K. Nandakumar says the only requests for repairing wire seats come from offices. Photo: M. Srinath / The HIndu
Chairs with wire seats, which were once seen in every household, are used only in a few offices now
Until a decade ago, weavers who deftly stretched and twisted cane fibre with nimble fingers to make a chair seat in a few hours, were a common sight. But, not anymore.
The art of making such seats is slowly dying out as people prefer to purchase new chairs instead of getting them repaired. This has forced many weavers to look to other professions. An example is 36-year-old visually challenged K. Nandakumar, who now sells books and plastic utensils on trains to support his family.
The services of weavers like him are in demand only in a few government offices where cane chairs are still in use. “Earlier, I used to be called to households too. Today, I get to work only at places such as the Egmore Court and Chennai Metropolitan Water Supply and Sewerage Board offices,” he says.
Such furniture was very popular in the 1970s. “People now prefer metal and wood as they are easy to maintain. But, cane and wire seats are comfortable and do not generate heat,” he says.
Nandakumar did a one-year course in chair weaving in Uttar Pradesh in 1997. “It takes nearly five hours to weave a chair and I get Rs. 250 to Rs. 300 for a seat. It is difficult to work on more than two seats per day,” he explains.
R. Sekar, head clerk at Egmore Court, who has called Nandakumar to repair chairs for the complex, says weavers are rarely seen these days. “It is especially hard to find someone who does it with finesse,” he adds.
source: http://www.thehindu.com / The Hindu / Home> News> Cities> Chennai / by Vivek Narayan / Chennai – November 05th, 2014
RU Srinivas (left) and Rajan, founders of Idli Factory, in Chennai. – N. RAMAKRISHNAN
Chennai-based Idli Factory sells up to 200 boxes a day
For a large part of his professional life, he was working for overseas clients. But when RU Srinivas decided to turn an entrepreneur, he wanted to do something for the domestic market. His argument: not too many people were taking the domestic consumers seriously enough.
And, being a self-confessed foodie, what better than get into the food business, catering to consumers at home. The dish that he decided to serve them: the ageless and timeless idli, re-shaped, packaged and served to eat on the go.
As to why the focus on the domestic market, a peek into Srinivas’ career provides the insight. He studied for CA during the day and attended evening college for a B.Com degree, then studied M.Com by correspondence, went to the US for an MBA and worked in a bank in Boston for three years as a loan analyst. He returned to India in 1993 and worked for companies that would allow him to, as he says, “have one foot in India and one foot in the US.”
He was largely in the IT/BPO space with his last job being CEO of Caliber Point, the BPO arm of IT company Hexaware. His job meant that he had to travel a lot and found that being a vegetarian, food was a major limitation. “It was beginning to get a little tiresome and I wasn’t enjoying myself as well. I decided to quit and do something else,” says Srinivas, in his first-floor office in the same house he grew up in, in what was once a quiet residential part of Chennai. The ground floor serves as his “factory”.
Triggering point
But the trigger, he says, for getting into the food business and deciding to make idlis was a trip to a restaurant in Chennai, when he had to fork out ₹77 for a plate of idli. He thought that was exorbitant and without any reason. He realised that a large part of the cost was the real estate and salaries for the numerous waiters hanging around, all of which were getting billed into his idli.
So, even as his mind was made that he would get into the food space, he was sure that he would not set up a restaurant, but would have a central kitchen and thus substantially minimise the real estate cost. This obviously meant that the food could be enjoyed even if it was not hot. His mind went back in time, to the train journeys that his mother and grandmother would go on, when they would pack food that would last the entire journey. And, one of the items was the idli, which would be made fresh, soaked inmilagai podi (chilli powder) mixed in gingelly oil. The longer it soaked, the tastier it would be. Bingo, he had the dish that he would make in his central kitchen and sell. And, thus was born his venture Idli Factory, which he started with friend Rajan.
Various combinations
The two partners tried various combinations of rice and urad dhal, till they were convinced that they had got it absolutely right. Both were keen that they make something that was world class. But, then Srinivas felt that the “idli market needed some shaking up.”
They thought the easiest thing would be to change the shape of the idli. Only later did they realise that this was easier said than done. Moulds to make idlis were available only in the circular shape. For good reason, they realised. “Getting the right sort of mould was a nightmare. It is only then we realised the wisdom of the current shape, because you are able to scoop it. After a lot of effort, we worked on a mould that allowed us to get consistently shaped products,” says Srinivas.
Srinivas and Rajan persisted and then came up with a rectangular shaped idli, coated with milagai podi(chilli powder) mixed in gingelly oil. What did they call it? Madras Bars. Then there were the small, circular mini idlis coated in curry leaf powder and garlic, branded Madras Roundtana. Srinivas credits the Chennai-based Firebrand Labs, which he says is “our marketing arm for the branding and packaging.
“They have been pretty much joined with us at the hip right from the beginning.” It was in April that Idli Factory took off. The products are available only in Chennai through select retailers. They sell up to 200 boxes a day and can make around 1,000 boxes a day if there is demand. Srinivas would like to get into other similar traditional foodstuffs that are popular in different regions.
Challenges
But he is aware of the challenges. Distribution and shelf-life are a challenge. The idlis do not have any preservatives and though they can last for a couple of days, retailers prefer to return unsold boxes the next day. “Is there some way where I can work on the packaging to improve shelf-life without adding anything, without altering the composition of the products,” wonders Srinivas.
How does he reach out to more retailers in the city, especially when he offers an attractive 20 per cent margin? Is there somebody else in a similar business? Can he pool logistics resources with them, he asks, listing out the challenges.
Spreading beyond Chennai would mean that he should either set up central kitchens in different cities or adopt the franchise model. “Is franchise the right route? I don’t know,” confesses Srinivas. “We seem to have made a mark by being paranoid about quality. Can I expect the same sort of thing? Do I know how to drive quality in a remote location in manufacturing? All our lives, we have driven quality in remote locations. But this is a new game for us,” he says, adding that both Rajan and he are in the process of learning and growing their business.
source: http://www.thehindubusinessline.com / Business Line / Home> Features / by N. Ramakrishnan / November 03rd, 2014
Members of the G.D.Naidu family with the Stoll family of Esslingen, Germany, during a celebration of the 75th year of friendship between the two families, in Coimbatore. Photo:K.Ananthan / The Hindu
What makes the bonding between the two families significant is that it has expanded to become a relationship between two cities (Coimbatore and Esslingen) and two countries
It was September of 1939 and Europe faced the Second World War. Forty- six-year-old Gopalswamy Doraiswamy Naidu from Coimbatore was on a business trip to Germany and was at Holzmaden, Esslingen. He had no place to stay or get vegetarian food and spent a night under the open sky.
Berta Stoll, wife of Gottlieb Stoll, saw G.D. Naidu and invited him to their home, which was nearby. Naidu stayed with the Stoll family for four or five days, cooked his own food with vegetables picked from their garden and thus began the story of a friendship, which has lasted for 75 years, between the two families.
A few years after his visit to Germany, when businesses were down in that country and there were no buyers for German products, Mr. Naidu wrote to his friends the world over, recommending Festo products from the company of the Stolls.
What makes the bonding between the two families significant is that in the last seven-and-a-half decades, it has expanded to become a relationship between two cities (Coimbatore and Esslingen) and the two countries.
About 20 members of the Stoll family are here on a five-day visit. The second, third and fourth generations of the two families — Stoll and G.D. Naidu- gathered in the city on Sunday to celebrate 75 years of their friendship.
Members of the two families recollected the visits to India and Germany, their education and early days of work at each other’s factories, exchanged gifts and cut a cake.
There is a proposal to twin Coimbatore and Esslingen and the Esslingen Coimbatore Association has been formed. Over the years, the Stolls have also contributed to institutes and hospitals here.
“The Stoll family is into water conservation and research on waste water treatment. We can work together for water conservation and waste water treatment projects here,” says Vanitha Mohan, Managing Trustee of Siruthuli.
According to Coimbatore Mayor P. Rajkumar, cooperation between Esslingen and Coimbatore will help in technology transfer and exchange of ideas. The Mayor of Esslingen is expected to visit Coimbatore next year and efforts are on to have an agreement between the two cities.
“The common interests and value systems have strengthened the friendship between the two families over the years and the friendship has made Coimbatore attractive to them, says a member of the G.D. Naidu family.
source: http://www.thehindu.com / The Hindu / Home> News> Cities> Coimbatore / by M. Soundariya Preetha / Coimbatore – October 29th, 2014
Utilitarian and graceful: The surukkupai has returned. Photo: special arrangement / The Hindu
Tucked into the waist for easy access, the surukkupai women carried all those years ago, has made a comeback as a fashion statement.
Surukkupai is a small bag usually made out of fabric with drawstrings. This could easily be one of the oldest accessories in the South of India. The surukkupai culture they say began in Madurai. Most of us will remember our grandmoms or their friends with a surukkupai tucked into their sari at their waists. I vividly remember some elderly ladies at a temple fiddling with their surukku pais. As an accessory, it had a lot of utilitarian value. As those were the good old days when cell phones didn’t exist and nobody carried makeup around, the surukkupai served to be an aesthetic and useful accessory to carry their vethalai paaku.
Chenthamarai, a tailor in Papanaickenpalayam, reminisces that he used to stitch surukkupais from leftover bits of cloth given to stitch blouses, at no extra charge. In more recent years, the paati’s surukku pai has transformed into a more contemporary fashion accessory. The surukku pai has given way to the chic potlis or the batuas of today. Younger women generally tend to pair them with a sari or a salwar kameez. The potlis come out in a rainbow of colours during the wedding season. Designers have also made the batua an accessory to own. My favourite designer duo of the batua are Chamee & Palak. More widely known for their lehengas, their batuas are unique and ornate too.
Actress Vidya Balan carrying a potli. File photo: PTI
A temple border Kancheepuram sari paired with a simple Mangalagiri cotton potli for a morning function is elegance personified. On the contrary, carry a hand embroidered batua made of Banaras silk fabric for a night out to feel luxurious and grand. The beauty of the modern surukkupai lies in the fact that you can use it to dress up or dress down as you deem fit for the occasion.
During traditional functions when return gifts have to be given, the potli is the perfect gift, especially when filled with bangles and sindoor.
It is indeed a lovely piece of handcrafted art that represents our culture and heritage and, therefore, the most appropriate gift to give your friends abroad. It shows them our diverse crafts and the variety of textiles our country has to offer. Be a fashionista and carry your surukkupai with pride!
Shrivyshnavi Annush is a software engineer who pursues her passion for fashion and design. She has launched a curated fashion accessories portal, www.pookaari.com.
The accessories portal
Shrivyshnavi Annush recently organised a sneak peek into a collection of accessories that she is going to feature in her brand new website www.pookaari.com.
“If we wanted access to some of the happening designers in the country, we had to visit their stores in big cities such as Delhi, Mumbai, Chennai or Bangalore. I always felt there was a dearth in fashion accessories and hence I decided to launch Pookaari,” says Shrivyshnavi.
Jewellery designed by Suhani Pittie. Photo: special arrangement / The Hindu
Her carefully curated portal will feature designers from across the country and include brands such as Suhani Pittie, Raya, Mayaa Bazaar, MKBK (Madras Ka Bag Kompany), Deepa Sethi… Scarves, stoles, earrings, neckpieces, bags and clutches are some of the accessories that will be featured in the website. Pookaari will feature a minimum of two new collections every Thursday and the collection will remain online for two weeks.
Pookaari’s pick
Besides the stylish range there will also be Pookaari’s Pick that will have a line of scarves in natural textiles, iPad sleeves and so on. The price of the accessories range between Rs. 1,000 and Rs. 14,000.
source: http://www.thehindu.com / The Hindu / Home> Features> Metroplus> Fashion / by Shrivyshnavi Annush / October 20th, 2014
Irula tribals of Thanikandi hamlet abutting the Western Ghats near Narasipuram in Coimbatore district would soon be tilling large tracts of land for cultivation.
The residents of the village who earn paltry sums as daily wage labourers would now be roped into an agricultural federation under the World Bank funded Pudhu Vaazhvu Thittam through which they would take up cultivation. Coimbatore collector Archana Patnaik visited the hamlet on Tuesday and inspected the land identified for cultivation by the tribals.
“A stretch of 96 acres of forest settlement land has been identified for this purpose. The tribals have rights to enjoy the land but cannot sell it,” said Philips Ilayaraja, district project manager, Pudhu Vaazhvu. There are 64 Irula families in Thanikandi who will benefit from this scheme.
Philips said that some of the tribals in Thanikandi had tried their hand in agriculture two decades ago but dropped it due to various reasons. They started going out as daily wage labourers but the pay was very poor. The traditional means of livelihood, that of selling forest produce, also became difficult and unsustainable due to the increasing incidence of elephant movement in the locality.
“The tribals would commence cultivation once the shrubbery in the identified land is cleared,” Philips said.
This Pudhu Vaazhvu scheme has been extended to Thanikandi after its success when implemented on a pilot basis in Thondamuthur. The scheme was introduced in 13 hamlets comprising 850 families in the block a year ago at a cost of Rs55L. Cultivation has begun in 298 acres of forest land provided to them.
Archana Patnaik visited Saadivayal, one of the villages were tribals have started cultivation and inquired about the progress made regarding the project. The tribal women said they were cultivating brinjal, lady’s finger, onion, paddy and cotton. We are using organic manure only,” one of the women told the collector. The women said that they sell their produce at the Boluvampatti vegetable market.
Patnaik assured the tribals that all support from the government would be provided to them in this venture.
source: http://www.timesofindia.indiatimes.com / The Times of India / Home> City> Coimbatore / TNN / October 15th, 2014
Samyuktha with her collection of clothes at Alwarpet in Chennai. Photo: M.Srinath / The Hindu
House of Chase attempts to make lounge wear glamorous and fun
‘Flat lock,’ ‘lab dips,’ ‘pigment print’…everytime Samyuktha Venkatachalam uses technical words such as these, she stops for a second and looks amused. “I am just getting acquainted with these terms,” she smiles with a sense of achievement and just stops short of almost patting herself on the back. A student of graphic designing, she realised sitting in front of the computer was not her thing. A need for a creative outlet led her to start House of Chase, an online fashion label that has loungewear for women. “I never found enough loungewear here. Clothes that I bought abroad were long-lasting and had a snug feel and that’s what I was looking for. So I decided to start something of my own that addresses the needs of people like me,” she says. Hats are what she actually wanted to start working with. But since it was hard to get a hat manufacturer in India, the plan had to be shelved.
Hoodies, shorts, vests, tunics, tank tops, pyjamas, polo neck, round neck and printed T-shirts in hot pink, bright blue, virulent green and other bright-hues comprise the collection. Cotton, velvet, fleece, pique, poly viscose are the fabrics used. The tracks, hoodies and shorts have brushed fleece or velour lining for that cosy feeling. What princesses wear when they are chilling — that’s the concept House of Chase is based on. No wonder the logo has a shiny golden crown, along with a St. Bernard (her favourite pet).
Does the name mean anything? “Chase — I have been obsessed with that word since ninth grade. All my books had ‘chase’ scribbled on them. To me it means pursuit. When I was starting this business I knew I had to use that word in the label.” The clothes are deeply inspired by Juicy Couture. The California-based brand’s tracks and hoodies have been her favourite for long. Every time relatives travelled abroad they knew what they had to bring back for her. “They are very comfortable and the fabric is amazing. I wanted people who don’t have access to JC to get a feel of it through my clothes,” she says.
All the materials are manufactured and dyed in Tirupur. She has a small team comprising a graphic designer, two brand designers and a merchandiser. She comes up with a concept and together they work on it. “We vote to finalise and I also ask my friends for opinion. We are working off feedback for now,” she says. The second line of clothes is underway — summer dresses in varying silhouettes and lengths. How often does she plan to have a new collection? “As soon as we are ready with new clothes,” she laughs and adds, “The aim is to have a new line every three months.”
It took two years for House of Chase to take shape. Sleepless nights, anxiety, excitement and after analysing numerous fabrics the first collection was launched on September 20 this year. “Now when I see a garment from any other brand I can tell how much effort has gone or not gone into it,” says the 24-year-old.
Barely 19 days since its launch, House of Chase has managed to sell 200 pieces of garment so far. She pulls out a file and is all business-like as she checks her sales report to reconfirm the number and then laughs again. “I am just getting used to these things. There’s still scope for improvement in terms of finishing. We are far, far away from breaking even.” Her father, V.R. Venkatachalam, Chancellor of Sri Ramchandra Medical University made the initial investment. “At first I thought I would pay him back, but now, I don’t think so,” she laughs. Samyuktha aims to start a boutique by the end of this year. In addition, she wants to add more to her label. There are notebooks already. Coming soon are watches, bracelets and accessories, perfumes, hand sanitisers… So, the brand will basically comprise everything she likes? “Well, yes, you could say that,” and she breaks into a giggle again.
www.houseofchaseclothing.com
source: http://www.thehindu.com / The Hindu / Home> Features> Metroplus> Fashion / by Priyadarshini Paitandy / October 08th, 2014
It’s been happening across business India – traditional, family-run enterprises dispatching their offspring to business schools to power old engines with new tricks of the trade. Sivakasi’s dynastic pyrotechnic industry is no different. Firecracker manufacturers, who for years learnt rudimentary chemistry by watching and learning from their fathers on the factory floor, are now assisted by their children, whose understanding of chemical reactions is not empirical alone, but also theoretical.
“More third-generation scions with training in analytical chemistry and chemical engineering have been entering the industry,” says G Abiruben, president of Tamil Nadu Fireworks and Amorces Manufacturers Association. “In fact, many are actively opting for higher education in chemistry.”
The mom-and-pop enterprise that is the Indian fireworks industry stands to benefit greatly from the scientific knowhow young blood brings. “My dad knew of people who had an edge as they studied chemical engineering before taking over the business, so he encouraged me to do the same,” says 29-year-old Deepak Amarnath, whose time on the factory floor at Ravindra Fireworks had anyway sparked an interest in chemistry.
He proceeded to Chennai’s Sri Venkateswara College of Engineering, and transposed his learning to the family business.
“I understood the importance of testing for purity when purchasing chemicals. Several accidents might have occurred because of impurities. I insisted on sending samples to a chemical testing lab,” says Amarnath, who even installed an R&D lab of his own, but couldn’t sustain it beyond a year for want of trained technicians.
Amarnath believes the Indian fireworks industry is currently going through the same creative churn it did in the mid-90s when the stock-in-trade maroons (firecrackers and bombs) made room for ‘fancies’ or ariel fireworks.
Apparently, it was an explosives officer in Sivakasi who gave manufacturers the formula for ariels. Each manufacturer then improvised on the formula to produce new effects through trial and error.
The new crop wants to minimize the error in trials. “We know which chemicals react vigorously with each other under what conditions,” Amarnath points out. An example is the industry’s replication of Chinese fireworks. Indian-made fireworks use aluminum powder as fuel, while the Chinese use potassium perchlorate, which is friction-sensitive and has an ignition temperature of 530 degrees Celsius, much lower than the 850 degrees Celsius ignition temperature of aluminum powder. If potassium perchlorate is used here and not handled appropriately it could lead to an explosion.
Safe disposal is also an important lesson put to practice. “You’re not supposed to douse with water in some situations, or it can aggravate the reaction,” Amarnath cautions.
D Mathan, a chemical engineer who serves as director at Lima Fireworks (of brand Dragon), rues the fact that many new manufacturers don’t even understand the nature and liability of chemicals and simply combine them as per recipes downloaded from the internet. “Earlier manufacturers worked with fewer chemicals because their range of products was smaller, like the 100 Mala – a small cylindrical paper tube filled with bursting charge, which was a mixture of sulphur, aluminium and potassium nitrate, sealed at the bottom and top with mud, with a fuse inserted,” Mathan says. “As fireworks got more complex, issuing myriad light and sound effects, over 100 different chemicals were being used. Chemicals behave well in laboratories because they’re handled carefully and in small quantities. When handled outdoors they can be unsafe, particularly those that are friction-sensitive,” he says.
Incidentally, not everyone learns from the Internet. Manufacturers have also been going straight to the masters – the Chinese, inventors of fireworks and the world’s biggest manufacturers (with an annual domestic and export market pegged at Rs 80,000 crore). They visit Chinese firework factories, buy their technologies and machines, and pay for their technicians to come to India and hold master classes.
Gen Next is keen to innovate and improve safety standards and the quality of their wares. “My education has taught me methods and systems to minimize the accident rate,” says Amarnath. This young gun says he wants to prioritize safety first before developing new products like smokeless and fragrant fireworks.
According to Mathan, technicians in China hold diplomas and degrees in fireworks engineering. “Sadly, we don’t even have an R&D centre devoted to fireworks in India,” he rues. But Amarnath is hopeful. “One person alone can’t change the industry,” he says. But, as more youngsters push for research and development, he believes the firework industry will see new light.
source: http://www.timesofindia.indiatimes.com / The Times of India / Home> City> Chennai / by Joeanna Rebello , TNN / October 22nd, 2014
The third unit of Mettur Thermal Power Plant (MTPP) made its mark in the history of Tamil Nadu thermal power plant on Monday. It has been running continuously for 312 days since December 12, 2013, and has produced 210 megawatt (MW) of power per day. The previous record was of 311 days by the fourth unit of the same plant.
The Tamil Nadu government has constructed a new thermal power plant at a cost of 3,550 crore producing 600 MW of power along with the existing four thermal plants which will produce 840 MW (4X210MW) of power in Mettur. The Mettur Dam’s hydroelectric units produced 1,000 MW on an average every day out of the state’s total hydro generation capacity of 3683.40 MW. Power will usually be generated during the Cauvery delta irrigation spell from June 12 to January 28. However, since 2013, the water level in the Stanley Reservoir has been high. “Three years ago, water level was very low in the dam. Due to heavy downpour in Karnataka, the dam crossed 100 ft mark in the last two years. So we have got plenty of water for power production,” a senior engineer from MTPP told TOI.
Most of the times, power production in any one of the MTPP would be stopped due to technical snag. Sometimes, the production will suffer due to low availability of coal blocks. “Battling all these issues, we have been running the third unit continuously for 312 days,” the engineer said. According to him, the 600 MW new fifth unit started generating power from march 2012 while the other four units of 210 MW each function in a phased manner. “All the four units are operated whenever there is a demand for excess power in the state. Last year our state had acute power shortage and all the four units started its functions alternately to generate 480 MW. The water level in the dam also supported us and we have realised maximum power generation in all the four units along with the 600 MW unit,” the engineer said.
Officials from the Tamil Nadu Generation and Distribution Corporation (TANGEDCO) felicitated all the employees of MTPP on Monday for running the third unit without any technical fault.
source: http://www.timesofindia.indiatimes.com / The Times of India / Home> City> Coimbatore / TNN / October 21st, 2014
A region-based angel network has been formally launched in Madurai city on Wednesday. Native Angel Network (NAN) is launched to exclusively focus on Madurai and southern districts. The network would not only help students but also people who are aspiring to become an entrepreneur. While many people come up with innovative business ideas they could persist with the plan due to lack of guidance and monetary support.
The network is very much similar to Indian Angel Network, which has got its presence throughout the country. The differences are the tune of money invested and focus area. NAN would be more region specific and would soon be in a position to invest up to Rs 25 lakh to potential business ideas.
The network has already attracted around 30 investors from Madurai and its surrounding regions. Native Lead Foundation which focuses on nurturing and developing entrepreneurs from this part of the state has started the network. According to founder R Sivarajah and co-founder R Ashwin Desai of Native Lead around 30 ideas which can be potentially turned into business model have been shortlisted from this region.
Of the total proposals, 12 ideas have already taken shape and two have already attracted funds. A group of angel investors who have signed up with the network have proposed to fund the projects. While one of the projects was recycling waste water and conservation of rain water the second one was online fresh non vegetarian sales.
Eminent people including Karumuttu T Kannan, an industrialist and educationist, K Pandiarajan, founder, Ma Foi group and Nagaraja Prakasam, angel investor and fund advisor are patronizing the initiative.
Addressing the investors, Kannan said it as a thing of the past where money is considered as everything. But, nowadays ideas and committed persons are considered as precious. While Chennai has already been over developed it is the time that other regions should be considered. Initiatives like this will help for the region distributed development, he said.
Pandiarajan said that people from Madurai and southern districts are known for business. Business and people here are inseparable. There are villages in southern districts where people respect those who do their own business instead of employed somewhere, even if one gets handsome salary, he said.
source: http://www.timesofindia.indiatimes.com / The Times of India / Home> City> Madurai / TNN / October 16th, 2014
Successfully tackling the currency crisis has earned Reserve Bank of India Governor Raghuram Rajanthe Euromoney magazine’s Central Bank Governor of the Year Award for 2014.
“Reserve Bank of India Governor Raghuram Rajan’s tough monetary medicine combatted the storm ravaging the deficit-ridden economy in the recent emerging market crisis. Now, he is battling vested interests to arouse a sleepy financial system for over one billion people,” Euromoney said while announcing the award.
Rajan took charge of the country’s central bank in early September last year, just a few days after the rupee plunged to its historic low, hitting 68.83 against the dollar on August 28, 2013.
“As he confronted capital outflows, the rupee at record lows, and over-blown but palpable, fears India was marching towards an Asia-crisis style abyss, Rajan duly administered tough monetary medicine to ailing bond and currency markets,” said Euromoney.
Rajan took several steps to attract capital flows which helped the rupee strengthen. It is now trading in the narrow range of 60-62 per dollar.
“Remarkably, the internationally-renowned economist, who earned acclaim for his warnings in 2005 of an upcoming global crisis of sorts, has, for the past year, been true to his word.”
After tackling the currency crisis, Rajan’s next task was to tame inflation, which stayed close to the double-digit mark for more than three years. He resolved to bring down inflation – evident from three rate hikes between September 2013 and January 2014, accompanied with a hawkish stance that has helped CPI-based inflation register its slowest growth in September, since the series was launched in January 2012.
source: http://www.business-standard.com / Business Standard / Home> Finance> News / BS Reporter / Mumbai – October 16th, 2014
