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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (9441)	11/7/1999 4:29:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 12475

When it comes to savings, Indians are second to none George Cherian MUMBAI 7 NOVEMBER INDIANS are the highest savers in the world and save an average $535 every month. That is, even more than Americans, who, on an average, save $360 per month. People in Italy and France save between $180 and $270 a month. In a survey conducted for American Express Bank by Taylor Nelson - Sofres, an international opinion research company, Indians have also been found to rank children?s education as their top financial concern. In most other countries, the people spoken to said unemployment was their top financial concern. Not for Indians. Never mind the countless lay-offs that have happened in corporate India during calendar 1999. Indians seem the least bit worried about unemployment. Unemployment dominates financial concerns in Hong Kong (75 per cent), Italy (60 per cent), Singapore (45 per cent), France (40 per cent), Japan (40 per cent) and Taiwan (35 per cent). In contrast, only 20 per cent of Indians expressed concern about unemployment with it being even less in the US and Germany (less than 15 per cent). The Amex survey was based on telephone interviews with 10,000 respondents across 10 countries which included France, Germany, Hong Kong, India, Italy, Japan, Singapore, Taiwan, UK and the US. Across the 10 countries surveyed, about 25 per cent of the respondents said they do not save or invest. In Hong Kong and Italy, 37 per cent and 35 per cent, respectively, said they were not saving at the moment. Among those savings, retirement is the number one savings and investment objective in the US, the UK and Germany while having enough money on hand for emergencies ranks number one in France, Italy, Hong Kong, Singapore and Taiwan. Except in UK and India, where a majority of consumers feel they were saving enough, most expressed concern about the adequacy of savings and investments. In Japan, 55 per cent of the people said they were not saving enough. Indians also topped the list among those surveyed for purchase of their first home, but the survey has found that people in India do not save at all for weddings, leisure or even to pay bills. The latest trends suggest that India is coming out of the economic slowdown, and it is showing in the attitudes of Indians. About 47 per cent of Indian consumers surveyed said they expect their household incomes to be better over the next 12 months, next only to the Americans (48 per cent). The least optimistic were the Japanese (4 per cent), the Germans (17 per cent) and the French (22 per cent). economictimes.com

To: Mohan Marette who wrote (9441)	11/7/1999 6:10:00 PM
From: JPR	Respond to of 12475

The Hindu way of life, it seems to me, is almost totally preoccupied with personal salvation. For this no amount of prayers and pujas are sufficient. Our swamis are daily asking people to devote their whole life to devotion. 'Total surrender' is what they recommend. It is, therefore, not surprising that some of the dirtiest places in India are our holy places. Instead of cleanliness being next to godliness, our national motto seems to be 'other-worldliness is next to godliness.'......... Mohan: Indians are individualists and as you pointed out, are for personal salvation. The western Christian societies are community-oriented. There is a saying in India that What does it matter whether Rama rules or Ravana rules, as long as I am in good shape. There is no sense of community among Indians. We expect the Govt to fulfill that void. There is community orientation among Indians themselves in US, that too based on religion, sometimes caste (Arya Samaj, Bharathi Society), language spoken, the state of origin etc, but the Indians didn't make themselves part of the community they are living in. This self-imposed isolation is very characteristic of Indians. Examples abound in the Indian diaspora in Africa. The Indians lived aloof from Africans. And that is one of the reasons why IDI AMIN threw the Indians out, even though the Indians were the life blood of the economy of the country. One of the Westerners made an observation about Indians, which is very true. Indians are not living in the present, but preparing, living and doing things for a life after death. This concept of Karma is deeply ingrained in to the psyche of Hindus. That has hindered our national progress to a certain extent. A belief in Fate, & philosophical Nihilism have also hindered our progress. Some Foreigners observe that Hindus consider that life is a punishment and escaping birth and rebirth cycles is the ultimate aim of every Hindu. To further extend the argument, since life is punishment, why worry about doing anything, which will only lead to another birth and rebirth cycle. JPR