CHINDIA RISING

As the world emerges gingerly from the recession, the structure of the global economy is changing. It will be powered by China and India over the next couple of decades.

Bearish Symptoms

THEN: After 9,000 it’s only natural that the punters start setting new targets for the benchmark Sensex — 12,000, and 15,000 for 2006 are just two of them. Such naked bullishness is not unwarranted, but it is not as if there are not any dark clouds hovering over Phiroze Jeejeebhoy Tower, the headquarters of the Bombay Stock Exchange(BSE). One particularly gloomy patch in the sky is courtesy the rupee’s decline against the US dollar, which has been a major worry for foreign institutional investors (FIIs), whose liquidity has been largely responsible for the current bull run. A falling rupee will naturally bring down the returns of FIIs investing in Indian market.

Yet another factor that is turning the tide against India is the measured hike in the US Fed rate from a decade-low one per cent to four per cent. With rates expected to go up to 4.5 per cent or a maximum five per cent, short-term speculative FII dollar inflows have received a jolt. The Fed rate hikes are boosting the dollar, as more Asian economies begin chasing the US treasury for higher returns. In the meanwhile, corporate India is in expenditure mode, which could bring down the return on equity and the return on capital employed. The rising interest rates, domestically and globally, will also put pressure on the margins. In fact, South Korea, Indonesia, Thailand, and Singapore have seen upward movements in interest rates. Are the FIIs watching?

NOW: It is a complete trend reversal. Surging FII inflows are driving the Indian stock market. Higher interest rates in India make the country a magnet for foreign capital, putting upward pressure on the rupee.

HOW THINGS WORK Nanotechnology

Last year, nanotechnologists at the University of Glasgow rang in Christmas by unveiling the smallest Christmas card in the world. It is so small that more than half a million such cards can fit on a standard A5 Christmas card (15 cm by 21 cm). It was an unusual way to demonstrate the power of this esoteric but rapidly developing science.

Smaller than an atom:Generally, nanotechnology deals with structures between one and a hundred nanometer in size. A nanometer is a billionth of a metre – about one hundred thousandth the diameter of a human hair. Scientists from diverse disciplines are studying nanotechnology, given its potential.

Wires and tubes: Two nano structures are attracting the most interest in nanotechnology — nanowires and carbon nanotubes. Nanowires are wires with extremely thin diameters and are being increasingly used in electronics. Carbon nanotubes are cylinders of carbon atoms. Depending on how atoms are arranged, a carbon tube can be created that is several times stronger than steel but far lighter.

Nanotechnology is already being used in everyday life. Today, paints use nanotechnology to prevent staining; car lubricants use it to prevent wear and tear.

JUST WONDERING Women’s Bill in Limbo

Whatever happened to the government’s avowed intention to reserve 33 per cent of the seats in Parliament and state legislatures for women? On March 9, 2010, the Rajya Sabha passed the epoch-making Women’s Reservation Bill by a two-thirds majority, with the ruling Congress joining hands with the Opposition Bharatiya Janata Party and the Left in a rare show of unity. The Bill now has to be cleared by the Lok Sabha, again by a two-thirds majority, to become law but not much has been heard about it since then.

The Bill has been pending in Parliament for over 14 years, facing stiff opposition from members across the political spectrum. The government will now have to show its political will to once again evolve a consensus with the Opposition to get the Lok Sabha’s assent. But it may not happen any time now, given the fresh strain in the relations between the government and the Opposition.

Quirky An Onion Deposit, Please

As onion prices soared, protesters, especially politicians, came up with novel methods to vent their ire. A Samajwadi Party leader in Kanpur marched towards a Bank of Maharashtra branch with his hordes to deposit, er, onions, in a safe deposit box. It was a symbolic gesture to embarrass the Minister for Agriculture, Sharad Pawar, who is from Maharashtra. In Madhya Pradesh, none other than the Chief Minister’s wife, Sadhna Singh, filled up a loan application. No prizes for guessing what she wanted to buy with the loan amount. Onions. Meanwhile, the common man in the Indian republic does not know if he should laugh or cry. Laugh at the politicians’ sense of humour or cry over the prices.

Snoot Corner Table Etiquette

So, you have a job interview. And it is over chow. What do you do? First, turn up on time. If it is a foreign specialty cuisine restaurant, it will help if you know how the dishes are pronounced. It is better than mouthing “that one” to your prospective boss. Order something that is easy to eat. Shellfish or crabs may not be easy to eat. Check the menu card for prices of what you are likely to order. You do not want to come across as a freeloader. Do not order alcohol even if it is offered to you. Eat in moderation and do not burp please, not at least in earshot. Finally, do not offer to pay the bill, but remember to thank the host for the meal.