And for a Friday after the stock markets have hit 52 week high, some thoughts….. some musings…..
The Indian Economy compared to the rest of the world and the risk/opportunities analysis is on a roll. IMF has revised upwards its forecast for growth for India to 6.1% while lowering Global Economy growth from 3.5 to 3%. FIIs and FPIs, who had deserted Indian stock markets last year, are all crawling back. The NSE touched an all time high of 20,000 and BSE almost 60K. Time for all to book some profits and readjust debt/equity ratios in portfolios. Whilst the markets are on an upswing, comes the news of retirement of Mr. Deepak Parekh, the doyen of India’s Professional cadre of entrepreneurs. He never owned any company, yet created HDFC as a household brand and at every opportunity as India’s economy opened, he was the pioneer in creating a path where none existed, setting up HDFC Bank Mutual fund, Asset Management, Insurance companies etc. etc. and in every sector HDFC is one of the most respected companies. Hope and pray the country finds a way to use this “National Asset”. Deepak’s razor sharp financial acumen, Global networking, connect across sectors, knowledge of the macro and micro factors, will all be helpful to support India’s target to be the third largest economy of the world. We cannot let him just fade away into retirement.
India’s obsession with early retirement age is obsolete. GOI has 60 years, some cadres at 62 and 65. Now the MCA has mandated that even Independent Directors on listed company Boards cannot continue as IDs beyond 70 years. In the developed world it’s just the opposite. France witnessed huge riots cos French Govt extended retirement to 65. In most developed countries, the retirement benefits are so huge that people would love early retirement but are forced to work. US has no age of retirement. It’s almost work till you like and enjoy life to its fullest. Social security systems are strong enough to take care of the individual and well being of the family. In developing countries the story is all together different.
AI (Artificial Intelligence) and ML (Machine learning), advent of Robotics, will change all current practices. Let’s usher in even better productivity embracing technologies with newer skill sets and competencies, the knowledge way, the continuous learning way, the SEEGOS way.