life,
WOU L D AT R OPH Y.
existence of a lot of impatient,
when my hearing did worsen, I
I’ D G O DE A F
grumpy dads and uncles roaming
realised I would increasingly avoid
around everywhere in the world.
crowded restaurants and parties.
Plus, the inevitability of becoming blasé is a known profesWhen riding in the backseat of a car, I’d wander out of the
sional hazard for journalists. And yet, I thought there might
conversation, pretending to be taken by the poetic beauty of the
be something else.
landscape, but actually losing interest in a mangled drumming
When I was in my early 20s and living in New York, I was a
sound which I could not discern as language.
lover of the opera. But I did ﬁnd it cliche of me to be:
Lips were moving, heads nodding, teeth ﬂashing, eyes
1) Italian 2) living in New York and 3) going to the opera. Really
winking, heads tilting, as people waited to hear feedback on
too “Sopranos” of me, too Francis Ford Coppola, too spaghetti
what they’d just said to me. I could tell them the truth: that I
and mandolin with a pizza on the side, capish?
only heard clinking of glasses, rattling of plates, dragging of
Yet I reacted emotionally to many types of music, including
chairs, humming of traffic, slamming of doors, a jumbled wave
classical and opera. It moved something inside my chest. I rode
of indistinguishable chatter cloaking the words around me. Or
the subway from downtown to the Metropolitan Opera and
I could lie and blurt out: “Yes, great idea!” or “Hmm, oh, I agree,”
bought $10 standing only tickets, knees aching while listenor more cautiously “Not sure about that one…” I could make
ing to Luciano Pavarotti belt out his songs. When a soprano
people laugh with how often I misunderstood something. Or I
reached the peak of her long solo, I would at times feel my
could say nothing, sporting the I’m-above-it-all grin that
102

20 NOVEMBER 2023

CARLO PIZZATI
IN NEW YORK, 1992

throat clench and a tear roll down my cheek. Regardless of the
meaning of the lyrics, the sound connected emotionally to me
via the ears, through the throat, the lungs and into the heart.
It was as though ﬁreworks made of salty tears exploded in
slow motion behind my cheekbones, oozing towards my eyelids, while my lips widened in an ecstatic smile and a deep, long
exhalation allowed my clenched neck, tightened shoulders,
and stiff back to rest. I felt something soar inside of me: the bliss
of musical rapture.
The mind transcribed this as being able to experience a great
exaltation through the wonders of the arts—just like when
you are inspired by a mind-opening, soul-searching poem, or
when you lose your rationality inside a hypnotising painting.
You perceive you’re having an experience beyond time and
space, you’re elsewhere, drawn by the senses into a diverse
interpretation of reality.
In Naples, that night on the train, I realised my capacity to be
moved by such sounds had disappeared. I’d lost some shades of
the spectrum. I’d also noticed, when listening to music, that the
sound of a violin reaching into the high notes would disappear,
while people’s faces around me at a concert would still be enraptured in the melody. I understood it didn’t actually dissolve.
The sound had simply vanished from my capacity to hear it.
Was my ability to feel certain types of emotion evaporating
like that shrill cry, that universal call, that ﬁne musical thread
joining humanity in the common experience of musical ecstasy? I decided to investigate. Eventually, I also decided it was
time for me to try hearing aids. I think moving to India helped
me take this important step.
20 NOVEMBER 2023

INVESTIGATING THE EMOTIONAL
IMPACT OF SOUND
Hearing involves waves, membranes, vibrations, bones, nerves,
chemicals, and electrical signals—a series of complex passages
that’s fascinating to unravel. First, sound waves waltz their
way into the ear canal and hit a membrane. The eardrum sends
those vibrations to three tiny bones with Hobbit-sounding
names: the malleus, incus, and stapes. As their Latin names
indicate, they resemble a small hammer hitting a miniature
anvil pulling on a stirrup-shaped bone. Their job is to amplify
the sound vibrations into the cochlea, which is shaped like
a snail-shell, as the Greek name indicates, a weird squid-like
structure ﬁlled with ﬂuid, nestled deep in the inner ear. The
vibrations make that ﬂuid ripple: imaging waves caressing
hair cells inside this tiny snail-like part of you. Some of these
hair cells detect the higher-pitched sounds that people like me
lose with either age or overexposure to noise. Thus stimulated,
the microscopic tips of the hair cells, the stereocilia, release
chemicals that spark an electrical signal which the auditory
nerve carries to your brain, so you can hear your mother calling
you from downstairs to come have lunch before it gets cold.
Complicated, but how wondrous that every single sound we
hear goes fantastically fast through this vibrating, liquid, and
electrical rigmarole right inside our ears, right now.
The doctor back in New York had told me that because of
a congenital issue, or because I exposed them to too many
loud sounds too often, or a sum of these two causes, many of
my high frequency hair cells had simply been grinded down.
Goodbye high pitch. And goodbye emotions. As I dug deeper
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PERSONAL HISTORY

The sound of thunderstorms feels relaxing to me, perhaps
because I associate them with the excitement of my childhood
summer vacations in Italy. They tend to scare and induce mild
anxiety in my wife, and in all our three dogs. Wind chimes are
soothing to me, my wife gets restless listening to them after a
while. The drumming sound of rain evokes feelings of freshness and exuberance in my wife, who grew up experiencing
India’s monsoons. Nonstop rain makes me melancholic, reminding me of my Northern Italian hometown, which, before
climate change heated up the planet, was one of the coldest and
dampest valleys in Northern Italy.
A study at Lund University in Sweden indicates what seems
obvious: sound and sound environment can affect humans
on personal, emotional, and psychological levels. Most people
contextualise sound according to what they associate it with.
A song you listened to repeatedly after a painful break-up will
make you feel maudlin for years. Only laughter is interpreted
as universally positive and contagious, unless of course it’s that
wide-eyed, insistent, loud grinning Joker kind. That’s universally scary.
Sound does affect emotional contagion on the brain. And
music alters moods. According to French otolaryngologist
Alfred A Tomatis, the ear is a generator for the nervous system
and brain: it can transform stimuli from our environment
into energy. High frequency sounds are food for the brain,
energising it, stimulating it, enabling it to focus and remember. But it can also manipulate people. Adolf Hitler’s speeches
were always accompanied by low frequency drumming,
putting his listeners into a hypnotic state. Low pitch can make
you want to invade Poland.
The way you perceive a sound impacts your body at a chemical level. Research has shown that
certain irritating noises (like those
unbearable reverse park beepers) can
increase the production of the stress
hormone, cortisol, with negative
effects on your body and mind. But,
again, certain frequencies, melodies,
and rhythms (like those soothing
massage playlists) can instead help to
regulate the stress response system
and reduce the cortisol level.
And there it was, amidst the piles
of data, the sad truth I had already
intuited: “With hearing loss, you
lose the emotional impact
associated with the sounds you
can’t hear or can’t hear well.” In
Pierre Sollier’s book, Listening for
Wellness, he writes, “With hearing
GETTY IMAGES

into audiological and otolaryngologists research, I realised
there was some truth to my suspicion.
Pitch matters. To animals and humans alike. A study of 56
birds and mammals by David Huron titled, ‘Affect Induction
through Musical Sounds: An Ethological Perspective’ posits
that high pitch calls in animals are associated with fear, affinity,
or submission. Low pitch calls are associated with threat or
aggression. The study conﬁrms that it’s the same for humans.
High pitch sounds are associated with friendliness or deference. Low frequency sounds are more threatening, darker.
The same holds true for music. Low pitch melodies are
perceived as less polite, less submissive, and more threatening
than high pitch sounds. Think Wagner. High pitch is more
cheerful. Think Mozart. So, the question to myself, as my own
Carlo’s PI, now was: is losing the capacity to hear high frequencies making me less cheerful and more cantankerous, since I’m
likely to hear more aggressive and intimidating sounds? My
wife certainly seems to think so… But had I also forever lost the
capacity to feel that pang of emotion I experienced when the
soprano hit her high note?
Sound studies do indicate that in opera, heroic roles tend
to be assigned to high pitched tenors and sopranos. Villainous roles are mostly assigned to the lower pitched singers like
bassos and contraltos. Was my loss of high pitch receptiveness
making me less heroic and more villainous, overly exposed as I
was to lower pitches?
It would be wrong to assume that the association we have
with sounds is universal. It’s all based on personal experience
and on what sensorial memory we attach to that sound. Our
preferences determine the intensity of an emotional response
to various acoustic stimuli.

A PAINTING OF COMPOSER
LUDWIG VAN BEETHOVEN
104

20 NOVEMBER 2023

loss, nature walks become less
enjoyable when you can no longer
hear the faint sounds of ﬂowing
water. Music loses its emotional
impact when you can’t differentiate speciﬁc instruments.”

A STAR-STUDDED ROSTER
OF HEARING LOSS

If hearing is indeed more vital
to our emotional lives than we
realise, then hearing impaired
people who lose certain contextual
meanings will be marginalised in
society. Although this no doubt
often happens, especially in cases
of total hearing loss, I discovered an
impressive list of famous successful hyper-achievers in many ﬁelds
who suffered from total or partial
hearing problems.
The most obvious one of course is Ludwig van Beethoven.
He was completely deaf when he created The Ninth symphony.
Thomas Edison made all his world-changing discoveries with
little or no hearing. Francisco Goya dug into the darkness and
depth with his paintings while being hearing impaired. The list
is long, from Robert Redford to Whoopi Goldberg and many
more. William Shatner got tinnitus, a fastidious ringing in
the ear, due to a pyrotechnic mishap while shooting Star Trek.
Former US president Bill Clinton was wearing in-canal hearing
aids while having adulterous sex in the Oval Office. Harvest
Moon, a marvellous album I listened to a lot when I was in
middle school, and my hearing had not been damaged yet, was
composed by Neil Young with particularly soft tones because
he had just been diagnosed with tinnitus and was aware of the
damaging impact of loud noises.
In that cold bedroom where I’d play my vinyl LPs and later
cassettes, learning English by studying the lyrics, music got me
through some pretty humid winters. The late ’70s were a golden
era for Italian singer-songwriters who often had a political
message woven through their arpeggios, but most often they
sang of love, not revolution. They were slow and melodious
ballads. Capable ﬁngers plucking guitars felt like they were
pressing into my heart, making me imagine a romantic world,
creating an enchantment which surrounded my adolescence:
it enhanced my already vibrant imagination, it allowed me
to create a soundtrack for my plans for a life of travels and
adventures, which I actually turned out having. Listening to
classical music made me feel like the abstract journey away
from my rainy reality was reaching even more elevated, inspiring heights, while putting on the LPs of Sibelius, Schumann,
Schubert, Chopin, Mozart. They were transcendental friends.
Then, the sharp noises of punk and ska fed into my rebellious
20 NOVEMBER 2023

streak, jerky sounds smashing like
hammers a mildewing reality that
the raw, youthful me felt needed
to be destroyed, before it could be
changed. Music accompanied and
provoked my moods, back when
I could hear the nuances. And too
loud music most likely took away
some of my hearing.
But there are more serious
issues than losing your connection to music when you no longer
hear well. Three years ago, the
Lancet Commission on Dementia
Prevention, Intervention and
Care identiﬁed hearing loss as the
greatest potentially modiﬁable
risk factor for dementia. When
you begin to lock out the world of
sound and of meaning, things get
more confusing. Many other studies demonstrate the link between
hearing loss and cognitive decline. So, can treating it reverse
the process and reduce the loss? A study by Aging and Cognitive Health Evaluation in Elders shows that, among those
between 70 to 84 years of age, hearing aids could reduce the
rate of cognitive decline by 48 percent.

ONCE , I V ISI T ED
A BL I N D M A S SEU R W HO
TOUCHED M Y N ECK A N D
SA ID: ‘ YOU H AV E A
HE A R I NG PR OBL E M.’ I
A SK ED HI M HOW HE
COU L D T EL L . HE
TOUCHED T HE SIDE OF
M Y N ECK : ‘ YOU ’ R E
ST R A I N I NG T HIS
MUSCL E ,’ HE SA ID,
PR E S SI NG ON T HE
SPL E N IUS CA PI T IS ,
‘ T Y PICA L OF T HO SE H A R D
OF HE A R I NG W HE N
T HE Y T ILT T HEIR
HE A D CL OSER TO
T HE SPE A K ER’

REDISCOVERING THE WIND THROUGH THE PALM
TREES AND THE FOAM POPPING IN THE OCEAN
My Indian wife made me. Simple as that. Moving to India I was
faced with learning how to comprehend a new accent. Growing up in my teens and 20s in the US, surrounded by English as
a second language, getting used ﬁrst to thick Floridian twang
and then to the tough New Yorker street talk, I was already ﬁnding it difficult to understand some British accents.
In India, I often found myself begging people to repeat
what was being said over the phone, over the counter, in a car,
in a classroom, and especially in social settings. Consonants
were tweaked beyond my understanding; vowels squeezed
out of my capacity to comprehend. I became more reluctant
about going to dinners or social gatherings because I couldn’t
get what was being said. The music was too loud, the chatter
undecipherable. I must’ve looked stupid, or, worse, off putting.
I was becoming more solitary. My need to face this issue was
then greatly “encouraged” by my wife, who ﬁnally made me do
the math. Is the fear of appearing old with hearing aids more
important that the reality of not understanding a thing? Duh.
A dear friend put me in touch with a hearing lab with good
customer care and products. Ranjoth, one of the heirs of the
family business, a friendly, turban-sporting Sikh with a strong
and clear baritone voice, was and still is so helpful, precise, and
available to me and my issues. After the audiological test, he
www.openthemagazine.com 105

GETTY IMAGES

PERSONAL HISTORY

ITALIAN TENOR LUCIANO PAVAROTTI

helped programme the channels and bands in my instruments
the bubbles on the white froth of the sea popping in sequence.
for different hearing contexts: normal, car, restaurant, music.
It was a natural concert to my cyborg-like ears, a rediscovered
During my first fitting in his office, with the bustling sounds
world manifesting itself to my renewed listening capacity. I was
of chairs scraping and the workers chatting, I could already pick
again in sound ecstasy after so many years of sound darkness.
up the sound of traffic whizzing in the major OMR road nearby. A
I now have an app on my phone allowing me to change the
lost crispness was returning to my hearing, but it was only once I
volume and adapt to different listening situations in my hearing
left the building that I was overcome by shock and awe.
aids. It feels so futuristic. But I’m not satisfied. I’m now eyeing
As the glass door swivelled close behind me, I was astounded
new hearing aid models. They have rechargeable batteries, more
by a swooshing sound as I looked up. A tall palm tree. Long
channels, and, most importantly, Bluetooth streaming. You won’t
branches dancing in the air. Wind, the sound of wind through
be able to see me wearing them unless you probe the top of my
the palm tree branches! Again, the ancient tears resurfaced in my
ears to look for those plastic cashew nuts instruments.
eyes as I stayed there staring at the
I’m planning to invest in those
palm tree, actually hearing again that
Bluetooth hearing aids. That way I
I R ODE T HE SU BWAY
acoustic detail I’d lost for so many
can shut out the world again with
years. Then, slowly, I began to discern
the tap of an app. I could be playing
F ROM D OW N TOW N TO
some honking horns in the distance,
Vivaldi while pretending to listen to
T HE MET R OPOL I TA N
rising up like tenuous wind instruyou, as I sport again that old, familOPER A A N D BOUGH T $10
ments of an orchestra, over there on
iar, hearing loss attitude of the I’veSTA N DI NG ON LY
the highway, beyond the trees. All the
heard-it-all-before grin. You’ll think
T ICK E T S , K N E E S ACHI NG I’m nodding in agreement, but I’ll be
different sound details re-emerged,
W HIL E L IST E N I NG TO
outlining an auditory world that had
jamming to the Vivaldi beat.
LUCI A NO PAVA R OT T I
faded away into a duller, rougher,
Hearing loss can be useful, if
“high-frequency free” world. It was
it’s voluntary.
BELT OU T HIS SONG S.
as if, suddenly, colour had returned to
W HE N A SOPR A NO
Carlo Pizzati is an award-winning
colour-blind eyes.
R E ACHED T HE PE A K OF
multilingual author of ten books
That evening I went for a walk on
HER L ONG SOL O, I
of ﬁction and non-ﬁction. He has
the beach on the Bay of Bengal. For
WOU L D AT T I ME S F E EL
worked as a foreign correspondent
the entire sunset and into darkness, I
M Y T HR OAT CL E NCH
in several continents since 1987.
sat by the waves, observing in amazeA N D A T E A R R OL L
He lives with his spouse and four dogs
ment the foam on the surface of the
DOW N M Y CHEEK
near a ﬁshing village in Tamil Nadu
water washing in and out, hearing all
106

20 NOVEMBER 2023

BOOKS

R ACING AGAINST TIME
What the women runners reveal about Indian society
By Sumana Ramanan

N THE CONTEMPORARY ERA, wealth, fame and
women athletes “in a viciously gendered society such as India”
power function as popular yardsticks of a person’s
to “put themselves…out there” and carry the nation’s hopes.
success. External forms of validation, such as profesThe book does this exceedingly well and by doing so, infuses
sional awards, serve as other visible signs of an
nuance and texture into ideas of achievement and success. The
individual’s achievement. Reinforced by a section of the
book left me profoundly admiring the women athletes, half
media, these attributes often mark out individuals who
of whom grew up in very poor families in rural India, for their
possess them as society’s winners. But these easy, some may
enormous physical courage and psychological strength. To me,
argue coarse, parameters do not capture the complexity of
they are world champions all, no matter what their actual tally
human striving and achievement.
of international medals.
In many ﬁelds, alternative narratives
Chattopadhyay has ordered the proﬁles
have encouraged people to look beyond
chronologically based on the time the
common stereotypes of success, for
women were active as competitive athletes,
example, by revealing the hugely unequal
starting from Independence, barring the
nature of initial conditions and persistent
exceptional last story about a woman whose
socio-economic handicaps or by exploring
sports career began before 1947. In the
the lives of those who dared to fail after
ﬁrst three proﬁles, the author writes about
taking risks at which others balked or after
women who all happen to be sprinters:
going down a less-trodden path.
Mary D’Souza, Kamaljit Sandhu and the
THE DAY I BECAME A RUNNER
A WOMEN’S HISTORY OF
What happens when the ﬁeld in quescelebrated PT Usha. In the next three stories,
INDIA THROUGH THE LENS
tion is organised sport, which unambigushe tells us about athletes who have had to
OF SPORT
ously and unforgivingly deﬁnes success
deal with humiliating accusations that they
Sohini Chattopadhyay
as winning, indeed, one in which the whole
were not legitimate women: Santhi SoundaFourth Estate
point of participating is to try and win,
rajan, Pinki Pramanik and Dutee Chand.
364 Pages | 599
even if it is by the equivalent of a hair’s
Finally, she tells us the stories of
breadth, say one goal in a penalty shootLalita Babar, a marathoner and steepleout in football or a fraction of a second in
chaser; the Sunrise Project; and Ila Mitra, an
a 100-metre sprint? Is success in organised sport also less
athlete who became an extraordinary and dedicated commustraightforward than it appears?
nist worker. The author ends with a brief epilogue addressing
The answer, in The Day I Became a Runner, which includes
the curious case of the missing Muslim athlete in her account,
eight proﬁles of Indian women runners and one of a grassroots
and looks at other sports at which they have excelled.
training institution, is an emphatic ‘yes’, even though the
The author intertwines the women’s stories with her larger
author, Sohini Chattopadhyay, does not explicitly say that she is
themes, displaying a quality exhibited by many of the book’s
trying to answer this question. It happens organically as she sets
athletes, namely excellent balance. She threads the indepenout to explore two other key ideas, nationalism and patriarchy,
dent proﬁles together by simultaneously charting how India’s
through the women’s stories—an objective encapsulated in the
national identity evolved over the years, how its sports culture
book’s subtitle: A women’s history of India through the lens of sport.
developed, and how its economy and society changed.
Perhaps in international sports more than any other sphere,
She is a penetrating observer of people and culture. “The
spectators see not only individuals or teams as winning or
gym is the public bath of this i-generation,” she writes. “The
losing, but also the country they represent. “Sports,”
coach-athlete relationship has the qualities of romance,” she
Chattopadhyay quotes George Orwell as famously saying, “is
says. Of a father caught between his feuding wife and sister, she
war minus the shooting.” In India, where women have a
says, he “did what many men in the subcontinent do—stayed
meagre presence in public spaces and public life, sports,
quiet and outside his home as much as he could.” Of
Chattopadhyay writes, gives them “a solid, respectable reason
Lalita Babar, she says, “She was Maharashtrian and had her
to put…their bodies out there in the world: for national service.”
people’s fabled austere, pragmatic approach to life.”
She therefore aims, she says, to delve into what it feels like for
To tell the women’s stories, Chattopadhyay elegantly
108

20 NOVEMBER 2023

Pinki’s story, along with Santhi’s
and Dutee’s, raises the important
question surrounding the sex-testing
of women athletes. Pinki was accused
of rape by a ﬂatmate, while Santhi
and Dutee were accused on the ﬁeld
for their “defective sex.” Their stories,
says the author, highlight “the central
anxiety of being a woman athlete
in this moment…Are they female
enough? Do their bodies align with
the precise measures of hormones,
chromosomes and anatomy that
World Athletics has laid down for
that speciﬁc moment…?”
I can’t say that these stories fully
clariﬁed the issues for me; they are far
too complex. But they did show how
insensitively authorities have used
the tests and why we need to rethink
our approach to the subject. The
author describes Santhi’s harrowing
and humiliating experience of undergoing this test and of authorities subsequently stripping her of her medal.
Fortunately, by the time Dutee came
on the scene, she got more support
from activists and experts, resulting
in her winning her case in the highest
court of sport in Switzerland.
Works of narrative non-ﬁction,
like this one, can adopt a complete
third-person point of view or
include a ﬁrst-person perspective.
Chattopadhyay has chosen the latter.
She opens the book by describing her own experience of taking
up running as a hobby, and the oddity that she was before the
marathon economy became entrenched in India.
But Chattopadhyay does something special: she tells us
about aspects of her life that she need not have, sharing some of
her own vulnerabilities, just as she does of the women athletes,
whom she so empathetically proﬁles, as if to level the playing
ﬁeld. This is a book about sport, after all, in which fairness is
essential to a good contest.
This book makes you look at this country anew. It also
made me look at my own life differently, including an aspect
involving running. In the fourth grade, my PE teacher, a man
who later became one of India’s best athletics coaches,
told my parents that I had “springs under my feet” and that
if they allowed me to train rigorously he could take me to
the national level in sprinting. Until now, I assumed that my
middle-class parents did not follow through because they
did not have enough money. Now I believe that the reasons
were more complicated. Q

PT Usha, circa 1984

Sohini Chattopadhyay intertwines
the women’s stories with her larger
themes, displaying a quality exhibited
by many of the book’s athletes,
namely excellent balance
weaves together details about their family lives, their social
settings, descriptions of how they experienced various key
races, their relationships with their coaches, and in the later
proﬁles, media coverage of their careers. Chattopadhyay’s
reporting is deep, she has a ﬂair for storytelling, and her prose
is fresh and eloquent.
Here is an excerpt from a description of an 800-metre ﬁnal
race that Santhi Soundarajan, a Dalit from Tamil Nadu, ran
at the Doha Asian Games in 2006: “The ﬂickers of anxiety in
Santhi’s stomach burnt to cinders as she breathed in deeply and
swelled her lungs to marshall all the power at her disposal.”
The author tells us that Santhi “had come to discover that she
enjoyed ﬁnal-day nerves.”
Chattopadhyay has managed to extract poignant material even from Pinki Pramanik, the most recalcitrant of all the
athletes. Talking about how she felt when she began running
at night beside the river in her village, Pinki told the author, “I
didn’t feel the loneliness that I did otherwise. I had a door of my
own that I could open to a place where I could be myself.”
20 NOVEMBER 2023

www.openthemagazine.com 109

PLAYTIME WITH BORIA MAJUMDAR

The Chak De Girls
The women’s hockey team lifts the Asian Champions Trophy against all odds
ICTORY IN DEFEAT.
Yes, it sounds a
cliché but if there
was ever a truth to this
saying, the result against
England, 3-4, after the
hardest toil in an Olympic
semi-ﬁnal in 2021 in Tokyo,
was the clincher. None of us
who were there watching
and covering the semi-ﬁnal
had soaked it in yet. India’s
Olympic campaign had hit a roadblock and the team had
failed to make the ﬁnal despite their very best effort. And the
girls, understandably, were inconsolable. It was part of the
job to go to the mixed zone to try and get in a word with the
players. Not that I had questions to ask. The entire Indian
men’s team was giving the girls a rousing ovation from the
stands and most of us had tears ﬂowing. Sport appears cruel
on occasions and this was one such. I have watched sport
for years to know you will lose more than you will win and
India had exceeded expectations in Tokyo. And yet, it was
a tough pill to swallow. Just as the girls started walking to
the mixed zone, I took my position behind the barricades.
The mixed zone was set up in a manner that the team had to
walk through the area to go to the changing rooms. In the
process, they were expected to have a word with the media.
I was keen to get in a word with the captain, Rani Rampal.
When she ﬁnally came in front of me, her expression said it
all. There was a certain numbness about it. A deep sense of
helplessness, which is difficult to express in words. None of
us could speak for 15-20 seconds and yet, we had said a lot
to each other. In those few seconds, we wanted to break the
Covid norms, which were all very rigidly followed, rush to
Rampal, and give her a hug. She looked despondent. Sweat
still dripping from her tired face, the match shirt wet from
all the effort, Rampal wasn’t really there. As part of the
protocol, she had to come to the mixed zone. But no protocol
could help her bind her emotions together. For ﬁve years, she
had nurtured the dream of standing on the Olympic podium
and seeing the Tricolour go up. And here she was as close to
her dream as she could possibly get. The team had failed to
make the podium and the pain was unbearable.
Sport always offers a second chance. The girls had
another opportunity to get closer to their Olympic dream
in China at the Asian Games and earn direct qualiﬁcation.

110

Yet again, they lost in the semi-ﬁnal and eventually won
bronze. With the men winning gold, questions were asked.
Are the girls as good? Can they go on and make it to the
Olympics? Can Vandana Katariya, Savita, and the team give
themselves another chance at redemption?
The Women’s Asian Champions Trophy in Ranchi was
supposed to provide us with a few answers. Could they step
up under pressure is what we wanted to see. And they did.
In style. Winning every game they played, the girls went on
to lift the title beating Japan 4-0 in the ﬁnal.
Sport, I have argued, is that unique platform, which
forces performers to fail in full public view. In every other
sphere, failure is an acutely personal experience. Sport,
however, is different. The loss in China was watched by
fans from all over and it was a recorded fact. But again,
that’s where sport redeems itself. It is the only platform that
allows players the opportunity to come back and win in
public. With the help of your team and support unit, you
can recuperate and come back and prove to the world who
you are and what you are made of. In sum, redeem yourself
in full public gaze and make a difference.
That’s what we wanted the girls to do. Take a lesson
out of Tokyo and Hangzhou and emerge stronger. Make
winning a habit and inspire thousands to play the sport.
With long-term support coming their way from the
Government of Odisha, facilities aren’t a problem anymore.
It is now all about hard work and scientiﬁc training. About
the will to dig deep and ﬁnd new resolve.
Tokyo has laid the foundation and as Savita Punia states,
“has earned the sport respectability. Before the Olympics, it
was like okay she is a hockey player and plays for India. No
one recognised us as individual stars. We were just hockey
players. Now, it is not the same. Now, if I go to a mall, for
example, or at the airport, people recognise me as Savita
Punia. Some even come and ask for selﬁes and autographs.
It feels good when people give you the respect as a player.
We are celebrated all over social media. Our tweets [posts
on X] are liked by thousands and we ﬁnally have agency
as sportspeople. It feels [like] we have been able to make
a difference to the country and to our fans. But then the
journey isn’t over. The Olympic medal needs to be won.
That’s the ultimate dream.”
The conversation with Savita was instructive. Not only
is she a senior player, but also a leader in that changing
room. She has captained India and knows the importance
of keeping the ﬂock together. She also knows that Paris
20 NOVEMBER 2023

The Indian hockey team
with the Women’s Asian
Champions Trophy
in Ranchi,
November 6, 2023

THE WOMEN’S ASIAN CHAMPIONS TROPHY IN RANCHI WAS SUPPOSED TO PROVIDE
US WITH A FEW ANSWERS. COULD THEY STEP UP UNDER PRESSURE IS WHAT WE
WANTED TO SEE. AND THEY DID. IN STYLE. WINNING EVERY GAME THEY PLAYED,
THE GIRLS WENT ON TO LIFT THE TITLE BEATING JAPAN 4-0 IN THE FINAL

2024 is the ultimate goal. “It has to be the ultimate aim,” she
said when I asked her. “We play a sport to win at the biggest
stage. Only we know how close we were in Tokyo. You can’t
let it go now. I will leave the sport only after we ﬁnish on the
podium in 2024,” said Savita.
It is possible for all the work that is going on backstage.
Indian hockey is now run by professionals and the results
have started to show. “In our case, the presence of our
current coach, Janneke Schopman, was the biggest positive
in Tokyo. The award that I won is more for her than anyone
else. Not only was she a great player, but she was also a huge
presence in the dressing room. In Tokyo, she would ensure I
trained well ahead of every match. She would warm up with
me and get me ready for each game. Ahead of the Australia
match, for example, the training was different. To see her
spend so much time with me and work as hard as she did,
left me in awe. I had to do it for her. We were a team in the
real sense. These are things that bring about a kind of team
20 NOVEMBER 2023

bonding, that you need to experience ﬁrsthand,” said Savita.
It is this bonding that came to the fore in Tokyo when
Vandana Katariya, one of the success stories of the Olympics
and the ﬁrst to play 300 games for India, was attacked back
home by bigots because of her background. Katariya and
her family, who are residents of Roshnabad, faced serious
harassment after India’s defeat to Argentina. Some vandals
danced in front of her house and hurled abuse attributing
the loss to her low caste background. Such a vulgar attack
needed a strong response and that’s what we witnessed.
The entire country got behind Vandana and her family
and when her brother ﬁled a police complaint against the
perpetrators, they received widespread support.
At the recently concluded Asian Champions Trophy in
Ranchi, Vandana was felicitated for completing 300 games
and perhaps it was destined that she would score the last and
ﬁnal goal. That’s sport. That’s redemption. Only we want it to
happen again in Paris. For the girls. And for India.
www.openthemagazine.com 111

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S T R E A M I N G
The Terror Next Door
PI Meena
Cast: Tanya Maniktala, Parambrata Chatterjee,
Vinay Pathak Jisshu Sengupta
Director: Debaloy Bhattacharya
Hindi
Prime Video

S M A R T

all it the Covid effect but we’re seeing
an outbreak of contagion series.
Shortly after Netﬂix’s Kaala Paani and
SonyLIV’s The Jengaburu Curse comes
PI Meena, where a desi Nancy Drew takes on a
mysterious death that seems like an accident but
is not. Played by Tanya Maniktala, PI Meena has
a troubled past, losing her family in a car accident
she blames herself for. As she hurtles from one
mysterious death to another, she stumbles onto
reports of a virus in the northeast. It’s a story no
one wants to see out there. So naturally PI Meena
gets even more suspicious, even as she continues
to ﬂirt lightly with a lawyer played with more than
a hint of mischief by Parambrata Chatterjee. The
series covers familiar ground—dumping of nuclear
waste, contaminated water, strange deaths, and the
corruption of the tribal way of life. It often deploys
heavy handed ﬂashbacks to emphasise the backstory
but manages to bring all the strands together well
in time. Maniktala is emerging as a woman all too
capable of shouldering a series, as she showed in
Tooth Pari, also coincidentally based in Kolkata.

Why Watch it? Smartly written bio terror series, with an
efficient ensemble cast. What’s not to like?

Tanya Maniktala
in PI Meena

All the Epigrams You Want To Hear

Louis Hofmann
in All the Light
We Cannot See

All the Light We Cannot See
Cast: Aria Mia Loberti, Louis Hofmann, Hugh Laurie,
Mark Ruﬀalo
Director: Shawn Levy
English
Netﬂix

t is Saint-Malo in France in
the 1940s, and the Germans
are committing atrocities on
its residents; pointing guns,
grimacing, speaking in faux
English accents. Based on
the book by Anthony Doerr
set during World War II, it is
about a blind French girl and
a blond German boy who
meet over radio frequencies
and fall in love. Uniting them
is Uncle Etienne (Hugh Laurie) who broadcasts troop de20 NOVEMBER 2023

tails so the Allies know what
and when to attack. There is
a lovely film based on these
three but the series’ canvas is
vast, and must include a Nazi
officer searching for a cursed
diamond which he believes
will cure his cancer, the blind
girl’s father who works in a
museum, and other occupants of occupied Paris who
say things like, “Stay away
from the oven, you Nazi,” to
the blond boy who is a genius

with radios. Every character
speaks in epigrams: Age is
just a number, genius is a gift,
says the blond boy’s Nazi
mentor. The most important
light in the world is the light

you cannot see, says Etienne.
And the ocean seems like
the world catching its breath
over and over again—this
from the blind girl’s father.
And so it goes.

Why watch it? To see how a beautiful book can translate
into a beautiful-looking series

www.openthemagazine.com 113

STARGAZER
KAVEREE BAMZAI

SUDHIR MISHRA

À Waiting for Release
Avinash Arun Dhaware trained to
be a cinematographer at FTII,
where he was a year junior to actors
in training Rajkummar Rao,
Vijay Varma, and Jaideep Ahlawat.
The latter was the star of the ﬁrst
season of Prime Video’s Paatal Lok, one
of the ﬁrst streaming shows during
the pandemic that became a cultural
sensation. “We thought it would be
a niche show,” recalls Dhaware. He
couldn’t enjoy that success because of
the pandemic but the appreciation for
his second feature ﬁlm, Three Of Us,
also starring Ahlawat, has made up
for it. A delicate, sensitive ﬁlm about
a woman suffering from Alzheimer’s
who returns to her hometown in the
Konkan region, Three Of Us features
elegant performances from
Shefali Shah, Ahlawat and Swanand
Kirkire. The ﬁlm was ready for
release for a year but took its time
to make its way to theatres. “Day
by day, it is becoming difficult to
release independent ﬁlms in theatres.
Streaming platforms now want
only those ﬁlms that have done well
commercially having burnt their
ﬁngers with their initial spending,”
Dhaware says. But he is not one to
complain. “I have great admiration
for big-budget ﬁlmmakers such as
SS Rajamouli, Karan Johar,
Zoya Akhtar and Sanjay Leela
Bhansali. The pressures on them
are tremendous, yet they are brave
enough to make ﬁlms on an epic
scale,” says Dhaware. The director,
whose debut ﬁlm in Marathi, Killa,
won much acclaim in 2014, spent his
childhood in Talegaon near Pune, and
114

AVINASH ARUN
DHAWARE

VIJAY SETHUPATHI

started assisting ﬁlmmakers at 16.
Having shot Disney+Hotstar’s School
of Lies, he is now working on the postproduction of the second season of
Paatal Lok, which he promises looks
good. “Making a ﬁlm is much easier
than a series, where you have to shoot
six to seven pages of the script every
day. A show can take upto two-and-ahalf years, whereas a ﬁlm doesn’t take
more than a year. The real struggle
is after the ﬁlm is shot, to ensure it is
watched,” he says.

À The Crooked CEO
Call it a sign of the times, but
corporates are the new crooks
in Hindi cinema, replacing the
politician, police, and even the maﬁa.
“India has the best ecosystem for our
project with its raw materials and
cheap labour,” says Kalee Gaekwad,
the fourth-largest arms dealer in
the world by his own admission, in
Jawan when selling India as a shiny,
new destination to an international
conglomerate of businessmen. “For
that to happen, the government
needs to be ours,” says Gaekwad’s
character, played with ﬂourish by
Vijay Sethupathi. In Netﬂix’s dark
Kaala Paani, it is a multinational
corporation that is cutting a swathe
through the traditional habitat
in Andaman and Nicobar Islands
without appropriate clearances. And
now The Railway Men, a brilliant
new series from Yash Raj Films, soon
to be aired on Netﬂix, revisits one
of the biggest corporate crimes in
the world, the Union Carbide gas
leak in Bhopal which killed 150,000
people, according to one estimate.

We’ve always known of the extent
of the ecological and human disaster
the gas leak caused, but The Railway
Men brings it home in a graphic
and meticulous way. Some of the
documentary evidence of the leak
was used in Disney+Hotstar’s medical
thriller Human, but the depth of the
narrative in The Railway Men really
nails the US corporation. At a time
when the media is getting a beating
for being compliant, it is good to see
recognition for the efforts of the late
independent journalist Rajkumar
Keswani, on whom Sunny Hinduja’s
character is based. Keswani wrote
three articles on safety lapses at the
Union Carbide plant in Bhopal in the
local Hindi weekly newspaper Rapat
in 1982, two years before the world’s
worst industrial tragedy: “Bachaiye
huzoor is shahar ko bachaiye (Save
please, save this city).” No one paid
any attention. The series focuses on
the efforts of some ﬁne officers of the
Indian Railways to save those affected
by the leak on December 2, 1984,
despite orders from the top to divert
all trains away from Bhopal Junction.

À Scene and Heard
The other side of the Emergency is
something that hasn’t been explored
enough in Indian cinema. So there’s
considerable excitement for Summer
of ’77, a ﬁlm that Sudhir Mishra will be
shooting in January in Delhi and Uttar
Pradesh, which captures the resistance
that led to the formation of the Janata
Party government. Given it’s from
the maker of Hazaaron Khwaishein
Aisi (2003), based on the Naxalite
movement, the expectations are high.
20 NOVEMBER 2023